Registration number: 09300482

Tanglewood Shared Services Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15 to 32

Tanglewood Shared Services Limited

Company Information

Directors

M J Whitehead A G Whitehead

Registered office

2 Endeavour Park Boston Lincolnshire PE21 7TQ

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Tanglewood Shared Services Limited

Strategic Report for the Year Ended 31 January 2025

The directors present their strategic report for the year ended 31 January 2025.

Principal activity

The principal activity of the company is the provision of management services to the group. The principal activity of the group is the provision of residential nursing care facilities.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £40,367,991 (2024 - £40,244,594) and an operating loss of £2,496,665 (2024 - £2,585,164). At 31 January 2025 the group had net assets of £10,495,041 (2024 - £6,657,848). The directors consider the performance for the year and the financial position of the group and the company at the year end to be satisfactory.

Given the nature of the business, the directors are of the opinion that key performance indicators are important. The group uses a number of indicators to monitor and improve the position of the business. Indicators are reviewed and altered to meet changes both in the internal and external environments. The directors do not consider the inclusion of an analysis using key performance indicators to be necessary to assist users of the financial statements in their understanding of the financial performance or position of the group.

Principal risks and uncertainties

The management of the business and the execution of the strategy of the group are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition from other providers of residential nursing care facilities.

Approved by the Board on 31 October 2025 and signed on its behalf by:

M J Whitehead
Director

Tanglewood Shared Services Limited

Directors' Report for the Year Ended 31 January 2025

The directors present their report and the for the year ended 31 January 2025.

Directors of the company

The directors who held office during the year were as follows:

G J Reid (resigned 9 May 2024)

M J Whitehead

The following director was appointed after the year end:

A G Whitehead (appointed 1 April 2025)

Employment of disabled persons

All our team members are trained in Equality and Diversity. The Company's policy in relation to people with health conditions, both visible and non-visible, is that they should have full and fair consideration for all vacanies.The Company has a commitment to interviewing those applicants with disabilities who fulfil the minimum criteria and endeavouring to retain employees in the workforce if they become disabled during employment. The Company will actively retrain and adjust employees' environments where possible to allow them to maximise their potential.

Employee involvement

Employee engagement is fundamental to the Group's success. Regular meetings are held between management and employees across all levels of the organisation. Regular company communications provide employees with relevant information, training and support.

Financial instruments

Objectives and policies

The directors constantly monitor the group's trading results and revised projections as appropriate to ensure that the group can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to the usual credit and cashflow risks associated with selling on credit and manage this through credit control procedures. The group's loan financing is subject to price and liquidity risks as disclosed in note 18 to the financial statements.

The group has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cashflows will be sufficient for the group to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Future developments

The external environment is expected to remain competitive going forward, however, the directors are confident that the group will continue to improve the current level of performance in the future.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 31 October 2025 and signed on its behalf by:

M J Whitehead
Director

Tanglewood Shared Services Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent;
•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
•	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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Tanglewood Shared Services Limited

Independent Auditor's Report to the Members of Tanglewood Shared Services Limited

Opinion

We have audited the financial statements of Tanglewood Shared Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 group's and the parent company's affairs as at 31 January 2025 and of the group's loss for the year 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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.

Tanglewood Shared Services Limited

Independent Auditor's Report to the Members of Tanglewood Shared Services Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company 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 directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Tanglewood Shared Services Limited

Independent Auditor's Report to the Members of Tanglewood Shared Services Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

•	reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

•	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

•	enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

•	reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial 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.

Simon Worsley (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

31 October 2025

Tanglewood Shared Services Limited

Consolidated Profit and Loss Account for the Year Ended 31 January 2025

	Note	2025  £	2024  £
turnover	3	40,367,991	40,244,594
Cost of sales		(25,565,259)	(28,937,531)
Gross profit		14,802,732	11,307,063
Administrative expenses		(17,541,336)	(13,978,747)
Other operating income	4	241,939	86,520
Operating loss	6	(2,496,665)	(2,585,164)
Loss on disposal of investments	5	-	(92,818)
Other interest receivable and similar income	7	188,620	27,095
Interest payable and similar charges	8	(301,668)	(240,066)
Loss before tax		(2,609,713)	(2,890,953)
Taxation	12	(481,708)	731,872
Loss for the financial year		(3,091,421)	(2,159,081)
Profit/(loss) attributable to:
Owners of the company		(2,929,954)	(1,706,528)
Minority interests		(161,467)	(452,553)
		(3,091,421)	(2,159,081)

The above results were derived from continuing operations.

Tanglewood Shared Services Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 January 2025

	2025 £	2024 £
Loss for the year	(3,091,421)	(2,159,081)
Surplus/deficit on property, plant and equipment revaluation	9,121,687	7,275,000
Movement in deferred tax relating to revaluation reserve	(2,033,240)	(1,730,000)
Total comprehensive income for the year	3,997,026	3,385,919
Total comprehensive income attributable to:
Owners of the company	4,158,493	3,838,472
Minority interests	(161,467)	(452,553)
	3,997,026	3,385,919

Tanglewood Shared Services Limited

(Registration number: 09300482)
Consolidated Balance Sheet as at 31 January 2025

	Note	2025  £	2024  £
Fixed assets
Intangible assets	13	(11,330)	(237,703)
Tangible assets	14	20,731,921	12,617,665
Investments	15	3	1
		20,720,594	12,379,963
Current assets
Debtors	16	7,252,070	4,554,857
Cash at bank and in hand		794,004	1,328,322
		8,046,074	5,883,179
Creditors: Amounts falling due within one year	17	(11,936,472)	(9,760,118)
Net current liabilities		(3,890,398)	(3,876,939)
Total assets less current liabilities		16,830,196	8,503,024
Creditors: Amounts falling due after more than one year	17	(2,000,000)	-
Provisions for liabilities	12	(4,335,155)	(1,845,176)
Net assets		10,495,041	6,657,848
Capital and reserves
Called up share capital	20	200,001	200,001
Revaluation reserve	21	14,484,720	8,385,000
Profit and loss account		(4,189,680)	(902,555)
Equity attributable to owners of the company		10,495,041	7,682,446
Minority interests		-	(1,024,598)
Total equity		10,495,041	6,657,848

Approved and authorised by the Board on 31 October 2025 and signed on its behalf by:
 

M J Whitehead
Director

Tanglewood Shared Services Limited

(Registration number: 09300482)
Balance Sheet as at 31 January 2025

	Note	2025  £	2024  £
Fixed assets
Tangible assets	14	-	5,008
Investments	15	205	204
Current assets
Debtors	16	2,303,423	1,395,274
Cash at bank and in hand		1,005	493
		2,304,428	1,395,767
Creditors: Amounts falling due within one year	17	(821,158)	(275,650)
Net current assets		1,483,270	1,120,117
Net assets		1,483,475	1,125,329
Capital and reserves
Called up share capital	20	200,001	200,001
Profit and loss account		1,283,474	925,328
Total equity		1,483,475	1,125,329

The company made a profit after tax for the financial year of £517,979 (2024 - profit of £176,889).

Approved and authorised by the Board on 31 October 2025 and signed on its behalf by:
 

M J Whitehead
Director