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Registration number: 08688249

Alina Care Holdings Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 30 April 2025

Alina Care Holdings Limited

Contents

Company Information | 1
Directors' Report | 2 to 3
Strategic Report | 4
Chief Executive's statement | 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Consolidated Profit and Loss Account | 10 to 11
Consolidated Balance Sheet | 12
Balance Sheet | 13
Consolidated Statement of Changes in Equity | 14
Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17 to 28

Alina Care Holdings Limited

Company Information

Directors | J R Deeley F A Kee Bridges Fund Management Limited P J Steadman

Company secretary | P J Steadman

Registered office | Manor House Church Street Leatherhead Surrey KT22 8DN

Solicitors | Harrison Clark Rickerbys Limited 5 Deansway Worcester WR1 2JG

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Alina Care Holdings Limited

Directors' Report for the Year Ended 30 April 2025

The directors present their report and the for the year ended 30 April 2025.

Directors of the company

The directors who held office during the year were as follows:

J R Deeley

K F Ford (resigned 16 December 2024)

F A Kee

J C Pickford (resigned 31 March 2025)

Bridges Fund Management Limited

P J Steadman

Financial instruments

Objectives and policies

The board constantly monitors the group's trading results and revise projections as appropriate to ensure that the group can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to the usual credit and cash flow risk associated with selling on credit and manages this through credit control procedures. The group has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that these trends will continue and that these cash flows will be sufficient for the group to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Future developments

Future prospects remain strong, underpinned by both the ageing population and ongoing Government policy of promoting care in the community. Whilst the short term environment is expected to remain competitive the directors remain confident that the group will continue to improve its current level of performance in the future and will continue to trade as a going concern.

Employment of disabled persons

The company’s policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Employee involvement

The company encourages the involvement of employees in its management through regular departmental meetings.

Streamlined energy and carbon reporting (SECR)

The group is considered to be exempt from the requirements to present the information required under SECR disclosures, due to all of its subsidiary undertakings not needing to report at an individual level on the grounds of size and the parent entity being a low energy consumer during the year.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Alina Care Holdings Limited

Directors' Report for the Year Ended 30 April 2025

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 29 July 2025 and signed on its behalf by:

P J Steadman
Director

Alina Care Holdings Limited

Strategic Report for the Year Ended 30 April 2025

The directors present their strategic report for the year ended 30 April 2025.

Principal activity

The principal activity of the Company is that of a non-trading holding company.
The principal activity of the group is the provision of care and support for people with complex continuing health needs.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £43,354,726 (2024 - £46,613,482) and an operating profit of £6,170,744 (2024 - £6,120,305). At 30 April 2025, the group had total assets less current liabilities of £4,815,774 (2024 - £6,229,538). The directors consider the performance for the year and the financial position at the year end to be satisfactory.
On 16 December 2024 the Group sold its Disability Support business to Swanton Care and Community Limited and is therefore now focussed wholly on its Care at Home business.

As part of the management accounts, the directors use Key Performance Indicators (‘KPIs’) to assist in the understanding of the development, performance and financial position of the group's business. The KPIs used by the company to measure its own performance include divisional revenue, adjusted operating profit, adjusted operating margin, hours of care provided, new care packages won, Care Quality Commission (CQC) ratings and operating cash flow conversion.

Principal risks and uncertainties

The management of the business and the execution of the group’s strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the ongoing compliance with current and future legislation affecting the sector, the extent of social care funding, and the availability of care and support workers.

Approved by the Board on 29 July 2025 and signed on its behalf by:

P J Steadman
Director

Alina Care Holdings Limited

Chief Executive's statement for the Year Ended 30 April 2025

Chief Executive's statement

I am pleased to report that the Alina Homecare Group traded strongly over the last financial year. During the year we stayed true to our original mission to make excellent quality care and support services available to people across the south of England, and to provide a supportive and engaging environment for our great care team.
On 16 December 2024 we sold our Disability Support business to Swanton Care and Community Limited which we consider to be a perfect partner to enable that business to continue to grow and make a difference to people’s lives. The Alina Group is therefore now focussed wholly on its Care at Home business.
We now operate from 49 branch locations providing hourly and 24/7 live-in care for the elderly, enabling them to live independently in the community. We provide services predominantly to private individuals, but also to Local Authorities and the NHS, and have continued to maintain a strong focus on innovation in health and social care to enrich the lives of those we support.
The core strategy of the Alina Homecare group is to expand our network of homecare branches across the South of England to bring high quality care and support to more people. This strategy is closely aligned with market demand where Government policy is increasingly focused on care in the community rather than residential settings, and demographic shifts mean that in future people will increasingly need to fund their own homecare.
We acknowledge the importance of our relationships with suppliers and recognise our responsibility to consider their interests alongside those of our shareholders. Throughout the financial year, the Directors have actively engaged with suppliers and considered the potential impact of the Company's decisions on them. We understand that maintaining constructive relationships with our suppliers is crucial for the sustainability and resilience of our business operations. We believe that our approach to supplier engagement supports the Group’s long-term success and value creation for all stakeholders.
The reality is that we would not have achieved all this without the energy, motivation and dynamism of the wider Alina team. All our employees showed very strong resilience through the year and focused at all times on delivering the ‘Alina Difference’ to those we support. I would like to thank every member of staff personally for their contribution to keeping people safe and making Alina Homecare a really great place to work. We are an organisation with a well-defined ‘team’ culture where ‘doing the right thing’ is the accepted norm. Accordingly, information regarding the Group is provided to employees through various channels ranging from email news, newsletters, online systems, staff forums and local staff events. Staff are encouraged to get involved in the future organisation by providing ideas for innovation and improvement through management meetings, supervisions and a central email. The Directors spend considerable time during the year in branches engaging with local teams to ensure that in making decisions concerning the Group’s activities, they fully understand the impact of those decisions on both staff and the people we support.
These are some of the reasons why, without exception, all our branches that have been inspected by the Care Quality Commission have been rated ‘Good’ or ‘Outstanding’ for the excellent care services they deliver. This relentless focus on quality care delivery is further supported by our most recent customer survey in which 98% of our customers expressed satisfaction with the care they received. Additionally, based on feedback from our service users, Alina Homecare has for the fifth time been recognised as one of the Top 20 Homecare Providers in the UK by independent reviewer ‘Homecare.co.uk’.
James Deeley
Chief Executive

Alina Care Holdings Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report, Strategic 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 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 apply them consistently;
• | make judgements and accounting estimates that are reasonable and prudent;
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Alina Care Holdings Limited

Independent Auditor's Report to the Members of Alina Care Holdings Limited

Opinion

We have audited the financial statements of Alina Care Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 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.

Alina Care Holdings Limited

Independent Auditor's Report to the Members of Alina Care Holdings Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

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 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 Statement of Directors' Responsibilities set out on page 6, 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 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:

Alina Care Holdings Limited

Independent Auditor's Report to the Members of Alina Care Holdings Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).
In identifying and assessing risks of material mis-statement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the company's operations. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws.
• We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, those responsible for legal and compliance procedures.
• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur.
Audit procedures performed by the engagement team included:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. Detailed analysis of journals posted through the accounting system during the year to 30 April 2023 has been undertaken;
• Understanding the controls in place to prevent and detect fraud. Reliance was not placed on controls for the entirety of the audit, instead taking a substantive testing approach, however controls were in place to prevent fraud, and they appeared to be working effectively;
• Challenging assumptions and judgements made by management in its significant accounting estimates.

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 auditor's report.

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.

Joanne Hartness (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

29 July 2025

Alina Care Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2025

| Note | Continuing operations 2025 £ | Discontinued operations 2025 £ | Total 2025 £ | Continuing operations 2024 £ | Discontinued operations 2024 £ | Total 2024 £
Turnover | 3 | 26,773,312 | 16,581,414 | 43,354,726 | 22,670,174 | 23,943,308 | 46,613,482
Cost of sales |  | (13,688,469) | (11,478,085) | (25,166,554) | (11,074,752) | (16,223,246) | (27,297,998)
Gross profit |  | 13,084,843 | 5,103,329 | 18,188,172 | 11,595,422 | 7,720,062 | 19,315,484
Administrative expenses |  | (9,857,899) | (2,159,529) | (12,017,428) | (9,413,145) | (3,782,034) | (13,195,179)
Operating profit | 4 | 3,226,944 | 2,943,800 | 6,170,744 | 2,182,277 | 3,938,028 | 6,120,305
Profit on disposal of operations | 15 | - | 12,395,959 | 12,395,959 | - | - | -
Other interest receivable and similar income | 6 | 38,141 | - | 38,141 | 21,995 | - | 21,995
Interest payable and similar expenses | 7 | (549,487) | (59,668) | (609,155) | (1,006,502) | - | (1,006,502)
|  | (511,346) | (59,668) | (571,014) | (984,507) | - | (984,507)
Profit before tax |  | 2,715,598 | 15,280,091 | 17,995,689 | 1,197,770 | 3,938,028 | 5,135,798
Tax on profit | 11 | (1,147,443) | (298,929) | (1,446,372) | (535,090) | (860,362) | (1,395,452)
Profit for the financial year |  | 1,568,155 | 14,981,162 | 16,549,317 | 662,680 | 3,077,666 | 3,740,346

The group has no recognised gains or losses for the year other than the results above.

Alina Care Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2025

The table below illustrates the Group EBITDA:

| 2025 £ | 2024 £
Profit on ordinary activities before taxation | 17,995,689 | 5,135,798
Depreciation | 82,655 | 112,653
Amortisation and impairment of goodwill | 244,882 | 313,391
Profit on disposal of investments | (12,395,959) | -
Interest receivable and similar income | (38,141) | (21,995)
Interest payable and similar charges | 609,155 | 1,006,502
Exceptional administrative expenses | 273,287 | 650,976
Earnings before interest, tax, depreciation and amortisation of goodwill (EBITDA) | 6,771,568 | 7,197,325

Alina Care Holdings Limited

(Registration number: 08688249)
Consolidated Balance Sheet as at 30 April 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 450,008 | 3,160,520
Tangible assets | 13 | 129,972 | 131,898
|  | 579,980 | 3,292,418
Current assets |  |  |
Debtors: Amounts falling due within one year | 16 | 3,443,653 | 6,544,018
Cash at bank and in hand |  | 2,994,165 | 2,492,183
|  | 6,437,818 | 9,036,201
Creditors: Amounts falling due within one year | 17 | (2,202,024) | (6,099,081)
Net current assets |  | 4,235,794 | 2,937,120
Total assets less current liabilities |  | 4,815,774 | 6,229,538
Creditors: Amounts falling due after more than one year | 17 | - | 6,463,081
Capital and reserves |  |  |
Called up share capital | 20 | 660,252 | 660,252
Share premium reserve |  | 375,000 | 375,000
Capital redemption reserve |  | 35,050 | 35,050
Profit and loss account |  | 3,745,472 | (1,303,845)
Shareholders deficit |  | 4,815,774 | (233,543)
Total capital, reserves and long term liabilities |  | 4,815,774 | 6,229,538

Approved and authorised by the Board on 29 July 2025 and signed on its behalf by:

P J Steadman
Director

Alina Care Holdings Limited

(Registration number: 08688249)
Balance Sheet as at 30 April 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 14 | 1 | 1
Current assets |  |  |
Debtors | 16 | 1,070,301 | 1,070,301
Net assets |  | 1,070,302 | 1,070,302
Capital and reserves |  |  |
Called up share capital | 20 | 660,252 | 660,252
Share premium reserve |  | 375,000 | 375,000
Capital redemption reserve |  | 35,050 | 35,050
Total equity |  | 1,070,302 | 1,070,302

The company made a profit for the financial year of £nil (2024 - profit of £nil).

Approved and authorised by the Board on 29 July 2025 and signed on its behalf by:

P J Steadman
Director

Alina Care Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2025
Equity attributable to the parent company

| Share capital £ | Share premium £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 May 2024 | 660,252 | 375,000 | 35,050 | (1,303,845) | (233,543)
Profit for the year | - | - | - | 16,549,317 | 16,549,317
Dividends | - | - | - | (11,500,000) | (11,500,000)
At 30 April 2025 | 660,252 | 375,000 | 35,050 | 3,745,472 | 4,815,774

| Share capital £ | Share premium £ | Capital redemption reserve £ | Retained earnings £ | Total £
At 1 May 2023 (as previously stated) | 660,252 | 375,000 | 35,050 | (3,448,395) | (2,378,093)
Prior period adjustment | - | - | - | 550,972 | 550,972
At 1 May 2023 (As restated) | 660,252 | 375,000 | 35,050 | (2,897,423) | (1,827,121)
Profit for the year | - | - | - | 3,740,346 | 3,740,346
Dividends | - | - | - | (2,146,768) | (2,146,768)
At 30 April 2024 | 660,252 | 375,000 | 35,050 | (1,303,845) | (233,543)

Alina Care Holdings Limited

Statement of Changes in Equity for the Year Ended 30 April 2025

| Share capital £ | Share premium £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 May 2024 | 660,252 | 375,000 | 35,050 | - | 1,070,302
Profit for the year | - | - | - | 11,500,000 | 11,500,000
Dividends | - | - | - | (11,500,000) | (11,500,000)
At 30 April 2025 | 660,252 | 375,000 | 35,050 | - | 1,070,302

| Share capital £ | Share premium £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 May 2023 | 660,252 | 375,000 | 35,050 | - | 1,070,302
Profit for the year | - | - | - | 2,146,768 | 2,146,768
Dividends | - | - | - | (2,146,768) | (2,146,768)
At 30 April 2024 | 660,252 | 375,000 | 35,050 | - | 1,070,302

Alina Care Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 16,549,317 | 3,740,346
Adjustments to cash flows from non-cash items |  |  |
Depreciation, amortisation and impairment | 4 | 327,537 | 426,044
Profit from disposals of investments |  | (12,395,959) | -
Finance income | 6 | (38,141) | (21,995)
Finance costs | 7 | 609,155 | 1,006,502
Taxation | 11 | 1,446,372 | 1,395,452
|  | 6,498,281 | 6,546,349
Working capital adjustments |  |  |
Decrease in debtors | 16 | 403,984 | 474,405
Increase in creditors | 17 | 776,110 | 202,030
Cash generated from operations |  | 7,678,375 | 7,222,784
Income taxes paid | 11 | (1,327,444) | (572,937)
Net cash flow from operating activities |  | 6,350,931 | 6,649,847
Cash flows from investing activities |  |  |
Interest received |  | 38,141 | 21,995
Acquisitions of tangible assets |  | (80,729) | (88,407)
Net proceeds from sale of intangible assets |  | 13,646,598 | -
Net cash flows from investing activities |  | 13,604,010 | (66,412)
Cash flows from financing activities |  |  |
Interest paid |  | (452,959) | (806,561)
Repayment of bank loan borrowings |  | (7,500,000) | (2,500,000)
Dividends paid |  | (11,500,000) | (2,146,768)
Net cash flows from financing activities |  | (19,452,959) | (5,453,329)
Net increase in cash and cash equivalents |  | 501,982 | 1,130,106
Cash and cash equivalents at 1 May |  | 2,492,183 | 1,362,077
Cash and cash equivalents at 30 April |  | 2,994,165 | 2,492,183

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Manor House
Church Street
Leatherhead
Surrey
KT22 8DN

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made no profit or loss after tax for the financial year (2023 - £nil).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

As required by FRS 102, the directors have assessed the value of intangible assets acquired under the business combinations in the current and prior year. This assessment requires judgement to be applied in the identification and valuation of intangible assets, as well as the amortisation rates to be applied. The directors have utilised the services of an expert to assist them with these judgements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | Over the term of the lease
Fixtures, fittings and equipment | 20%-33.33% straight line

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Asset class | Amortisation method and rate
Goodwill | Straight line over 20 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Revenue

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 82,655 | 112,653
Amortisation expense | 244,882 | 313,391
Operating lease expense - property rentals | 757,824 | 791,396
Operating lease expense - office equipment | 1,844 | 3,074

| 5 | Exceptional items

| 2025 £ | 2024 £
Exceptional costs | 273,287 | 650,976

Exceptional costs in the current and prior year include start-up costs and one-off legal and consultancy costs.

| 6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income | 38,141 | 21,995

| 7 | Interest payable and similar expenses

| 2025 £ | 2024 £
Finance costs adjacent to interest | 257,492 | 246,047
Interest on bank borrowings | 317,228 | 745,023
Other interest payable | 34,435 | 15,432
| 609,155 | 1,006,502

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 29,906,460 | 32,617,966
Social security costs | 2,539,934 | 2,601,700
Pension costs, defined contribution scheme | 492,593 | 526,658
| 32,938,987 | 35,746,324

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 284 | 262
Care | 1,780 | 1,619
| 2,064 | 1,881

Company
The company incurred no staff costs and had no employees other than the directors.

| 9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 979,214 | 853,747
Contributions paid to money purchase schemes | 1,321 | 3,962
| 980,535 | 857,709

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 4 | 3

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 287,357 | 238,886

| 10 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 26,400 | 25,800
Other fees to auditors |  |
All other non-audit services | 20,220 | 22,050

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 11 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 1,366,798 | 1,362,721
UK corporation tax adjustment to prior periods | 77,548 | 15,277
| 1,444,346 | 1,377,998
Deferred taxation |  |
Arising from origination and reversal of timing differences | 1,918 | 17,454
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods | 108 | -
Total deferred taxation | 2,026 | 17,454
Tax expense in the income statement | 1,446,372 | 1,395,452

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 17,995,689 | 5,135,798
Corporation tax at standard rate | 4,498,922 | 1,283,950
Effect of revenues exempt from taxation | (3,132,848) | -
Effect of expense not deductible in determining taxable profit (tax loss) | 5,605 | (2,391)
Increase in UK and foreign current tax from adjustment for prior periods | 77,548 | 13,836
Tax (decrease)/increase from effect of capital allowances and depreciation | (2,963) | 81,161
Tax increase from other short-term timing differences | 108 | 18,896
Total tax charge | 1,446,372 | 1,395,452

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £
Difference between accumulated depreciation and amortisation and capital allowances | 5,697
Other timing differences | 5,052
| 10,749

2024 | Asset £
Difference between accumulated depreciation and amortisation and capital allowances | 15,927
Other timing differences | 12,578
| 28,505

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 12 | Intangible assets

Group

| Goodwill £
Cost
At 1 May 2024 | 8,563,644
Disposals | (4,494,235)
At 30 April 2025 | 4,069,409
Amortisation
At 1 May 2024 | 5,403,124
Amortisation charge | 244,882
Amortisation eliminated on disposals | (2,028,605)
At 30 April 2025 | 3,619,401
Carrying amount
At 30 April 2025 | 450,008
At 30 April 2024 | 3,160,520

| 13 | Tangible assets

Group

| Leasehold improvements £ | Fixtures, fittings and equipment £ | Total £
Cost
At 1 May 2024 | 133,005 | 175,617 | 308,622
Additions | 12,444 | 90,090 | 102,534
Disposals | (87,975) | (33,573) | (121,548)
At 30 April 2025 | 57,474 | 232,134 | 289,608
Depreciation
At 1 May 2024 | 74,537 | 102,187 | 176,724
Charge for the year | 32,837 | 49,818 | 82,655
Eliminated on disposal | (72,459) | (27,284) | (99,743)
At 30 April 2025 | 34,915 | 124,721 | 159,636
Carrying amount
At 30 April 2025 | 22,559 | 107,413 | 129,972
At 30 April 2024 | 58,468 | 73,430 | 131,898

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 14 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 1 | 1

Subsidiaries | £
Cost and carrying amount
At 1 May 2024 and at 30 April 2025 | 1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Country of incorporation | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024

Subsidiary undertakings
Alina Care Limited | England and Wales | Ordinary | 100% | 100%
Alina Homecare Limited | England and Wales | Ordinary | 100% | 100%
Alina Homecare Bromsgrove Limited | England and Wales | Ordinary | 100% | 100%
Alina Homecare Stevenage Limited | England and Wales | Ordinary | 100% | 100%
Alina Homecare Barnet Limited | England and Wales | Ordinary | 100% | 100%
TCD (Holdings) Limited | England and Wales | Ordinary | 0% | 100%
Alina Homecare Specialist Care Limited | England and Wales | Ordinary | 0% | 100%
MyDiary Software Limited | England and Wales | Ordinary | 0% | 100%
Alina Homecare Services Limited | England and Wales | Ordinary | 100% | 100%

The principal activity of Alina Care Limited and TCD (Holdings) Limited is that of a holding company.
The principal activity of Alina Homecare Limited, Alina Homecare Stevenage Limited, Alina Homecare Bromsgrove Limited, Alina Homecare Specialist Care Limited and Alina Homecare Services Limited is the provision of care services.
The principal activity of Alina Homecare Barnet Limited is that of a dormant company.
The principal activity of MyDiary Software Limited is the provision of online reporting facilities to the care sector.
During the year, the group sold its full shareholding in Alina Homecare Specialist Care Limited, MyDiary Software Limited and TCD (Holdings) Limited.
All group subsidiaries have the same registered office as Alina Care Holdings Limited.

| 15 | Disposal of subsidiary

On 16 December 2024, the group disposed of its interest in TCD (Holdings) Limited, Alina Homecare Specialist Care Limited and MyDiary Software Limited. The gain on disposal of these entities was £12,395,959 inclusive of legal and professional fees incurred of £1,007,430. During the period these entities contributed £14,981,162 to the group's profit after tax including the above gain on disposal.

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 16 | Debtors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 565,184 | 3,137,404 | - | -
Amounts owed by group undertakings |  | - | - | 1,070,299 | 1,070,299
Other debtors |  | 551,663 | 914,677 | 2 | 2
Prepayments |  | 297,641 | 406,380 | - | -
Accrued income |  | 2,018,416 | 2,057,052 | - | -
Deferred tax assets | 11 | 10,749 | 28,505 | - | -
|  | 3,443,653 | 6,544,018 | 1,070,301 | 1,070,301

| 17 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 18 | - | 880,723 | - | -
Trade creditors |  | 272,709 | 468,277 | - | -
Social security and other taxes |  | 364,244 | 622,916 | - | -
Outstanding defined contribution pension costs |  | 49,049 | 120,316 | - | -
Other creditors |  | 75,668 | 115,184 | - | -
Accrued expenses |  | 1,139,054 | 2,400,041 | - | -
Corporation tax | 11 | 301,300 | 1,491,624 | - | -
|  | 2,202,024 | 6,099,081 | - | -
Due after one year |  |  |  |  |
Loans and borrowings | 18 | - | 6,463,081 | - | -

| 18 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | - | 880,723 | - | -

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | - | 6,463,081 | - | -

The bank loans were fully repaid during the year, following the sale of certain of the company's subsidiaries.

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

| 19 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £492,593 (2024 - £526,658).
Contributions totalling £49,049 (2024 - £120,316) were payable to the scheme at the end of the year and are included in creditors.

| 20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £0.5000 each | 750,000 | 375,000 | 750,000 | 375,000
Ordinary B shares of £1 each | 285,000 | 285,000 | 285,000 | 285,000
Ordinary C shares of £0.0100 each | 25,000 | 250 | 25,000 | 250
Ordinary D shares of £0.0001 each | 18,700 | 2 | 18,700 | 2
| 1,078,700 | 660,252 | 1,078,700 | 660,252

Rights, preferences and restrictions

The different classes of share referred to above carry separate rights to dividends and capital.

| 21 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 308,994 | 362,960
Later than one year and not later than five years | 317,571 | 329,745
| 626,565 | 692,705

| 22 | Related party transactions

During the year the group made the following related party transactions:
During the year, the Group incurred monitoring fees of £36,000 (2024 - £36,000) payable to Bridges Fund Management Limited, its ultimate controlling party.

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.

Alina Care Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Loans to related parties

| Key management £
At 1 May 2024 | 482,783
Repaid | (482,783)
At 30 April 2025 | -

The loans to key management were interest free until 31 December 2023. Since that date, interest accrues at the equivalent rate charged on bank loans. The maximum loan amount during the year was £482,783.
The loans to key management were repaid in full during the year.

| 23 | Parent and ultimate parent undertaking

The ultimate controlling party is Bridges Fund Management Limited, a company registered in England and Wales.