REGISTERED NUMBER: 14227741 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

WELFORD HEALTHCARE MC LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTOR:

Mr M P Madden

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

LE1 7RU

REGISTERED NUMBER:

14227741 (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.

Welford Healthcare MC Limited runs six care homes, Corbrook Park, Isle Court, Morris Care Centre, Oldbury Grange, Radbrook and Stretton Hall, which provide excellent care services to their 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. Welford Healthcare MC 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

The trade for the company began on 21 June 2023 when the company purchased the trading business from Morris Care Limited, therefore the previous year represents a 9 month period. The company was dormant until this date.

Turnover has increased by £8.6M (38.5%) 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

Staff Costs

Turnover

Staff Costs

Corbrook Park

4,795,807

2,661,446

3,823,079

2,056,435

Isle Court

6,609,726

3,114,970

4,892,568

2,197,712

Morris Care Centre

6,987,723

3,677,221

4,811,384

3,028,683

Oldbury Grange

4,733,929

2,390,428

3,191,837

1,588,411

Radbrook

4,353,447

2,206,135

3,027,963

1,552,195

Stretton Hall

3,467,816

1,887,796

2,592,811

1,343,796

Total

30,948,448

15,937,996

22,339,641

11,767,232

The company completes monthly management accounts, comparing 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.

SECTION 172(1) STATEMENT

The board of directors have complied with their s172 Companies Act 2006 duties during the period by initially identifying the main types of stakeholders in the business. In doing this we have considered our impact on stakeholders including our position on the environment.

One of the key stakeholder groups is our growing resident population and we continue to consider the risks and adapt our policies to ensure best practice is adopted at all times.

Company meetings at board and group level reflect the importance of this approach and consider the key stakeholder groups in all major decisions made. Details of the groups key stakeholders can be found within the report of the directors.

STREAMLINED ENERGY AND CARBON REPORTING

The company accepts that as an operator of care homes, it has a significant impact on the environment, and the management of that is critical. At all times the company must act in an environmentally responsible manner, helping to navigate to a sustainable, low-carbon economy. The company has a responsibility to all its stakeholders to deliver environmental good practice, energy and emissions reductions and to assist the UK Government to meet its target of net zero carbon emissions by 2050. With operational challenges continually changing, the company must react accordingly to retain the key priorities of environment and sustainability.

Annual Quantity of CO2 Emissions

2025

Resulting from activities which the company is responsible for

kWh

tCO2e

Natural Gas

1,132,537.00

206.73

Purchased Electricity

1,274,673.43

246.50

Supply Chain and Logistics

12,716.20

3.34

Total

2,419,926.63

456.57

Intensity Metrics

2025

Total kWh of energy consumed/total gross revenue

78,530 kWh per £M

Energy intensity per square metre

144 kW/m2

To mitigate energy consumption, each home has been fitted with solar panels in the year.

This information was obtained via a report from UEC Energy Consulting.

FUTURE ACTIVITIES

The company will continue to work towards improving occupancy rates which are the ultimate driver of future success.

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 £13,000 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 £ 1,300,000 .

DIRECTOR

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

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

EMPLOYEE INVOLVEMENT

The company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

In addition to its workforce, the company's other key stakeholders are its residents, the NHS, local councils and its suppliers. As all members of the management team work within the business this ensures regular dialogue with residents and key suppliers.

Engagement with residents and their representatives drive alignment with their values and priorities, helping to ensure business sustainability and growth. Strong links with local councils and the NHS ensures a sustainable source of residents. Suppliers are a critical link in the overall supply chain, providing a source of value, consistency of quality and service and an opportunity for innovation.

There are regular review meetings to agree progress and develop relationships which will mutually benefit all parties.

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;

-	state whether applicable 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 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 Welford Healthcare MC 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 six, 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

30,948,448

22,339,641

Cost of sales

16,267,994

11,730,899

GROSS PROFIT

14,680,454

10,608,742

Administrative expenses

7,830,189

6,542,731

OPERATING PROFIT

5

6,850,265

4,066,011

Amortisation written back

6

(584,730

)

2,781,090

6,265,535

6,847,101

Interest payable and similar expenses

7

3,693,619

1,845,283

PROFIT BEFORE TAXATION

2,571,916

5,001,818

Tax on profit

8

1,055,055

915,431

PROFIT FOR THE FINANCIAL YEAR

1,516,861

4,086,387

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,516,861

4,086,387

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

49,809,374

57,292,830

49,809,374

57,292,830

CURRENT ASSETS

Debtors

12

3,821,096

3,207,371

Cash at bank and in hand

2,795,934

924,570

6,617,030

4,131,941

CREDITORS

Amounts falling due within one year

13

4,212,563

4,151,014

NET CURRENT ASSETS/(LIABILITIES)

2,404,467

(19,073

)

TOTAL ASSETS LESS CURRENT LIABILITIES

52,213,841

57,273,757

CREDITORS

Amounts falling due after more than one year

14

(49,071,903

)

(54,363,750

)

PROVISIONS FOR LIABILITIES

16

(338,590

)

(323,520

)

NET ASSETS

2,803,348

2,586,487

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

2,803,248

2,586,387

SHAREHOLDERS' FUNDS

2,803,348

2,586,487

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

-

100

Changes in equity

Dividends

-

(1,500,000

)

(1,500,000

)

Total comprehensive income

-

4,086,387

4,086,387

Balance at 31 March 2024

100

2,586,387

2,586,487

Changes in equity

Dividends

-

(1,300,000

)

(1,300,000

)

Total comprehensive income

-

1,516,861

1,516,861

Balance at 31 March 2025

100

2,803,248

2,803,348

1.	STATUTORY INFORMATION

Welford Healthcare MC 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 presentation 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business from Morris Care Limited has been fully amortised in the prior year.

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.

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

-

equal instalments over the lease period

Improvements to property

-

10% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

various rates on cost & reducing balance

Computer equipment

-

25% on cost and 10% 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.

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.

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.

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

30,948,448

22,339,641

30,948,448

22,339,641

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

14,361,389

10,707,037

Social security costs

1,274,476

1,001,690

Other pension costs

302,132

151,888

15,937,997

11,860,615

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

2025

2024

Corbrook Park

78

89

Isle Court

94

99

Morris Care Centre

133

161

Oldbury Grange

72

73

Stretton Hall

62

81

Radbrook

71

65

510

568

The average number of employees during the year was split between carers and administrative staff as follows:

Home

Year ended 31.03.25

Year ended 31.03.24

Administration

Carers

Total

Administration

Carers

Total

Corbrook Park

5

73

78

2

87

89

Isle Court

4

90

94

4

95

99

Morris Care Centre

12

121

133

27

134

161

Oldbury Grange

5

67

72

3

70

73

Stretton Hall

3

59

62

2

63

65

Radbrook

3

68

71

3

78

81

Total

31

478

510

40

528

568

During the year, remuneration of £347,113 (2024: £153,557) was paid to key management personnel.

2025

2024

£

£

Directors' remuneration

-

82,500

Mr MP Madden, director, was paid £12,570 during the year to 31 March 2025 through Welford Healthcare Limited (2024: £12,570 through Argentum Lodge Limited). A benefit in kind of £4,246 was also paid on behalf of Mr MP Madden through Welford Healthcare Limited (2024: £3,960 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).

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

1,641,341

1,603,944

(Profit)/loss on disposal of fixed assets

(200

)

19,642

Auditors remuneration

15,000

15,000

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Amortisation written back

(584,730

)

2,781,090

On 21st June 2023 the company purchased the trade and assets from Morris Care Limited, a fellow group company, and recognised the negative goodwill associated with this purchase of £2,781,089. The negative goodwill was due to the acquisition of the trade and assets for a price significantly lower than their fair value. In accordance with FRS 102 the negative goodwill was written back immediately to the profit and loss and detailed here as an exceptional item.

In 2025, further information came to light which resulted in an adjustment in the year. This adjustment is shown above for 31st March 2025.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

100

4,817

HMRC interest

13,235

-

Other interest

3,680,284

1,840,466

3,693,619

1,845,283

8.

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

1,039,985

591,911

Deferred taxation

15,070

323,520

Tax on profit

1,055,055

915,431

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

2,571,916

5,001,818

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

642,979

1,250,455

Effects of:

Expenses not deductible for tax purposes

6,378

5,016

Depreciation in excess of capital allowances

339,501

661,794

Goodwill written back adjustment

146,183

(695,272

)

Finance lease adjustment

(79,986

)

(306,562

)

Total tax charge

1,055,055

915,431

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

1,300,000

1,500,000