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REGISTERED NUMBER: 02358974 (England and Wales)

| Group Strategic Report, Report of the Director and |

| Consolidated Financial Statements for the Year Ended 31 March 2025 |

| for |

| Ovalseal Limited |

| Ovalseal Limited (Registered number: 02358974) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Director | 6 |

| Report of the Independent Auditors | 8 |

| Consolidated Income Statement | 12 |

| Consolidated Other Comprehensive Income | 13 |

| Consolidated Balance Sheet | 14 |

| Company Balance Sheet | 15 |

| Consolidated Statement of Changes in Equity | 16 |

| Company Statement of Changes in Equity | 17 |

| Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Cash Flow Statement | 19 |

| Notes to the Consolidated Financial Statements | 21 |

| Ovalseal Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTOR: | M D Hartey

| SECRETARY: | Randomlight Limited

| REGISTERED OFFICE: | 6-8 Old Hall Road

| Gatley

| Cheadle

| Cheshire

| SK8 4BE

| REGISTERED NUMBER: | 02358974 (England and Wales)

| AUDITORS: | Voisey & Co LLP

| 8 Winmarleigh Street

| Warrington

| Cheshire

| WA1 1JW

| BANKERS: | Santander UK plc

| 298 Deansgate

| Manchester

| M3 4HH

| BANKERS: | National Westminster Bank plc

| 34 High Street

| Cheadle

| Cheshire

| SK8 1LQ

| Ovalseal Limited (Registered number: 02358974) |

Group Strategic Report

for the Year Ended 31 March 2025

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The group continued its principal activities throughout the current year, those being the provision of specialist healthcare services and trading in antiques.

The consolidated income statement shows the results of the group for the year. Turnover has risen to £23.5m from £20.9m due to a change in fee rates, whilst the profit before tax has seen an increase from £1.6m to £2.2m. The profit before tax figure includes increased costs in relation to staff wages, agency costs and other rises in costs as a result of the wider economic environment which has impacted the group. The group continues to successfully monitor and manage costs increases to retain a profitable position.

The Director has considered the review of antiques stock during the year, there were a number of aquisitions and some sales have occurred, the total value of antiques stock at cost has risen by 7.5% during the year.

The balance sheet shows that the group's net assets at the year-end have risen from £21.8m to £23.4m which is due to the profits achieved for the year.

The group ended the year in a financially strong position to continue to deliver its plans going forwards.

PRINCIPAL RISKS AND UNCERTAINTIES

The director considers the key risks and uncertainties facing the group to be as follows:

Competition

Competitive pressure in a market for specialist challenging behaviour services is a continuing risk for the group as a number of alternative providers exist across the UK. The group continues to mitigate for this risk by developing services which are sufficiently differentiated from the competition by means of both the behavioural models applied and the niche client groups cared for.

Funding

The services users are wholly funded by public sector sources. Consequently the group is therefore exposed to risks surrounding changes in government policies and the impact of enacted and planned reductions in spending on health and social care. This risk is mitigated by providing robust evidence of quality and service user outcomes, as well as ensuring that the group continues to contract with a wide range of funding providers. The group will continue to review and amend its cost base to counteract funding changes.

Regulatory

The group's operations are subject to an increasingly high level of regulation and scrutiny by various regulators across the UK. Inspections are largely unannounced. The failure to meet the appropriate regulations could lead to a home being placed under special measures, being subjected to enforcement notices or possibly forced to close.The homes have all been recently inspected and the inspection results have been shared with the home managers. The inspection results on the whole have been positive, although there are some action points to be taken, these are being monitored and assessed by both the director, home manager and the regulators.

Staffing

Across the UK there are shortages in some key professions which enhances the risk regarding the retention and recruitment of qualified professionals, and the risk of not having the correct resources in place for the unique and personalised levels of care our residents needs and for which we are commissioned. Staffing levels are constantly monitored within the group to ensure the correct and appropriate level of care is provided.

| Ovalseal Limited (Registered number: 02358974) |

Group Strategic Report

for the Year Ended 31 March 2025

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires the director to take into consideration the interests of stakeholders in their decision making. The director of the group considers they have acted in good faith and in a way in which would most likely promote the success of the group for the benefit of stakeholders.

The director engages with the group's key stakeholders (who are considered to be it's residents & their families, employees, suppliers, lenders and regulators) and their views and interests are taken into consideration when making decisions. The director has a number of ways in which he ensures that any decision made has regard to the long-term impact it may have, and the following paragraphs set out the consideration towards stakeholders in making those decisions, having regard to the need to act fairly between members and the desire to maintain a reputation for high standards of business conduct.

Residents

Our purpose is to provide the best and most appropriate care to those residents based with us, helping them to achieve the best life possible. We do this by offering high levels of care in appropriate and comfortable surroundings provided by appropriately trained and resourced staff. We welcome feedback from the residents and their families, and endeavour to meet their suggestions in a timely manner, to ensure they continue to receive the service they expect and require. We continuously make investment into the care homes to keep the standards appropriate and competitive.

Employees

Our employees are fundamental to the success of the business, without them, we could not provide the care and support required for our residents. We endeavour to make the group a welcoming and worthwhile place to work whilst understanding the challenges and concerns staff working in the health and social care sector have. Regular meetings are held between senior management and employee representative to discuss matters of concern. Employees are kept well informed about the progress and position of the group by means of regular meetings.

Suppliers

Our suppliers are seen as essential stakeholders and are treated with respect by the director of the group. Continuity and availability of supply is paramount, and in return payment terms are adhered to.

Lenders

The group is committed to having a positive and transparent relationship with its lenders. The group provides regular updates to its lenders as required, including demonstration of compliance with covenants associated with facilities.

Regulators

As noted in our risks section in this report, the group operates in a clearly regulated environment. Inspections are undertaken and reports produced which are publicly available demonstrating whether or not the group is compliant in meeting regulatory requirements. Any weaknesses are taken very seriously and action plans are put into effect to correct those weaknesses identified. The action plans are shared with the regulators so they can be assured efforts are being made to improve what is already in place, and that high quality care is being provided and their regulations and procedures are being met.

Community and Environment

We understand that as a group we impact directly on the communities in which we operate and therefore we ensure all of our decision-making is supported by analysis of impacts both internal to our organisation and external. We are constantly striving to find improved ways to deliver our services and to act in an environmentally conscious manner, such as sourcing food as locally as possible, which also benefits the local economy in which the care homes reside.

| Ovalseal Limited (Registered number: 02358974) |

Group Strategic Report

for the Year Ended 31 March 2025

FINANCIAL RISK MANAGEMENT

The director assesses the financial risk to the group as follows:

Price risk

The group's price risk is driven by the average weekly fee rates which can be achieved, factors impacting on these can include the number of residents, whether funding is private or whether funding is from local authorities. All sales are to UK customers and the majority of suppliers are UK based.

Credit risk

The group's principal assets are bank balances, trade and other receivables, stock and tangible fixed assets. The credit risk is principally attributable to the trade receivables, these are reviewed and chased on a regular basis to ensure they are collected. The amounts presented in the balance sheet are net of allowances for doubtful receivables which are estimated based on previous experience and current knowledge pertaining to the receivable. The group has not entered into any hedging arrangements in respect of risks relating to trade debtors or trade creditors.

Liquidity risk

The group continues to operate within it's agreed overdraft facilities from the bank and has continued to maintain its liquidity and sufficient working capital for ongoing operations.

FINANCIAL KEY PERFORMANCE INDICATORS

Management monitor cash balances throughout the year as key performance indicators.

| 2025 |  | 2024 |

| £ |  | £ |

Cash at bank |  | 2,779,824 |  | 1,964,438 |

EBITDA |  | 3,139,248 |  | 2,677,965 |

Occupancy rate |  | 57.8% |  | 63% |

FUTURE DEVELOPMENTS

The group's strategy is to continually improve the quality of the services provided and to increase its capacity. This will be delivered through:

- Investment into the new development of clinical and management teams;

- development of new properties;

- refurbishment of existing properties; and

- strategic acquisitions.

| Ovalseal Limited (Registered number: 02358974) |

Group Strategic Report

for the Year Ended 31 March 2025

GOING CONCERN

The director has considered the group's trading and cash flows for the foreseeable future and is confident that the group does have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the group continues to adopt the going concern basis in preparing the annual report and financial statements.

ON BEHALF OF THE BOARD:

M D Hartey - Director

28 November 2025

| Ovalseal Limited (Registered number: 02358974) |

Report of the Director

for the Year Ended 31 March 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of the provision of specialist healthcare services and trading in antiques.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 10,000 .

DIRECTOR

M D Hartey held office during the whole of the period from 1 April 2024 to the date of this report.

EMPLOYMENT OF DISABLED PERSONS

The group's policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities.

Disabled employees receive appropriate training to promote their career development within the group.

EMPLOYEE INVOLVEMENT

Regular meetings held between senior management and employee representatives to discuss matters of concern. Employees are kept well informed about the progress and position of the group by means of regular meetings.

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008, certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Strategic Report. These matters relate to the financial management risk and future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable 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 company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| Ovalseal Limited (Registered number: 02358974) |

Report of the Director

for the Year Ended 31 March 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Voisey & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M D Hartey - Director

28 November 2025

Report of the Independent Auditors to the Members of

Ovalseal Limited

Opinion

We have audited the financial statements of Ovalseal Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Report of the Independent Auditors to the Members of

Ovalseal Limited

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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

- | adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Ovalseal Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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:

1 - We enquired of management and those charged with governance about actual and potential litigation and claims in the context of the group and parent company, including review of relevant nominal ledger accounts.

2 - We obtained an understanding of laws, regulations and guidance that affect the Group and its subsidiaries, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on their operations. Key laws, regulations and guidance that we identified included the Companies Act 2006, health and safety legislation, employment legislation and Care Quality Commission (CQC) regulations..

3 - We enquired of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

4 - We reviewed both the Group's financial statement disclosures, as well as the subsidiary companies disclosures, and agreed all to supporting documentation to assess compliance with the applicable laws and regulations discussed above.

5 - We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any incidences of fraud that had taken place during the accounting period.

6 - The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. It was noted that as group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and subsidiary level according to their particular circumstances.

7 - In addressing the risk of fraud due to management override of controls, we performed testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

8 - We also challenge management assumptions with regard to accounting estimates, both at group and subsidiary level.

Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery or collusion.

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

Report of the Independent Auditors to the Members of

Ovalseal Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Janine Boyo BFP FCA MAAT (Senior Statutory Auditor)

for and on behalf of Voisey & Co LLP

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

28 November 2025

| Ovalseal Limited (Registered number: 02358974) |

Consolidated

Income Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

TURNOVER | 3 | 23,535,261 |  | 20,866,179 |  |

Cost of sales | (19,996,749 | ) | (17,937,597 | ) |

GROSS PROFIT | 3,538,512 |  | 2,928,582 |  |

Administrative expenses | (585,909 | ) | (528,766 | ) |

2,952,603 |  | 2,399,816 |  |

Other operating income | 4 | 2,824 |  | 36,392 |  |

OPERATING PROFIT | 6 | 2,955,427 |  | 2,436,208 |  |

Interest receivable and similar income | 19,816 |  | 21,098 |  |

2,975,243 |  | 2,457,306 |  |

Interest payable and similar expenses | 8 | (781,168 | ) | (874,686 | ) |

PROFIT BEFORE TAXATION | 2,194,075 |  | 1,582,620 |  |

Tax on profit | 9 | (559,085 | ) | (413,209 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,634,990 |  | 1,169,411 |  |

Profit attributable to:

Owners of the parent | 1,634,990 |  | 1,169,411 |  |

| Ovalseal Limited (Registered number: 02358974) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,634,990 |  | 1,169,411 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,634,990 |  | 1,169,411 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,634,990 |  | 1,169,411 |  |

| Ovalseal Limited (Registered number: 02358974) |

Consolidated Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | 13,415 |  |

Tangible assets | 14 | 18,833,517 |  | 18,615,838 |  |

Investments | 15 | - |  | - |  |

18,833,517 |  | 18,629,253 |  |

CURRENT ASSETS

Stocks | 16 | 13,583,313 |  | 12,636,994 |  |

Debtors | 17 | 2,123,132 |  | 2,432,967 |  |

Cash at bank and in hand | 2,779,824 |  | 1,964,438 |  |

18,486,269 |  | 17,034,399 |  |

CREDITORS

Amounts falling due within one year | 18 | 4,183,588 |  | 3,698,116 |  |

NET CURRENT ASSETS | 14,302,681 |  | 13,336,283 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 33,136,198 |  | 31,965,536 |  |

CREDITORS

Amounts falling due after more than one year | 19 | (9,537,975 | ) | (9,931,165 | ) |

PROVISIONS FOR LIABILITIES | 23 | (203,786 | ) | (264,924 | ) |

NET ASSETS | 23,394,437 |  | 21,769,447 |  |

CAPITAL AND RESERVES

Called up share capital | 24 | 2 |  | 2 |  |

Revaluation reserve | 25 | 215,000 |  | 215,000 |  |

Retained earnings | 25 | 23,179,435 |  | 21,554,445 |  |

SHAREHOLDERS' FUNDS | 23,394,437 |  | 21,769,447 |  |

The financial statements were approved by the director and authorised for issue on 28 November 2025 and were signed by:

M D Hartey - Director

| Ovalseal Limited (Registered number: 02358974) |

Company Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | - |  |

Tangible assets | 14 | 5,000 |  | 5,000 |  |

Investments | 15 | 25,004 |  | 25,004 |  |

30,004 |  | 30,004 |  |

CURRENT ASSETS

Debtors | 17 | 413,220 |  | 413,220 |  |

CREDITORS

Amounts falling due within one year | 18 | 257,768 |  | 257,768 |  |

NET CURRENT ASSETS | 155,452 |  | 155,452 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 185,456 |  | 185,456 |  |

CAPITAL AND RESERVES

Called up share capital | 24 | 2 |  | 2 |  |

Retained earnings | 25 | 185,454 |  | 185,454 |  |

SHAREHOLDERS' FUNDS | 185,456 |  | 185,456 |  |

Company's profit for the financial year | 10,000 |  | 10,000 |  |

The financial statements were approved by the director and authorised for issue on 28 November 2025 and were signed by:

M D Hartey - Director

| Ovalseal Limited (Registered number: 02358974) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 2 |  | 20,395,034 |  | 215,000 |  | 20,610,036 |  |

Changes in equity

Dividends | - |  | (10,000 | ) | - |  | (10,000 | ) |

Total comprehensive income | - |  | 1,169,411 |  | - |  | 1,169,411 |  |

Balance at 31 March 2024 | 2 |  | 21,554,445 |  | 215,000 |  | 21,769,447 |  |

Changes in equity

Dividends | - |  | (10,000 | ) | - |  | (10,000 | ) |

Total comprehensive income | - |  | 1,634,990 |  | - |  | 1,634,990 |  |

Balance at 31 March 2025 | 2 |  | 23,179,435 |  | 215,000 |  | 23,394,437 |  |

| Ovalseal Limited (Registered number: 02358974) |

Company Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 2 |  | 185,454 |  | 185,456 |  |

Changes in equity

Dividends | - |  | (10,000 | ) | (10,000 | ) |

Total comprehensive income | - |  | 10,000 |  | 10,000 |  |

Balance at 31 March 2024 | 2 |  | 185,454 |  | 185,456 |  |

Changes in equity

Dividends | - |  | (10,000 | ) | (10,000 | ) |

Total comprehensive income | - |  | 10,000 |  | 10,000 |  |

Balance at 31 March 2025 | 2 |  | 185,454 |  | 185,456 |  |

| Ovalseal Limited (Registered number: 02358974) |

Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,538,210 |  | 1,848,189 |  |

Interest paid | (781,168 | ) | (874,686 | ) |

Tax paid | (432,954 | ) | (356,663 | ) |

Net cash from operating activities | 1,324,088 |  | 616,840 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (389,651 | ) | (89,817 | ) |

Sale of tangible fixed assets | 1,953 |  | - |  |

Interest received | 19,816 |  | 21,098 |  |

Net cash from investing activities | (367,882 | ) | (68,719 | ) |

Cash flows from financing activities

Loan repayments in year | (262,643 | ) | (696,000 | ) |

Amount introduced by directors | 143,823 |  | 36,860 |  |

Amount withdrawn by directors | (12,000 | ) | (12,000 | ) |

Equity dividends paid | (10,000 | ) | (10,000 | ) |

Net cash from financing activities | (140,820 | ) | (681,140 | ) |

Increase/(decrease) in cash and cash equivalents | 815,386 |  | (133,019 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,964,438 |  | 2,097,457 |  |

Cash and cash equivalents at end of year | 2 | 2,779,824 |  | 1,964,438 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before taxation | 2,194,075 |  | 1,582,620 |  |

| Depreciation charges | 183,821 |  | 241,757 |  |

| Profit on disposal of fixed assets | (389 | ) | - |  |

| Decrease in provision | (60,480 | ) | - |  |

| (Gain)/Loss on transfer of fixed assets | - |  | 8,418 |  |

| Finance costs | 781,168 |  | 874,686 |  |

| Finance income | (19,816 | ) | (21,098 | ) |

3,078,379 |  | 2,686,383 |  |

| Increase in stocks | (946,319 | ) | (232,989 | ) |

| Decrease/(increase) in trade and other debtors | 309,835 |  | (291,612 | ) |

| Increase/(decrease) in trade and other creditors | 96,315 |  | (313,593 | ) |

| Cash generated from operations | 2,538,210 |  | 1,848,189 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 2,779,824 |  | 1,964,438 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 1,964,438 |  | 2,097,457 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,964,438 |  | 815,386 |  | 2,779,824 |  |

1,964,438 |  | 815,386 |  | 2,779,824 |  |

| Debt

| Debts falling due within 1 year | (391,643 | ) | (130,547 | ) | (522,190 | ) |

| Debts falling due after 1 year | (9,931,165 | ) | 393,190 |  | (9,537,975 | ) |

(10,322,808 | ) | 262,643 |  | (10,060,165 | ) |

| Total | (8,358,370 | ) | 1,078,029 |  | (7,280,341 | ) |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

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

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Monetary amounts in these financial statements shall be rounded to the nearest £.

| Basis of consolidation

| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.

| Subsidiary undertakings are included using the acquisitions method of accounting. Under the method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Significant 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.

| The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

| Goodwill and residual values

| The director has reviewed the asset lives and associated residual values of goodwill, and in particular, the useful economic life and residual value and has concluded that asset lives and residual values are appropriate.

| Depreciation and residual values

| The director has reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values and has concluded that asset lives and residual value are appropriate.

| Stock and residual values

| The value comprises the direct costs of purchase and the director has reviewed these value and associated provisions to ensure they are appropriately stated in the accounts.

| Provisions

| The value of provisions in the accounts reflects obligations at the reporting date as a result of a past event from which it is probable the company will be required to transfer economic benefits. The director has reviewed the level of the provision and has concluded the value included in the accounts is appropriate.

| Going concern

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

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Income recognition, which is stated net of value added tax, is dependant upon the type of income:

| - The provision of care is recognised as it is earned on a periodic basis over the year.

| - Income from antiques is recognised at the point of sale.

| Rents received

| Rents received represents the income stated net of value added tax for rents received in accordance with rental terms in the period.

| Goodwill

| Positive goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life up to a presumed maximum of 10 years It is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

| Intangible assets

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

| Tangible fixed assets

| Tangible fixed assets are stated at cost. Depreciation is provided at the following annual rates in order to write off each asset, less any residual value, over its estimated useful life.

| Equipment - 33% on cost

| Plant and machinery - 25% on cost

| Fixtures and fittings - 33% on reducing balance, 25% on reducing balance, 20% on reducing balance and 15% on cost

| Motor vehicles - 25% on reducing balance

| Computer equipment - 33% on reducing balance and 25% on cost

| The director has considered the requirements for depreciation on the freehold buildings and has concluded that no depreciation is required to be provided on the grounds that it would be immaterial as the estimated remaining useful economic life of the building's exceed 50 years and the land and buildings have anticipated residual values in excess of current net book values.

| Assets under construction relate to land and buildings that are currently being redeveloped for the purpose of becoming care home facilities and therefore no depreciation has been provided for.

| Stocks

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

| The cost formula used is the purchase price including transport costs where applicable.

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with

| bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

| 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 costs using the effective interest method 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.

| 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 publically 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 or 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.

| 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 company 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 company after deducting all of its 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 receipts 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.

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Derecognition of financial liabilities

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

| Equity instruments

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

| 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.

| Provisions

| A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognised at their discounted net present value.

| Bank and other borrowings

| Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise.

| Investments

| Investments are recorded at cost and reviewed for impairment on an annual basis

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Specialist healthcare | 23,527,261 |  | 20,763,048 |  |

| Antiques and other services | 8,000 |  | 103,131 |  |

23,535,261 |  | 20,866,179 |  |

| An analysis of turnover by geographical market is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| United Kingdom | 23,535,261 |  | 20,866,179 |  |

23,535,261 |  | 20,866,179 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

4. | OTHER OPERATING INCOME

| 31.3.25 |  | 31.3.24

£ | £ |

| Rents received | 2,650 |  | 3,550 |  |

| Sundry receipts | 174 |  | 304 |  |

| Government grants | - |  | 32,538 |  |

2,824 |  | 36,392 |  |

5. | EMPLOYEES AND DIRECTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 11,101,191 |  | 9,798,602 |  |

| Social security costs | 994,128 |  | 817,630 |  |

| Other pension costs | 181,269 |  | 155,425 |  |

12,276,588 |  | 10,771,657 |  |

| The average number of employees during the year was as follows:

| 31.3.25 |  | 31.3.24

| Management | 22 |  | 16 |  |

| Nursing and care staff | 358 |  | 337 |  |

| Clinical and support staff | 82 |  | 86 |  |

| Administrative staff | 27 |  | 28 |  |

489 |  | 467 |  |

| 31.3.25 |  | 31.3.24

£ | £ |

| Director's remuneration | 32,000 |  | 30,500 |  |

| Director's pension contributions to money purchase schemes | 4,800 |  | 4,800 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Key Personnel:

| The key personnel are considered to be the sole managing director. Director remuneration for qualifying services as the managing director of the company, is linked to those services provided across the Ovalseal Limited group of companies.

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.3.25 |  | 31.3.24

£ | £ |

| Hire of plant and machinery | 5,727 |  | 31,325 |  |

| Depreciation - owned assets | 170,408 |  | 178,330 |  |

| Profit on disposal of fixed assets | (389 | ) | - |  |

| Goodwill amortisation | 13,415 |  | 63,425 |  |

7. | AUDITORS' REMUNERATION

| 31.3.25 |  | 31.3.24

£ | £ |

| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 32,742 |  | 32,742 |  |

| Auditors' remuneration for non audit work | 2,838 |  | 6,734 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank interest | 61 |  | - |  |

| Bank loan interest | 781,107 |  | 874,686 |  |

781,168 |  | 874,686 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Current tax:

| UK corporation tax | 559,741 |  | 428,519 |  |

| Deferred tax | (656 | ) | (15,310 | ) |

| Tax on profit | 559,085 |  | 413,209 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before tax | 2,194,075 |  | 1,582,620 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 548,519 |  | 395,655 |  |

| Effects of:

| Income not taxable for tax purposes | 6 |  | (11 | ) |

| Depreciation in excess of capital allowances | 155 |  | - |  |

| Utilisation of tax losses | - |  | (666 | ) |

| Adjustments to tax charge in respect of previous periods | 4,015 |  | - |  |

| Goodwill on amortisation | 3,354 |  | 15,856 |  |

| Depreciation on ineligible assets | 1,942 |  | 2,465 |  |

| (Profit)/Loss on disposal of assets | (97 | ) | - |  |

| Adjustment for current year | 1,191 |  | - |  |

| Group relief | - |  | (90 | ) |

| Total tax charge | 559,085 |  | 413,209 |  |

| The main rate of corporation tax for the year ended 31 March 2025 was 25%.

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

11. | DIVIDENDS

| 31.3.25 |  | 31.3.24

£ | £ |

| Final | 10,000 |  | 10,000 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

12. | PRIOR YEAR ADJUSTMENT

| During the preparation of the financial statements for the year ended 31 March 2025 the format and content of the income statement was reviewed and it was identified that for the year ended 31 March 2024 the Cost of sales figure did not accurately reflect the direct costs associated with the healthcare services provided.

| The prior year financial statements have been restated to correct this error. The impact is as follows:

|  | Group |  | Company |

|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |  |  | £ |  |  | £ |

| Profit and Loss Account |  |

| Increase in cost of sales |  | - |  |  | 17,808,633 |  |  | - |  |  | - |

| Decrease in administrative expenses |  | - |  |  | (17,808,633 | ) |  | - |  |  | - |

| Increase/(decrease) in profit before tax |  | - |  |  | - |  |  | - |  |  | - |

| There has been no impact on retained earnings for either the year end 31 March 2025 or 31 March 2024.

13. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 1,487,917 |  |

| AMORTISATION

| At 1 April 2024 | 1,474,502 |  |

| Amortisation for year | 13,415 |  |

| At 31 March 2025 | 1,487,917 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  |

| At 31 March 2024 | 13,415 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

14. | TANGIBLE FIXED ASSETS

| Group

| Assets |  | Improvements |

| Freehold |  | under |  | to |  | Plant and

| property |  | construction |  | property |  | machinery

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 11,966,880 |  | 5,922,853 |  | 183,533 |  | 13,315 |  |

| Additions | - |  | 166,333 |  | - |  | 1,442 |  |

| Disposals | - |  | - |  | - |  | (2,518 | ) |

| Reclassification/transfer | 285,823 |  | (285,823 | ) | - |  | - |  |

| At 31 March 2025 | 12,252,703 |  | 5,803,363 |  | 183,533 |  | 12,239 |  |

| DEPRECIATION

| At 1 April 2024 | 60,308 |  | - |  | - |  | 10,037 |  |

| Charge for year | - |  | - |  | - |  | 2,286 |  |

| Eliminated on disposal | - |  | - |  | - |  | (2,518 | ) |

| At 31 March 2025 | 60,308 |  | - |  | - |  | 9,805 |  |

| NET BOOK VALUE

| At 31 March 2025 | 12,192,395 |  | 5,803,363 |  | 183,533 |  | 2,434 |  |

| At 31 March 2024 | 11,906,572 |  | 5,922,853 |  | 183,533 |  | 3,278 |  |

| Computer |

| Fixtures |  | and |

| and |  | Motor |  | office |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 3,206,240 |  | 236,944 |  | 1,096 |  | 21,530,861 |  |

| Additions | 101,138 |  | 120,738 |  | - |  | 389,651 |  |

| Disposals | - |  | (26,423 | ) | - |  | (28,941 | ) |

| Reclassification/transfer | - |  | - |  | - |  | - |  |

| At 31 March 2025 | 3,307,378 |  | 331,259 |  | 1,096 |  | 21,891,571 |  |

| DEPRECIATION

| At 1 April 2024 | 2,701,180 |  | 142,539 |  | 959 |  | 2,915,023 |  |

| Charge for year | 128,826 |  | 39,251 |  | 45 |  | 170,408 |  |

| Eliminated on disposal | - |  | (24,859 | ) | - |  | (27,377 | ) |

| At 31 March 2025 | 2,830,006 |  | 156,931 |  | 1,004 |  | 3,058,054 |  |

| NET BOOK VALUE

| At 31 March 2025 | 477,372 |  | 174,328 |  | 92 |  | 18,833,517 |  |

| At 31 March 2024 | 505,060 |  | 94,405 |  | 137 |  | 18,615,838 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

14. | TANGIBLE FIXED ASSETS - continued

| Group

| Cost or valuation at 31 March 2025 is represented by:

| Assets |  | Improvements |

| Freehold |  | under |  | to |  | Plant and

| property |  | construction |  | property |  | machinery

£ | £ | £ | £ |

| Valuation in 1989 | 215,000 |  | - |  | - |  | - |  |

| Cost | 12,037,703 |  | 5,803,363 |  | 183,533 |  | 12,239 |  |

12,252,703 |  | 5,803,363 |  | 183,533 |  | 12,239 |  |

| Computer |

| Fixtures |  | and |

| and |  | Motor |  | office |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 1989 | - |  | - |  | - |  | 215,000 |  |

| Cost | 3,307,378 |  | 331,259 |  | 1,096 |  | 21,676,571 |  |

3,307,378 |  | 331,259 |  | 1,096 |  | 21,891,571 |  |

| In respect of certain freehold property stated at valuations (valuation in 1989 provided by the director), the comparable historical cost and depreciation values are as follows:

|  | 2025 |  | 2024 |  |

| £ |  | £ |  |

| Net book value at end of the year |  |  | 1,926,456 |  | 1,926,456 |  |

| Historical cost |  |  | 1,711,456 |  | 1,711,456 |  |

| Company

| Freehold

| property

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 5,000 |  |

| NET BOOK VALUE

| At 31 March 2025 | 5,000 |  |

| At 31 March 2024 | 5,000 |  |

| Included in cost of land and buildings is freehold land of £ 5,000 (2024 - £ 5,000 ) which is not depreciated.

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

15. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 25,004 |  |

| NET BOOK VALUE

| At 31 March 2025 | 25,004 |  |

| At 31 March 2024 | 25,004 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Shogun Limited

| Registered office: 6-8 Old Hall Road, Gatley, Cheadle, England, SK8 4BE

| Nature of business: Intermediate holding company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | 219,288 |  | 219,288 |  |

| Woodhead Hall Limited

| Registered office: 6-8 Old Hall Road, Gatley, Cheadle, England, SK8 4BE

| Nature of business: Healthcare

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | 517,564 |  | 518,838 |  |

| Loss for the year | (1,274 | ) | (2,342 | ) |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

15. | FIXED ASSET INVESTMENTS - continued

| Randomlight Limited

| Registered office: 6-8 Old Hall Road, Gatley, Cheadle, England, SK8 4BE

| Nature of business: Healthcare & antiques

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | 5,318,499 |  | 5,253,983 |  |

| Profit for the year | 74,516 |  | 89,086 |  |

| Coed Du Hall Limited

| Registered office: 6-8 Old Hall Road, Gatley, Cheadle, England, SK8 4BE

| Nature of business: Healthcare

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | 13,860,683 |  | 12,353,666 |  |

| Profit for the year | 1,507,017 |  | 903,609 |  |

| Almond Villas

| Registered office: 6-8 Old Hall Road, Gatley, Cheadle, England, SK8 4BE

| Nature of business: Healthcare

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | 2,680,686 |  | 2,656,458 |  |

| Profit for the year | 499,228 |  | 430,609 |  |

| Beechwood (Liverpool) Ltd

| Registered office: 6-8 Old Hall Road, Gatley, Cheadle, England, SK8 4BE

| Nature of business: Healthcare

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | 2,723,807 |  | 2,679,888 |  |

| Profit for the year | 518,919 |  | 611,871 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

15. | FIXED ASSET INVESTMENTS - continued

| Phoenix-Adelphi Limited

| Registered office: 6-8 Old Hall Road, Gatley, Cheadle, England, SK8 4BE

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | 45,132 |  | 45,132 |  |

| Shogun Limited, Woodhead Hall Limited and Randomlight Limited are all direct holdings of Ovalseal Limited. All others are indirect holdings.

16. | STOCKS

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Finished goods | 13,583,313 |  | 12,636,994 |  |

| The movement on the stock provisions in the year were:-

|  | 2025 |  |  | 2024 |

| £ |  |  | £ |  |

| Balance at 1 April |  |  | 739,251 |  |  | 739,251 |

| Provided in year |  |  | 35,372 |  |  | - |

| Balance at 31 March |  |  | 774,623 |  |  | 739,251 |

17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.3.25 |  | 31.3.24 |  | 31.3.25 |  | 31.3.24 |

£ | £ | £ | £ |

| Trade debtors | 1,301,925 |  | 1,452,454 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 413,220 |  | 413,220 |  |

| Other debtors | 618,231 |  | 820,118 |  | - |  | - |  |

| Prepayments and accrued income | 202,976 |  | 160,395 |  | - |  | - |  |

2,123,132 |  | 2,432,967 |  | 413,220 |  | 413,220 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.3.25 |  | 31.3.24 |  | 31.3.25 |  | 31.3.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 20) | 522,190 |  | 391,643 |  | - |  | - |  |

| Trade creditors | 1,026,892 |  | 1,047,662 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 147,768 |  | 147,768 |  |

| Tax | 554,529 |  | 427,742 |  | - |  | - |  |

| Social security and other taxes | 242,897 |  | 213,237 |  | - |  | - |  |

| Other creditors | 753,896 |  | 699,213 |  | - |  | - |  |

| Directors' current accounts | 588,050 |  | 456,227 |  | 110,000 |  | 110,000 |  |

| Accruals and deferred income | 495,134 |  | 462,392 |  | - |  | - |  |

4,183,588 |  | 3,698,116 |  | 257,768 |  | 257,768 |  |

19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Bank loans (see note 20) | 9,537,975 |  | 9,931,165 |  |

20. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 522,190 |  | 391,643 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 522,190 |  | 522,190 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 9,015,785 |  | 1,566,571 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | - |  | 7,842,404 |  |

| At the start of the year in line with the loan agreement the loans were reviewed with the bank and the loan terms were renewed for a further five years at rates agreed in line with the banks lending parameters. Repayments are due quarterly until June 2029.

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

21. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

| 31.3.25 |  | 31.3.24

£ | £ |

| Within one year | 43,067 |  | 66,234 |  |

| Between one and five years | 29,267 |  | 66,076 |  |

72,334 |  | 132,310 |  |

22. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Bank loans | 10,060,165 |  | 10,322,808 |  |

| The bank overdraft and bank loans are secured by intercompany guarantees.

| The above are secured by a legal charge dated 31 August 2010. Updated to include a first legal charge and debenture over all the assets of Almond Villas Limited from October 2015. Then updated to include a first legal charge over the land & buildings of Woodhead Hall Limited and Beechwood (Liverpool) Limited from January 2019. This includes:

| - A debenture including a floating charge from Coed Du Hall Limited and Randomlight Limited over all assets and undertakings.

| - A first legal mortgage from Coed Du Hall Limited over certain properties of the company, and a negative pledge over certain properties.

| - A cross guarantee between Coed Du Hall Limited and Randomlight Limited in respect of their obligations to the lender.

| There is a legal charge and negative pledge dated 19 February 2019 over some land at St Nicholas Drive, Bootle.

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

23. | PROVISIONS FOR LIABILITIES

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Deferred tax | 80,268 |  | 80,924 |  |

| Other provisions | 123,518 |  | 184,000 |  |

| Aggregate amounts | 203,786 |  | 264,924 |  |

| Group

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 April 2024 | 80,924 |  | 184,000 |  |

| Credit to Income Statement during year | (656 | ) | - |  |

| Utilised during year | - |  | (25,110 | ) |

| Utilised to stock | - |  | (35,372 | ) |

| Balance at 31 March 2025 | 80,268 |  | 123,518 |  |

| Deferred tax assets and liabilities are offset where the company has a legal enforceable right to do so. The detail above is the analysis of the deferred tax balances (after offset) for financial reporting purposes.

| As at 31 March 2025 the deferred tax liability of £80,268 (2024: £80,924) wholly relates to accelerated capital allowances.

| There is no unrecognised deferred tax.

| Deferred tax balances at the balance sheet date have been calculated using a rate of 25% as determined on when the timing differences are expected to reverse, on the basis that the rate has been substantively enacted at the balance sheet date.

| Other provisions in the accounts are in relation to property matters at one of the Group's sites and provision of interest in relation to corporation tax.

24. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 2 | Ordinary | £1 | 2 |  | 2 |  |

| Ovalseal Limited (Registered number: 02358974) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

25. | RESERVES

| Group

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | 21,554,445 |  | 215,000 |  | 21,769,445 |  |

| Profit for the year | 1,634,990 |  | 1,634,990 |  |

| Dividends | (10,000 | ) | (10,000 | ) |

| At 31 March 2025 | 23,179,435 |  | 215,000 |  | 23,394,435 |  |

| Company

| Retained

| earnings

£ |

| At 1 April 2024 | 185,454 |  |

| Profit for the year | 10,000 |  |

| Dividends | (10,000 | ) |

| At 31 March 2025 | 185,454 |  |

| Retained earnings

| Includes all current and prior periods retained profits and losses.

| Revaluation reserve

| Includes all gains made on the revalution of assets.

26. | PENSION COMMITMENTS

| 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 £181,269 (2024: £155,425).

| Contributions totalling £50,631 (2024: £36,471) were payable to the scheme at the end of the year and are included in creditors.

27. | RELATED PARTY DISCLOSURES

| During the year the group has paid rent of £12,000 to the director for use of assets.

28. | ULTIMATE CONTROLLING PARTY

| The controlling party is M D Hartey.