REGISTERED NUMBER: 10050731 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

Clatterbridge PropCare Services Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mrs L Martin

Mr M A Tattersall

Mr O R T Smith

REGISTERED OFFICE:

The Clatterbridge Cancer Centre

Clatterbridge Road

Bebington

Wirral

CH63 4JY

REGISTERED NUMBER:

10050731 (England and Wales)

SENIOR STATUTORY AUDITOR:

Timothy Cherry FCCA

AUDITORS:

DJH Audit Limited

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

BANKERS:

National Westminster Bank

6 Grange Road West

Charing Cross

Birkehead

Wirral

CH41 4DF

SOLICITORS:

Hill Dickinson LLP

1 St Paul's Square

Liverpool

L3 9SJ

The principal activities of the company throughout the year were to provide facility and project management services for The Clatterbridge Cancer Centre NHS Foundation Trust (the Trust).

BUSINESS REVIEW

The company is a wholly owned subsidiary of The Clatterbridge Cancer Centre NHS Foundation Trust (the Trust).

The core services provided by the company are:

-

Managing the Trust's current estate on its Liverpool, Wirral and Aintree sites, providing maintenance and hotel services.

-

Providing project management support.

-

Provision of ad-hoc consultancy services.

The financial statements on pages 10 to 23 provide detailed information relating to the company, the operation of its business and the results and financial position for the year ending 31 March 2025.

During the period the company made good progress against key business objectives:

-

Provision of an estate that provides a safe and pleasant environment for the patients and staff of the Trust.

-

Further enhanced the service delivery to the trust with the take on provision of Materials Management to the

wards.

PRINCIPAL RISKS AND UNCERTAINTIES

The company continues to be heavily reliant on providing services to the Trust.

KEY PERFORMANCE INDICATORS

The directors monitor key performance indicators to ensure they are within acceptable parameters. These include:

- Gross profit on contracts

- Turnover

- Service delivery performance KPIs.

FUTURE DEVELOPMENTS

The company will continue to provide maintenance and hotel services to the Trust's four sites based in Liverpool, Wirral and Aintree.

The company will continue to develop opportunities to provide project and facilities management support within the healthcare sector.

TREASURY MANAGEMENT

The company operates both a bank current and deposit account in sterling with National Westminster Bank plc for trading purposes and the treasury function is managed by the parent trust in accordance with the company's procedures and policy statement.

There is no exposure to foreign currency, no derivative, swap or hedging transactions are undertaken nor does the company conduct any hedging transactions and no cash or cash equivalent investments are transacted.

SUPPLIER PAYMENT POLICY

Payment policy for external suppliers is 30 days from date of invoice.

POLITICAL AND CHARITABLE DONATIONS

The company made no political donations or incurred any political expenditure during the period.

DIRECTORS INDEMNITY INSURANCE

The company has taken insurance to cover for the personal liability of the directors and officers of the company arising from allegations of negligence in respect of their actions.

GOING CONCERN

The company's principal activities are the provision of facility and project management services to the Trust. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being a period of not less than 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the directors' report and financial statements.

ON BEHALF OF THE BOARD:

Mr O R T Smith - Director

24 December 2025

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

PRINCIPAL ACTIVITY

The principal activities of the company throughout the year were to provide facility and project management services for The Clatterbridge Cancer Centre NHS Foundation Trust (the Trust).

DIVIDENDS

A dividend was recommended after the year end of £500K based on the results for the period.

DIRECTORS

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

Mrs L Martin

Mr M A Tattersall

Mr O R T Smith

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to include information in respect of its financial risk management objectives and policies, exposure to risk and future developments in the strategic report. This information would otherwise be required to be continued in the Director's report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' 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 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 laws) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 and;

-

state whether applicable UK accounting standards have been followed.

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, DJH Audit Limited, will be deemed reappointed in accordance with section 495 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr O R T Smith - Director

24 December 2025

Opinion

We have audited the financial statements of Clatterbridge PropCare Services Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 101 'Reduced Disclosure Framework' (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 Directors' Responsibilities Statement set out on page four, 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.

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:

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to inflated revenue and profit.

Audit procedures performed included:

-

review of the financial statement disclosures to underlying supporting documentation.

-

review of any correspondence with legal advisors, and enquiries of management and those charged with

governance around actual and potential litigation and claims

-

enquiries with company's staff to identify any instances with non-compliance with laws and regulations

-

enquiries of management and review of monthly management accounts and reports in so far as they related to

the financial statements

-

testing of journals and evaluating, whether there was evidence of bias by the Directors that represented a risk

of material misstatement due to fraud, and evaluating the business rationale of significant transactions outside

the normal course of business

-

undertaking detailed substantive testing of material items and a sample of other items

-

consideration of the reasonableness of the figures and analytical review, including comparison with previous

years and expected trends

-

review of the compliance with and effectiveness of internal controls

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Timothy Cherry FCCA (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

24 December 2025

TURNOVER

19,131

19,066

Cost of sales

17,804

17,995

GROSS PROFIT

1,327

1,071

Administrative expenses

552

476

OPERATING PROFIT

775

595

Interest receivable and similar income

5

4,420

4,549

5,195

5,144

Interest payable and similar expenses

6

4,389

4,447

PROFIT BEFORE TAXATION

7

806

697

Tax on profit

8

202

175

PROFIT FOR THE FINANCIAL YEAR

604

522

PROFIT FOR THE YEAR

604

522

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

604

522

FIXED ASSETS

Owned

Tangible assets

9

-

-

Right-of-use

Tangible assets

9, 15

10

49

10

49

CURRENT ASSETS

Stocks

10

142

-

Debtors: amounts falling due within one year

11

5,969

3,896

Debtors: amounts falling due after more than one year

11

111,042

115,105

Cash at bank

4,975

7,812

122,128

126,813

CREDITORS

Amounts falling due within one year

12

9,414

10,770

NET CURRENT ASSETS

112,714

116,043

TOTAL ASSETS LESS CURRENT LIABILITIES

112,724

116,092

CREDITORS

Amounts falling due after more than one year

13

(108,828

)

(112,844

)

PROVISIONS FOR LIABILITIES

16

(544

)

(500

)

NET ASSETS

3,352

2,748

CAPITAL AND RESERVES

Called up share capital

17

-

-

Retained earnings

18

3,352

2,748

SHAREHOLDERS' FUNDS

3,352

2,748

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

Mr O R T Smith - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 April 2023

-

2,226

2,226

Changes in equity

Total comprehensive income

-

522

522

Balance at 31 March 2024

-

2,748

2,748

Changes in equity

Total comprehensive income

-

604

604

Balance at 31 March 2025

-

3,352

3,352

1.	STATUTORY INFORMATION

Clatterbridge PropCare Services 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 company (Propcare) is also a wholly owned subsidiary of The Clatterbridge Cancer Centre NHS Foundation Trust. The company provides a fully managed suite of healthcare facilities, including the new cancer centre in Liverpool, for use by the Trust in return for a unitary charge payment. The company provides value to the Trust through its specific estates focus and through its ability to manage construction and operational risk for the Trust, enabling the Trust board to focus on clinical matters. Whilst ownership of the buildings and fixed equipment will remain with the Trust, the company occupies the sites in order to construct and operate the facilities under a non-exclusive licence. The company is funded by loans and share capital from the Trust, which are intended to cover the capital cost of the new cancer centre and refurbishment of existing facilities. The company will be responsible for repaying the loans from the income received via a unitary charge as well as distributing returns to the Trust through dividends.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In preparing the financial statements, the company applies the recognition, measurement and disclosure requirements of International Accounting Standards in conformity with the Companies Act 2006, but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of FRS 101 disclosure exemptions have been taken.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

Financial asset and revenue recognition

The company has adopted IFRIC 12 - Service Concession Arrangements whereby the client, the Contracting Authority, has contracted with the Company to construct the Cancer Care Hospital on the campus of the Royal Liverpool University Hospital and subsequently provide facilities management services at the site for a period of 25 years. IFRIC 12 draws a distinction between two types of concession arrangements, financial asset and intangible assets. This arrangement has been classified as a financial asset only.

In accordance with IFRIC 12 the Company has an unconditional right to receive specified or determinable amounts of cash from Contracting Authority in return for constructing and providing facilities management services at the hospital. In the construction phase, income was recognised with a 0.5% mark-up percentage on the construction costs representing the fair value of the Company’s project management of the construction phase.

Once operational, interest income is recognised on a time basis with reference to the principal amount outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition. Due to the nature of the contractual arrangements the projected cash flows can be estimated with a high degree of certainty.

Other revenue

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is recognised at the fair value of the consideration receivable, excluding VAT. To the extent that revenue relates to the project agreement, the fair value is determined by the directors assessment of the revenues allocated to each of the services provided.

Revenue from facilities management services is recognised once the company is entitled to this revenue by reference to its performance in accordance with contract terms. This is generally by reference to the provision of services over a specified period of time.

The company also received revenues in respect of its contractual obligations to undertake certain replacement and refurbishment works over the period of its contracts ("lifecycle repairs"). Where such revenue is received is advanced of performance, it is held as deferred revenue.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

50% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year compromises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occured at that date.

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 future taxable profits.

Leases

The company assesses whether contracts entered into constitute a lease. A contract is, or contains a lease, if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control an identified asset, the Company uses the definition of a lease as set out by IFRS 16.

Company as Lessee

When a lease is identified, the Company recognises a right of use asset and a lease liability at the commencement date of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at the rate implicit in the lease or the Company's incremental cost of borrowing, and are subsequently amortised using the effective interest method. The unwinding of the discount is recognised as an interest expense in the Income Statement. The right of use asset is initially measured at the value of the lease liability plus any initial direct costs and is then subsequently depreciated over the remaining term of the lease on a straight line basis.

Company as intermediate lessor

For the majority of the Company's leasing arrangements, they are the intermediate lessor, and sub-leased their leased assets to another party. The impact of this, is that the right of use assets described above are de-recognised in the financial statements, and replaced with a lease receivable, with any difference between the two amounts being taken to the profit and loss account. The lease receivable is measured as the net investment in the lease which is the lease payments receivable discounted at the discount rate implicit in the lease. This is classified within debtors in the financial statements (note 11), with the interest income arising from the discounting of the cash receivable being recognised within interest income in the Income Statement.

Employee benefit costs

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

Staff who transferred from the NHS under the Transfer of Undertakings Employment continue their membership of the two NHS pension schemes. Details of the benefits payable and rules of the Schemes can be found on the NHS Pensions website at www.nhsbsa.nhs.uk\pensions. Both are unfunded defined benefit schemes. They are not designed to be run in a way that would enable the NHS bodies to identify their share of the underlying assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme: the cost to the company is taken as equal to the contributions payable into that scheme for the accounting period.

The company also operates a defined contribution plan for employees recruited from outside the NHS. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Provisions

The company's contractual obligations require it to undertake certain replacement and refurbishment works over the period of these arrangements ("Lifecycle repairs").

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recongised as a finance cost in profit or loss in the period it arises.

Debtors

Short term debtors are measured at transaction price, less any expected credit losses.

Creditors

Short term trade creditors are measured at the transaction price.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans to related parties.

Financial assets that are measured at cost or amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the statement of financial position date.

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

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£'000

£'000

Wages and salaries

841

727

Social security costs

89

80

Other pension costs

60

55

990

862

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

31.3.25

31.3.24

15

14

4.	DIRECTORS' EMOLUMENTS

31.3.25

31.3.24

£

£

Directors' remuneration

122,572

113,504

5.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.3.25

31.3.24

£'000

£'000

Finance interest receivable

4,420

4,549

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£'000

£'000

Finance interest payable

4,389

4,447

7.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

31.3.24

31.3.23

£'000

£'000

Depreciation

38

9

Auditors' remuneration

25

19

8.

TAXATION

Analysis of tax expense

31.3.25

31.3.24

£'000

£'000

Current tax:

Tax

202

175

Total tax expense in income statement

202

175

9.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£'000

COST

At 1 April 2024

96

Disposals

(36

)

At 31 March 2025

60

DEPRECIATION

At 1 April 2024

47

Charge for year

39

Eliminated on disposal

(36

)

At 31 March 2025

50

NET BOOK VALUE

At 31 March 2025

10

At 31 March 2024

49

10.

STOCKS

31.3.25

31.3.24

£'000

£'000

Stocks

142

-

11.

DEBTORS

31.3.25

31.3.24

£'000

£'000

Amounts falling due within one year:

Amounts owed by group undertakings

1,848

-

Financial asset

3,876

3,734

Lease receivable

154

154

Prepayments

91

8

5,969

3,896

Amounts falling due after more than one year:

Financial asset

108,955

112,831

Lease receivable

1,162

1,303

Prepayments

925

971

111,042

115,105

Aggregate amounts

117,011

119,001

Amounts owed by group undertakings are repayable on demand and attract no interest.

Reconciliation of financial asset:

31.03.25

31.03.24

£'000

£'000

Opening balance

116,565

119,202

Unitary charge received

(8,003

)

(8,003

)

Interest receivable

4,269

5,366

Closing balance

112,831

116,565

Included within the above closing balance is amounts of £108,955k due after one year (2024: £112,831k)

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£'000

£'000

Other loans (see note 14)

3,865

3,725

Trade creditors

1,133

3,783

Amounts owed to group undertakings

94

859

Tax

202

174

Social security and other taxes

24

22

VAT

942

102

Other creditors

8

18

Lease payable

164

185

Accruals and deferred income

2,982

1,902

9,414

10,770

Included within other creditors is a balance of £8k (2024: £14k) relating to pension contributions.

Amounts owed to group undertakings are repayable on demand and attract no interest.

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£'000

£'000

Other loans (see note 14)

107,666

111,531

Lease payable

1,162

1,313

108,828

112,844

14.

FINANCIAL LIABILITIES - BORROWINGS

31.3.25

31.3.24

£'000

£'000

Current:

1 year or less

3,865

3,725

Non-current:

More than 1 year

107,666

111,531

Terms and debt repayment schedule

1 year or

More than

less

2 - 5 years

5 years

Totals

£'000

£'000

£'000

£'000

Other loan

3,725

16,970

90,696

111,531

15.

LEASING

Right-of-use assets

Tangible fixed assets

31.3.25

31.3.24

£'000

£'000

COST

At 1 April 2024

96

36

Additions

-

60

Disposals

(36

)

-

60

96

DEPRECIATION

At 1 April 2024

47

9

Charge for year

39

38

Eliminated on disposal

(36

)

-

50

47

NET BOOK VALUE

10

49

16.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£'000

£'000

Other provisions

544

500