REGISTERED NUMBER: 01754251 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 30 JUNE 2025

FOR

WILLCOX BROS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

Mrs S A Hawker

REGISTERED OFFICE:

AbleCare Homes Head Office

19 Apex Court

Woodlands

Bradley Stoke

Gloucestershire

BS32 4JT

REGISTERED NUMBER:

01754251 (England and Wales)

SENIOR STATUTORY AUDITOR:

Nicholas Miles

AUDITORS:

Peregrine Accountants and Business Advisers Ltd

(Statutory Auditors)

Old Bank

The Triangle

Paulton

Bristol

BS39 7LE

During the 18 month period the company continued to maintain its performance both in turnover and profitability and the directors congratulate the staff for a good team effort.

REVIEW OF BUSINESS

The company's strong financial position has provided stability for the long term operation of the business. The company is seeking to build on its success in providing a quality service in the care sector recognising that this is a crucial factor in maintaining growth. The company continues to invest in maintaining premises to a high standard.

The 18 month period highlights were:

- Turnover remains consistent with historical years

- Occupancy rates remain high at an average of 90%

- CQC reports continue to show the company is meeting all standards required.

PRINCIPAL RISKS AND UNCERTAINTIES

The companies principal risk is the need to maintain high quality standards of care for residence. The CQC reports have all been rated as meeting standards and, due to changing demographics both locally and nationally, there is further demand for the services that the company offers.

FINANCIAL RISK

The level of risk is relatively low as the company maintains cash balances and liquidity risks are minimal.

ON BEHALF OF THE BOARD:

Mrs S A Hawker - Director

26 September 2025

The director presents her report with the financial statements of the company for the period 1 January 2024 to 30 June 2025.

DIVIDENDS

Interim dividends per share were paid during the period as follows:

Ordinary A £1

-

£7.52307

Ordinary B £1

-

£141.74595

Ordinary C £1

-

£119800

Ordinary D £1

-

£22500

The total distribution of dividends for the period ended 30 June 2025 will be £ 756,000 .

DIRECTOR

Mrs S A Hawker held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 and then apply them consistently;

-	make judgements 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 director is 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 enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Peregrine, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S A Hawker - Director

26 September 2025

Opinion

We have audited the financial statements of Willcox Bros Limited (the 'company') for the period ended 30 June 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 30 June 2025 and of its profit 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 Auditors' 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 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Strategic Report or the Report of the Director.

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, 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 director's 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 Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures included:

- The review of the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes.

- The review and testing of manual journals and key estimates and judgements made by management. And

consideration of the risk of management bias or override of controls.

- The review of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to these laws and regulations could give rise to a material misstatement in the financial statements. And inquiries of management with as to the compliance with the above laws and regulations, corroborating any necessary evidence to relevant information.

- Testing was carried out testing on a random sample bias and any unusual findings were discussed with the directors.

We did not identify any key audit matters relating to irregularities, including fraud.

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. Also 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Nicholas Miles (Senior Statutory Auditor)

for and on behalf of Peregrine Peregrine Accountants and Business Advisers Ltd

(Statutory Auditors)

Old Bank

The Triangle

Paulton

Bristol

BS39 7LE

26 September 2025

TURNOVER

8,827,778

6,057,532

Cost of sales

5,327,262

3,165,186

GROSS PROFIT

3,500,516

2,892,346

Distribution costs

8,156

7,410

Administrative expenses

2,477,469

1,059,413

2,485,625

1,066,823

1,014,891

1,825,523

Other operating income

1,400

-

OPERATING PROFIT

4

1,016,291

1,825,523

Interest receivable and similar income

26,805

11,189

1,043,096

1,836,712

Interest payable and similar expenses

5

4,661

1,994

PROFIT BEFORE TAXATION

1,038,435

1,834,718

Tax on profit

6

277,388

464,330

PROFIT FOR THE FINANCIAL PERIOD

761,047

1,370,388

PROFIT FOR THE PERIOD

761,047

1,370,388

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property

Purchase of own shares

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

761,047

1,370,388

FIXED ASSETS

Intangible assets

8

2,699

2,887

Tangible assets

9

4,472,737

4,285,047

4,475,436

4,287,934

CURRENT ASSETS

Stocks

10

2,600

2,600

Debtors

11

1,710,941

1,022,290

Cash at bank

579,344

1,667,933

2,292,885

2,692,823

CREDITORS

Amounts falling due within one year

12

418,607

602,663

NET CURRENT ASSETS

1,874,278

2,090,160

TOTAL ASSETS LESS CURRENT LIABILITIES

6,349,714

6,378,094

CREDITORS

Amounts falling due after more than one year

13

(13,032

)

(31,444

)

PROVISIONS FOR LIABILITIES

15

(71,970

)

(86,985

)

NET ASSETS

6,264,712

6,259,665

CAPITAL AND RESERVES

Called up share capital

16

25,002

25,002

Revaluation reserve

17

1,788,760

1,788,760

Capital redemption reserve

17

7,142

7,142

Retained earnings

17

4,443,808

4,438,761

SHAREHOLDERS' FUNDS

6,264,712

6,259,665

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

Mrs S A Hawker - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

25,002

3,572,073

1,788,760

7,142

5,392,977

Changes in equity

Dividends

-

(503,700

)

-

-

(503,700

)

Total comprehensive income

-

1,370,388

-

-

1,370,388

Balance at 31 December 2023

25,002

4,438,761

1,788,760

7,142

6,259,665

Changes in equity

Dividends

-

(756,000

)

-

-

(756,000

)

Total comprehensive income

-

761,047

-

-

761,047

Balance at 30 June 2025

25,002

4,443,808

1,788,760

7,142

6,264,712

Cash flows from operating activities

Cash generated from operations

1

520,335

2,077,650

Interest paid

(4,661

)

(1,994

)

Tax paid

(451,326

)

(204,831

)

Net cash from operating activities

64,348

1,870,825

Cash flows from investing activities

Purchase of tangible fixed assets

(406,980

)

(135,473

)

Sale of tangible fixed assets

3,000

12,455

Interest received

26,805

11,189

Net cash from investing activities

(377,175

)

(111,829

)

Cash flows from financing activities

Capital repayments in year

(18,412

)

9,887

Amount introduced by directors

-

1,350

Amount withdrawn by directors

(1,350

)

-

Equity dividends paid

(756,000

)

(503,700

)

Net cash from financing activities

(775,762

)

(492,463

)

(Decrease)/increase in cash and cash equivalents

(1,088,589

)

1,266,533

Cash and cash equivalents at beginning of period

2

1,667,933

401,400

Cash and cash equivalents at end of period

2

579,344

1,667,933

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

Profit before taxation

1,038,435

1,834,718

Depreciation charges

214,622

149,000

Loss on disposal of fixed assets

1,856

46

Finance costs

4,661

1,994

Finance income

(26,805

)

(11,189

)

1,232,769

1,974,569

(Increase)/decrease in trade and other debtors

(688,651

)

94,858

(Decrease)/increase in trade and other creditors

(23,783

)

8,223

Cash generated from operations

520,335

2,077,650

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 June 2025

30.6.25

1.1.24

£

£

Cash and cash equivalents

579,344

1,667,933

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,667,933

401,400

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 30.6.25

£

£

£

Net cash

Cash at bank

1,667,933

(1,088,589

)

579,344

1,667,933

(1,088,589

)

579,344

Debt

Finance leases

(44,768

)

18,412

(26,356

)

(44,768

)

18,412

(26,356

)

Total

1,623,165

(1,070,177

)

552,988

1.	STATUTORY INFORMATION

Willcox Bros Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents invoiced fees for services provided. VAT is not applicable as the services are exempt from VAT.

Goodwill

Goodwill is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor Vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

Wages and salaries

5,201,217

3,060,493

Other pension costs

461,653

-

5,662,870

3,060,493

The average number of employees during the period was as follows:

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

Care Staff

136

106

Admin Staff

14

8

150

114

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

Director's remuneration

10,131

10,000

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

Hire of plant and machinery

7,968

7,209

Depreciation - owned assets

215,504

146,928

Depreciation - assets on hire purchase contracts

1,930

1,871

Loss on disposal of fixed assets

1,856

46

Patents and licences amortisation

188

201

Auditors' remuneration

13,816

11,593

Auditors' remuneration for non audit work

22,841

17,885

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

HP interest

4,661

1,994

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

Current tax:

UK corporation tax

292,403

451,326

Deferred tax

(15,015

)

13,004

Tax on profit

277,388

464,330

Reconciliation of total tax charge included in profit and loss

The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

Profit before tax

1,038,435

1,834,718

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.519%)

259,609

431,507

Effects of:

Expenses not deductible for tax purposes

1,856

1,261

Depreciation in excess of capital allowances

23,051

15,760

tax

deferred tax charge for year

(14,179

)

13,004

Tax charge on deposit account interest

6,701

2,798

Tax charge on rents received

350

-

Total tax charge

277,388

464,330

Tax effects relating to effects of other comprehensive income

There were no tax effects for the period ended 30 June 2025.

2023

Gross

Tax

Net

£

£

£

Revaluation of freehold property

Purchase of own shares

-

-

-

7.

DIVIDENDS

Period

1.1.24

to

Year Ended

30.6.25

31.12.23

£

£

Ordinary A shares of £1 each

Interim

261,100

192,200

Ordinary B shares of £1 each

Interim

261,100

182,200

Ordinary C share of £1

Interim

185,300

129,300

Ordinary D share of £1

Interim

48,500

-

756,000

503,700