Ganymede Care Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 05490377

Ganymede Care Limited

Financial Statements

31 March 2025

Ganymede Care Limited

Financial Statements

Year ended 31 March 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Ganymede Care Limited

Strategic Report

Year ended 31 March 2025

Business Review Ganymede Care Limited ("Ganymede") operates The Chiswick Nursing Centre (www.chiswicknursingcentre.co.uk), one of London's largest nursing centres, providing nursing and personal care to residents with a range of complex needs. Through its subsidiary, Capital Care Villages (Dulwich) Limited and TD Bailey Limited, the Group also operates The Vale (www.thevaleliving.co.uk), an assisted living facility comprising 30 one and two-bedroom apartments and associated communal facilities available for rent. The UK nursing and residential care sector continues to operate in a demanding environment. Providers are balancing sustained demand for high-quality care (driven by an ageing population and increased acuity of need) with ongoing pressures including workforce availability and retention, increasing wage and agency costs, heightened regulatory scrutiny, and inflationary pressures across utilities, food and clinical supplies. In addition, the sector remains affected by commissioning and funding dynamics, including local authority fee levels, private fee sensitivity, and the operational impacts of hospital discharge pathways and wider NHS capacity constraints. Over the past year, The Chiswick Nursing Centre continued its return to normal operational levels. Occupancy and operational performance improved and are now approaching the Group's usual optimal levels. This progress has been supported by ongoing focus on resident experience, clinical governance, effective staffing deployment and control of operating costs while maintaining quality of care. Against this backdrop, The Vale delivered a very successful rate of lettings during the year, reflecting the strength of the local market, the quality of the accommodation and facilities, and continued demand for supported, community-based living options. Future Developments The directors anticipate further positive progress at both The Chiswick Nursing Centre and the Vale in the coming year. Priorities will include: - sustaining and, where possible, improving occupancy levels through proactive referral management and marketing. - continuing investment in people, including recruitment, training, supervision and retention initiatives to support safe staffing and eradicate reliance on agency cover; - maintaining strong clinical governance and quality assurance, including infection prevention and control practices and continuous improvement aligned to regulatory expectations; and - maintaining disciplined cost control and cash management, while ensuring the resident environment remains safe, comfortable and well maintained. The welfare of residents and frontline staff will remain the Group's overriding priority, alongside the delivery of safe, effective and compassionate care. Principal Risk and Uncertainties The directors regularly review the Group's financial and operational performance and maintain oversight of the key risks and uncertainties affecting the business. The principal risks include: - Regulatory and compliance risk: The care sector is highly regulated. Failure to maintain required standards could result in enforcement action, restrictions, reputational harm and financial impact. Management maintains policies, training and monitoring to support ongoing compliance. - Workforce risk: Recruitment and retention challenges across the UK care sector can impact service continuity and cost. The Group seeks to mitigate this through competitive employment practices, training and engagement, and active strategies to eradicate agency usage. - Cost inflation and margin pressure: Wage increases, energy costs and general inflation can compress margins if not matched by fee increases. The Group monitors cost drivers closely, reviews pricing and fee levels where appropriate, and manages procurement and rostering to protect sustainability. - Clinical and safeguarding risk: As a provider of nursing care, the Group manages clinical risks through governance arrangements, policies and procedures, staff training, incident reporting and learning, and a focus on safe care pathways. - Liquidity, cashflow and financing risk: The directors monitor liquidity and cashflow and maintain forward-looking financial planning to ensure the Group can meet its obligations as they fall due.

This report was approved by the board of directors on 28 December 2025 and signed on behalf of the board by:

Mr V Latincic

Director

Registered office:

1 Battersea Square

Battersea

London

SW11 3RZ

Ganymede Care Limited

Directors' Report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:

Mr V Latincic
Mrs C Buse
Mr A Patel
Dr N Dhandsa
Mr S Dhandsa
Mr S Winter

Dividends

The directors do not recommend the payment of a dividend.

Employment of disabled persons

It is the policy of the group that applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of employees becoming disabled all reasonable effort is made to ensure that their employment within the company continues. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of an able bodied person. It is the policy of the company that applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of employees becoming disabled all reasonable effort is made to ensure that their employment within the company continues. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of an able bodied person.

Employee involvement

During the year, the policy of providing employees with information about the group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 28 December 2025 and signed on behalf of the board by:

Mr V Latincic

Director

Registered office:

1 Battersea Square

Battersea

London

SW11 3RZ

Ganymede Care Limited

Independent Auditor's Report to the Members of Ganymede Care Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Ganymede Care Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's or the parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

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

Robert Field FCA CTA

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

30 December 2025

Ganymede Care Limited

Consolidated Statement of Comprehensive Income

Year ended 31 March 2025

		2025	2024
Note		£	£
Revenue	4	14,195,010	12,945,335

Direct costs	9,081,629	8,128,256
	-------------	-------------
Gross profit	5,113,381	4,817,079

Administrative expenses		4,158,365	3,974,343
		------------	------------
Operating profit	5	955,016	842,736

Other interest receivable and similar income	9	2,351	51,302
Interest payable and similar expenses	10	832,057	544,444
		------------	------------
Profit before taxation		125,310	349,594

Tax on profit	11	141,060	117,014
		---------	---------
(Loss)/profit for the financial year and total comprehensive income		( 15,750)	232,580
		---------	---------

All the activities of the group are from continuing operations.

Ganymede Care Limited

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	13	–	9,849
Tangible assets	14	19,571,110	19,420,269
		-------------	-------------
		19,571,110	19,430,118

Current assets

Debtors	16	1,801,013	2,105,874
Cash at bank and in hand		1,089,715	966,961
		------------	------------
		2,890,728	3,072,835

Creditors: amounts falling due within one year	17	1,953,741		2,278,252
		------------		------------
Net current assets			936,987	794,583
			-------------	-------------
Total assets less current liabilities			20,508,097	20,224,701

Creditors: amounts falling due after more than one year	18		11,497,695	11,287,396

Provisions

Taxation including deferred tax	19	443,736	354,889
		-------------	-------------
Net assets		8,566,666	8,582,416
		-------------	-------------

Capital and reserves

Called up share capital	22	59,460	59,460
Share premium account	23	7,551,212	7,551,212
Revaluation reserve	23	1,237,500	1,336,500
Profit and loss account	23	( 281,506)	( 364,756)
		------------	------------
Shareholders funds		8,566,666	8,582,416
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 28 December 2025 , and are signed on behalf of the board by:

Mr V Latincic

Director

Company registration number: 05490377

Ganymede Care Limited

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	693,548	764,021
Investments	15	2	4
		---------	---------
		693,550	764,025

Current assets

Debtors	16	15,807,082	16,078,960
Cash at bank and in hand		1,007,331	482,673
		-------------	-------------
		16,814,413	16,561,633

Creditors: amounts falling due within one year	17	1,315,661		1,636,527
		-------------		-------------
Net current assets			15,498,752	14,925,106
			-------------	-------------
Total assets less current liabilities			16,192,302	15,689,131

Creditors: amounts falling due after more than one year	18		3,405,644	3,145,644

Provisions

Taxation including deferred tax	19	31,236	41,389
		-------------	-------------
Net assets		12,755,422	12,502,098
		-------------	-------------

Capital and reserves

Called up share capital	22	59,460	59,460
Share premium account	23	7,551,212	7,551,212
Profit and loss account	23	5,144,750	4,891,426
		-------------	-------------
Shareholders funds		12,755,422	12,502,098
		-------------	-------------

The profit for the financial year of the parent company was £ 253,324 (2024: £ 254,640 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 28 December 2025 , and are signed on behalf of the board by:

Mr V Latincic

Director

Company registration number: 05490377

Ganymede Care Limited

Consolidated Statement of Changes in Equity

Year ended 31 March 2025

		Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 April 2023		59,460	7,551,212	1,336,500	( 597,336)	8,349,836

Profit for the year					232,580	232,580
		--------	------------	------------	---------	------------
Total comprehensive income for the year		–	–	–	232,580	232,580

At 31 March 2024		59,460	7,551,212	1,336,500	( 364,756)	8,582,416

Loss for the year					( 15,750)	( 15,750)
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	( 99,000)	99,000	–
		--------	------------	------------	---------	------------
Total comprehensive income for the year		–	–	( 99,000)	83,250	( 15,750)

		--------	------------	------------	---------	------------
At 31 March 2025		59,460	7,551,212	1,237,500	( 281,506)	8,566,666
		--------	------------	------------	---------	------------

Ganymede Care Limited

Company Statement of Changes in Equity

Year ended 31 March 2025

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 April 2023	59,460	7,551,212	4,636,786	12,247,458

Profit for the year			254,640	254,640
	--------	------------	------------	-------------
Total comprehensive income for the year	–	–	254,640	254,640

At 31 March 2024	59,460	7,551,212	4,891,426	12,502,098

Profit for the year			253,324	253,324
	--------	------------	------------	-------------
Total comprehensive income for the year	–	–	253,324	253,324

	--------	------------	------------	-------------
At 31 March 2025	59,460	7,551,212	5,144,750	12,755,422
	--------	------------	------------	-------------

Ganymede Care Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

(Loss)/profit for the financial year	( 15,750)	232,580

Adjustments for:
Depreciation of tangible assets	72,508	60,027
Amortisation of intangible assets	9,849	19,020
Other interest receivable and similar income	( 2,351)	( 51,302)
Interest payable and similar expenses	832,057	544,444
Loss on disposal of intangible assets	3,276	–
Tax on profit	141,060	117,014
Accrued income	( 543,381)	( 174,100)

Changes in:
Trade and other debtors	304,861	355,689
Trade and other creditors	525,156	( 1,311,313)
	------------	------------
Cash generated from operations	1,327,285	( 207,941)

Interest paid	( 832,057)	( 544,444)
Interest received	2,351	51,302
Tax paid	( 98,499)	( 66,768)
	------------	---------
Net cash from/(used in) operating activities	399,080	( 767,851)
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 223,349)	( 10,612)
Proceeds from sale of intangible assets	( 3,276)	–
	------------	---------
Net cash used in investing activities	( 226,625)	( 10,612)
	------------	---------

Cash flows from financing activities

Proceeds from borrowings	( 49,701)	543,280
	------------	---------
Net cash (used in)/from financing activities	( 49,701)	543,280
	------------	---------

Net increase/(decrease) in cash and cash equivalents	122,754	( 235,183)
Cash and cash equivalents at beginning of year	966,961	1,202,144
	------------	------------
Cash and cash equivalents at end of year	1,089,715	966,961
	------------	------------

Ganymede Care Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Battersea Square, Battersea, London, SW11 3RZ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Directors have considered the going concern position of the Group. The financial statements show a net current assets position of £935,200 (2024: £794,853). The Group creditors include balances due to connected parties that total £3,405,644 which are not due within 12 months. The connected parties have agreed to support the Group in the long term. The directors are confident the Group is capable of meeting its liabilities as they fall due over the next twelve months.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Ganymede Care Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	Over the life of the lease
Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Revenue

Revenue arises from:

	2025	2024
	£	£
Retirement apartment revenue	834,709	790,039
Care home revenue	13,360,301	12,155,296
	-------------	-------------
	14,195,010	12,945,335
	-------------	-------------

The whole of the revenue is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	9,849	19,020
Depreciation of tangible assets	72,508	60,027
Loss on disposal of intangible assets	3,276	–
Impairment of trade debtors	(42,161)	(42,891)
	--------	--------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	14,700	14,250
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	2,500	2,000
	--------	--------

During the year, the company's auditor changed from Burgess Hodgson LLP to Burgess Hodgson Audit Limited following a change in legal structure of the audit firm. The responsible individual remains the same.

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	21	7
Administrative staff	21	18
Management staff	3	3
Number of nursing staff	218	201
	----	----
	263	229
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	7,983,138	7,112,565
Social security costs	10,523	17,704
Other pension costs	120,575	119,624
	------------	------------
	8,114,236	7,249,893
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	339,920	334,019
Company contributions to defined contribution pension plans	12,597	12,475
	---------	---------
	352,517	346,494
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	4	4
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	111,156	104,769
Company contributions to defined contribution pension plans	3,890	3,783
	---------	---------
	115,046	108,552
	---------	---------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	2,351	51,302
	-------	--------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	567,861	543,280
Other interest payable and similar charges	264,196	1,164
	---------	---------
	832,057	544,444
	---------	---------

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	52,213	99,911

Deferred tax:

Origination and reversal of timing differences	88,847	17,103
	---------	---------
Tax on profit	141,060	117,014
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	125,310	349,594
	---------	---------
Profit on ordinary activities by rate of tax	31,328	87,399
Effect of expenses not deductible for tax purposes	3,761	3,779
Effect of capital allowances and depreciation	17,124	5,410
Effect of different UK tax rates on some earnings	–	(427)
FRS 102 adjustment	–	3,750
Deferred taxation adjustment	88,847	17,103
	---------	---------
Tax on profit	141,060	117,014
	---------	---------

12. Share capital

At the year end, the company had 5,940,036 £0.01 shares issued giving an ordinary share capital total at £59,460.36. Due to the rounding factor the accounts have been prepared to, the balance sheet shows an ordinary share capital of £59,940.

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	426,049
	---------
Amortisation
At 1 April 2024	416,200
Charge for the year	9,849
	---------
At 31 March 2025	426,049
	---------
Carrying amount
At 31 March 2025	–
	---------
At 31 March 2024	9,849
	---------

Company	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	235,849
	---------
Amortisation
At 1 April 2024 and 31 March 2025	235,849
	---------
Carrying amount
At 1 April 2024 and 31 March 2025	–
	---------
At 31 March 2024	–
	---------

14. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	22,463,679	798	1,680,307	12,235	24,157,019
Additions	223,349	–	–	–	223,349
	-------------	----	------------	--------	-------------
At 31 March 2025	22,687,028	798	1,680,307	12,235	24,380,368
	-------------	----	------------	--------	-------------
Depreciation
At 1 April 2024	3,174,357	320	1,549,838	12,235	4,736,750
Charge for the year	20,000	160	52,348	–	72,508
	-------------	----	------------	--------	-------------
At 31 March 2025	3,194,357	480	1,602,186	12,235	4,809,258
	-------------	----	------------	--------	-------------
Carrying amount
At 31 March 2025	19,492,671	318	78,121	–	19,571,110
	-------------	----	------------	--------	-------------
At 31 March 2024	19,289,322	478	130,469	–	19,420,269
	-------------	----	------------	--------	-------------

Company	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024 and 31 March 2025	3,813,679	1,670,933	12,235	5,496,847
	-------------	------------	--------	------------
Depreciation
At 1 April 2024	3,174,357	1,546,234	12,235	4,732,826
Charge for the year	20,000	50,473	–	70,473
	-------------	------------	--------	------------
At 31 March 2025	3,194,357	1,596,707	12,235	4,803,299
	-------------	------------	--------	------------
Carrying amount
At 31 March 2025	619,322	74,226	–	693,548
	-------------	------------	--------	------------
At 31 March 2024	639,322	124,699	–	764,021
	-------------	------------	--------	------------

Tangible assets held at valuation

As at the year end, the directors revalued the Group's land and buildings to deemed market value.

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2024	4
Disposals	( 2)
	----
At 31 March 2025	2
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	2
	----
At 31 March 2024	4
	----

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Callisto Healthcare Limited	Ordinary	100
T.D. Bailey Investments Limited	Ordinary	100
Capital Care Villages (Dulwich) Limited	Ordinary	100
Titania Limited	Ordinary	100

Ganymede Care Limited has a 100% interest in T.D. Bailey Investments Limited through its subsidiary Callisto Healthcare Limited.

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	1,134,621	1,203,944	1,130,454	1,195,031
Amounts owed by group undertakings	–	–	14,016,946	14,119,909
Prepayments and accrued income	366,590	439,323	359,880	435,728
Other debtors	299,802	462,607	299,802	328,292
	------------	------------	-------------	-------------
	1,801,013	2,105,874	15,807,082	16,078,960
	------------	------------	-------------	-------------

17. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	468,654	255,331	443,583	211,986
Accruals and deferred income	825,556	1,335,806	765,163	1,301,794
Corporation tax	53,625	99,911	36,223	83,430
Social security and other taxes	62,940	39,050	55,358	27,145
Other creditors	542,966	548,154	15,334	12,172
	------------	------------	------------	------------
	1,953,741	2,278,252	1,315,661	1,636,527
	------------	------------	------------	------------

18. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	8,092,051	8,141,752	–	–
Other creditors	3,405,644	3,145,644	3,405,644	3,145,644
	-------------	-------------	------------	------------
	11,497,695	11,287,396	3,405,644	3,145,644
	-------------	-------------	------------	------------

The group's loan finance of £8,092,051 (2024: £8,141,752) is secured by way of a fixed and floating charge over the Group's land and buildings.

19. Provisions

Group	Deferred tax (note 20)
	£
At 1 April 2024	354,889
Additions	88,847
	---------
At 31 March 2025	443,736
	---------

Company	Deferred tax (note 20)
	£
At 1 April 2024	41,389
Additions	( 10,153)
	--------
At 31 March 2025	31,236
	--------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 19)	443,736	354,889	31,236	41,389
	---------	---------	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	31,236	41,389	31,236	41,389
Deferred tax - tax on revalued property	412,500	313,500	412,500	313,500
	---------	---------	---------	---------
	443,736	354,889	443,736	354,889
	---------	---------	---------	---------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 120,575 (2024: £ 119,624 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	59,460	59,460	59,460	59,460
	--------	--------	--------	--------

23. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

24. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	966,961	122,754	1,089,715
Debt due after one year	(8,141,752)	49,701	(8,092,051)
	------------	---------	------------
	( 7,174,791)	172,455	( 7,002,336)
	------------	---------	------------

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	1,304,785	1,304,785	1,304,785	1,304,785
Later than 1 year and not later than 5 years	2,609,570	3,914,355	2,609,570	3,914,355
	------------	------------	------------	------------
	3,914,355	5,219,140	3,914,355	5,219,140
	------------	------------	------------	------------

Ganymede Care Limited

Notes to the Financial Statements (continued)

Year ended 31 March 2025

26. Related party transactions

Company

The Group has taken advantage of the exemption for disclosure requirements with wholly owned subsidiaries. As at the year end, creditors within one year included balances of £527,632 (2024: £527,632) that is due to connected parties. As at the year end, creditors over one year included balances of £3,405,644 (2024: £3,145,644) that is due to connected parties.

27. Controlling party

There is no deemed controlling party of the Ganymede Care Group.