REGISTERED NUMBER: 13552350 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

WELFORD HEALTHCARE CHH LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTOR:

Mr M P Madden

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

LE1 7RU

REGISTERED NUMBER:

13552350 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Phillip Bott FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

The director presents his strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The Director is pleased with the strong results for the year which have been achieved in a challenging and strong market. Despite market pressures, occupancy has remained strong and fees increasingly competitive due to a focused sales strategy and ongoing contract negotiation with local authorities. Overall performance is greatly improved from prior year, this is largely due to the focus on sustainable sales, strong occupancy, and a stabilised workforce albeit with the impact of increasing workforce costs. The group continue to seek opportunities for further growth through independent developments.

The group has continued to develop its working practices and governance to ensure homes meet Care Quality

Commission (CQC) standards. Internal quality assurance monitoring accurately reflects the CQC inspection standard

and the company is committed to working with the CQC to maintain the delivery of high quality care.

This year has seen the growth of the group with the addition of Verulam House Nursing Home and The Westbury Care Home.

Welford Healthcare ChH Limited acquired on incorporation 100% of the shares of Welford St Albans Ltd.

On 10 September 2024, Welford St Albans Ltd acquired 100% of the shares of Verulam Health Care Limited.

On 25 June 2024, Welford Healthcare STH Limited completed the purchase of the trading assets of The Westbury Care Home.

The results of each care home can be found in the individual financial statements for the subsidiary companies that own them as delivered to Companies House detailed below:

Company

Care Home

Jubilee Care Limited

Churchill House Care Home

Welford Healthcare STH Limited

Stanshawes Care Home

Welford Healthcare STH Limited

The Westbury Care Home

Langford Park Limited

Langford Park Care Home

Ivybank Care Limited

Ivybank House Care Home

Verulam Health Care Limited

Verulam House Nursing Home

The results for the year and the financial position of the group are as shown in the annexed financial statement.

Performance of the business and outlook

The prior year financial period covered 13 months, from 01 April 2023 to 30 April 2024, which is not directly comparable to the current year's 12-month period. For comparative purposes, the prior year's income has been prorated to a 12-month period to allow for a more meaningful analysis of performance trends as detailed below.

The group has performed well with a turnover of £16,741,715 (2024: £10,435,819).

The Gross profit in the period was 45.8% (2024: 48.2%).

Our KPI's for the year are as follows:

KPI's £

2025

01/04/2023 to 30/04/2024 (13 Month Period)

01/04/2023 to 30/04/2024 (Prorated 12 Month Period)

Turnover

16,742

10,436

9,633

Gross profit

7,559

5,035

4,647

Gross profit %

45.2%

48.2%

48.2%

Operating profit

2,138

1,456

1,344

Operating profit %

12.7%

14.0%

14.0%

Net (loss)/ profit

(174)

277

255

Net assets

756

929

929

EBITDARM

4,346

3,168

2,924

EBITDARM is profit as measured using UK GAAP principles adjusted for the effects of Interest, Taxes, Depreciation, Amortisation, Rent and Management Fees. EBITDARM is reported to the board as management considers that it provides a useful proxy for the Group's operating profit excluding non-cash items and costs that can be variable or negotiated, such as rent and management fees.

As a care home provider one of our main KPI's relate to the provision of care and are non-financial. As at 30 April 2025 the occupancy levels for each care home in the group were as follows:

2025

2024

Churchill House Care Home

98%

95%

Stanshawes Care Home

90%

93%

The Westbury Care Home

88%

N/A

Langford Park Care Home

92%

87%

Ivybank House Care Home

87%

55%

Verulam House Nursing Home

89%

N/A

The Westbury Care Home and Verulam House Nursing home were brought in the current year and therefore there are no prior year comparatives.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks for the group considered during the year ending 30 April 2025 are:

- Staff Recruitment - the ability to recruit and retain qualified carers and nurses is a continuing challenge for the

whole sector. It impacts directly on the costs of operating care homes and the subsequent quality of care delivered.

- Home Occupancy - The group faces competition from other care providers in the regions in which it operates. If a home were to experience an increase in the volume of vacant rooms or the duration of vacancies, income streams and profitability of the care home can be impacted. The group manages occupancy levels continually and works to ensure relationships with local authorities and other commissioning bodies remain strong to ensure that room voids are filled as promptly as possible.

- Government Policy and Legislation Change - The group's operations are closely regulated by the Care Quality Commission (CQC). The consequences of non-compliance with regulations could be significant. The group has a robust system in place to ensure adherence to policies and compliance with regulatory requirements. Changes to CQC compliance are monitored to ensure policies and processes reflect any updates to ensure quality ratings are maintained. Risks also include those around health and safety compliance, legislative requirements and contractual risks.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

10 December 2025

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of care for elderly residents and those living with dementia or a physical disability.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.

POST BALANCE SHEET EVENTS

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

Mr M P Madden held office during the whole of the period from 1 May 2024 to the date of this report.

DISABLED EMPLOYEES

The group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continuing employment wherever

practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

ENGAGEMENT WITH EMPLOYEES

The maintenance of a highly skilled workforce is essential to the future of the group. Every effort is made to ensure the future career development of existing staff, particularly in areas of new technology and quality. It is group policy to involve all employees in matters affecting their functions, and updated on core group business issues. Communication of these matters is achieved through a variety of means and communication tools.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M P Madden - Director

10 December 2025

Opinion

We have audited the financial statements of Welford Healthcare ChH Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 30 April 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 Auditors' 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 director's 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, significant one-off or unusual transaction, going concern and the CQC rating.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with

laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of a sample of occupancy reports in the year to ensure these were correctly recorded in revenue and detailed cut off testing around the year end to ensure revenue is correctly recognised.

- A review of laws and regulations the company is subject to, being specifically the CQC review and rating and

discussion with management to ensure no instances of non compliance.

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

- A review of the going concern of the company through an inspection of the after date position, consideration of group support and a review of management's going concern assessment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Mr Phillip Bott FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

11 December 2025

TURNOVER

3

16,741,715

10,435,819

Cost of sales

9,182,929

5,401,270

GROSS PROFIT

7,558,786

5,034,549

Administrative expenses

5,420,892

3,578,902

OPERATING PROFIT

5

2,137,894

1,455,647

Interest payable and similar expenses

6

2,067,599

921,762

PROFIT BEFORE TAXATION

70,295

533,885

Tax on profit

7

244,521

255,940

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(174,226

)

277,945

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(174,226

)

277,945

(Loss)/profit attributable to:

Owners of the parent

(174,226

)

277,945

Total comprehensive income attributable to:

Owners of the parent

(174,226

)

277,945

FIXED ASSETS

Intangible assets

9

571,155

505,531

Tangible assets

10

26,217,516

17,848,927

Investments

11

-

-

26,788,671

18,354,458

CURRENT ASSETS

Debtors

12

10,948,383

2,925,331

Cash at bank and in hand

687,275

1,475,053

11,635,658

4,400,384

CREDITORS

Amounts falling due within one year

13

11,286,275

4,120,295

NET CURRENT ASSETS

349,383

280,089

TOTAL ASSETS LESS CURRENT LIABILITIES

27,138,054

18,634,547

CREDITORS

Amounts falling due after more than one year

14

(26,214,715

)

(17,605,115

)

PROVISIONS FOR LIABILITIES

17

(167,596

)

(99,463

)

NET ASSETS

755,743

929,969

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

755,643

929,869

SHAREHOLDERS' FUNDS

755,743

929,969

The financial statements were approved by the director and authorised for issue on 10 December 2025 and were signed by:

Mr M P Madden - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

2,264,954

2,322,709

2,264,954

2,322,709

CURRENT ASSETS

Debtors

12

2,714,089

589,882

Cash at bank

91,878

721,558

2,805,967

1,311,440

CREDITORS

Amounts falling due within one year

13

4,377,177

3,472,193

NET CURRENT LIABILITIES

(1,571,210

)

(2,160,753

)

TOTAL ASSETS LESS CURRENT LIABILITIES

693,744

161,956

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

693,644

161,856

SHAREHOLDERS' FUNDS

693,744

161,956

Company's profit for the financial year

531,788

161,856

The financial statements were approved by the director and authorised for issue on 10 December 2025 and were signed by:

Mr M P Madden - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

651,924

652,024

Changes in equity

Total comprehensive income

-

277,945

277,945

Balance at 30 April 2024

100

929,869

929,969

Changes in equity

Total comprehensive income

-

(174,226

)

(174,226

)

Balance at 30 April 2025

100

755,643

755,743

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

-

100

Changes in equity

Profit for the period

-

161,856

161,856

Total comprehensive income

-

161,856

161,856

Balance at 30 April 2024

100

161,856

161,956

Changes in equity

Profit for the year

-

531,788

531,788

Total comprehensive income

-

531,788

531,788

Balance at 30 April 2025

100

693,644

693,744

Cash flows from operating activities

Cash generated from operations

1

3,022,401

2,935,921

Interest paid

(2,067,599

)

(921,762

)

Tax paid

(281,325

)

(210,225

)

Net cash from operating activities

673,477

1,803,934

Cash flows from investing activities

Purchase of intangible fixed assets

(298,536

)

(325,464

)

Purchase of tangible fixed assets

(493,367

)

(349,703

)

Sale of tangible fixed assets

5,748

5,000

Cash received on acquisition

-

53,554

Net cash from investing activities

(786,155

)

(616,613

)

Cash flows from financing activities

Capital repayments in year

(396,289

)

(312,942

)

Amount withdrawn by directors

(278,811

)

-

Net cash from financing activities

(675,100

)

(312,942

)

(Decrease)/increase in cash and cash equivalents

(787,778

)

874,379

Cash and cash equivalents at beginning of year

2

1,475,053

600,674

Cash and cash equivalents at end of year

2

687,275

1,475,053

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

Period

1.4.23

Year ended

to

30.4.25

30.4.24

£

£

Profit before taxation

70,295

533,885

Depreciation charges

1,278,818

881,549

Loss/(profit) on disposal of fixed assets

7,054

(5,000

)

Foreign exchange differences

(101,883

)

-

Finance costs

2,067,599

921,762

3,321,883

2,332,196

Increase in trade and other debtors

(86,255

)

(720,316

)

(Decrease)/increase in trade and other creditors

(213,227

)

1,324,041

Cash generated from operations

3,022,401

2,935,921

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

687,275

1,475,053

Period ended 30 April 2024

30.4.24

1.4.23

£

£

Cash and cash equivalents

1,475,053

600,674

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.5.24

Cash flow

changes

At 30.4.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,475,053

(787,778

)

687,275

1,475,053

(787,778

)

687,275

Debt

Hire purchase and

finance leases

(18,061,474

)

396,289

(8,977,195

)

(26,642,380

)

Debts falling due

within 1 year

-

(7,548,117

)

-

(7,548,117

)

(18,061,474

)

(7,151,828

)

(8,977,195

)

(34,190,497

)

Total

(16,586,421

)

(7,939,606

)

(8,977,195

)

(33,503,222

)

1.	STATUTORY INFORMATION

Welford Healthcare ChH Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Comparative Figures

The comparative figures are for 13 month period of trading to 30 April 2024.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (its subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Accounting policies consistent with those of the parent are used and all intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

The consolidated financial statements incorporate the results of business combinations using the purchase method as outlined in the business combination policy. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable excluding discounts and

rebates.

Turnover represents income receivable from health and care provision services rendered and goods supplied.

Turnover is recognised in the accounting period in which the company obtains the right to consideration in

exchange for its performance.

Goodwill

Purchased goodwill, being the amount paid in excess of the fair value of the assets acquired, on the acquisition of the businesses from 2022 to date, is being amortised evenly and respectively over its estimated useful life of five years. During the year, an additional amount of purchased good will was recognised in relation to business acquisition.