Company Registration No. 10660577 (England and Wales)
GEOGHEGAN HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
6th Floor Kings House
9-10 Haymarket
London
SW1Y 4BP
GEOGHEGAN HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
5
Directors' responsibilities statement
4
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
GEOGHEGAN HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A. Geoghegan
Mr C. Geoghegan
Mr P. Geoghegan
Company number
10660577
Registered office
The Old Surgery
The Green
Ewhurst
Cranleigh
Surrey
GU6 7RP
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
GEOGHEGAN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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

Principal activities

The Group operates two wholly owned trading subsidiaries as at 31 March 2025:

- The Old Rectory in Ewhurst, Surrey - a 36 bed Residential Nursing Home; and

- The Clavadel in Guildford, Surrey - a 32 bed Post-Operative Rehabilitations centre.

Strategic update

On 21 June 2024, the Group re-acquired the 51% of The Clavadel it did not own from Vamed Management und Service GmbH ("Vamed"), restoring the Group's holding to 100% and ending the Group's joint venture partnership in the UK with Vamed.

Business review

The year 2024-25 saw strong demand for the Group's services across both nursing care and post-operative rehabilitation, drive by the Group's long track record for care excellence. Accordingly, occupancy at both businesses was strong and in line with the board's expectations.

The Group continues to invest in its existing properties, most notably with a multi-year refurbishment programme underway at The Clavadel. In addition, the Group is exploring new site opportunities for its post-operative rehabilitation offering.

The cash position of the Group as at 31 March 2025 was £2.94m (2024: £2.68m) and the Group remained conservatively geared with gross bank borrowings as at 31 March 2025 of £1.89m (2024: £1.96m).

Results of subsidiaries

The Old Rectory performed well financially in the year producing revenue of £3.66m (2024: £3.47m) and EBITDAM of £1.02m (2024: £0.98m).

In common with other Residential Nursing Homes, residents are coming later in life and with more complex care needs. Accordingly, care costs have increased in the period together with moderating inflationary pressures. Occupancy, while a little more volatile in the period, was robust averaging low-to-mid 90's percentage through the year.

Following the end of the Vamed partnership, The Clavadel returned to a March year end and accordingly is reporting financials for the 15-month period ended 31 March 2025. The business performed strongly throughout the period with occupancy at or near maximum for a business of this type. Revenue for the 15-month period was £6.64m (12 months to December 2023: £4.92m) and EBITDARM (earnings before interest, tax, depreciation, rent, management charges and intercompany) was £1.95m (12 months to December 2023: £1.52m).

GEOGHEGAN HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

On behalf of the board

.............................................
Mr A. Geoghegan
Director
Date: .............................................
GEOGHEGAN HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible for preparing the Annual 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 company, and of 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 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GEOGHEGAN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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

Principal activities

The principal activity of the company during the period was that of a holding company. The principal activity of the group during the period was that of the operation of nursing homes for private patients.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A. Geoghegan
Mr C. Geoghegan
Mr P. Geoghegan
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £453,781. The directors do not recommend payment of a further dividend.

Auditor

TC Group are deemed be be re-appointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
..............................
Mr A. Geoghegan
Director
Date: .........................
2025-12-22
GEOGHEGAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEOGHEGAN HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Geoghegan Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 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 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; 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

GEOGHEGAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEOGHEGAN HOLDINGS LIMITED
- 7 -

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 contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

GEOGHEGAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEOGHEGAN HOLDINGS LIMITED
- 8 -
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK, and the relevant waste regulations in the UK (including the Waste (England and Wales) Regulations 2011);

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

GEOGHEGAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEOGHEGAN HOLDINGS LIMITED
- 9 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The purpose of our audit work and to whom we owe our responsibilities

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 Keen FCCA (Senior Statutory Auditor)
For and on behalf of TC Group London Limited
Statutory Auditor
Date: .........................
2025-12-22
Office: London
GEOGHEGAN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
as restated
Notes
£
£
Turnover
3
6,425,848
3,576,925
Cost of sales
(3,399,554)
(2,011,738)
Gross profit
3,026,294
1,565,187
Administrative expenses
(3,742,419)
(1,353,353)
Other operating income
879,322
634,357
Operating profit
4
163,197
846,191
Interest receivable and similar income
7
50,140
82,206
Interest payable and similar expenses
8
(146,289)
(157,509)
Amounts written off investments
9
(13,466)
-
Profit before taxation
53,582
770,888
Tax on profit
11
(434,408)
(206,200)
(Loss)/profit for the financial year
(380,826)
564,688
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The company has taken advantage of section 408 of the Companies Act 2006 not to publish its own Statement of Comprehensive Income.

GEOGHEGAN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
9,312,288
8,059,721
Investments
12
-
0
(8,969)
9,312,288
8,050,752
Current assets
Debtors
15
4,343,818
3,868,295
Cash at bank and in hand
2,942,135
2,683,447
7,285,953
6,551,742
Creditors: amounts falling due within one year
16
(1,984,831)
(1,251,041)
Net current assets
5,301,122
5,300,701
Total assets less current liabilities
14,613,410
13,351,453
Creditors: amounts falling due after more than one year
17
(1,803,400)
(1,886,496)
Provisions for liabilities
Deferred tax liability
20
312,904
44,663
(312,904)
(44,663)
Net assets
12,497,106
11,420,294
Capital and reserves
Called up share capital
22
2,500
2,500
Other reserves
1,167,175
-
0
Profit and loss reserves
11,327,431
11,417,794
Total equity
12,497,106
11,420,294
GEOGHEGAN HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2025-12-22
..............................................
Mr A. Geoghegan
Director
Company registration number 10660577 (England and Wales)
GEOGHEGAN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investments
12
2,500
2,500
Capital and reserves
Called up share capital
22
2,500
2,500

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £453,781.

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

The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2025-12-22
..............................................
Mr A. Geoghegan
Director
Company registration number 10660577 (England and Wales)
GEOGHEGAN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
2,500
11,604,264
11,606,764
Effect of change in accounting policy
-
(458,491)
(458,491)
As restated
2,500
11,145,773
11,148,273
Year ended 31 March 2024:
Profit and total comprehensive income
-
564,688
564,688
Dividends
10
-
(292,667)
(292,667)
Balance at 31 March 2024
2,500
11,417,794
11,420,294
Year ended 31 March 2025:
Loss and total comprehensive income
-
(380,826)
(380,826)
Dividends
10
-
(453,781)
(453,781)
Balance at 31 March 2025
2,500
10,559,314
10,561,814
GEOGHEGAN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
2,500
-
0
2,500
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
292,667
292,667
Dividends
10
-
(292,667)
(292,667)
Balance at 31 March 2024
2,500
-
0
2,500
Year ended 31 March 2025:
Profit and total comprehensive income
-
453,781
453,781
Dividends
10
-
(453,781)
(453,781)
Balance at 31 March 2025
2,500
-
0
2,500
GEOGHEGAN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1,024,747
1,136,827
Interest paid
(146,289)
(157,509)
Income taxes paid
(754,756)
(475,250)
Net cash inflow from operating activities
123,702
504,068
Investing activities
Purchase of tangible fixed assets
(476,646)
(85,284)
Proceeds from disposal of tangible fixed assets
9,960
-
Purchase of subsidiaries, net of cash acquired
1,054,954
-
Proceeds from disposal of associates
(8,969)
14,873
Repayment of loans
37,252
(1,199,006)
Interest received
50,140
82,206
Net cash generated from/(used in) investing activities
666,691
(1,187,211)
Financing activities
Repayment of bank loans
(77,372)
504,335
Payment of finance leases obligations
(552)
(13,050)
Dividends paid to equity shareholders
(453,781)
(292,667)
Net cash (used in)/generated from financing activities
(531,705)
198,618
Net increase/(decrease) in cash and cash equivalents
258,688
(484,525)
Cash and cash equivalents at beginning of year
2,683,447
3,167,973
Cash and cash equivalents at end of year
2,942,135
2,683,447
GEOGHEGAN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
1
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty other than those disclosed in the prior period adjustment note 25.

Freehold properties

The group's freehold properties are accounted for at cost less depreciation and any impairment adjustments. The directors exercise their judgement each year to perform a review of these carrying values with reference to the nursing homes' profitability and occupancy levels to assess whether the values are appropriate and the potential need for any impairment adjustment.

2
Accounting policies
Company information

Geoghegan Holdings Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is The Old Surgery, The Green, Ewhurst, Cranleigh, Surrey, United Kingdom, GU6 7RP.

The group consists of Geoghegan Holdings Limited and all of its subsidiaries.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 18 -
2.2
Business combinations

Geoghegan Holdings Limited was incorporated on 9 March 2017. On 20 March 2017, a group reconstruction took place in which Geoghegan Holdings Limited acquired all of the shares of The Geoghegan Group (Surrey) Limited, a company domiciled and incorporated in England and Wales, via a share for share exchange. The ultimate shareholders of the group remain the same and the rights of each shareholder are unchanged.

Section 19 of FRS102 permits the use of merger accounting for group reconstructions under certain conditions. As the conditions set out in Section 19 have been met by Geoghegan's group reconstruction, merger accounting has been adopted to prepare the group consolidated financial statements to include the results and cash flows of all the combining entities as if they had existed throughout the current and previous years as a combined entity.

2.3
Basis of consolidation

The consolidated financial statements incorporate those of Geoghegan Holdings Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 March 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 19 -
2.4
Going concern

As set out in the statement of directors' responsibilities statement on page 4, in preparing these financial statements the directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. In satisfaction of this responsibility the directors have prepared forecasts (including cash flows) for the next 12 months and considered the group's ability to meet its liabilities as they fall due, based upon the information available to the directors at the date of these financial statements.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.5
Turnover

The turnover shown in the profit and loss account represents the value of services provided in the year. Invoiced amounts for services yet to be provided are accounted for as deferred income on an accruals basis.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Freehold property improvements
Over the term of lease
Plant and machinery
20 - 25% straight line
Fixtures, fittings and equipment
15% reducing balance, 20% straight line
Motor vehicles
25% reducing balance, 20 - 33% straight line

The Assets under construction have been recognised at cost and will not be depreciated until the related assets are complete and ready to use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 20 -
2.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

2.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 21 -
2.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 22 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

2.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

2.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 23 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

2.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 24 -
2.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2.18

Finance costs

Finance costs in respect of bank loan arrangements are capitalised within prepayments and amortised over a period matching the loan period.

3
Turnover and other revenue
2025
2024
£
£
Other revenue
Interest income
50,140
82,206

All of the turnover above is derived from the group's principal activity.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
454,499
-
Fees payable to the group's auditor for the audit of the group's financial statements
3,623
3,442
Depreciation of owned tangible fixed assets
293,835
173,952
Profit on disposal of tangible fixed assets
(9,169)
-
Operating lease charges
314,942
22,408
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
3
3
3
3
123
63
-
-
Total
126
66
3
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,206,511
1,886,372
-
0
-
0
Social security costs
298,167
179,895
-
-
Pension costs
29,524
25,693
-
0
-
0
3,534,202
2,091,960
-
0
-
0
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,623
3,442
Audit of the financial statements of the company's subsidiaries
19,300
17,374
22,923
20,816
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
17,483
14,839
Other interest income
32,657
67,367
Total income
50,140
82,206
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
17,483
14,839
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
141,761
157,509
Other finance costs:
Interest on finance leases and hire purchase contracts
2,699
-
Other interest
1,829
-
Total finance costs
146,289
157,509
9
Amounts written off investments
2025
2024
£
£
Other gains and losses
(13,466)
-
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
453,781
292,667
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
166,761
214,661
Adjustments in respect of prior periods
23,279
(5)
Total current tax
190,040
214,656
Deferred tax
Origination and reversal of timing differences
244,368
(8,456)
Total tax charge
434,408
206,200

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
53,582
770,888
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
13,396
192,722
Tax effect of expenses that are not deductible in determining taxable profit
448,159
116,448
Tax effect of income not taxable in determining taxable profit
(24,416)
(81,003)
Change in unrecognised deferred tax assets
308,256
(8,456)
Group relief
(136,318)
-
0
Permanent capital allowances in excess of depreciation
(197,948)
(13,511)
Under/(over) provided in prior years
23,279
-
0
Taxation charge
434,408
206,200
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Loans to associates
-
0
(8,970)
-
0
-
0
Listed investments
-
0
-
0
2,500
2,500
-
0
(8,970)
2,500
2,500
Movements in fixed asset investments
Group
Loans to associates
£
Cost or valuation
At 1 April 2024
(8,970)
8,970
At 31 March 2025
-
Carrying amount
At 31 March 2025
-
At 31 March 2024
(8,970)
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 April 2024 and 31 March 2025
2,500
Carrying amount
At 31 March 2025
2,500
At 31 March 2024
2,500
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
13
Tangible fixed assets
Group
Freehold property
Freehold property improvements
Assets under construction
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2024
8,542,964
27,647
-
0
114,351
2,514,168
261,770
11,460,900
Additions
7,193
325,511
260,000
25,656
457,925
-
0
1,076,285
Disposals
-
0
-
0
-
0
-
0
(4,699)
(23,995)
(28,694)
At 31 March 2025
8,550,157
353,158
260,000
140,007
2,967,394
237,775
12,508,491
Depreciation and impairment
At 1 April 2024
766,876
14,189
-
0
87,266
1,831,808
230,132
2,930,271
Depreciation charged in the year
85,010
17,880
-
0
8,877
169,946
12,122
293,835
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(4,699)
(23,204)
(27,903)
At 31 March 2025
851,886
32,069
-
0
96,143
1,997,055
219,050
3,196,203
Carrying amount
At 31 March 2025
7,698,271
321,089
260,000
43,864
970,339
18,725
9,312,288
At 31 March 2024
7,776,088
-
0
-
0
3,843
258,711
21,079
8,059,721
The company had no tangible fixed assets at 31 March 2025
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
The Geoghegan Group (Surrey) Limited
England
Ordinary
100.00
-
The Old Hall (Send) Co. Limited
England
Ordinary
0
100.00
The Old Rectory (Ewhurst) Co. Limited
England
Ordinary
0
100.00
The Clavadel (Guildford) Co. Limited
England
Ordinary
0
100.00
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
120,519
41,774
-
0
-
0
Corporation tax recoverable
949,700
890,531
-
0
-
0
Other debtors
2,885,484
2,854,627
-
0
-
0
Prepayments and accrued income
388,115
81,363
-
0
-
0
4,343,818
3,868,295
-
-
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
83,097
77,373
-
0
-
0
Obligations under finance leases
18
-
0
552
-
0
-
0
Trade creditors
275,876
64,960
-
0
-
0
Corporation tax payable
(3,520)
525,900
-
0
-
0
Other taxation and social security
92,202
58,904
-
-
Other creditors
1,294,861
341,584
-
0
-
0
Accruals and deferred income
242,315
181,768
-
0
-
0
1,984,831
1,251,041
-
0
-
0
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
1,803,400
1,886,496
-
0
-
0
18
Finance lease obligations

Hire purchase payments represents amounts payable by the company or group for certain items of plant and machinery. The average lease term is 2 years. All hire purchase agreements are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The liabilities are secured against the assets to which they relate.

19
Loans
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,886,497
1,963,869
-
0
-
0
Payable within one year
83,097
77,373
-
0
-
0
Payable after one year
1,803,400
1,886,496
-
0
-
0

Outstanding bank loans totalling £1,886,497 (2024 - £1,963,869) are secured by fixed and floating charges over the the property and assets of the subsidiary company, The Old Rectory (Ewhurst) Co. Ltd.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
312,904
44,663
The company has no deferred tax assets or liabilities.
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 32 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
44,663
-
Charge to profit or loss
268,241
-
Liability at 31 March 2025
312,904
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,524
25,693

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date the group owed the pension scheme £17,357 (2024 - £5,874), this balance is presented within "Other creditors".

22
Share capital
2025
2024
Ordinary share capital
£
£
Issued and fully paid
Ordinary A shares of 25p each
25
25
Ordinary B shares of 25p each
25
25
Ordinary C shares of 25p each
912
912
Ordinary D shares of 25p each
311
311
Ordinary E shares of 25p each
912
912
Ordinary F shares of 25p each
311
311
Ordinary G shares of 25p each
1
1
Ordinary H shares of 25p each
1
1
Ordinary I shares of 25p each
1
1
Ordinary J shares of 25p each
1
1
2,500
2,500
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
23
Directors' transactions

One of the directors maintains a loan account with a group company. At the start of the year the director owed the group £2,799,700. During the year the director repaid £37,252. Interest was charged at 3% on the overdrawn balance. At the year end the amount owed by the director to the group was £2,762,448.

24
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

In common with many other businesses of our size and nature we use our auditor to provide tax advice and to represent us, as necessary, at tax tribunals.

25
Prior period adjustment

Restructuring and Investment Re-statemen t

In June 2024, The Geoghegan Group (Surrey) Limited, a wholly-owned subsidiary of Geoghegan Holdings Limited, re-acquired 100% control of The Clavadel (Guildford) Co. Limited, a company registered in England, (Company No. 07839214) following the acquisition of the remaining 51% shareholding from Vamed Management und Service GmbH, a company registered in Austria (Company No. FN 80736f).

The acquisition was accounted for using the acquisition method of accounting. This policy recognises the economic substance that the Company has returned to its original ownership position. The investment in The Clavadel (Guildford) Co. Limited is therefore presented in the financial statements at its original cost of £100.

Impact of re-statement

The pre-existing 49% interest and its associated performance since February 2022 were re-stated to their proportionate carrying value (cost). The cumulative net profit impact include prior fair value adjustment and share of profit of associate profits recognised in the Profit and Loss Account, amounting to £705,638, was reversed out of retained earnings to align the investment with its book value and simplify the balance sheet presentation.

Accounting policy adapted

The Directors have determined that the economic substance of this transactions is a Group Reconstruction and the cessation of the partnership arrangement, rather than a commercial acquisition. Therefore, standard FRS 102, Section 19 (Business Combinations) has not been applied. Furthermore, the standard purchase method would have required the recognition of a material Gain on Bargain Purchase in the Profit and Loss Accounts, which the Directors believe would misrepresent the economic substance of the transaction, which was a costly resolution of a failed partnership and subsequent group restructuring.

The re-acquisition is accounted for using Merger Accounting principles by taking the investment back at the carrying value prior to the sale in 2022.

GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
25
Prior period adjustment
(Continued)
- 34 -
Changes to the balance sheet - group
As previously reported
Adjustment at 1 Apr 2023
Adjustment at 31 Mar 2024
As restated at 31 Mar 2024
£
£
£
£
Fixed assets
Investments
696,669
(458,492)
(247,146)
(8,969)
Capital and reserves
Profit and loss reserves
12,123,432
(458,492)
(247,146)
11,417,794
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 March 2024
£
£
£
Profit after taxation
564,688
-
564,688
Reconciliation of changes in equity - group
1 April
31 March
2023
2024
£
£
Adjustments to prior year
Restructuring and Investment Re-statement
(458,492)
(705,638)
Equity as previously reported
11,606,766
12,125,932
Equity as adjusted
11,148,274
11,420,294
Analysis of the effect upon equity
Profit and loss reserves
(458,492)
(705,638)
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Restructuring and Investment Re-statement
(247,147)
Profit as previously reported
811,835
Profit as adjusted
564,688
GEOGHEGAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
25
Prior period adjustment
(Continued)
- 35 -
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
292,667
Profit as adjusted
292,667
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