REGISTERED NUMBER: 03199033 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CUERDEN DEVELOPMENTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

Mr K Lowe

Mrs K J Cramant

SECRETARY:

Mr R J Lowe

REGISTERED OFFICE:

Unit 6

Beecham Court

Pemberton

Wigan

Lancashire

WN3 6PR

REGISTERED NUMBER:

03199033 (England and Wales)

AUDITORS:

Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

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

REVIEW OF BUSINESS

The company continues to maintain sites being operated or intending to be operated as care homes by a fellow group company together with a site owned by the Directors Pension Scheme.

GOING CONCERN

The directors have reviewed the management accounts to date and the cash requirements for a period of 12 months from the date of approval of these financial statements, which indicate that the company will have sufficient funds to continue trading and to meet its liabilities as they fall due during that period. They therefore believe that it remains appropriate to prepare the financial statements on a going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of ensuring the deliverance of high levels of building construction.

FUTURE DEVELOPMENTS

The directors anticipate the business environment will continue to be competitive but are confident the service provided by the company is set up to meet the needs of its customers.

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity, and cash flow risks arising from trading activities which are conducted in the local market place.

KEY PERFORMANCE INDICATORS

Given the profitability and the straightforward nature of the business, the directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:

Mr K Lowe - Director

18 December 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

Mr K Lowe

Mrs K J Cramant

The company is a wholly owned subsidiary of Launchrandom Limited and the interests of the director are disclosed in the financial statements of the parent company.

GOING CONCERN

The directors continue to monitor the cash flow and reserves of the company to ensure that it remains financially solvent and viable.

The directors therefore believe that the company has adequate resources to remain in operation for a period in excess of 12 months from the date of signing this report and that it is appropriate to adopt the going concern basis for the preparation of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr K Lowe - Director

18 December 2025

Opinion

We have audited the financial statements of Cuerden Developments Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:

Extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect in the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatements of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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

-

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. As a result of these procedures we consider that the most significant laws and regulations that have a direct impact on the financial statements are Health & Safety regulations, FRS 102 and the Companies Act 2006.

-

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing regulatory reports and inspecting legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;

-

We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;

-

We performed analytical procedures to identify any unusual or unexpected relationships;

-

We tested journal entries to identify unusual transactions; and

-

We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

18 December 2025

TURNOVER

-

1,525,000

Cost of sales

68,774

1,477,936

GROSS (LOSS)/PROFIT

(68,774

)

47,064

Administrative expenses

1,041,536

1,041,023

(1,110,310

)

(993,959

)

Other operating income

4

780,056

778,391

OPERATING LOSS

6

(330,254

)

(215,568

)

Income from fixed asset investments

40,568

-

Interest receivable and similar income

368,961

284,789

409,529

284,789

PROFIT BEFORE TAXATION

79,275

69,221

Tax on profit

7

19,672

17,148

PROFIT FOR THE FINANCIAL YEAR

59,603

52,073

OTHER COMPREHENSIVE INCOME

Change in the value of investments

88,622

474,620

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

88,622

474,620

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

148,225

526,693

FIXED ASSETS

Tangible assets

8

18,378

1,326

Investments

9

7,949,806

6,147,049

7,968,184

6,148,375

CURRENT ASSETS

Stocks

10

3,375,017

3,363,002

Debtors

11

1,760,412

2,204,166

Cash at bank

14,303,346

1,971,156

19,438,775

7,538,324

CREDITORS

Amounts falling due within one year

12

25,948,219

12,380,674

NET CURRENT LIABILITIES

(6,509,444

)

(4,842,350

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,458,740

1,306,025

PROVISIONS FOR LIABILITIES

14

4,490

-

NET ASSETS

1,454,250

1,306,025

CAPITAL AND RESERVES

Called up share capital

15

2

2

Retained earnings

16

1,454,248

1,306,023

SHAREHOLDERS' FUNDS

1,454,250

1,306,025

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

Mr K Lowe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

2

779,330

779,332

Changes in equity

Total comprehensive income

-

526,693

526,693

Balance at 31 March 2024

2

1,306,023

1,306,025

Changes in equity

Total comprehensive income

-

148,225

148,225

Balance at 31 March 2025

2

1,454,248

1,454,250

Cash flows from operating activities

Cash generated from operations

1

56,649

(438,283

)

Tax paid

(17,148

)

(10,721

)

Net cash from operating activities

39,501

(449,004

)

Cash flows from investing activities

Purchase of tangible fixed assets

(21,365

)

-

Purchase of fixed asset investments

(1,732,673

)

(3,332,000

)

Sale of tangible fixed assets

500

-

Sale of fixed asset investments

18,182

15,874

Revaluation of fixed asset investments

356

-

Interest received

368,961

284,789

Dividends received

40,568

-

Net cash from investing activities

(1,325,471

)

(3,031,337

)

Cash flows from financing activities

Funding from (to) other Group companies

13,618,160

(7,590,415

)

Net cash from financing activities

13,618,160

(7,590,415

)

Increase/(decrease) in cash and cash equivalents

12,332,190

(11,070,756

)

Cash and cash equivalents at beginning of year

2

1,971,156

13,041,912

Cash and cash equivalents at end of year

2

14,303,346

1,971,156

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

79,275

69,221

Depreciation charges

1,741

442

Loss on disposal of fixed assets

2,073

-

Finance income

(409,529

)

(284,789

)

(326,440

)

(215,126

)

(Increase)/decrease in stocks

(12,015

)

929,041

Decrease/(increase) in trade and other debtors

443,754

(1,044,051

)

Decrease in trade and other creditors

(48,650

)

(108,147

)

Cash generated from operations

56,649

(438,283

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

14,303,346

1,971,156

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,971,156

13,041,912

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

1,971,156

12,332,190

14,303,346

1,971,156

12,332,190

14,303,346

Total

1,971,156

12,332,190

14,303,346

1.	STATUTORY INFORMATION

Cuerden Developments 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 as modified by the revaluation of certain assets.

The financial statements contain information about Cuerden Developments Limited as an individual company The company is a subsidiary and part of a medium sized group. Under the provisions of the Companies Act 2006 the parent company is required to prepare consolidated financial statements.

Going Concern

The directors have reviewed the cash requirement of the company for the 12 months following the date of the signing of these accounts and consider that there are adequate resources to meet the company's needs. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its debts for the foreseeable future not limited to a period of 12 months from the signing of these accounts. The company therefore continues to adopt the going concern basis in preparing the financial statements.

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.

Turnover

Turnover represents the net invoiced value of maintenance provided and developments sold, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are recognised at cost less depreciation.

Stocks

Work in progress is included at cost less any losses foreseen in completing and disposing of the development, less any amounts received or receivable as progress payments. For long term contracts, work in progress includes an element of attributable profit, where it is considered that the outcome of the contract can be assessed with reasonable certainty before its conclusion.

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.

3.	CRITICAL ACCOUNTING JUDGEMENTS & KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Carrying value of work-in-progress within the accounts

At each balance sheet date, management undertake an assessment of the value at which each development is held within the accounts. A provision will be made should management consider that the proceeds which ultimately will be received will be less than the carrying value within the accounts.

4.	OTHER OPERATING INCOME

2025

2024

£

£

Recharge of expenses

765,157

752,643

Ground rents

14,899

25,748

780,056

778,391

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

413,666

422,442

Social security costs

49,201

49,955

Other pension costs

184,768

183,963

647,635

656,360

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

2025

2024

Management and administration

6

5

2025

2024

£

£

Directors' remuneration

211,520

203,187

Directors' pension contributions to money purchase schemes

61,321

61,321

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

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

170,000

161,667

Pension contributions to money purchase schemes

61,321

61,321

6.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Depreciation - owned assets

1,740

442

Loss on disposal of fixed assets

2,073

-

Auditors' remuneration

10,000

10,000

Auditors' remuneration for non audit work

2,998

3,761

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

15,182

17,148

Deferred tax

4,490

-

Tax on profit

19,672

17,148

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

79,275

69,221

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

19,819

17,305

Effects of:

Expenses not deductible for tax purposes

432

530

Depreciation in excess of capital allowances

-

111

Marginal relief

(910

)

(798

)

Deferred tax movement

331

-

Total tax charge

19,672

17,148

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Change in the value of investments

88,622

-

88,622

2024

Gross

Tax

Net

£

£

£

Change in the value of investments

474,620

-

474,620

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2024

22,163

3,950

26,113

Additions

-

21,365

21,365

Disposals

-

(3,250

)

(3,250

)

At 31 March 2025

22,163

22,065

44,228

DEPRECIATION

At 1 April 2024

21,540

3,247

24,787

Charge for year

155

1,585

1,740

Eliminated on disposal

-

(677

)

(677

)

At 31 March 2025

21,695

4,155

25,850

NET BOOK VALUE

At 31 March 2025

468

17,910

18,378

At 31 March 2024

623

703

1,326

9.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 April 2024

6,147,049

Additions

1,732,673

Disposals

(18,182

)

Revaluations

88,266

At 31 March 2025

7,949,806

NET BOOK VALUE

At 31 March 2025

7,949,806

At 31 March 2024

6,147,049