REGISTERED NUMBER: 12369890 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CAPULET HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTOR:

J H Briggs

REGISTERED OFFICE:

Perton Manor

Wrottesley Park Road

Perton

South Staffordshire

WV8 2HE

REGISTERED NUMBER:

12369890 (England and Wales)

AUDITORS:

TGFP

Chartered Accountants & Statutory Auditors

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

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

REVIEW OF BUSINESS

The company's performance in the year under review has been in line with expectations. Turnover has increased due to the purchase of another care home within the group in May 2024, with 2026 looking to be at similar level again.

The director is satisfied with the result of the company and the company continues to place safeguards and processes to ensure that the homes and, therefore, the company remain unaffected from infection control risks and recruitment & retention risks with the 2026 results expected to be consistent.

The key performance indicator of the company is turnover as disclosed in the Statement of Income and Retained Earnings.

The company is committed to sustainability, with initiatives in place to reduce our environmental footprint, such as adopting renewable energy solutions and sustainable sourcing practices. We also monitor evolving environmental regulations to ensure compliance and identify opportunities for green innovations.

PRINCIPAL RISKS AND UNCERTAINTIES

Capulet Holdings Limited, like all businesses, faces several operating risks and uncertainties. There are a few risks that could impact on the company's long-term performance and steps are taken to understand and evaluate these to achieve the company's objective of creating long term sustainable returns.

The most fundamental risks faced by the company are:

(a) if the company fails to comply with regulations, regulatory action could include among other penalties, the revocation of any of the care home's licence to operate.

(b) the company could suffer severe negative publicity if a serious incident were to occur at the care home.

(c) if budgeted occupancy levels are not achieved then profit will be reduced.

(d) if the company fails to attract and retain nursing and other qualified staff, it may be unable to provide residents with quality nursing care and may have to reduce the number of beds in the care home.

(e) The implications of the government's budget (namely the increase in NI) for care providers will have a huge impact on the profits of the business and the provider is seeking ways in which to mitigate these risks.

(f) Low or 0% increases from Local authorities and ICBs for care fees V spiralling wage/NI costs.

The management of the fee structure for all care and monthly monitoring of operational efficiencies has contributed to cost reductions and enhanced profitability. The company is looking at how to maximise profits by diversifying the type of care it currently delivers offering further stability to the company.

ON BEHALF OF THE BOARD:

J H Briggs - Director

8 December 2025

The director presents her 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 company was that of a holding company.

The principal activity of the group is the operation of care homes.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTOR

J H Briggs held office during the whole of the period from 1 April 2024 to the date of this report.

FINANCIAL INSTRUMENTS

The director constantly monitors the groups trading results and revises projections as appropriate to ensure that the group meets its future obligations as they fall due.

The group is exposed to the usual credit and cash flow risk associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments mean that price and liquidity risks are minimised by the predetermination of the groups funding facilities and terms.

GOING CONCERN

The director has made an assessment on the company's ability to continue in operational existence for the foreseeable future. The director is not aware of any material uncertainties that may effect the company's ability to trade in the future. Thus the director believes the going concern basis of accounting to be appropriate and has drawn up the financial statements based on its adoption.

STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013, the company has prepared a strategic report, which includes information that would have previously been included in the Director's Report.

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 she 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;

-	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 her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

J H Briggs - Director

8 December 2025

Opinion

We have audited the financial statements of Capulet Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of 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.

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 pages three and four, 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.

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:

We have considered how irregularities, including fraud and non-compliance with laws and regulations, may occur in the care home group and how they could be detected. In making this assessment, we considered the nature of the Group's operations, including cash handling at care home level, payroll processing, procurement, regulatory compliance, and the safeguarding of vulnerable residents.

To address the risk of fraud, we have performed the following audit procedures:

" Enquiries of management and those charged with governance regarding their knowledge of any actual, suspected, or alleged fraud affecting the Group;

" Evaluation of the Group's internal controls relevant to the prevention and detection of fraud, including controls over cash, payroll, and payments;

" Performance of analytical review procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

" Testing of journal entries posted throughout the year and after the year end that met defined risk criteria, including journals posted by senior management and manual journals.

In respect of non-compliance with laws and regulations, we have performed the following procedures:

" Enquiries of management and those charged with governance regarding compliance with applicable laws and regulations, including those specific to the care sector (e.g. CQC, employment, safeguarding, and health and safety);

" Review of correspondence with regulatory and tax authorities for any indications of non-compliance;

" Review of legal and professional expenditure and enquiry into the nature of any significant or unusual items;

" Review of the financial statement disclosures and agreement of these to supporting documentation where applicable.

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

Use of our report

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

Benjamin R. Reynolds (Senior Statutory Auditor)

for and on behalf of TGFP

Chartered Accountants & Statutory Auditors

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

8 December 2025

TURNOVER

3

15,590,122

-

15,590,122

Cost of sales

(9,536,657

)

-

(9,536,657

)

GROSS PROFIT

6,053,465

-

6,053,465

Administrative expenses

(3,263,632

)

-

(3,263,632

)

2,789,833

-

2,789,833

Other operating income

11,188

-

11,188

OPERATING PROFIT

5

2,801,021

-

2,801,021

Interest receivable and similar income

958

-

958

Interest payable and similar expenses

7

(1,808,789

)

-

(1,808,789

)

PROFIT BEFORE TAXATION

993,190

-

993,190

Tax on profit

8

(519,858

)

-

(519,858

)

PROFIT FOR THE FINANCIAL YEAR

473,332

-

473,332

OTHER COMPREHENSIVE INCOME

Revaluation

19,062,252

Accumulated depreciation on revaluation

192,071

Income tax relating to components of other comprehensive income

(4,616,196

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

14,638,127

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

15,111,459

Profit attributable to:

Owners of the parent

473,332

Total comprehensive income attributable to:

Owners of the parent

15,111,459

TURNOVER

3

13,294,174

-

13,294,174

Cost of sales

(8,228,175

)

(544,065

)

(8,772,240

)

GROSS PROFIT/(LOSS)

5,065,999

(544,065

)

4,521,934

Administrative expenses

(2,885,177

)

(2,423

)

(2,887,600

)

2,180,822

(546,488

)

1,634,334

Other operating income

4,922

-

4,922

OPERATING PROFIT/(LOSS)

5

2,185,744

(546,488

)

1,639,256

Profit on disposal of group

entity

6

2,055,894

-

2,055,894

4,241,638

(546,488

)

3,695,150

Interest receivable and similar income

259

-

259

Interest payable and similar expenses

7

(1,298,560

)

-

(1,298,560

)

PROFIT/(LOSS) BEFORE TAXATION

2,943,337

(546,488

)

2,396,849

Tax on profit/(loss)

8

(647,582

)

-

(647,582

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

2,295,755

(546,488

)

1,749,267

OTHER COMPREHENSIVE INCOME

Income tax relating to components of other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,749,267

Profit/(loss) attributable to:

Owners of the parent

1,749,267

Total comprehensive income attributable to:

Owners of the parent

1,749,267

FIXED ASSETS

Intangible assets

10

6,141,413

4,721,430

Tangible assets

11

32,109,220

9,931,030

Investments

12

-

-

38,250,633

14,652,460

CURRENT ASSETS

Stocks

13

14,000

2,835

Debtors

14

2,022,235

2,966,562

Cash at bank and in hand

1,378,686

1,344,131

3,414,921

4,313,528

CREDITORS

Amounts falling due within one year

15

3,519,715

4,508,613

NET CURRENT LIABILITIES

(104,794

)

(195,085

)

TOTAL ASSETS LESS CURRENT LIABILITIES

38,145,839

14,457,375

CREDITORS

Amounts falling due after more than one year

16

(16,758,864

)

(12,773,741

)

PROVISIONS FOR LIABILITIES

21

(4,660,688

)

(68,806

)

NET ASSETS

16,726,287

1,614,828

CAPITAL AND RESERVES

Called up and paid share capital

22

225

225

Share premium

23

455

455

Revaluation reserve

23

14,157,630

-

Retained earnings

23

2,567,977

1,614,148

SHAREHOLDERS' FUNDS

16,726,287

1,614,828

The financial statements were approved by the director and authorised for issue on 8 December 2025 and were signed by:

J H Briggs - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

16,470,478

8,023,134

16,470,478

8,023,134

CURRENT ASSETS

Debtors

14

3,248,806

-

Cash at bank and in hand

101

193

3,248,907

193

CREDITORS

Amounts falling due within one year

15

910,622

4,362

NET CURRENT ASSETS/(LIABILITIES)

2,338,285

(4,169

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,808,763

8,018,965

CREDITORS

Amounts falling due after more than one year

16

16,601,250

8,017,755

NET ASSETS

2,207,513

1,210

CAPITAL AND RESERVES

Called up and paid share capital

22

225

225

Share premium

455

455

Retained earnings

2,206,833

530

SHAREHOLDERS' FUNDS

2,207,513

1,210

Company's profit/(loss) for the financial year

2,206,303

(2,585

)

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 director and authorised for issue on 8 December 2025 and were signed by:

J H Briggs - Director

Called up

and paid

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

225

(135,119

)

455

-

(134,439

)

Changes in equity

Total comprehensive income

-

1,749,267

-

-

1,749,267

Balance at 31 March 2024

225

1,614,148

455

-

1,614,828

Changes in equity

Total comprehensive income

-

15,111,459

-

-

15,111,459

Transfer

-

(14,157,630

)

-

14,157,630

-

Balance at 31 March 2025

225

2,567,977

455

14,157,630

16,726,287

Called up

and paid

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

225

3,115

455

3,795

Changes in equity

Total comprehensive income

-

(2,585

)

-

(2,585

)

Balance at 31 March 2024

225

530

455

1,210

Changes in equity

Total comprehensive income

-

2,206,303

-

2,206,303

Balance at 31 March 2025

225

2,206,833

455

2,207,513

Cash flows from operating activities

Cash generated from operations

1

3,792,085

2,877,903

Interest paid

(1,795,503

)

(1,267,718

)

Interest element of hire purchase payments paid

(13,286

)

(7,186

)

Taxation paid

(1,330,452

)

(709,706

)

Net cash from operating activities

652,844

893,293

Cash flows from investing activities

Purchase of subsidiary undertakings

(8,447,344

)

-

Purchase of tangible fixed assets

(55,458

)

(43,366

)

Sale of tangible fixed assets

2,712

53,636

Cash received on purchase of subsidiary

375,447

-

Interest received

958

259

Net cash from investing activities

(8,123,685

)

10,529

Cash flows from financing activities

Loan capital raised

18,100,000

-

Loan capital repayments

(13,343,015

)

(167,570

)

Hire purchase capital repayments

(32,674

)

(64,655

)

Amount introduced by directors

2,781,085

-

Amount withdrawn by directors

-

(325,894

)

Net cash from financing activities

7,505,396

(558,119

)

Increase in cash and cash equivalents

34,555

345,703

Cash and cash equivalents at beginning of year

2

1,344,131

998,428

Cash and cash equivalents at end of year

2

1,378,686

1,344,131

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

2025

2024

£

£

Profit before taxation

993,190

2,396,849

Depreciation charges

1,243,931

873,405

(Profit)/loss on disposal of fixed assets

(678

)

3,445

Disposal of operation

-

(2,055,895

)

Finance costs

1,808,789

1,298,560

Finance income

(958

)

(259

)

4,044,274

2,516,105

Increase in stocks

(8,665

)

-

Decrease in trade and other debtors

949,658

382,714

Decrease in trade and other creditors

(1,193,182

)

(20,916

)

Cash generated from operations

3,792,085

2,877,903

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

1,378,686

1,344,131

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,344,131

998,428