Dhrona Holdings Ltd

Contents

Strategic Report	1
Directors' Report	2
Statement of Directors' Responsibilities	3
Independent Auditor's Report	4 to 7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15 to 31

Dhrona Holdings Ltd

Strategic Report

Year Ended 31 March 2025

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

Principal activity

The principal activity of the group is that of a Care Home owner and operator.

Fair review of the business

The group continues to hold investments in Woodley Hotels Limited and Woodley Hotels (Hampshire) Limited, having disposed of Cavendish Close Limited in the year, and incurs minimal administrative expenses. Excluding the profit on disposal, these expenses were offset by interest and rental income.

The directors are proactively looking for further investment opportunities in the hospitality sector.

The Directors are, however, satisfied with these results as the group has a strong cash and net asset position.

The company's key financial and other performance indicators during the year were as follows:

	Unit	2025	2024
Net assets of the group	£	11,644,746	2,874,986

Principal risks and uncertainties

The main risk to the company is the recoverabiliy of debtors. The recoverability of debtors has been considered by the directors and no provision is deemed necessary.

Approved by the Board on 22 December 2025 and signed on its behalf by:

......................................... Mr S G Dhrona Director

Dhrona Holdings Ltd

Directors' Report

Year Ended 31 March 2025

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

Directors of the group

The directors who held office during the year were as follows:

Mr G D Dhrona

Mr V D Dhrona (ceased 12 August 2024)

The following directors were appointed after the year end:

Mr S G Dhrona (appointed 24 June 2025)

Miss A G Dhrona (appointed 24 June 2025)

Financial risk management objectives and policies

The Group’s principal financial instruments comprise debtors and creditors. The Group has no such exposure to other financial instruments. The financial instruments are carefully managed to ensure that there is little or no liquidity risk and that payments to creditors are made as and when they fall due. The Group has insignificant exposure to exchange rate risk.

Price risk, credit risk, liquidity risk and cash flow risk

The group operated a care home which is highly regulated by the CQC, meaning there was some risk of a poor CQC rating could heavily impact operations. However, the group held an “outstanding” CQC rating and management does everything it can to remain at the top of it’s sector.

Post disposal of the care home, the Group is not exposed to any material operational risks due to the nature of the group. The Group now has minimal transactions, a healthy cash balance and significant net assets. There is some credit risk, however debtors are small and minimal bad debts are experienced.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 22 December 2025 and signed on its behalf by:

......................................... Mr S G Dhrona Director

Dhrona Holdings Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 the 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 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; and

•	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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Dhrona Holdings Ltd

Independent Auditor's Report to the Members of Dhrona Holdings Ltd

Opinion

We have audited the financial statements of Dhrona Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 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 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s 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.

Dhrona Holdings Ltd

Independent Auditor's Report to the Members of Dhrona Holdings Ltd

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and 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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 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.

Dhrona Holdings Ltd

Independent Auditor's Report to the Members of Dhrona Holdings Ltd

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:

As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the group and the sector in which it operates to identify the key laws and regulations affecting the group.

We considered laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.

We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsiblity for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company's ability to continue trading and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.

We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risk we identified was fraudulent financial reporting.

In response to the identified risk, as part of our audit work we:
- Used data analytics to test journal entries throughout the year and year end adjustments, for appopriateness; and
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

Dhrona Holdings Ltd

Independent Auditor's Report to the Members of Dhrona Holdings Ltd

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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

22 December 2025

Dhrona Holdings Ltd

Consolidated Statement of Comprehensive Income

Year Ended 31 March 2025

	2025 £	2024 £
Profit for the year	8,639,382	591,834
Surplus on property, plant and equipment revaluation	130,378	-
Total comprehensive income for the year	8,769,760	591,834
Total comprehensive income attributable to:
Owners of the company	8,769,760	591,834

Dhrona Holdings Ltd

Consolidated Balance Sheet

31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	11	-	16,065,807
Investment property	12	600,000	-
Investments	13	1,609,551	1,550,648
		2,209,551	17,616,455
Current assets
Stocks	14	-	7,850
Debtors	15	1,465,200	391,487
Cash at bank and in hand		14,613,446	1,787,951
		16,078,646	2,187,288
Creditors: Amounts falling due within one year	16	(591,273)	(1,824,803)
Net current assets		15,487,373	362,485
Total assets less current liabilities		17,696,924	17,978,940
Creditors: Amounts falling due after more than one year	16	(5,989,000)	(13,728,000)
Provisions for liabilities	19	(63,178)	(1,375,954)
Net assets		11,644,746	2,874,986
Capital and reserves
Called up share capital	21	100	100
Capital redemption reserve		8,711,000	972,000
Fair value reserve		539,702	-
Profit and loss account		2,393,944	1,902,886
Equity attributable to owners of the company		11,644,746	2,874,986
Shareholders' funds		11,644,746	2,874,986

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:
 

......................................... Mr S G Dhrona Director

Company Registration Number: 09174654

Dhrona Holdings Ltd

Balance Sheet

31 March 2025

	Note	2025 £	2024 £
Fixed assets
Investments	13	13,000,000	18,000,000
Current assets
Debtors	15	4,528,900	3,748,900
Cash at bank and in hand		13,258	3,475
		4,542,158	3,752,375
Creditors: Amounts falling due within one year	16	(511,843)	(1,291,506)
Net current assets		4,030,315	2,460,869
Total assets less current liabilities		17,030,315	20,460,869
Creditors: Amounts falling due after more than one year	16	(5,989,000)	(13,728,000)
Net assets		11,041,315	6,732,869
Capital and reserves
Called up share capital	21	100	100
Capital redemption reserve		8,711,000	972,000
Profit and loss account		2,330,215	5,760,769
Shareholders' funds		11,041,315	6,732,869

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £2,757,026 (2024 - loss of £3,880).

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:
 

......................................... Mr S G Dhrona Director

Company Registration Number: 09174654