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

The principal activity of the company during the year was acting as holding company to the group and the rental of commercial and residential property. During the year, the Group’s principal activity was the rental of property, the provision of care home facilities and the provision of rental space to a number of different businesses within a shopping centre.

The directors are satisfied with the performance of the group having undertaken a programme of refurbishment within selected properties and enhancing occupancy levels throughout.

The property market within its chosen sectors is competitive manifesting itself in variable returns across the portfolio.

The group is partially funded by debt finance with interest rate changes impacting the financial results. The group does not enter into any hedging agreements.

The group measures its main financial KPIs based on rental income and operating profit after all running expenses. Turnover has increased by 8.5% and operating profit has decreased by 12.8% having undertaken a programme of refurbishment within the property portfolio.

The group considers its main non-financial KPIs are in relation to both the environment and its staff. The group attempts to conduct its business in an environmentally friendly manner by encouraging recycling and minimising travel. The group also monitors staff turnover and the level of skill of its employees to ensure the group is run as efficiently as possible.

On behalf of the board

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

The results for the year are set out on page 7.

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

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

Hart Shaw LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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

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

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

We have audited the financial statements of Davison Property Investments Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• 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.

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

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

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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

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:

At the planning stage we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, as required by auditing standards.

The potential effect of any laws and regulation on the financial statements can vary considerably. The significant laws and regulations directly affecting the financial statements where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements include The Care Standards Act 2014 and The Companies Act 2006 as well as other operational laws and regulations.

In response, our approach included but was not limited to:

• Communicating identified laws and regulations at planning to the audit team so as to remain alert to any indications of non-compliance throughout the audit.

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as non-compliance with laws and regulations.

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

• Reviewing legal and professional costs for any indication of non-compliance with laws and regulations

• Review of Care Quality Commission website for findings from latest inspection.

Management override is the most likely way in which fraud might present itself and as such is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example:

• Override of internal controls (e.g. segregation of duties)

• Entering into transactions outside the normal course of business, especially with related parties

• Fraudulent revenue recognition, including fictitious sales and sales being recorded in the wrong period.

• Presenting bias in accounting judgements and estimates, particularly the ones disclosed in note 2 to the financial statements.

In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including:

• Enquiries of management as to whether they had any knowledge of any actual or suspected fraud

• Review of material journal entries made throughout the year as well as those made to prepare the financial statements

• Reviewing underlying rationale behind transactions in order to assess whether they were outside the normal course of business

• Increased substantive testing across all material income streams

• Assessing management's judgements and estimates and whether these indicated potential bias, particularly for those disclosed in note 2 to the financial statements

• Review of legal fees

• Performing analytical procedures to identify any unusual or unexpected transactions and/or relationships.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 15 to 35 form part of these financial statements.

Prior period amounts have been reclassified for consistency with the current period presentation. A presentational adjustment was made reclassifying £15,000 as profit on disposal of investment property which were previously classified as administrative expenses. The presentational change was made to better reflect the nature of the transactions.

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

Prior period amounts have been reclassified for consistency with the current period presentation. A presentational adjustment was made reclassifying £7,900,000 of bank loans from current liabilities to noncurrent liabilities in line with the terms of the loans.

Prior period balances have also been amended to reflect the correct the classification of revaluation reserves and fair value reserves. Previously reported amounts were £1,235,768 and £3,037,817 respectively.

Prior period amounts have also been adjusted to reflect deferred consideration in relation to the acquisition of an investment property in the prior year. Investment properties and current liabilities have been increased by £500,000 in line with the terms of the purchase.

Prior period amounts have been reclassified for consistency with the current period presentation. A presentational adjustment was made reclassifying £7,900,000 of bank loans from current liabilities to noncurrent liabilities in line with the terms of the loans.

Prior period amounts have been adjusted to reflect a previously unrecorded liability on the purchase of investment property in the prior year. An amount of £500,000 was provided in current liabilities and investment properties in line with the terms of the purchase.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,353,522 (2024 - £30,427 profit).

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

Davison Property Investments Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales and is limited by shares. The registered office is 28 Bailey Street, Sheffield, S1 4EH.

The group consists of Davison Property Investments Holdings Ltd and all of its subsidiaries.

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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

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

The consolidated group financial statements consist of the financial statements of the parent company Davison Property Investments Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

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

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

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

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

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

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

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

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

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

Properties are held under the revaluation model and are carried at a revalued amount, The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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

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

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

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

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

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

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

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

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest 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, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

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

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

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

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

Basic financial liabilities, 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 payments 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.

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

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

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

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

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

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

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.

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

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

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

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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties are stated at fair value and valuations have been undertaken by management at the year end.

In most cases a net investment yield was applied to observable market rents to arrive at the valuation. Where the specifics of the nature of the property required alternate methods of valuation, observable market prices adjusted as necessary for any difference in the future use or condition of the specific asset were used.

Professional valuations have been carried out historically however, given the size of the portfolio, the latest valuation date of these varies across the properties. The directors have considered these valuations and the methodologies used therein whilst updating estimates to reflect any changes to the properties since this date and more recent observable market conditions.

Carrying amounts of investment properties can be found in note 12.

Given the level of estimation involved in the valuation, and scope for change in market conditions, actual outcomes could vary significantly from these estimates.

Land and buildings are stated at fair value and valuations have been undertaken by management at the year end.

Land and buildings relate to care homes and valuations have been prepared using a multiple of profits. Under this method an estimate is made of fair maintainable trade and this is multiplied by an appropriate multiplier which has been selected based on multipliers used in sales of similar properties within the sector. This method is commonly adopted to value properties within the care sector and is the basis on which such properties are commonly bought or sold.

Carrying amounts of land and buildings can be found in note 11.

Given the level of estimation involved in the valuation, and scope for a change in market conditions, actual outcomes could vary significantly from these estimates.

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

Their aggregate remuneration comprised:

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

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

The impairment losses in respect of financial assets are recognised in amounts written off investments in the profit and loss account.

Events leading to this impairment included, but were not limited to, receiving no financial returns from this investment to date with no indication on any future returns along with a decline in market conditions in which the entity operates.

Freehold property values have been arrived at on the basis of a valuation carried out at 31 March 2025 by the directors. Please refer to note 2 which details further information surrounding the revaluation of the freehold property.

At the year end the carrying amount of freehold property that was pledged as security against group liabilities amounted to £3,940,288.

If the assets were measured using the cost model, the carrying amounts would be as follows:

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2025 by the directors. Please refer to note 2 which details further information surrounding the revaluation of the investment property.

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

Registered office addresses (all UK unless otherwise indicated): 28 Bailey Street, Sheffield, S2 4EH

* These subsidiary undertakings have claimed exemption from audit under s479A Companies Act 2006

All subsidiaries have been consolidated using the acquisition method in the parent company.

As the subsidiaries are not listed, the investments are held at cost less impairment as their fair values cannot be reliably determined.

Included in Trade debtors in the Group and company are amounts of £2,400 (2024: £nil) owed by companies under common control of M J Davison. Amounts are repayable under normal market conditions.

Included in amounts owed by group undertakings in the company is £822,135 (2024: £821,064) which are unsecured, non-interest bearing and repayable on demand.

Included in other debtors in both the company and the group are amounts of £577,177 (2024: 765,876) due from entities under the common control of M J Davison. These amounts are unsecured, non-interest bearing and repayable on demand.

The bank loans are secured by a fixed and floating charge over the assets of the company.

Included in Trade creditors in the group and the company are amounts of £3,759 (2024: £nil) owed by companies under common control of M J Davison. Amounts are repayable under normal market conditions.

Included in amounts owed to group undertakings in the company is £610,000 (2024: £704,484) which are unsecured, non-interest bearing and repayable on demand.

Included in other creditors in both the company and the group are amounts of £133,959 (2024: £59,201) due from entities under the common control of M J Davison. These amounts are unsecured, non-interest bearing and repayable on demand.

The bank loans are secured by a fixed and floating charge over the assets of the company.

A director, M Davison, has provided a personal guarantee of £250,000 in relation to the borrowings of the company.

Included in the bank loans for the group and the company is an amount of £3,750,000. This loan is a £4 million Coutts variable loan. This loan had an original amount advanced of £4,000,000, with a variable interest rate. This is based on the Bank of England rate 2.75%. Repayments were to be made in quarterly payments of £25,000 commencing in June 2024, with the final repayment being in January 2029.

Included in the bank loans for the group and the company is an amount of £4,000,000. This loan is a £4 million Coutts interest only loan. This loan had an original advanced amount of £4,000,000, with an interest rate of 6.69%. Repayments were to be made in quarterly instalments of the interest amount only, commencing in June 2024, with the final repayment being in January 2029.

Included in the bank loans for the group and the company is an amount of £15,000. This loan relates to Coutts bounce back loan. This loan has an original advanced amount of £50,000, with an interest rate of 2.5%. Repayments were to be made in quarterly payments of £2,500, commencing from December 2021, with the final payment being in September 2026.

Included in the bank loans for the group is an amount of £15,000. This loan relates to RBS bounce back loan. This loan has an original advanced amount of £50,000, with an interest rate of 2.5%. Repayments were to be made in monthly payments of £833.33, commencing from October 2021, with the final payment being in September 2026.

Included in the bank loans for the group is an amount of £665,833. This loan relates to a Barclays variable loan. This loan has an original advanced amount of £850,000, with an interest rate of 2.5% over base rate. Repayments were to be made in monthly payments of £4,722.22, commencing from January 2022, with the final payment being in December 2036.

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

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

Please refer to both the Group and the Company Statement of Changes in Equity showing movements in the year.

In the company and the group, £285,750 was transferred from the fair value reserve to the profit and loss reserves in relation to the the sale of an investment property. This transfer was reduced by £71,438 for deferred tax on the revaluation gain in relation to the property.

In the company and the group, £1,514,002 was transferred to the fair value reserve from the profit and loss reserves in relation to the the revaluation on investment properties . This transfer was reduced by £377,415 for deferred tax on the revaluation gain in relation to the properties.

The company has given an unlimited guarantee over all outstanding liabilities for the companies that is has claimed the audit exemption for under s479, see note 14.

Treeline Estates Limited and Rose Cottage Nursing Care Limited have both given an unlimited cross guarantee in favour of the Coutts loan held in Davison Property Investments Holdings Ltd. The outstanding borrowings of these loans at 31 March 2025 were £7,765,000 (2024 - £8,025,000 ).

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Please refer to notes 15 and note 16 for information about outstanding balances with related parties.

Transactions with group companies who are wholly owned have not been disclosed under the exemption FRS102, para 33.1a.

During the year, the company and the group charged rent to companies under common control of M J Davison totalling £172,950 (2024: £171,650)

During the year, the company and the group charged interest to companies under common control of M J Davison totalling £3,172 (2024: £nil)

During the year, the company was charged for services and expenses from companies under common control of M J Davison totalling £111,491 (2024: £22,150) and the group was charged £168,668 (2024: £53,306) .

During the year, the company and the group made payments on behalf of companies under common control of M J Davison totalling £42,372 (2024: company £5,176 and group - £5,462).

During the year, the company had payments made on their behalf by companies under common control of M J Davison totalling £39,301 (2024: £12,991) and the group had payments made of £40,478.

During the year, the company and the group sold an investment property to a company under common control of M J Davison for £850,000 (2024: £nil)

During the year, M J Davison received interest of £12,899 (2024: £36,739) and purchased goods of £23,865 (2024: £nil) from the company and the group.

During the year, the company and the group purchased services amounting to £15,650 (2024: £nil) from a company owned by a son of M J Davison. The amount outstanding at 31 March 2025 in relation to these transactions was £216 (2024: £nil) and is due for repayment under normal marker conditions.

Advances or credits have been granted by the group and the company to its directors as follows:

The controlling party is M J Davison.