REGISTERED NUMBER: 11534336 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

ARGENTUM LODGE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

Mr M P Madden

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

Leicestershire

LE1 7RU

REGISTERED NUMBER:

11534336 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr P Bott FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

The director presents his strategic report for the year ended 31 March 2025.

Argentum Lodge Limited runs a care home, which provides an excellent care service to its residents. The company is part of the Welford Healthcare group which owns a diverse portfolio of care homes throughout England.

REVIEW OF BUSINESS

The director is pleased with the strong results for the year which have been achieved in a challenging and strong market. Despite market pressures, occupancy has remained strong and fees increasingly competitive due to a focused sales strategy and ongoing contract negotiation with local authorities. Overall performance is greatly improved from prior year, this is largely due to the focus on sustainable sales, strong occupancy, and a stabilised workforce albeit with the impact of increasing workforce costs. Argentum Lodge Ltd continue to seek opportunities for further growth through independent developments.

The company has continued to develop its working practices and governance to ensure homes meet Care Quality Commission (CQC) standards. Internal quality assurance monitoring accurately reflects the CQC inspection standard and the company is committed to working with the CQC to maintain the delivery of high quality care.

The results for the year and financial position of the company are as shown in the annexed financial statements.

Performance of the business and outlook

Turnover has increased by £0.13m (3.2%) compared to the results for 2024, which is in line with budgeted figures.

Our KPI's for the year show how much we have achieved this year:

KPI's £

2025

2024

Turnover

4,377

4,243

Staff costs

1,936

1,740

The company completes monthly management accounts, agreeing these to budgets to measure actual performance.

The company's results are consolidated within Welford Topco Limited, the ultimate parent company.

Our experienced management team and strong financial position enable us to be well positioned to continue the development of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks for the company considered during the year ending 31 March 2025 are:

- Staff Recruitment - the ability to recruit and retain qualified carers and nurses is a continuing challenge for the whole sector. It impacts directly on the costs of operating care homes and the subsequent quality of care delivered.

- Home Occupancy - The company faces competition from other care providers in the regions in which it operates. If a home were to experience an increase in the volume of vacant rooms or the duration of vacancies, income streams and profitability of the care home can be impacted. The company manages occupancy levels continually and works to ensure relationships with local authorities and other commissioning bodies remain strong to ensure that room voids are filled as promptly as possible.

- Government Policy and Legislation Change - The company's operations are closely regulated by the Care Quality Commission (CQC). The consequences of non-compliance with regulations could be significant. The company has a robust internal audit system in place to ensure adherence to policies and compliance with regulatory requirements. Changes to CQC compliance are monitored to ensure policies and processes reflect any updates, in the current year CQC have introduced a new inspection regime which the company has had to adapt to to ensure quality ratings are maintained. Risks also include those around health and safety compliance, legislative requirements and contractual risks.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

1 October 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

An interim dividend of £5,500 per share was paid on 31 March 2025. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 550,000 .

DIRECTOR

Mr M P Madden held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

1 October 2025

Opinion

We have audited the financial statements of Argentum Lodge Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

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

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, significant one-off or unusual transaction, going concern and the CQC rating.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of a sample of occupancy reports in the year to ensure these were correctly recorded in revenue and detailed cut off testing around the year end to ensure revenue is correctly recognised.

- A review of laws and regulations the company is subject to, being specifically the CQC review and rating and discussion with management to ensure no instances of non compliance.

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

- A review of the going concern of the company through an inspection of the after date position, consideration of group support and a review of management's going concern risk assessment.

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

Use of our report

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

Mr P Bott FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

3 October 2025

TURNOVER

3

4,377,279

4,243,064

Cost of sales

1,777,523

1,562,120

GROSS PROFIT

2,599,756

2,680,944

Distribution costs

4,275

2,714

Administrative expenses

1,434,293

1,408,631

1,438,568

1,411,345

OPERATING PROFIT

5

1,161,188

1,269,599

Interest payable and similar expenses

6

286,390

244,003

PROFIT BEFORE TAXATION

874,798

1,025,596

Tax on profit

7

251,771

262,228

PROFIT FOR THE FINANCIAL YEAR

623,027

763,368

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

623,027

763,368

FIXED ASSETS

Intangible assets

9

8,103

9,716

Tangible assets

10

7,581,304

5,920,303

7,589,407

5,930,019

CURRENT ASSETS

Debtors

11

1,440,430

1,317,601

Cash at bank and in hand

396,352

395,826

1,836,782

1,713,427

CREDITORS

Amounts falling due within one year

12

1,184,280

1,299,104

NET CURRENT ASSETS

652,502

414,323

TOTAL ASSETS LESS CURRENT LIABILITIES

8,241,909

6,344,342

CREDITORS

Amounts falling due after more than one year

13

(7,251,565

)

(5,421,000

)

PROVISIONS FOR LIABILITIES

15

(28,301

)

(34,326

)

NET ASSETS

962,043

889,016

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

961,943

888,916

SHAREHOLDERS' FUNDS

962,043

889,016

The financial statements were approved by the director and authorised for issue on 1 October 2025 and were signed by:

Mr M P Madden - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

725,548

725,648

Changes in equity

Dividends

-

(600,000

)

(600,000

)

Total comprehensive income

-

763,368

763,368

Balance at 31 March 2024

100

888,916

889,016

Changes in equity

Dividends

-

(550,000

)

(550,000

)

Total comprehensive income

-

623,027

623,027

Balance at 31 March 2025

100

961,943

962,043

1.	STATUTORY INFORMATION

Argentum Lodge Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

There were no areas in which the preparation of the financial statements required management to make

significant judgements or estimates.

Turnover

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

Revenue represents income receivable from health and care provision services rendered and goods supplied.

Revenue is recognised in the accounting period in which the company obtains the right to consideration in exchange for its performance.

Intangible assets

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

Website is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Long leasehold

-

Straight line over 25 years

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

33% on cost

Office equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Assets held under finance leases which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or if lower, the present value of the minimum lease payments as determined at the inception of the lease and are depreciated over the shorter of the lease terms and their useful lives). The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the lease to produce a constant periodic rate of interest on the remaining balance of the liability.

Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, including changes in market rental rates following a market rent review, or, as appropriate, changes in the assessment of whether a renewal or purchase option is reasonably certain to be exercised or a break clause is reasonably certain not to be exercised. The revised lease payments are discounted using the company's incremental borrowing rate at the lease commencement date when the rate implicit in the lease cannot be readily determined. The amount of the remeasurement of the lease liability is reflected as an adjustment to the carrying amount of the long leasehold asset. The exception being when the carrying amount of the right-of-use asset has been reduced to zero then any excess is recognised in the income statement.

Pension costs and other post-retirement benefits

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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

4,377,279

4,243,064

4,377,279

4,243,064

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,745,642

1,577,866

Social security costs

155,177

145,805

Other pension costs

35,645

29,962

1,936,464

1,753,633

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

2025

2024

Admin

10

10

Carers

57

56

67

66

During the year, remuneration of £291,247 (2024 : £325,958) was paid to key management personnel.

Mr MP Madden, director, was paid £12,570 during the year to 31 March 2025 through Welford Healthcare Limited (2024: £12,570 paid through Argentum Lodge Limited).

A benefit in kind of £4,246 was paid through Welford Healthcare Limited (2024: £3,960 paid through Argentum Lodge Limited).

Pension contributions of £60,190 were made through Welford Healthcare Limited on behalf of Mr MP Madden (2024: £50,000 through Birchlands (Haxby) Limited and £48,000 through Welford Healthcare Limited).

2025

2024

£

£

Director's remuneration

-

13,116

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes

-

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

4,275

2,714

Depreciation - owned assets

446,438

348,474

Profit on disposal of fixed assets

(5,160

)

-

Website amortisation

1,613

1,612

Auditors remuneration

6,590

6,180

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

HMRC interest

-

505

Other interest

286,390

243,498

286,390

244,003

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

258,727

270,332

Prior year

UK corporation tax

(931

)

-

Total current tax

257,796

270,332

Deferred taxation

(6,025

)

(8,104

)

Tax on profit

251,771

262,228

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

874,798

1,025,596

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

218,700

256,399

Effects of:

Expenses not deductible for tax purposes

(6,906

)

2,151

Depreciation in excess of capital allowances

104,971

73,178

Finance lease charge

(64,063

)

(69,500

)

Prior year adjustment

(931

)

-

Total tax charge

251,771

262,228

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

550,000

600,000

9.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 April 2024

and 31 March 2025

16,077

AMORTISATION

At 1 April 2024

6,361

Amortisation for year

1,613

At 31 March 2025

7,974

NET BOOK VALUE

At 31 March 2025

8,103

At 31 March 2024

9,716

10.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 April 2024

7,052,437

50,188

47,970

Additions

2,075,562

-

33,717

Disposals

-

-

-

At 31 March 2025

9,127,999

50,188

81,687

DEPRECIATION

At 1 April 2024

1,269,439

14,504

20,287

Charge for year

382,357

5,002

16,806

Eliminated on disposal

-

-

-

At 31 March 2025

1,651,796

19,506

37,093

NET BOOK VALUE

At 31 March 2025

7,476,203

30,682

44,594

At 31 March 2024

5,782,998

35,684

27,683

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

96,549

94,925

7,342,069

Additions

-

-

2,109,279

Disposals

(22,075

)

-

(22,075

)

At 31 March 2025

74,474

94,925

9,429,273

DEPRECIATION

At 1 April 2024

64,861

52,675

1,421,766

Charge for year

16,243

26,030

446,438

Eliminated on disposal

(20,235

)

-

(20,235

)

At 31 March 2025

60,869

78,705

1,847,969

NET BOOK VALUE

At 31 March 2025

13,605

16,220

7,581,304

At 31 March 2024

31,688

42,250

5,920,303

The remeasurement of the lease liability has been recognised as a result of a change in lease payments. This adjustment has been capitalised as an addition to the carrying amount of the long leasehold asset in the period.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

55,220

33,603

Amounts owed by group undertakings

1,347,206

1,175,051

Other debtors

19,798

66,960

Prepayments and accrued income

18,206

41,987

1,440,430

1,317,601