Company registration number 07868226 (England and Wales)
RICO HEALTHCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RICO HEALTHCARE LIMITED
COMPANY INFORMATION
Directors
Mr P Klor
Mr S Klor
Company number
07868226
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
RICO HEALTHCARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
RICO HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Review of the business

Following a group restructuring in October 2024 Rico Healthcare Limited is now the direct parent company of The Grange Care Centre UK Limited, The Grange Care Centre (Cheltenham) Limited, The Grange Care Centre (Eastington) Limited and Platinum Nursing Care Limited. The Grange Care Centre UK Limited acquired shares in Acre Court Home Limited and Riverdale Care Home Limited two companies that remained dormant during the year under review but were were formed to facilitate the acquisition of two new care homes.

The Eastington care home has been trading for a number of years and is well established and now operates under the name of Oldbury House Care Home. The Cheltenham care home has been purpose built and opened in October 2013 and now operates under the name of Lilleybrook Care Home. Both homes have a CQC ration of Good'. Platinum Nursing Care Limited have been operating the home since its incorporation in 2018 but had accumulated l osses since commencing. Since acquisition the home has shown a significant improvement and made a profit for each subsequent p eriod since acquisition.

The trading results for the year are strong and consistent with previous performance. The group has continued to maintain and improve the high standards of its freehold buildings during the year and average occupancy rates have been maintained.

Management have used their considerable experience of running a successful home to develop the best possible team for the new residents entering the home to ensure that the new residents receive the best care possible. As a consequence the wage costs at this home have been much higher as a percentage of turnover and the gross profit margin is lower than the Eastington home. Going forward management will continue to develop a high quality care team and aim to increase occupancy levels to capacity.

The home exceeds the Care Quality Commission (CQC) NVQ requirement in relation to employee development, and undertakes education at NVQ levels 2, 3 and NVQ 4 - The Leadership and Management Award. Levels of employee stability remain far above the 'Care' national standard, meaning that recruitment, and critically retention, meets the requirement of the CQC and ensures consumer care is provided by a loyal and well trained work force.

The homes have established themselves as a Centres of Excellence and have gone from strength to strength. This has led to a number of other awards being achieved in both administration and also the areas of clinical excellence. The homes are seen as the premier care facility for the elderly with behavioural and mental health problems, particularly associated with dementia, in the Gloucestershire area.

Principal risks and uncertainties

The principal risk associated with the company is that of the carehomes generating sufficient income to service borrowings.

The primary activity of the subsidiaries is that of providing nursing and personal care within the nursing and care home s. Providing adequate staffing with sufficient training to safeguard the residents and provide high quality care are principal risk s. We aim to exceed Care Quality Commission (CQC) standards for all of our staff members. We strive to have the right systems and procedures to induct, train and monitor all of our staff to ensure that the residents get the high level of care and support they deserve.

We are reliant on the uptake of beds and therefore any changes in the occupancy levels will quickly affect our results. We rely on referrals from the local authority and building a good reputation for the quality of our care to attract these referrals and also attract private residents.

The group is externally financed and subject to the usual financial and occupancy covenants for our industry. Since the end of the year we have met these covenants.

The directors consider that the high quality of care that is provided stands the home in an excellent position and secures its ongoing trading position against possible risks and uncertainties.

Development and performance

The position of the group at the year end remained strong and in line with our expectations.

RICO HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

The key performance indicator is the group EBITDA after drawings and dividends to debt servicing.

The group measures the trading us ing various key performance indicators to analyse the business on a monthly basis. The KPl's which the directors consider to be the most important to understand the operating trends over the reporting period are shown below:

Turnover

Occupancy %

Gross profit margin

On behalf of the board

Mr S Klor
Director
24 November 2025
RICO HEALTHCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Principal activities

The principal activity of the company was that of parent holding company providing finance of the group trading companies. The group provides residential accommodation and nursing home facilities for the elderly

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Klor
Mr S Klor
Auditor

Lopian Gross Barnett & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S Klor
Director
24 November 2025
RICO HEALTHCARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible for preparing the Annual 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 then 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RICO HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RICO HEALTHCARE LIMITED
- 5 -
Opinion

We have audited the financial statements of Rico Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 March 2025 and of the group's profit 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 and parent 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year 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.

RICO HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RICO HEALTHCARE LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 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 directors' r esponsibilities s tatement, 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 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 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.

RICO HEALTHCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RICO HEALTHCARE LIMITED
- 7 -

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 obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.

- Where considered necessary we enquired of the those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.

- We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of the those charged with governance about any incidences of fraud that had taken place during the accounting period.

- The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks.

- We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.

- We enquired of those charged with governance about actual and potential litigation and claims.

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
24 November 2025
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
RICO HEALTHCARE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
8,385,385
7,361,920
Cost of sales
(5,873,291)
(5,078,252)
Gross profit
2,512,094
2,283,668
Administrative expenses
(1,064,097)
(1,003,331)
Other operating income
202
21,879
Operating profit
4
1,448,199
1,302,216
Interest receivable and similar income
6
6,576
5,165
Interest payable and similar expenses
7
(440,737)
(474,493)
Profit before taxation
1,014,038
832,888
Tax on profit
8
(174,055)
(142,317)
Profit for the financial year
839,983
690,571
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RICO HEALTHCARE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
£
£
Profit for the year
839,983
690,571
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
839,983
690,571
Total comprehensive income for the year is all attributable to the owners of the parent company.
RICO HEALTHCARE LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
959,911
1,025,774
Total intangible assets
959,911
1,025,774
Tangible assets
10
14,074,919
14,108,908
Investments
11
500
500
15,035,330
15,135,182
Current assets
Debtors
13
475,530
832,929
Cash at bank and in hand
541,797
643,702
1,017,327
1,476,631
Creditors: amounts falling due within one year
14
(3,575,054)
(4,501,330)
Net current liabilities
(2,557,727)
(3,024,699)
Total assets less current liabilities
12,477,603
12,110,483
Creditors: amounts falling due after more than one year
15
(7,554,194)
(8,017,805)
Provisions for liabilities
Deferred tax liability
19
326,208
335,460
(326,208)
(335,460)
Net assets
4,597,201
3,757,218
Capital and reserves
Called up share capital
18
100
100
Revaluation reserve
78,036
78,036
Profit and loss reserves
4,519,065
3,679,082
Total equity
4,597,201
3,757,218

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 November 2025 and are signed on its behalf by:
24 November 2025
Mr S Klor
Director
Company registration number 07868226 (England and Wales)
RICO HEALTHCARE LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
2,339,820
2,339,820
Investments
11
13,091,396
5,329,396
15,431,216
7,669,216
Current assets
Debtors
13
335,075
1,463,977
Cash at bank and in hand
86,259
19,269
421,334
1,483,246
Creditors: amounts falling due within one year
14
(10,949,518)
(3,335,084)
Net current liabilities
(10,528,184)
(1,851,838)
Total assets less current liabilities
4,903,032
5,817,378
Creditors: amounts falling due after more than one year
15
(7,519,194)
(7,982,805)
Net liabilities
(2,616,162)
(2,165,427)
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
(2,616,262)
(2,165,527)
Total equity
(2,616,162)
(2,165,427)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £450,735 (2024 - £485,398 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 November 2025 and are signed on its behalf by:
24 November 2025
Mr S Klor
Director
Company registration number 07868226 (England and Wales)
RICO HEALTHCARE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
100
78,036
2,988,511
3,066,647
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
690,571
690,571
Balance at 31 March 2024
100
78,036
3,679,082
3,757,218
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
839,983
839,983
Balance at 31 March 2025
100
78,036
4,519,065
4,597,201
RICO HEALTHCARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
100
(1,680,129)
(1,680,029)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(485,398)
(485,398)
Balance at 31 March 2024
100
(2,165,527)
(2,165,427)
Year ended 31 March 2025:
Profit and total comprehensive income
-
(450,735)
(450,735)
Balance at 31 March 2025
100
(2,616,262)
(2,616,162)
RICO HEALTHCARE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,904,781
3,468,248
Interest paid
(440,737)
(474,493)
Income taxes paid
(177,797)
(88,896)
Net cash inflow from operating activities
1,286,247
2,904,859
Investing activities
Purchase of intangible assets
-
(826,841)
Purchase of tangible fixed assets
(9,222)
(2,399,168)
Interest received
6,576
5,165
Net cash used in investing activities
(2,646)
(3,220,844)
Financing activities
Proceeds from issue of shares
(100)
-
Proceeds from borrowings
-
1,002,205
Repayment of borrowings
(1,000,000)
-
Repayment of bank loans
(389,527)
(367,694)
Net cash (used in)/generated from financing activities
(1,389,627)
634,511
Net (decrease)/increase in cash and cash equivalents
(106,026)
318,526
Cash and cash equivalents at beginning of year
643,702
325,176
Cash and cash equivalents at end of year
537,676
643,702
Relating to:
Cash at bank and in hand
541,797
643,702
Bank overdrafts included in creditors payable within one year
(4,121)
-
RICO HEALTHCARE LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
9,659,190
2,326,356
Interest paid
(440,673)
(474,187)
Net cash inflow from operating activities
9,218,517
1,852,169
Investing activities
Purchase of tangible fixed assets
-
0
(2,339,820)
Purchase of subsidiaries
-
0
(138,056)
Proceeds from disposal of subsidiaries
(7,762,000)
-
0
Net cash used in investing activities
(7,762,000)
(2,477,876)
Financing activities
Proceeds from borrowings
-
0
1,002,205
Repayment of borrowings
(1,000,000)
-
Repayment of bank loans
(389,527)
(367,694)
Net cash (used in)/generated from financing activities
(1,389,527)
634,511
Net increase in cash and cash equivalents
66,990
8,804
Cash and cash equivalents at beginning of year
19,269
10,465
Cash and cash equivalents at end of year
86,259
19,269
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Rico Healthcare Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

The group consists of Rico Healthcare Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Rico Healthcare Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

The Grange Care Centre UK Limited and its subsidiaries ha ve been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of The Grange Care Centre UK Limited and its subsidiaries from its acquisition on 21 April 2015. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Platinum Nursing Care Limited ha s been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Platinum Nursing Care Limited from its acquisition date of 22 August 2023. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Revenue represents income receivable from health and care provision services rendered and goods supplied. Revenue is stated net of value added taxation and other sales taxes, rebates and discounts. Revenue is recognised in the accounting period in which the company obtains the right to consideration in exchange for its performance.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Plant and equipment
Rates of 15% to 25% straight line
Fixtures and fittings
Rates of 15% to 20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Due to the high standards that the freehold land and buildings are maintained the directors do not believe it to be necessary to provide for depreciation on the properties.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Residential and nursing home provision
8,385,385
7,361,920
2025
2024
£
£
Other revenue
Interest income
6,576
5,165
Grants received
-
7,678
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(7,678)
Depreciation of owned tangible fixed assets
43,211
62,815
Amortisation of intangible assets
65,863
48,637
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
General including nursing staff
226
236
-
-
Admin
10
9
-
-
Directors
2
2
-
-
Total
238
247
0
0
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,823,452
3,759,064
-
0
-
0
Social security costs
397,126
299,385
-
-
Pension costs
80,097
70,188
-
0
-
0
5,300,675
4,128,637
-
0
-
0
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
6,576
5,165
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,576
5,165
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
413,285
438,000
Other interest on financial liabilities
27,452
36,493
440,737
474,493
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
183,308
177,796
Deferred tax
Origination and reversal of timing differences
(9,253)
(35,479)
Total tax charge
174,055
142,317
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,014,038
832,888
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
253,510
208,222
Tax effect of expenses that are not deductible in determining taxable profit
17,426
11,165
Tax effect of income not taxable in determining taxable profit
(1,393)
-
0
Tax effect of utilisation of tax losses not previously recognised
(105,967)
(56,132)
Adjustments in respect of prior years
-
0
(1,291)
Permanent capital allowances in excess of depreciation
1,590
(269)
Depreciation on assets not qualifying for tax allowances
1,675
3,942
Amortisation on assets not qualifying for tax allowances
16,466
12,159
Deferred tax
(9,252)
(35,479)
Taxation charge
174,055
142,317
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
1,317,259
Amortisation and impairment
At 1 April 2024
291,485
Amortisation charged for the year
65,863
At 31 March 2025
357,348
Carrying amount
At 31 March 2025
959,911
At 31 March 2024
1,025,774
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2024
13,859,578
44,688
637,822
43,499
14,585,587
Additions
-
0
-
0
9,222
-
0
9,222
At 31 March 2025
13,859,578
44,688
647,044
43,499
14,594,809
Depreciation and impairment
At 1 April 2024
-
0
24,069
425,595
27,015
476,679
Depreciation charged in the year
-
0
6,824
32,898
3,489
43,211
At 31 March 2025
-
0
30,893
458,493
30,504
519,890
Carrying amount
At 31 March 2025
13,859,578
13,795
188,551
12,995
14,074,919
At 31 March 2024
13,859,578
20,619
212,227
16,484
14,108,908
Company
Freehold land and buildings
£
Cost or valuation
At 1 April 2024 and 31 March 2025
2,339,820
Depreciation and impairment
At 1 April 2024 and 31 March 2025
-
0
Carrying amount
At 31 March 2025
2,339,820
At 31 March 2024
2,339,820

On transition to FRS 102, two of the subsidiaries have applied the transitional exemption permitted by paragraph 35.10(d) of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under this exemption, the company elected to measure its freehold property at its fair value at the date of transition and to use that amount as its deemed cost at that date.

The fair value was determined based on an independent professional valuation in April 2015, in accordance with the RICS Valuation – Professional Standards. The valuation reflected the property’s market value for existing use.

F ollowing transition, the property is accounted for under the cost model, whereby it is carried at deemed cost less accumulated depreciation and any accumulated impairment losses. No further revaluations will be undertaken.

All other properties are stated at cost at that date of the balance sheet..

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Tangible fixed assets
(Continued)
- 27 -

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amount included would have been as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Cost
10,494,818
10,494,818
2,339,820
2,339,820
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
13,091,396
5,329,396
Listed investments
500
500
-
0
-
0
500
500
13,091,396
5,329,396
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024 and 31 March 2025
500
Carrying amount
At 31 March 2025
500
At 31 March 2024
500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
5,329,396
Additions
7,762,000
At 31 March 2025
13,091,396
Carrying amount
At 31 March 2025
13,091,396
At 31 March 2024
5,329,396
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
The Grange Care Centre (Eastington) Limited
England & Wales
Ordinary
100.00
-
The Grange Care Centre UK Limited
England & Wales
Ordinary
100.00
-
Platinum Nursing Care Limited
England & Wales
Ordinary
100.00
-
The Grange Care Centre (Chelteham) Limited
England & Wales
Ordinary
100.00
-
Acre Court Care Homes Ltd
England & Wales
Ordinary
0
100.00
Riverdale Care Home Ltd
England & Wales
Ordinary
0
100.00
13
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
380,036
710,884
-
0
-
0
Unpaid share capital
100
-
0
100
100
Amounts owed by group undertakings
-
-
284,975
1,408,877
Other debtors
8,472
11,394
-
0
-
0
Prepayments and accrued income
86,922
110,651
50,000
55,000
475,530
832,929
335,075
1,463,977
14
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
16
468,342
390,137
464,221
390,137
Other borrowings
16
2,205
1,002,205
2,205
1,002,205
Trade creditors
197,704
299,005
-
0
-
0
Amounts owed to group undertakings
226,416
-
0
8,540,351
-
0
Corporation tax payable
183,381
177,871
-
0
-
0
Other taxation and social security
62,596
106,254
-
-
Other creditors
2,074,231
2,165,565
1,894,804
1,894,804
Accruals and deferred income
360,179
360,293
47,937
47,938
3,575,054
4,501,330
10,949,518
3,335,084
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
15
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
16
5,379,474
5,843,085
5,379,474
5,843,085
Amounts owed to group undertakings
2,139,720
-
0
2,139,720
-
0
Other creditors
35,000
2,174,720
-
0
2,139,720
7,554,194
8,017,805
7,519,194
7,982,805
16
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
5,843,695
6,233,222
5,843,695
6,233,222
Bank overdrafts
4,121
-
0
-
0
-
0
Other loans
2,205
1,002,205
2,205
1,002,205
5,850,021
7,235,427
5,845,900
7,235,427
Payable within one year
470,547
1,392,342
466,426
1,392,342
Payable after one year
5,379,474
5,843,085
5,379,474
5,843,085

The bank loan is secured by:

- a first legal charge over the The Grange Care Centre (Eastington) Limited, The Grange Care Centre (Cheltenham) Limited and the properties owned by those companies.

- unlimited debentures from The Grange Care Centre UK Limited, The Grange Care Centre (Eastington) Limited, The Grange Care Centre (Cheltenham) Limited and Rico Healthcare Limited.

- an omnibus guarantee and set off agreement among the bank, Rico Healthcare Limited, The Grange Care Centre (Eastington) Limited, The Grange Care Centre (Cheltenham) Limited and The Grange Care Centre UK Limited.

- an unlimited all monies guarantee from Urbancircle Limited and a first legal charge over leasehold land and buildings owned by that company.

- a deed of postponement or subordination from the parent company Oblivion Holding Limited.

The bank loan of £10million was taken out for a term of 20 years repayable by 240 consecutive monthly instalments of principal and interest at a rate of the banks base rate plus a margin of 1.8% per annum.

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80,097
70,188

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
18
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100

The entire ordinary share capital is unpaid.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
34,580
43,832
Revaluations
291,628
291,628
326,208
335,460
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
335,460
-
Credit to profit or loss
(9,252)
-
Liability at 31 March 2025
326,208
-
20
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities connected to the Klor family
4,260,940
4,240,940
Company
Entities connected to the Klor family
4,034,524
4,034,524
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Related party transactions
(Continued)
- 31 -

Other information

Guarantees with related parties

Oblivion Holding Limited has given a deed of postponement or subordination over amounts due to them in favour of the amount due on the bank loan.

Urbancircle Limited has given an unlimited all monies guarantee and a first legal charge over leasehold land and buildings owned by that company as security against the amount due on the bank loan.

The Klor family have interests as directors and shareholders in these entities.

21
Controlling party

The ultimate controlling party is P E Consultants Limited, a company registered in England and Wales.

22
Cash generated from group operations
2025
2024
£
£
Profit after taxation
839,983
690,571
Adjustments for:
Taxation charged
174,055
142,317
Finance costs
440,737
474,493
Investment income
(6,576)
(5,165)
Amortisation and impairment of intangible assets
65,863
48,637
Depreciation and impairment of tangible fixed assets
43,211
62,815
Movements in working capital:
Decrease in debtors
357,499
293,907
(Decrease)/increase in creditors
(9,991)
1,760,673
Cash generated from operations
1,904,781
3,468,248
RICO HEALTHCARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
23
Cash generated from operations - company
2025
2024
£
£
Loss after taxation
(450,735)
(485,398)
Adjustments for:
Finance costs
440,673
474,187
Movements in working capital:
Decrease in debtors
1,128,902
193,800
Increase in creditors
8,540,350
2,143,767
Cash generated from operations
9,659,190
2,326,356
24
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
643,702
(101,905)
541,797
Bank overdrafts
-
0
(4,121)
(4,121)
643,702
(106,026)
537,676
Borrowings excluding overdrafts
(7,235,427)
1,389,527
(5,845,900)
(6,591,725)
1,283,501
(5,308,224)
25
Analysis of changes in net debt - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
19,269
66,990
86,259
Borrowings excluding overdrafts
(7,235,427)
1,389,527
(5,845,900)
(7,216,158)
1,456,517
(5,759,641)
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