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| Registered number: 04552319
OHI THORNFIELD CARE LTD (FORMERLY KNOWN AS THORNFIELD CARE LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
OHI THORNFIELD CARE LTD COMPANY INFORMATION
DIRECTORS | Mr R Cannon (resigned 18 October 2024)
| Mr V Gupta (appointed 18 October 2024)
| Mr D J Booth (appointed 18 October 2024, resigned 2 January 2025)
| Mr N A Ballew (appointed 18 October 2024)
| Mr R O Stephenson (appointed 18 October 2024)
REGISTERED NUMBER | 04552319
REGISTERED OFFICE | C/O Arnold & Porter Kaye Scholer (UK) LLP Tower 42
| 25 Old Broad Street
| London
| EC2N 1HQ
INDEPENDENT AUDITOR | Albert Goodman LLP
| Goodwood House
| Blackbrook Park Avenue
| Taunton
| United Kingdom
| TA1 2PX
OHI THORNFIELD CARE LTD CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10 - 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 26
OHI THORNFIELD CARE LTD STRATEGIC REPORT FOR THE PERIOD ENDED 18 OCTOBER 2024
INTRODUCTION
The principal activity of the company during the period was that of a residential care home operator. On 18 October 2024, the entire share capital of Cannon Care Home Limited (the company's ultimate parent company) was acquired by OHI UK Healthcare Properties Limited. Immediately following the ownership change the company's trade and assets were acquired by a fellow group company, excluding the property, which was not transferred until 31 December 2024. Following the transfer of the property the company ceased to trade, and as such the Directors consider it appropriate to prepare the financial statements on a basis other than a going concern basis. All assets have been adjusted to reflect their expected net realisable value and provisions have been made for all known current and future liabilities. It should be noted that the historic classification of assets and liabilities have been retained, reflecting the future use of the assets by the wider group. For example the fixed assets have not been reclassified as current assets.
BUSINESS REVIEW
The loss for the period, after taxation, amounted to £40,713 (2024:Profit £451,221) The directors acknowledge that the shortened period impacts a users ability to understand the results. However, they are satisfied with the results for the period as set in the comprehensive income statement and the new owners of the trade are positive that the home will continue to provide an excellent service to the community. The care home continues to be rated “Outstanding” by The Care Quality Commission, providing a high quality of care and environment for both residents and staff to enjoy. Whilst staffing still remains one of the key challenges across the sector, the company has benefited from the employment of overseas workers and some easing in the recruitment within the local area.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are trading performance and the ability of the company to continue as a going concern. See note 2.3 to the accounts for further details. However, as noted above the company ceased to trade following the transfer of its trade and assets to a fellow group company, and as a result the directors consider it appropriate to prepare the financial statements on a basis other than a going concern basis. Exposure to liquidity and cashflow risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company has aimed to mitigate this by the managing of cash generation by its operations. Cash flow risk is the risk to variability that is attributable to a particular risk associated with the recognised asset or liability. The Company has managed this risk by maintaining a rolling cash flow forecast to ensure it has sufficient working capital to operate efficiently. Regulation and compliance risk The Company has faced risks from noncompliance with key regulation and compliance required within the care home sector. The Company aimed to mitigate this risk by maintaining compliance with all key regulations, and regularly monitoring these throughout the period.
FINANCIAL KEY PERFORMANCE INDICATORS
Key financial performance indicators which the company uses to monitor performance are salary costs as a percentage of income, and EBITDA. Page 1
OHI THORNFIELD CARE LTD STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 18 OCTOBER 2024
This report was approved by the board on 9 October 2025 and signed on its behalf.
Mr V Gupta Director
Page 2
OHI THORNFIELD CARE LTD DIRECTORS' REPORT FOR THE PERIOD ENDED 18 OCTOBER 2024 The directors present their report and the financial statements for the period ended 18 October 2024.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PRINCIPAL ACTIVITY
The principal activity of the Company during the year was that of a residential care home operator. As noted within the introduction section of the strategic report the company has now ceased to trade.
RESULTS AND DIVIDENDS
The loss for the period, after taxation, amounted to £40,713 (2024: profit £451,221).
DIRECTORS
The directors who served during the period were:
Mr R Cannon (resigned 18 October 2024)
Mr V Gupta (appointed 18 October 2024)
Mr D J Booth (appointed 18 October 2024, resigned 2 January 2025)
Mr N A Ballew (appointed 18 October 2024)
Mr R O Stephenson (appointed 18 October 2024)
FUTURE DEVELOPMENTS
As noted within the Strategic report the company, following the transfer of its trade and assets to another group company, has ceased to trade. The directors are therefore preparing the financial statements on a basis other than a going concern basis. Page 3
OHI THORNFIELD CARE LTD DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 18 OCTOBER 2024
FINANCIAL RISK MANAGEMENT
The principal financial risk faced by the Company is liquidity risk. However, the company maintains a positive cash balance. In addition, regular cash flow forecasts are prepared which take into account the predictable operational revenue and cost streams.
DISCLOSURE OF INFORMATION TO AUDITOR
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. This report was approved by the board and signed on its behalf.
Mr V Gupta Director
Date: 9 October 2025
C/O Arnold & Porter Kaye Scholer (UK) LLP Tower 42
25 Old Broad Street
London
EC2N 1HQ
Page 4
OHI THORNFIELD CARE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OHI THORNFIELD CARE LTD
OPINION
We have audited the financial statements of OH Thornfield Limited (the 'company') for the period ended 18 October 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related Notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 18 October 2024 and of its loss for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
EMPHASIS OF MATTER - CONCLUSIONS RELATING TO GOING CONCERN
We draw your attention to note 2.3 and the strategic report to the financial statements which explains that following a transfer of the company’s trade and assets to fellow group companies the company ceased to trade. As such the directors consider it appropriate to prepare the financial statements on a basis other than a going concern basis. All assets have been adjusted to reflect their expected net realisable value and provisions have been made for all known current and future liabilities. It should be noted that the historic classification of assets and liabilities have been retained, reflecting the future use of the assets by the wider group. For example, the fixed assets have not been reclassified as current assets. Our opinion is not modified in respect of this matter.
OTHER INFORMATION
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
OHI THORNFIELD CARE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OHI THORNFIELD CARE LTD (CONTINUED)
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTOR
As explained more fully in the set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
OHI THORNFIELD CARE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OHI THORNFIELD CARE LTD (CONTINUED)
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the care home sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental, health and safety legislation and the CQC requirements; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing relevant correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Page 7
OHI THORNFIELD CARE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OHI THORNFIELD CARE LTD (CONTINUED) Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
USE OF OUR REPORT
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Christopher Walford BSc FCA (Senior statutory auditor) for and on behalf of Albert Goodman LLP Statutory Auditor Goodwood House Blackbrook Park Avenue Taunton United Kingdom TA1 2PX 10 October 2025 Page 8
OHI THORNFIELD CARE LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 18 OCTOBER 2024
| 18 October 2024 | 30 September 2024
| £ | £
Turnover | 4 | 140,639 | 3,536,995
Cost of sales |  | (138,654) | (2,076,530)
GROSS PROFIT |  | 1,985 | 1,460,465
Administrative expenses |  | (49,894) | (847,639)
OPERATING (LOSS)/PROFIT | 5 | (47,909) | 612,826
Interest receivable and similar income | 8 | - | 7
Interest payable and similar expenses | 9 | (43) | (11,210)
(LOSS)/PROFIT BEFORE TAX |  | (47,952) | 601,623
Tax on (loss)/profit | 10 | 7,239 | (150,402)
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD |  | (40,713) | 451,221
OTHER COMPREHENSIVE INCOME FOR THE PERIOD |  |  |
Unrealised loss on revaluation of tangible fixed assets |  | - | (1,613,383)
Deferred tax on revaluation loss |  | - | 403,346
OTHER COMPREHENSIVE INCOME FOR THE PERIOD |  | - | (1,210,037)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |  | (40,713) | (758,816)
The notes on pages 13 to 26 form part of these financial statements.
Page 9
OHI THORNFIELD CARE LTD REGISTERED NUMBER:04552319 STATEMENT OF FINANCIAL POSITION AS AT 18 OCTOBER 2024
|  | 18 October |  | 30 September
|  | 2024 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 12 |  | 7,905,052 |  | 8,027,500
|  |  | 7,905,052 |  | 8,027,500
CURRENT ASSETS |  |  |  |  |
Stocks |  | - |  | 3,350 |
Debtors: amounts falling due within one year | 13 | - |  | 151,323 |
Cash at bank and in hand | 14 | - |  | 6,989 |
|  | - |  | 161,662 |
Creditors: amounts falling due within one year | 15 | (2,130,420) |  | (2,371,796) |
NET CURRENT LIABILITIES |  |  | (2,130,420) |  | (2,210,134)
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 5,774,632 |  | 5,817,366
Creditors: amounts falling due after more than one year | 16 |  | - |  | (2,940)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax |  |  | (1,074,861) |  | (1,073,942)
NET ASSETS |  |  | 4,699,771 |  | 4,740,484
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 18 |  | 4 |  | 4
Profit and loss account | 19 |  | 4,699,767 |  | 4,740,480
|  |  | 4,699,771 |  | 4,740,484
Page 10
OHI THORNFIELD CARE LTD REGISTERED NUMBER:04552319 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 18 OCTOBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr V Gupta
Director
Date: 9 October 2025
The notes on pages 13 to 26 form part of these financial statements. Page 11
OHI THORNFIELD CARE LTD STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 18 OCTOBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2023 | 4 | 5,799,296 | 5,799,300
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 451,221 | 451,221
Movements relating to revaluation of property and associated deferred tax | - | (1,210,037) | (1,210,037)
OTHER COMPREHENSIVE INCOME FOR THE YEAR | - | (1,210,037) | (1,210,037)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | (758,816) | (758,816)
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS |  |  |
Dividends: Equity capital | - | (300,000) | (300,000)
At 1 October 2024 | 4 | 4,740,480 | 4,740,484
COMPREHENSIVE INCOME FOR THE PERIOD |  |  |
Loss for the period | - | (40,713) | (40,713)
AT 18 OCTOBER 2024 | 4 | 4,699,767 | 4,699,771
| The notes on pages 13 to 26 form part of these financial statements.
Page 12
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
1. | GENERAL INFORMATION
OHI Thornfield Care Ltd is a private company, limited by shares and registered in the UK. The registered number is 04552319, the address of the registered office is C/O Arnold & Porter Kaye Scholer (UK) LLP Tower 42, 25 Old Broad Street, London, EC2N 1HQ. The principal place of business is Thornfield House, 87 Scalwell Lane, Seaton, Devon. The company operates a residential care home. However, as noted in the strategic report, following the transfer of the company's trade and assets to another group company the company ceased to trade. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of OHI Cannon Care Homes Ltd as at 18 October 2024 and these financial statements may be obtained from Companies House.
| 2.3 | GOING CONCERN
As explained in the strategic report, following the transfer of the trade and property the company ceased to trade, and as such the directors consider it appropriate to prepare the financial statements on a basis other than a going concern basis. All assets have been adjusted to reflect their expected net realisable value and provisions have been made for all known current and future liabilities. It should be noted that the historic classification of assets and liabilities have been retained, reflecting the future use of the assets by the wider group. For example the fixed assets have not been reclassified as current assets. Page 13
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024 2.ACCOUNTING POLICIES (continued)
| 2.4 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | LEASED ASSETS: THE COMPANY AS LESSEE
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.7 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 14
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024 2.ACCOUNTING POLICIES (continued)
| 2.9 | CURRENT AND DEFERRED TAXATION
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 15
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024 2.ACCOUNTING POLICIES (continued)
| 2.10 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance and straight line basis as appropriate. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - |  | Not depreciated
|  |  |  | Plant and machinery | - | 25% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 25% | reducing balance and straight line
|  |  |  | Office equipment | - | 25% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | REVALUATION OF TANGIBLE FIXED ASSETS
Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. As noted, the company has transferred its trade and assets to another group company. The tangible fixed assets are recognised at the anticipated realisable value. As these assets will be retained as fixed in the group the directors have retained them as fixed in the current year accounts. The property was transferred on 31 December 2024.
| 2.12 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 16
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024 2.ACCOUNTING POLICIES (continued)
| 2.13 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
| 2.16 | FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
| 2.17 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 17
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The following judgments have had the most significant effect on amounts recognised in the financial statements. Classification of leases: The Company obtains use of fixed assets as a lessee. The classification of such leases as operating or finance lease required the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Statement of Financial Position. Valuation of properties: The Company carries its freehold property at fair value, with changes in fair value being recognised in other comprehensive income. The Company engaged independent valuation specialists, Cushman & Wakefield, to determine fair value at 12 June 2024. The valuer used the profits method of valuation as they consider the market norm is to assess this type of asset for sale purposes by reference to its trading characteristics and profitability. The directors have then assessed their understanding of the market and adjusted the value recognised as materially required.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 18 October 2024 | 30 September 2024
|  |  |  |  | £ | £
| Fee income | 140,639 | 3,536,995
|  | 140,639 | 3,536,995
| All turnover arose within the United Kingdom.
5. | OPERATING (LOSS)/PROFIT
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 18 October 2024 | 30 September 2024
|  |  |  |  | £ | £
| Depreciation | 1,437 | 40,840
| Other operating lease rentals | 44 | 9,416
Page 18
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
6. | AUDITOR'S REMUNERATION
| The disclosure for the Group is £7,500. It is esitmated that the portion of this for OHI Thornfield Care Limited is £1,735.
7. | EMPLOYEES
| Staff costs were as follows:
|  |  |  |  | 18 October 2024 | 30 September 2024
|  |  |  |  | £ | £
| Wages and salaries | 130,394 | 1,868,444
| Cost of defined contribution scheme | 1,694 | 37,771
|  | 132,088 | 1,906,215
| The average monthly number of employees, including directors, during the period was 65 (2024: 65). Key management personnel are employed by the ultimate parent Company, OHI Cannon Care Homes Ltd (formerly known as Cannon Care Homes Ltd). It is not practical to split the costs between individual Group companies. Total compensation of key management personnel for the period across the Group is disclosed in the accounts of OHI Cannon Care Homes Ltd (formerly known as Cannon Care Homes Ltd) for the period ended 18 October 2024.
8. | INTEREST RECEIVABLE
|  |  |  |  | 18 October 2024 | 30 September 2024
|  |  |  |  | £ | £
| Other interest receivable | - | 7
|  | - | 7
9. | INTEREST PAYABLE AND SIMILAR CHARGES
|  |  |  |  | 18 October 2024 | 30 September 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 43 | 4,899
| Other interest payable | - | 6,311
|  | 43 | 11,210
Page 19
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
10. | TAXATION
|  |  |  |  | 18 October 2024 | 30 September 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | (8,158) | 137,477
|  | (8,158) | 137,477
| TOTAL CURRENT TAX | (8,158) | 137,477
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 919 | 12,925
| TOTAL DEFERRED TAX | 919 | 12,925
| TAX ON (LOSS)/PROFIT | (7,239) | 150,402
| FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR
| The tax assessed for the period/year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 18 October 2024 | 30 September 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (47,952) | 601,623
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | (11,988) | 150,406
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | 133
| Losses carried back | 4,749 | -
| Adjustments to tax charge in respect of prior periods | - | (137)
| TOTAL TAX CHARGE FOR THE PERIOD/YEAR | (7,239) | 150,402
Page 20
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
11. | DIVIDENDS
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Dividends paid | - | 300,000
|  | - | 300,000
Page 21

OHI THORNFIELD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024 |
| 12. | TANGIBLE FIXED ASSETS
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| COST OR VALUATION |  |  |  |  |  |
| At 1 October 2024 | 7,905,052 | 68,443 | 16,639 | 619,411 | 3,856 | 8,613,401
| Additions | - | - | - | 971 | - | 971
| Disposals | - | (68,443) | (16,639) | (620,382) | (3,856) | (709,320)
| At 18 October 2024 | 7,905,052 | - | - | - | - | 7,905,052
| At 1 October 2024 | - | 59,011 | 15,833 | 511,057 | - | 585,901
| Charge for the year | - | 110 | 9 | 1,318 | - | 1,437
| Disposals | - | (59,121) | (15,842) | (512,375) | - | (587,338)
| At 18 October 2024 | - | - | - | - | - | -
| NET BOOK VALUE |  |  |  |  |  |
| At 18 October 2024 | 7,905,052 | - | - | - | - | 7,905,052
| At 30 September 2024 | 7,905,052 | 9,432 | 806 | 108,354 | 3,856 | 8,027,500
Page 22

OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024 12.TANGIBLE FIXED ASSETS (CONTINUED)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Motor vehicles | - | 787
| Furniture, fittings and equipment | - | 31,825
|  | - | 32,612
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  | 18 October | 30 September
|  | 2024 | 2024
|  | £ | £
| Cost | 3,966,491 | 3,966,491
| Revaluations on an open market existing use basis | 3,938,561 | 3,938,561
|  | 7,905,052 | 7,905,052
| As noted within the strategic report the company has transferred its trade and assets to another group company following which it will cease to trade. The directors have assessed the recognised net value of the tangible assets and are confident that the value is at the lower of cost and net realisable value. The property was transferred on 31 December 2024.
13. | DEBTORS
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 125,650
| Other debtors | - | 19,615
| Prepayments and accrued income | - | 6,058
|  | - | 151,323
Page 23
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
14. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | - | 6,989
|  | - | 6,989
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 32,007
| Amounts owed to group undertakings | 1,939,129 | 1,943,383
| Corporation tax | 184,980 | 193,138
| Other taxation and social security | - | 37,997
| Obligations under finance lease and hire purchase contracts | - | 8,893
| Other creditors | - | 7,866
| Accruals and deferred income | 6,311 | 148,512
|  | 2,130,420 | 2,371,796
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | - | 2,940
Page 24
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
17. | DEFERRED TAXATION
|  | 2024 | 2024
|  | £ | £
| At beginning of year | (1,073,942) | (1,464,363)
| Charged to profit or loss | (919) | (12,925)
| Charged to other comprehensive income | - | 403,346
| AT END OF YEAR | (1,074,861) | (1,073,942)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (214,227) | (214,151)
| Short term timing differences | - | 843
| Capital gains | (860,634) | (860,634)
|  | (1,074,861) | (1,073,942)
18. | SHARE CAPITAL
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 2 (2024: 2) Ordinary 'A' shares of £1.00 each | 2 | 2
|  | 2 (2024: 2) Ordinary 'B' shares of £1.00 each | 2 | 2
|  |  | 4 | 4
19. | RESERVES
Profit and loss account The profit and loss account reserve is represented by £1,413,604 relating to distributable profits and £3,286,163 relating to gains on previous revaluations of tangible fixed assets. Page 25
OHI THORNFIELD CARE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 OCTOBER 2024
20. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,694 (2024: £37,771). Contributions totalling £Nil (2024: £7,866) were payable to the fund at the reporting date.
21. | HIRE PURCHASE AND FINANCE LEASES
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 18 October | 30 September
|  |  |  |  | 2024 | 2024
|  |  |  |  | £ | £
| Within one year | - | 8,893
| Between 1-2 years | - | 2,940
|  | - | 11,833
| Hire purchase and finance leases are secured against the assets to which they relate. As part of the trade transfer, the hire purchase liability has been novated to a fellow group company.
22. | RELATED PARTY TRANSACTIONS
| As a wholly owned subsidiary of OHI Cannon Care Homes Ltd, the company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related party disclosures" in not disclosing intra Group transactions where 100% of the voting rights are controlled within the Group.
23. | CONTROLLING PARTY
The parent Company is OHI Cannon Care Homes Ltd, (formerly known as Cannon Care Homes Ltd), Company number 05317825, registered in England and Wales. Copies of the financial statements can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. The controlling party is now OHI UK Healthcare Properties Limited. Company number 09532166, registered in England and Wales. Copies of the financial statements can be obtained from Companies House.
24. | CHARGES AND GUARANTEES
On the 12 January 2018 charges were registered in line with Chapter A1 Part 25 of the Companies Act 2006 with Companies House. Pursuant to the charge, Triodos Bank NV, acting through its registered office at Deanery Road, Bristol, BS1 5AS, placed a fixed and floating charge on all property of Thornfiled Care Limited. Charges were satisfied on 23 October 2024.
Page 26