REGISTERED NUMBER: NI052227 (Northern Ireland)

AMSTECOS LIMITED

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Strategic Report

2

Directors' Report

5

Independent Auditors' Report

7

Income Statement

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

E Bevan

S Stanford

J Macklin

M Macklin

O M Ball

T Ramsay

REGISTERED OFFICE:

462 Antrim Road

Belfast

Co. Antrim

BT15 5GE

REGISTERED NUMBER:

NI052227 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

SOLICITORS:

Tughans

3 Bedford Street

Belfast

Co. Antrim

BT2 7EP

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

REVIEW OF BUSINESS

The directors aim to present a balanced and comprehensive view of the development and performance of the company during the year, as well as its position at 31 March 2025. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the company faces.

The business has experienced difficulty during the year and made a financial loss at the year end due to the rising cost of inflation and costs associated with the sale of one of their nursing homes. An analysis of the key financial performance indicators is included below.

DEVELOPMENT AND PERFORMANCE

The company returned a loss in the financial year of £(202,984) (2024: Profit of £42,888) and the company had net assets of £6,427,164 (2024: £6,810,148) at the balance sheet date.

KEY PERFORMANCE INDICATORS

The key performance indicators during the year were as follows:

2025

2024

£

£

Revenue

5,670,877

6,764,638

Net Profit/(Loss) Before Taxation %

-4.9%

4.7%

Employee Numbers

163

170

STRATEGY

The company's success is dependant on the ongoing management of business risks and uncertainties it faces. The directors continue to work closely with health trusts, patients, staff and financial institutions to carefully manage the company's operations. The directors are continually looking for new opportunities to expand the business and to continue to build a strong image which will allow the company to continue to grow its operations in the incoming year.

PRINCIPAL RISKS AND UNCERTAINTIES

Partnerships with Health and Social Care Trusts

The Health and Social Care Trusts in Northern Ireland rely on the private sector to provide nursing, residential and specialist care. The group, in turn, relies on the Trusts to place residents into its care, however as with all other public bodies, they are under pressure to reduce their costs which could have an impact on the group.

Availability of Quality Nursing Staff

The group relies on the provision of well trained staff being available, especially from the nursing sector. At present there is a shortage of nurses within the UK and as such nursing costs are expected to continue to rise.

Competition Risk:

The company operates in a very competitive market in the Northern Ireland nursing industry. In order to manage such risk, the company aims to set high quality standards and ensure it achieves the best possible care for their residents.

Economic Risk:

Economic risk is inherent in the industry in which the company operates. The directors manage this risk by ensuring relationships with suppliers are maintained. The company has developed long standing relationships with suppliers over the previous years and will continue to develop these relationships further in the future.

Health and Safety

The group is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and homes are safe environments for employees and customers alike.

Interest Rate Risk

The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which earn interest at a variable rate. Interest bearing liabilities relate to bank loans which bear interest at market rates.

BUSINESS ENVIRONMENT

The Health Care sector in Northern Ireland is highly competitive. The company considers itself as having a place in the market as a result of the service it provides to patients and its reputation.

FUTURE DEVELOPMENTS

The company plans to continue its present activities and current to increase trading levels. The directors are committed to long term creation of shareholder value by increasing the market share of the company. Employees are kept as fully informed as practicable about developments within the business.

EMPLOYEES

Amstecos Limited depends on the skills and commitment of its employees in order to achieve its objectives. Company staff at every level are encouraged to make their fullest possible contribution to the company's success. The company's selection, training, development and promotion policies ensure equal opportunities for all employees, regardless of gender, marital status, race, age or disability.

Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company performance.

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members becoming disabled, every effort is made to ensure that their employment with the company continues and appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical of that of a person who does not suffer from a disability.

ON BEHALF OF THE BOARD:

E Bevan - Director

20 November 2025

The directors present their report with the audited financial statements of the Company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company is to provide nursing and respite care for the elderly.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 was £180,000 (2024: £Nil).

DIRECTORS

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

E Bevan

S Stanford

J Macklin

M Macklin

O M Ball

T Ramsay

Other changes in directors holding office are as follows:

C Macklin - resigned 21 May 2024

Other changes in directors holding offices since year end are as follows:

S Stanford - resigned 04 April 2025

POLITICAL AND CHARITABLE DONATIONS AND EXPENDITURE

The company made no political or charitable donations or incurred any political expenditure during the current year (2024: £NIL).

DISCLOSURES REQUIRED UNDER SCHEDULE 7

In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, employment policy and future developments in the Company's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The audit business of CavanaghKelly was acquired by Cooper Parry Audit (Ireland) Limited on 24th July 2025. CavanaghKelly has resigned as auditor and Cooper Parry Audit (Ireland) Limited has been appointed in its place.

The auditors, Cooper Parry Audit (Ireland) Limited, have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

E Bevan - Director

20 November 2025

Opinion

We have audited the financial statements of Amstecos Limited (the 'Company') for the year ended 31 March 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Company's affairs as at 31 March 2025 and of its loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;

-

We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;

-

We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;

-

Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and

-

Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

-

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 Auditors' Report.

Use of our report

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

Mr Desmond Kelly FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

20 November 2025

TURNOVER

5

5,670,877

6,764,638

Cost of sales

(561,002

)

(706,712

)

GROSS PROFIT

5,109,875

6,057,926

Administrative expenses

(5,417,583

)

(5,723,236

)

(307,708

)

334,690

Other operating income

2,816

-

OPERATING (LOSS)/PROFIT

8

(304,892

)

334,690

Finance income

28,507

-

(276,385

)

334,690

Finance costs

9

-

(13,565

)

(LOSS)/PROFIT BEFORE TAXATION

(276,385

)

321,125

Tax on (loss)/profit

10

73,401

(278,237

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(202,984

)

42,888

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(202,984

)

42,888

NON-CURRENT ASSETS

Intangible assets

12

-

-

Tangible assets

13

3,593,131

6,746,413

3,593,131

6,746,413

CURRENT ASSETS

Stocks

14

1,467

1,190

Receivables: amounts falling due within one year

15

10,372

42,400

Cash at bank and in hand

3,793,584

512,109

3,805,423

555,699

PAYABLES

Amounts falling due within one year

16

(782,534

)

(229,707

)

NET CURRENT ASSETS

3,022,889

325,992

TOTAL ASSETS LESS CURRENT LIABILITIES

6,616,020

7,072,405

PROVISIONS FOR LIABILITIES

18

(188,856

)

(262,257

)

NET ASSETS

6,427,164

6,810,148

CAPITAL AND RESERVES

Called up share capital

19

40,000

40,000

Preference Shares

260,000

260,000

Retained earnings

6,127,164

6,510,148

SHAREHOLDERS' FUNDS

6,427,164

6,810,148

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2025 and were signed on its behalf by:

J Macklin - Director

E Bevan - Director

Called up

share

Retained

Preference

Total

capital

earnings

Shares

equity

£

£

£

£

Balance at 1 April 2023

40,000

6,467,260

260,000

6,767,260

Changes in equity

Total comprehensive income

-

42,888

-

42,888

Balance at 31 March 2024

40,000

6,510,148

260,000

6,810,148

Changes in equity

Dividends

-

(180,000

)

-

(180,000

)

Total comprehensive income

-

(202,984

)

-

(202,984

)

Balance at 31 March 2025

40,000

6,127,164

260,000

6,427,164

Cash flows from operating activities

Cash generated from operations

1

(161,892

)

342,020

Interest paid

-

(13,565

)

Tax paid

(66,434

)

(168,773

)

Net cash from operating activities

(228,326

)

159,682

Cash flows from investing activities

Purchase of tangible fixed assets

-

(28,929

)

Sale of tangible fixed assets

3,191,825

-

Interest received

28,507

-

Net cash from investing activities

3,220,332

(28,929

)

Cash flows from financing activities

Loan repayments in year

-

(572,784

)

Amount introduced by directors

488,008

-

Amount withdrawn by directors

(18,539

)

-

Equity dividends paid

(180,000

)

-

Net cash from financing activities

289,469

(572,784

)

Increase/(decrease) in cash and cash equivalents

3,281,475

(442,031

)

Cash and cash equivalents at beginning of year

2

512,109

954,140

Cash and cash equivalents at end of year

2

3,793,584

512,109

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(276,385

)

321,125

Depreciation charges

254,145

239,894

Profit on disposal of fixed assets

(292,688

)

-

Finance costs

-

13,565

Finance income

(28,507

)

-

(343,435

)

574,584

(Increase)/decrease in stocks

(277

)

408

Decrease in trade and other debtors

32,028

48,845

Increase/(decrease) in trade and other creditors

149,792

(281,817

)

Cash generated from operations

(161,892

)

342,020

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

3,793,584

512,109

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

512,109

954,140

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

512,109

3,281,475

3,793,584

512,109

3,281,475

3,793,584

Total

512,109

3,281,475

3,793,584

1.	STATUTORY INFORMATION

Amstecos Limited is a private company, limited by shares, incorporated in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The accounting policies detailed below have been applied consistently throughout the year.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires company management to exercise judgement in applying the company's accounting policies (see note 4).

The following principal accounting policies have been applied consistently throughout the year.

Revenue

Revenue shown in the Income Statement represents amounts received or receivable for services provided in the normal course of business. Revenue is recognised upon the date the patient stays at the home.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property

- 2% straight line

Plant and machinery

- 20% reducing balance

Fixtures and fittings

- 15% reducing balance

Computer equipment

- 33% reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

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

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Pension costs

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions are charged to the Income Statement as they are made.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the Company's shareholders. These amounts are recognised in the statement of changes in equity.

Preference Share Capital

Preference share capital is presented as equity. Preference shares are redeemable at the option of the company or the shareholder. Preference shares entitle holders to participate in dividends at a floating coupon rate.

4.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

(a) Critical judgements in applying the company's accounting policies.

There are no critical judgements in applying the company's accounting policies.

(b) Key accounting estimates and assumptions

There are no key accounting estimates and assumptions in applying the company's accounting policies.

5.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the Company.

6.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,439,503

3,776,973

Social security costs

336,900

322,066

Other pension costs

69,662

57,538

3,846,065

4,156,577

2025

2024

Number

Number

Directors

6

6

Nursing & administration staff

157

164

163

170

7.	DIRECTORS' REMUNERATION

2025

2024

£

£

Directors' Remuneration

139,135

157,683

Pension Costs

1,211

770

140,346

158,453

During the year, £1,211 retirement benefits were accruing to one director (2024: £770 ) in respect of defined contribution pension schemes. The directors are considered to be the key management of the company.

8.	OPERATING (LOSS)/PROFIT

2025

2024

£

£

Depreciation - owned assets

254,145

238,894

Audit Services

10,680

9,895

9.	FINANCE COSTS

2025

2024

£

£

Bank loan interest

-

13,565