REGISTERED NUMBER: 04907778 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

OLDFIELD RESIDENTIAL CARE LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Consolidated Statement of Income and Retained Earnings

5

Consolidated Statement of Financial Position

6

Company Statement of Financial Position

8

Consolidated Statement of Cash Flows

10

Notes to the Consolidated Statement of Cash Flows

11

Notes to the Consolidated Financial Statements

13

DIRECTORS:

A Kayiatou

S J Badland

REGISTERED OFFICE:

5 The Quadrant

Coventry

CV1 2EL

REGISTERED NUMBER:

04907778 (England and Wales)

ACCOUNTANTS:

Flint & Thompson

2 Manor Square

Solihull

West Midlands

B91 3PX

Who we are

Oldfield is a group of residential and nursing homes located in Shropshire, Staffordshire, Worcestershire and the West Midlands providing nursing and residential care, personal care of the elderly including, dementia care, respite care, day care, short-term care, holiday care, elderly care and EMI services. Not only are we a group of care homes, we also provide home care services for elderly and disabled clients including private home care, elderly home care and residential respite care.

Mission

The aim of our care homes is to operate as a nursing and residential care home under the appropriate regulations whilst maintaining the individuality of each resident in our care.

The objectives of the Home are:

- To care for each resident in the manner expected of a caring relative.

- To continue to enhance the quality of the residential care provided by ensuring all staff receive regular ongoing training as appropriate.

- To put utmost importance on enabling residents to run their own lives to the greatest achievable degree they are able to.

- At all times we will respect their dignity and privacy, whilst acknowledging their independence, previous life style and idiosyncrasies.

- To manage our care homes with the greatest degree of professional flexibility we can in order to facilitate all of the above whilst maintaining a safe environment.

- Arrangements are in place for us to offer the best care for the elderly and supervision of residents at all times, suitable staff shall be available in the care home in addition to the 'Emergency Call System'.

FINANCIAL REVIEW

The directors consider the following Key Performance Indicators (KPI's) when reviewing the performance of the Group during the year.

KPI

2025

2024

Turnover (£)

11,381,138

9,369,544

Staffing Costs (£)

8,020,832

6,745,341

Profit before tax (£)

1,243,487

595,996

Net Assets (£)

4,653,955

4,133,931

Average Occupancy (%)

94.00

92.00

Turnover for the year has increased, driven by a similar occupancy level across the homes for the first part of the year, although occupancy improved towards the end of the year.

Staffing costs have increased by approximately £1.2M supported by the increase in turnover and occupancy within the group.

Profit before tax has doubled, mainly due to the increase in turnover from the increased occupancy and keeping costs down where possible across the business.

Average occupancy rates have risen to 94% (2024 - 92%) due to an improvement in room occupancy for both care and nursing homes in the later half of the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors recognise that within the business there are a number of risks which may affect the performance of the group. The risks are subject to regular review, and where appropriate, risk management processes and monitoring are established to manage the risks and limit exposure. The principal risks facing the group are as follows:

Credit risk

The group faces credit risk from offering residents and other organisations paying on behalf of residents standard credit terms for the payment of receivables. There is a risk that some clients will be unable to settle their obligations, and this may give rise to a unrecoverable debtor, as well as the risk of significantly aged receivables while clients transfer from self-funding to council funded care. The directors manage the credit risk associated with taking on new residents by discussing payments carefully with prospective residents and ensuring that residents are aware of the financial thresholds at which they can begin the process of applying to transfer to council funded care.

Interest rate risk

The groups' borrowings are on a variable rate basis, linked to the Bank of England base rate, and are therefore exposed to potential increases in interest rates. The directors continue to monitor their interest obligations and include projections of these expenses in their forecasts for the business to ensure that future increases in the interest rate will not unduly affect the performance of the business.

Legislative risk

The group faces regular monitoring from the Care Quality Commission (CQC). Compliance with CQC regulations imposes additional costs within the group and failure to comply with the standards could materially affect the group's ability to operate. The directors ensure that care homes are run to high standard with strong operational and head office support teams in place.

Liquidity risk

Liquidity risks exist when the group may face difficulty in meeting its obligations associated with financial liabilities. The directors aim to mitigate liquidity risk by managing cash generation by its operations and apply cash collections targets.

The directors have established a financial management and risk framework whose primary objectives are to protect the group from events that can impact the achievement of the group's performance objectives. The frameworks primary aims are to limit the undue counterparty exposure of the group, ensure sufficient working capital is available and monitor these risks at a home level.

With a strong portfolio of freehold properties, an established income stream, a good reputation with local authority commissioning teams and access to growth capital through existing banking relationships, the group is in a good position to continue providing an attractive and quality offering for care provision in a fragmented and growing market.

ON BEHALF OF THE BOARD:

S J Badland - Director

12 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of residential care to the elderly.

DIVIDENDS

No interim dividends were paid during the year ended 31 March 2025.

The directors recommend final dividends per share as follows:

Ordinary 1 shares

4030

Ordinary A 0.01 shares

NIL

The total distribution of dividends for the year ended 31 March 2025 will be £ 403,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

A Kayiatou

S J Badland

EMPLOYEE INVOLVEMENT

(a) providing employees systematically with information on matters of concern to them as employees,

(b) consulting employees or their representatives on a regular basis so that the views of employees can be taken into account in making decisions which are likely to affect their interests,

(c) encouraging the involvement of employees in the company’s performance through an employees’ share scheme or by some other means,

(d) achieving a common awareness on the part of all employees of the financial and economic factors affecting the performance of the company.

EMPLOYMENT OF DISABLED PERSONS

(a) for giving full and fair consideration to applications for employment by the company made by disabled persons, having regard to their particular aptitudes and abilities,

(b) for continuing the employment of, and for arranging appropriate training for, employees of the company who have become disabled persons during the period when they were employed by the company, and

(c) otherwise for the training, career development and promotion of disabled persons employed by the company.

ON BEHALF OF THE BOARD:

S J Badland - Director

12 December 2025

TURNOVER

11,381,138

9,369,544

Cost of sales

465,343

397,870

GROSS PROFIT

10,915,795

8,971,674

Administrative expenses

9,527,080

8,221,559

1,388,715

750,115

Other operating income

31,399

65,067

OPERATING PROFIT

4

1,420,114

815,182

Interest receivable and similar income

178

6,184

1,420,292

821,366

Interest payable and similar expenses

6

176,805

225,370

PROFIT BEFORE TAXATION

1,243,487

595,996

Tax on profit

7

320,463

164,982

PROFIT FOR THE FINANCIAL YEAR

923,024

431,014

Retained earnings at beginning of year

4,130,331

3,891,317

Dividends

9

(403,000

)

(192,000

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

4,650,355

4,130,331

Profit attributable to:

Owners of the parent

923,024

431,014

FIXED ASSETS

Intangible assets

10

-

13,850

Tangible assets

11

5,178,464

5,208,743

Investments

12

-

-

5,178,464

5,222,593

CURRENT ASSETS

Debtors

13

3,019,805

2,791,436

Cash at bank and in hand

591,650

638,537

3,611,455

3,429,973

CREDITORS

Amounts falling due within one year

14

943,254

670,047

NET CURRENT ASSETS

2,668,201

2,759,926

TOTAL ASSETS LESS CURRENT LIABILITIES

7,846,665

7,982,519

CREDITORS

Amounts falling due after more than one year

15

(1,985,181

)

(2,709,112

)

PROVISIONS FOR LIABILITIES

18

(1,207,529

)

(1,139,476

)

NET ASSETS

4,653,955

4,133,931

CAPITAL AND RESERVES

Called up share capital

19

3,600

3,600

Retained earnings

20

4,650,355

4,130,331

SHAREHOLDERS' FUNDS

4,653,955

4,133,931

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

S J Badland - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

3,553,227

3,585,368

Investments

12

475,055

475,055

4,028,282

4,060,423

CURRENT ASSETS

Debtors

13

2,454,378

2,932,597

Cash at bank

25,147

155,436

2,479,525

3,088,033

CREDITORS

Amounts falling due within one year

14

186,719

171,406

NET CURRENT ASSETS

2,292,806

2,916,627

TOTAL ASSETS LESS CURRENT LIABILITIES

6,321,088

6,977,050

CREDITORS

Amounts falling due after more than one year

15

(1,985,181

)

(2,709,112

)

PROVISIONS FOR LIABILITIES

18

(1,197,327

)

(1,129,917

)

NET ASSETS

3,138,580

3,138,021

CAPITAL AND RESERVES

Called up share capital

19

3,600

3,600

Retained earnings

3,134,980

3,134,421

SHAREHOLDERS' FUNDS

3,138,580

3,138,021

Company's profit for the financial year

403,559

192,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

S J Badland - Director

Cash flows from operating activities

Cash generated from operations

1

1,406,690

842,193

Interest paid

(176,805

)

(225,370

)

Tax paid

(144,915

)

(97,343

)

Net cash from operating activities

1,084,970

519,480

Cash flows from investing activities

Purchase of tangible fixed assets

(6,324

)

(4,122

)

Interest received

178

6,184

Net cash from investing activities

(6,146

)

2,062

Cash flows from financing activities

Amount introduced by directors

483,000

449,932

Amount withdrawn by directors

(481,782

)

(484,774

)

Proceeds from borrowings

(723,929

)

(176,589

)

Equity dividends paid

(403,000

)

(192,000

)

Net cash from financing activities

(1,125,711

)

(403,431

)

(Decrease)/increase in cash and cash equivalents

(46,887

)

118,111

Cash and cash equivalents at beginning of year

2

638,537

520,426

Cash and cash equivalents at end of year

2

591,650

638,537

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit for the financial year

923,024

431,014

Depreciation charges

50,453

86,477

Provisions

67,410

67,404

Accrued expenses

3,676

(3,436

)

Finance costs

176,805

225,370

Finance income

(178

)

(6,184

)

Taxation

320,463

164,982

1,541,653

965,627

Increase in trade and other debtors

(228,367

)

(175,826

)

Increase in trade and other creditors

93,404

52,392

Cash generated from operations

1,406,690

842,193

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

591,650

638,537

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

638,537

520,426

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

638,537

(46,887

)

591,650

638,537

(46,887

)

591,650

Debt

Debts falling due within 1 year

(235,548

)

-

(235,548

)

Debts falling due after 1 year

(2,709,112

)

723,931

(1,985,181

)

(2,944,660

)

723,931

(2,220,729

)

Total

(2,306,123

)

677,044

(1,629,079

)

1.	STATUTORY INFORMATION

Oldfield Residential Care Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not depreciated

Short leasehold

-

not depreciated

Plant and machinery

-

15% on reducing balance and 5% on reducing balance

Fixtures and fittings

-

15% on reducing balance and 10% on reducing balance

Computer equipment

-

10% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

7,377,175

6,280,978

Social security costs

535,495

400,995

Other pension costs

108,162

63,368

8,020,832

6,745,341

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

2025

2024

Production staff

269

181

Management staff

10

95

279

276

2025

2024

£

£

Directors' remuneration

18,200

18,200

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

62,056

39,497

Depreciation - owned assets

36,603

38,978

Goodwill amortisation

13,850

47,500

5.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

14,520

13,945

Total audit fees

14,520

13,945

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

-

314

Bank loan interest

176,805

204,125

HP interest

-

20,931

176,805

225,370

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

319,820

165,283

Deferred tax

643

(301

)

Tax on profit

320,463

164,982

8.	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.

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of 1 each

Final

403,000

192,000

10.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

950,000

AMORTISATION

At 1 April 2024

936,150

Amortisation for year

13,850

At 31 March 2025

950,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

13,850

11.	TANGIBLE FIXED ASSETS

Group

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 April 2024

4,284,747

333,155

1,343,130

Additions

-

-

-

At 31 March 2025

4,284,747

333,155

1,343,130

DEPRECIATION

At 1 April 2024

-

-

839,776

Charge for year

-

-

27,608

At 31 March 2025

-

-

867,384

NET BOOK VALUE

At 31 March 2025

4,284,747

333,155

475,746

At 31 March 2024

4,284,747

333,155

503,354