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Registration number: 05174459

Aspirations (Midlands) Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Aspirations (Midlands) Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Accountants' Report | 4
Profit and Loss Account | 5
Statement of Comprehensive Income | 6
Balance Sheet | 7
Statement of Changes in Equity | 8
Notes to the Unaudited Financial Statements | 9 to 18

Aspirations (Midlands) Limited

Company Information

Directors | C I Cameron M C G Melvin

Registered office | Corinium House Barnwood Point Business Park Corinium Avenue Gloucester GL4 3HX

Bankers | Clydesdale Bank 30 St Vincent Place Glasgow G1 2HL

Accountants | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Aspirations (Midlands) Limited

Strategic Report for the Year Ended 31 March 2025

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

Principal activity

The principal activity of the company is that of the provision of supported living services.

Fair review of the business

Results for the year are comparable to previous years.
The results for the year, which are set out in the profit and loss account, show turnover of £2,700,407 (2024 - £2,273,199) and an operating profit before exceptional items of £372,307 (2024 - £383,982). At 31 March 2025, the company had net assets of £2,984,675 (2024 - £2,636,787).

Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the development, performance and the position of the business. Indicators are reviewed and altered to meet changes in both 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 company.

Principal risks and uncertainties

The management of the business and the execution of the strategy of the group to which the company belongs are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the continued provision of adequate government funding and the ongoing compliance with current and future legislation affecting the sector.

Approved by the Board on 12 November 2025 and signed on its behalf by:

C I Cameron
Director

Aspirations (Midlands) Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

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

C I Cameron

M C G Melvin (appointed 30 May 2024)

C N Butcher (resigned 5 April 2024)

Financial instruments

Objectives and policies

The board constantly monitors the company's trading results and revise projections as appropriate to ensure that the company can meet its future obligations as they fall due.

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

The group to which the company belongs is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures.
The directors consider that, having reviewed both the funding arrangements for the group and the company and profit and cash flow forecasts for the next 12 months, that the company has sufficient 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 remain confident that the company will continue to improve its current level of performance in the future and will continue to trade as a going concern for the reasons identified in note 1 to the financial statements.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 12 November 2025 and signed on its behalf by:

C I Cameron
Director

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Aspirations (Midlands) Limited for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aspirations (Midlands) Limited for the year ended 31 March 2025 as set out on pages 5 to 18 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Aspirations (Midlands) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Aspirations (Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Aspirations (Midlands) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aspirations (Midlands) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Aspirations (Midlands) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aspirations (Midlands) Limited. You consider that Aspirations (Midlands) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Aspirations (Midlands) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

12 November 2025

Aspirations (Midlands) Limited

Profit and Loss Account for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 2,700,407 | 2,273,199
Cost of sales |  | (2,180,193) | (1,702,655)
Gross profit |  | 520,214 | 570,544
Administrative expenses |  | (147,907) | (186,562)
Operating profit before exceptional items |  | 372,307 | 383,982
Exceptional items | 5 | (107,669) | (78,750)
Interest payable and similar charges | 6 | 15,000 | 10,000
Profit before tax |  | 279,638 | 315,232
Taxation | 9 | (3,750) | (29,500)
Profit for the financial year |  | 275,888 | 285,732

The above results were derived from continuing operations.

Aspirations (Midlands) Limited

Statement of Comprehensive Income for the Year Ended 31 March 2025

| 2025 £ | 2024 £
Profit for the year | 275,888 | 285,732
Remeasurement gain on defined benefit pension schemes | 72,000 | 13,500
Total comprehensive income for the year | 347,888 | 299,232

Aspirations (Midlands) Limited

Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 10 | 2,538 | 3,333
Current assets |  |  |
Debtors: Amounts falling due within one year | 11 | 3,057,839 | 8,029,697
Cash at bank and in hand |  | 37,805 | 50,535
|  | 3,095,644 | 8,080,232
Creditors: Amounts falling due within one year | 12 | (421,007) | (5,671,028)
Net current assets |  | 2,674,637 | 2,409,204
Net assets excluding pension asset/(liability) |  | 2,677,175 | 2,412,537
Net pension asset | 13 | 307,500 | 224,250
Net assets |  | 2,984,675 | 2,636,787
Capital and reserves |  |  |
Called up share capital | 14 | 2 | 2
Profit and loss account |  | 2,984,673 | 2,636,785
Total equity |  | 2,984,675 | 2,636,787

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 November 2025 and signed on its behalf by:

C I Cameron
Director

Aspirations (Midlands) Limited

Statement of Changes in Equity for the Year Ended 31 March 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2024 | 2 | 2,636,785 | 2,636,787
Profit for the year | - | 275,888 | 275,888
Other comprehensive income | - | 72,000 | 72,000
At 31 March 2025 | 2 | 2,984,673 | 2,984,675

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2023 | 2 | 2,337,553 | 2,337,555
Profit for the year | - | 285,732 | 285,732
Other comprehensive income | - | 13,500 | 13,500
At 31 March 2024 | 2 | 2,636,785 | 2,636,787

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Corinium House
Barnwood Point Business Park
Corinium Avenue
Gloucester
GL4 3HX

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Exemption from preparing a cash flow statement

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company, Pine Topco Limited.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Pine Topco Limited.

The financial statements of Pine Topco Limited may be obtained from Companies House.

Going concern

The directors consider that, having reviewed both the funding arrangements for the group and the company, profit and cash flow forecasts for the next 12 months, that the company has sufficient resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 20% of cost
Office equipment | 20% of cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

The company set up a defined benefit contribution pension scheme for certain employees in October 2010, following their transfer of employment to the company from an NHS Trust.
In the current period there is now a cost to the company charged to the profit and loss account, as employer contributions are no longer refunded by the previous employer of the employees for whom the scheme was established.
Now the cost of providing benefits under the defined benefit plan is determined in accordance with FRS 102, using the projected unit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of defined benefit obligations) and based on actuarial advice. Past service costs are recognised in the profit and loss account on a straight line basis over the vesting period or immediately if the benefits have vested. When a settlement or curtailment occurs, the charge in the present value of the scheme liabilities and the fair value of the plan assets reflect the gain or loss which is recognised in the profit and loss account. Losses are measured at the date that the employer becomes demonstrably committed to the transaction and gains when all parties whose consent is required are irrevocably committed to the transaction.
The interest element of the defined benefit cost represents the change in the present value of the scheme obligations relating from the passage of time, and is determined by applying the discount rate to the opening present value of the benefit obligation, taking into account material changes in the obligation during the year. The expected return on plan assets is adjusted for the effect on the fair value of plan assets of contributions received and benefits paid during the year. The difference between the expected return on plan assets and the interest costs is recognised in the profit and loss account as other finance income or expenses.
Actuarial gains and losses are recognised in full in the statement of recognised gains and losses in the period in which they occur.
The defined benefit pension liability in the balance sheet comprises the present value of the defined obligation (using the discount rate based on high quality corporate bonds), less any past service cost not yet recognised and less the fair value of plan assets out of which the obligations are to be settled directly. Fair value will be based on market price information and in the case of quoted services will be the current bid price.

Financial instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Financial instruments (continued)
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Turnover

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

| 4 | Operating profit

Arrived at after charging

| 2025 £ | 2024 £
Depreciation expense | 795 | 265
Operating lease expense - property | 87,392 | 36,140
Operating lease expense - plant and machinery | 2,256 | (856)

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 5 | Exceptional items

| 2025 £ | 2024 £
Exceptional expenses | 107,669 | 78,750

Exceptional items in the current year consists of debtors write offs of £58,853, costs relating to the exit of a final salary pension scheme of £21,382 and other non-recurring items of £27,434.
Exceptional items in the prior year consisted of various closure costs in relation to the Northampton division as well as other non-recurring items.

| 6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Other finance costs | (15,000) | (10,000)

| 7 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 2,021,705 | 1,623,080
Social security costs | 182,349 | 152,242
Pension costs, defined contribution scheme | 42,061 | 35,175
| 2,246,115 | 1,810,497

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Care | 79 | 67
Administration and support | 2 | 3
| 81 | 70

| 8 | Directors' remuneration

Directors' remuneration in both years has been borne by other group companies.

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 9 | Taxation

Tax charged in the profit and loss account

| 2025 £ | 2024 £
Deferred taxation |  |
Arising from origination and reversal of timing differences | 3,750 | 29,500

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 279,638 | 315,232
Corporation tax at standard rate | 69,910 | 78,808
Effect of expense not deductible in determining taxable profit (tax loss) | 5,829 | -
Tax increase/(decrease) from effect of capital allowances and depreciation | 41 | (655)
Tax decrease arising from group relief | (75,780) | (48,653)
Other tax effects for reconciliation between accounting profit and tax expense (income) | 3,750 | -
Total tax charge | 3,750 | 29,500

Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Deferred tax on defined benefit pension scheme | 102,500

2024 | Liability £
Deferred tax on defined benefit pension scheme | 74,750

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 10 | Tangible assets

| Fixtures and fittings £ | Office equipment £ | Total £
Cost
At 1 April 2024 and 31 March 2025 | 33,173 | 20,540 | 53,713
Depreciation
At 1 April 2024 | 29,485 | 20,895 | 50,380
Charge for the year | 795 | - | 795
At 31 March 2025 | 30,280 | 20,895 | 51,175
Carrying amount
At 31 March 2025 | 2,893 | (355) | 2,538
At 31 March 2024 | 3,688 | (355) | 3,333

| 11 | Debtors

| 2025 £ | 2024 £
Trade debtors | 156,438 | 388,450
Other debtors | 3,171 | 397
Prepayments | 1,194 | 19,564
Accrued income | 145,106 | 151,109
Amounts owed by group undertakings | 2,751,930 | 7,470,177
| 3,057,839 | 8,029,697

| 12 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | (18,852) | (15,297)
Social security and other taxes | 39,488 | 80,306
Other creditors | 6,828 | 27,892
Accrued expenses | 62,655 | 55,246
Amounts owed to group undertakings | 330,888 | 5,522,881
| 421,007 | 5,671,028

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 13 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £42,061 (2024 - £35,175).

Defined benefit pension schemes

Scheme 1

The company operates a defined benefit pension scheme in the UK.

The date of the most recent comprehensive actuarial valuation was 31 March 2025. A full actuarial valuation was carried out as at 31 March 2025 by a qualified, independent actuary. The valuation for FRS 102 purposes as at 31 March 2025 was based on a set of assumptions and assumes that the experience of the fund will be in line with these assumptions.

The total credit (2024 - credit) relating to defined benefit schemes for the year recognised in profit or loss as a credit (2024 - credit) was £15,000 (2024 - £10,000).

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the balance sheet are as follows:

| 2025 £ | 2024 £
Fair value of scheme assets | 1,008,000 | 983,000
Present value of defined benefit obligation | (598,000) | (684,000)
| 410,000 | 299,000
Deferred tax (liability) / asset | (102,500) | (74,750)
Defined benefit pension scheme surplus | 307,500 | 224,250

Defined benefit obligation

Changes in the defined benefit obligation are as follows:

| 2025 £
Present value at start of year | 684,000
Interest cost | 33,000
Actuarial gains and losses | (104,000)
Benefits paid | (15,000)
Present value at end of year | 598,000

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

| 2025 £
Fair value at start of year | 983,000
Interest income | 48,000
Return on plan assets, excluding amounts included in interest income | (8,000)
Benefits paid | (15,000)
Fair value at end of year | 1,008,000

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Analysis of assets

The major categories of scheme assets are as follows:

| 2025 £ | 2024 £
Cash and cash equivalents | 173 | 49
Equity instruments | - | 704
Debt instruments | 835 | 230
| 1,008 | 983

Return on scheme assets

| 2025 £
Return on scheme assets | 96,000

The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.

Principal actuarial assumptions

The principal actuarial assumptions at the balance sheet date are as follows:

| 2025 % | 2024 %
Discount rate | 5.87 | 4.90
Future salary increases | 3.30 | 3.35
Future pension increases | 3.35 | 3.42
Inflation | 3.30 | 3.35

Post retirement mortality assumptions

| 2025 Years | 2024 Years
Current UK pensioners at retirement age - male | 21 | 21
Current UK pensioners at retirement age - female | 22 | 22
Future UK pensioners at retirement age - male | 19 | 19
Future UK pensioners at retirement age - female | 24 | 24

Aspirations (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 14 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 2 | 2 | 2 | 2

| 15 | Contingent liabilities

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group headed by its ultimate parent undertaking, Pine Topco Limited. The maximum amount the company could become liable for at 31 March 2025 was £1,750,000 (2024 - £1,750,000).

| 16 | Parent and ultimate parent undertaking

The company's immediate parent is Maymask (183) Limited, incorporated in England and Wales.
The ultimate parent is Pine Topco Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Pine Topco Limited.The ultimate controlling party is Elysian Capital II LP.