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REGISTERED NUMBER: SC164048 (Scotland)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

| FOR |

| AVONDALE CARE (SCOTLAND) LIMITED |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 30 April 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 6 |

Energy and Carbon Report forming part of the Report of the Directors | 8 |

Report of the Independent Auditors | 9 |

Consolidated Statement of Comprehensive Income | 12 |

Consolidated Balance Sheet | 13 |

Company Balance Sheet | 14 |

Consolidated Statement of Changes in Equity | 15 |

Company Statement of Changes in Equity | 16 |

Consolidated Cash Flow Statement | 17 |

Notes to the Consolidated Cash Flow Statement | 18 |

Notes to the Consolidated Financial Statements | 19 |

AVONDALE CARE (SCOTLAND) LIMITED

COMPANY INFORMATION

for the year ended 30 April 2025

| DIRECTORS: | G A Hendry

| C J Hendry

| A Hendry

| REGISTERED OFFICE: | Carrondale House

| Beaumont Drive

| Carron

| Falkirk

| Stirlingshire

| FK2 8SN

| REGISTERED NUMBER: | SC164048 (Scotland)

| AUDITORS: | S&W Audit

| Statutory Auditor

| Chartered Accountants

| Q Court

| 3 Quality Street

| Edinburgh

| EH4 5BP

| BANKERS: | Barclays Bank plc

| Unit 2, 10-15 Princes Street

| Edinburgh

| EH2 2AN

| SOLICITORS: | Bellwether Green

| 28 Rutland Square

| Edinburgh

| EH1 2BW

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

GROUP STRATEGIC REPORT

for the year ended 30 April 2025

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The care home sector remains challenging with Government funding still not meeting the true cost of care. Fee increases from the Scottish Government merely address the stipulated wage increases and do little for the increase in overheads felt by all businesses including the care home sector. As a result there are very few new builds being constructed to deal with the increasing demand as operators cannot justify the investment in new builds. Unless this situation is addressed in the near to medium future care for vulnerable citizens will not be available.

Income has increased by 9.4% from the previous year as a result of the (National Care Home Contract NCHC settlement from COSLA in April 2024.

Wages have increased by 10.2% as a result of the agreement in the National Care Home contract to pay the Real Living Wage for carer together with associated differentials for Senior care assistants. Nurses pay increases are dictated by the Agenda for Change increases. Wages to income ratio for the group has remained steady at 53.5%.

Overheads have increased by 10.5% due to rising costs, offset in part by a return of reasonable energy rates which we have 'locked in' for longer periods to maintain stability and eliminate the steep rises which can occur according to world events. The overheads to income ratio has remained steady at 15.5%

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties have not really changed for over a decade and there seems to be no real plan in place to change these crucial elements.

Poor Funding

Continues to be an issue. The settlement for this financial year made in April 2024 was 6.7%. Once again this covers wage increases stipulated in the NCHC agreement but does not fully address increase in overhead costs. This has been the case for a decade and support of the Scottish Care Members for the National Care Home Contract is waning. .

Again there has been no further progress on the cost of care calculator which Scottish Care argue would calculate the true cost of care. The Scottish Government continue to say that the increase to the NCHC is the responsibility of COSLA and COSLA continue to say that they are underfunded by the Scottish Government. It is clear the Scottish Government must be involved in the process but there will be no appetite to tackle the lack of funding with elections looming in 2026. The focus of the Scottish Government is clearly the NHS and it would appear they do not see the Social Care Sector is an important part of the Health System allowing people who require care at Home or residence in a care facility to move out of hospital and reduce bed-blocking in NHS hospitals. .

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

GROUP STRATEGIC REPORT

for the year ended 30 April 2025

Recruitment

Recruitment continues to be extremely challenging. There are the usual battles between staff pay for retail and supermarket outlets and the better NHS/Council pay rates for domestics and care assistants which make recruitment very difficult.

There are also more and more agencies appearing and they are taking staff from care homes. They pay staff more and in turn charge care homes at least 50% more per hour if they use agency staff. The whole agency industry is not well regulated by the Care Inspectorate and this needs to be addressed.

We continue to bolster our recruitment by hiring employees from overseas. This is a complicated and costly process and requires a great deal of administration. The UK Government Home Office changes to immigration have made this process more difficult as they try to reduce immigration numbers. It should be noted that overseas staff in the care sector are legal and immediately have a job and are paying required taxes from day one. The effort to reduce legitimate overseas recruitment has not been matched by any initiatives to help social care recruit local staff and so this will put an increased strain on care home recruitment.

Increasing costs

We have been subject to cost of living increases fuelled by rising inflation as have most businesses and individuals. Our energy costs, however, have decreased as we exited expensive energy contracts for more reasonable priced contracts. We are choosing to take longer energy contracts to improve stability given the volatility of energy markets and how they can be drastically affected by world events.

We have been subject to increasing interest charges as interest rates have risen which does put a financial strain on the business. Interest rates are more stable but interest charges have increased significantly. While this is not included in EBITDA calculations it is a real cost which has to be paid and reduces the amount of money available for refurbishment, resident activities, equipment renewal etc.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

GROUP STRATEGIC REPORT

for the year ended 30 April 2025

SECTION 172(1) STATEMENT

This statement sets out how the directors comply with the requirement of section 172 Companies Act 2006. It is important to the Directors to develop strong. Positive relationships with our employees, residents and relatives, suppliers, Local Authorities and Local Multi-disciplinary NHS and Health and Social care Partnership teams.

Employees

We are a relatively small group with four care homes situated in Fife and Falkirk. Two of the three directors are actively engaged in the business on a daily basis and live in the Falkirk and Fife area respectively. They visit the care homes every day during the week and engage with management, staff, residents, relatives, allied health professionals and suppliers. We use questionnaires to gain feedback from employees, relatives and residents and review that feedback to make positive changes for our residents and employees. Feedback from these questionnaires becomes part of our continually evolving improvement plan.

The Directors have a clear understanding that our employees are of paramount importance to help us reach our goals and have invested in technology to help our employees deliver the highest level of care to our residents. Care Planning, Medical administration records and Time and attendance have all been digitalized and we have improved our wi-fi coverage and broad-band to ensure these systems operate smoothly. Leased lines which supply internet connections directly to each home have been purchased to increase the upload and download speeds of the wi-fi to ensure our digital system work to their full capacity.

Residents and relatives

The Directors engage with relatives and residents on a daily basis in all 4 care homes. The engagement can be informal chats, scheduled meeting or through regular questionnaires. It is our goal to produce the highest quality person-centred care and this is a continual process involving listening to feedback from relatives, residents and allied health professionals and making appropriate changes.

Local Authorities and NHS

The Directors have developed good relationships with Local Authorities and Local NHS teams. We strive to provide the services required by Local Authorities and NHS and work closely particularly with the NHS regarding training. The relationship strengthened during Covid as we have liaised with local teams regarding infection control. The teams audit our processes and offer guidance for improvements which we always implement.

Through our work with adults (18-65) we have enhanced our liaison with NHS complex care teams and have gained a very good reputation for caring for residents with complex needs.

Suppliers

The Directors value good working relationships with Suppliers and strive to develop long-lasting mutually beneficial relationships with them. We liaise with our key suppliers regularly and discuss our business making suppliers aware of any changes which may affect their business. We have worked for over twenty years with some of our key suppliers and treat all suppliers with respect and integrity.

Regulators

The Directors and management liaise with the regulators of our services and make appropriate changes regarding requirements and recommendations in a timely manner. The Directors always attend Care Inspectorate feedback sessions after an inspection so that they can fully engage with the Inspection process. Any changes within the service are firstly discussed with the regulators so we can have their valued input..

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

GROUP STRATEGIC REPORT

for the year ended 30 April 2025

Communities and Environment

The Directors realise that each care home is an individual community and try to engage with the community with several events at each home during the year ( e.g.Summer fete, fireworks, barbecues, Christmas events). For example this years firework event at Glenbervie care home attracted over 500 people (many families) who enjoyed fireworks and food at a very reasonable price. Proceeds go to the resident's comfort fund.

The directors are aware of their responsibility towards the environment and expanded the solar panel electrical input at all homes in 2025. With respect to recycling we separate cardboard, plastic and aluminium.

Business Conduct

Directors strive for the highest standard of business conduct while promoting the long- term success of the group.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes through bank borrowings and overdraft facilities.

Management's objectives are to:

- Retain sufficient liquid funds to enable the group to meet its day to day obligations as they fall due.

Hedge accounting is not used by the group.

ON BEHALF OF THE BOARD:

G A Hendry - Director

8 January 2026

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

REPORT OF THE DIRECTORS

for the year ended 30 April 2025

The directors present their 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 residential care activities for the elderly and disabled.

DIVIDENDS

Dividends declared in the year amounted to £564,825 (2024 - £424,611).

DIRECTORS

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

G A Hendry

C J Hendry

A Hendry

DISABLED EMPLOYEES

The group gives full and fair consideration to applications for employment from disabled persons where the requirement of the job may be adequately covered by a handicapped or disabled person.

With regards to existing employees who became disabled, the group has continued to examine ways of providing continuing employment under normal terms and conditions and to provide training, career development and promotion where appropriate.

EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the group has continued through regular meetings and consultation held between management and employees. This facilitates a free flow of information and ideas on matters of concern to the employees and allows the views and concerns of the employees to be taken into account when decisions are being made which are likely to affect their interests. Additionally, this encourages the involvement of the employees of the financial and economic factors affecting the performance of the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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 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 company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

REPORT OF THE DIRECTORS

for the year ended 30 April 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

G A Hendry - Director

8 January 2026

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

ENERGY AND CARBON REPORT

FORMING PART OF THE REPORT OF THE DIRECTORS

for the year ended 30 April 2025

The Streamlined Energy and Carbon Reporting (SECR) report covers information in relation to energy and carbon usage for the period 1 May 2024 to 30 April 2025 as required under the SECR regulations 2019.

The total Kwh consumption across all sites and activities is 2,770,781, a 0.5% increase on last year, and can be split between electricity (1,099,027) and gas (1,671,754). This corresponds to emissions of 568.4 tonnes of carbon dioxide equivalent (tCO2e), a 0.75% increase on last year.

The total annual emissions have been normalised against an intensity metric, which the group has chosen as annual revenue and full-time equivalent staff (FTE). This gives an annual intensity metric output of 26.7 tCO2e/£m and 1.10 tCO2e/FTE.

The analysis above has included all energy records from all relevant energy suppliers from electricity and gas meters, as well as transport emissions from mileage logs for company owned vehicles.

The group has historically undertaken several energy efficiency initiatives in order to reduce energy costs and reduce reliance on the electrical grid. Additional work is ongoing in relation to utilising low-carbon and renewable technologies and improving the performance of the building management systems. The group have also begun implementing a sustainability and energy measurement plan to reduce the group's emissions and increase awareness of the sustainability measures being introduced. The energy management plan is aimed at reducing emissions through changing and improving staff behaviour, increasing stakeholder engagement, improved monitoring and targeting as well as implementing energy efficiency measures such as lighting improvements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMING PART OF THE REPORT OF THE DIRECTORS

AVONDALE CARE (SCOTLAND) LIMITED

Opinion

We have audited the financial statements of Avondale Care (Scotland) Limited (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 profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMING PART OF THE REPORT OF THE DIRECTORS

AVONDALE CARE (SCOTLAND) LIMITED

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 Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept 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 six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the Company/Group through discussions with directors and other management, and from our commercial knowledge;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company/Group, including the Companies Act 2006, taxation legislation, employment and data protection;

- We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence;

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assess the susceptibility of material misstatement within the Company/Group's financial statements, including obtaining an understanding of how fraud might occur by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

FORMING PART OF THE REPORT OF THE DIRECTORS

AVONDALE CARE (SCOTLAND) LIMITED

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgement and assumptions made in determining accounting estimates were indicative of potential bias; and

- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual potential litigation and claims; and

- Reviewing correspondence.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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.

Craig Hunter (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

9 January 2026

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 30 April 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 21,261,696 |  | 19,428,479 |  |

Cost of sales | (13,084,334 | ) | (11,839,626 | ) |

GROSS PROFIT | 8,177,362 |  | 7,588,853 |  |

Administrative expenses | (3,309,425 | ) | (2,993,461 | ) |

4,867,937 |  | 4,595,392 |  |

Other operating income | 5 | 9,800 |  | - |  |

OPERATING PROFIT | 7 | 4,877,737 |  | 4,595,392 |  |

Interest receivable and similar income | 122,113 |  | 127,574 |  |

4,999,850 |  | 4,722,966 |  |

Interest payable and similar expenses | 9 | (473,103 | ) | (685,742 | ) |

PROFIT BEFORE TAXATION | 4,526,747 |  | 4,037,224 |  |

Tax on profit | 10 | (1,210,873 | ) | (862,146 | ) |

PROFIT FOR THE FINANCIAL YEAR | 3,315,874 |  | 3,175,078 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation of heritable property | 1,814,574 |  | 17,528,384 |  |

Income tax relating to other comprehensive income | (339,340 | ) | (4,328,003 | ) |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 1,475,234 |  | 13,200,381 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,791,108 |  | 16,375,459 |  |

Profit attributable to:

Owners of the parent | 3,315,874 |  | 3,175,078 |  |

Total comprehensive income attributable to:

Owners of the parent | 4,791,108 |  | 16,375,459 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

CONSOLIDATED BALANCE SHEET

30 April 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | (161,037 | ) |

Tangible assets | 14 | 43,839,294 |  | 42,094,210 |  |

Investments | 15 | - |  | - |  |

43,839,294 |  | 41,933,173 |  |

CURRENT ASSETS

Stocks | 16 | 1,100 |  | 1,100 |  |

Debtors | 17 | 1,774,648 |  | 1,434,123 |  |

Cash at bank and in hand | 6,588,556 |  | 7,297,990 |  |

8,364,304 |  | 8,733,213 |  |

CREDITORS

Amounts falling due within one year | 18 | (3,220,509 | ) | (5,921,518 | ) |

NET CURRENT ASSETS | 5,143,795 |  | 2,811,695 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 48,983,089 |  | 44,744,868 |  |

CREDITORS

Amounts falling due after more than one year | 19 | (5,184,507 | ) | (5,560,320 | ) |

PROVISIONS FOR LIABILITIES | 24 | (7,564,957 | ) | (7,177,206 | ) |

NET ASSETS | 36,233,625 |  | 32,007,342 |  |

CAPITAL AND RESERVES

Called up share capital | 25 | 37,500 |  | 37,500 |  |

Revaluation reserve | 22,846,071 |  | 21,567,244 |  |

Capital redemption reserve | 12,500 |  | 12,500 |  |

Retained earnings | 13,337,554 |  | 10,390,098 |  |

36,233,625 |  | 32,007,342 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

G A Hendry - Director

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

COMPANY BALANCE SHEET

30 April 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | - |  |

Tangible assets | 14 | 7,411,418 |  | 8,618,710 |  |

Investments | 15 | 2,240,400 |  | 2,240,400 |  |

9,651,818 |  | 10,859,110 |  |

CURRENT ASSETS

Stocks | 16 | 1,100 |  | 1,100 |  |

Debtors | 17 | 4,247,050 |  | 3,661,329 |  |

Cash at bank and in hand | 874,778 |  | 1,522,822 |  |

5,122,928 |  | 5,185,251 |  |

CREDITORS

Amounts falling due within one year | 18 | (1,108,587 | ) | (1,215,447 | ) |

NET CURRENT ASSETS | 4,014,341 |  | 3,969,804 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,666,159 |  | 14,828,914 |  |

CREDITORS

Amounts falling due after more than one year | 19 | (5,184,507 | ) | (5,560,320 | ) |

PROVISIONS FOR LIABILITIES | 24 | (1,071,007 | ) | (1,362,204 | ) |

NET ASSETS | 7,410,645 |  | 7,906,390 |  |

CAPITAL AND RESERVES

Called up share capital | 25 | 37,500 |  | 37,500 |  |

Revaluation reserve | 4,989,110 |  | 5,854,131 |  |

Capital redemption reserve | 12,500 |  | 12,500 |  |

Retained earnings | 2,371,535 |  | 2,002,259 |  |

7,410,645 |  | 7,906,390 |  |

Company's profit for the financial year | 816,849 |  | 867,690 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

G A Hendry - Director

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 30 April 2025

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 May 2023 | 37,500 |  | 7,486,439 |  | 8,520,055 |  | 12,500 |  | 16,056,494 |  |

Changes in equity

Dividends | - |  | (424,611 | ) | - |  | - |  | (424,611 | ) |

Total comprehensive income | - |  | 3,175,078 |  | 13,200,381 |  | - |  | 16,375,459 |  |

Transfer between reserves | - |  | 153,192 |  | (153,192 | ) | - |  | - |  |

Balance at 30 April 2024 | 37,500 |  | 10,390,098 |  | 21,567,244 |  | 12,500 |  | 32,007,342 |  |

Changes in equity

Dividends | - |  | (564,825 | ) | - |  | - |  | (564,825 | ) |

Total comprehensive income | - |  | 3,315,874 |  | 1,475,234 |  | - |  | 4,791,108 |  |

Transfer between reserves | - |  | 196,407 |  | (196,407 | ) | - |  | - |  |

Balance at 30 April 2025 | 37,500 |  | 13,337,554 |  | 22,846,071 |  | 12,500 |  | 36,233,625 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

COMPANY STATEMENT OF CHANGES IN EQUITY

for the year ended 30 April 2025

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 May 2023 | 37,500 |  | 1,498,056 |  | 3,482,490 |  | 12,500 |  | 5,030,546 |  |

Changes in equity

Dividends | - |  | (424,611 | ) | - |  | - |  | (424,611 | ) |

Total comprehensive income | - |  | 867,690 |  | 2,432,765 |  | - |  | 3,300,455 |  |

Transfer between reserves | - |  | 61,124 |  | (61,124 | ) | - |  | - |  |

Balance at 30 April 2024 | 37,500 |  | 2,002,259 |  | 5,854,131 |  | 12,500 |  | 7,906,390 |  |

Changes in equity

Dividends | - |  | (564,825 | ) | - |  | - |  | (564,825 | ) |

Total comprehensive income | - |  | 816,849 |  | (747,769 | ) | - |  | 69,080 |  |

Transfer between reserves | - |  | 117,252 |  | (117,252 | ) | - |  | - |  |

Balance at 30 April 2025 | 37,500 |  | 2,371,535 |  | 4,989,110 |  | 12,500 |  | 7,410,645 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

CONSOLIDATED CASH FLOW STATEMENT

for the year ended 30 April 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 5,379,168 |  | 5,009,448 |  |

Interest paid | (471,350 | ) | (684,044 | ) |

Interest element of hire purchase payments paid | (1,753 | ) | (1,698 | ) |

Tax paid | (1,248,244 | ) | (729,958 | ) |

Net cash from operating activities | 3,657,821 |  | 3,593,748 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (551,761 | ) | (210,518 | ) |

Sale of tangible fixed assets | 35,236 |  | 16,000 |  |

Interest received | 122,113 |  | 127,574 |  |

Net cash from investing activities | (394,412 | ) | (66,944 | ) |

Cash flows from financing activities

Loan repayments in year | (3,368,611 | ) | (426,397 | ) |

Hire purchase repayments | (39,411 | ) | (22,240 | ) |

Amount introduced by directors | 4 |  | 5,217 |  |

Equity dividends paid | (564,825 | ) | (424,611 | ) |

Net cash from financing activities | (3,972,843 | ) | (868,031 | ) |

(Decrease)/increase in cash and cash equivalents | (709,434 | ) | 2,658,773 |  |

Cash and cash equivalents at beginning of year | 2 | 7,297,990 |  | 4,639,217 |  |

Cash and cash equivalents at end of year | 2 | 6,588,556 |  | 7,297,990 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

for the year ended 30 April 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 4,526,747 |  | 4,037,224 |  |

| Depreciation charges | 423,299 |  | 418,305 |  |

| Loss/(profit) on disposal of fixed assets | 1,682 |  | (9,784 | ) |

| Amortisation - negative goodwill | - |  | (195,065 | ) |

| Finance costs | 473,103 |  | 685,742 |  |

| Finance income | (122,113 | ) | (127,574 | ) |

5,302,718 |  | 4,808,848 |  |

| (Increase)/decrease in trade and other debtors | (340,538 | ) | 385,400 |  |

| Increase/(decrease) in trade and other creditors | 416,988 |  | (184,800 | ) |

| Cash generated from operations | 5,379,168 |  | 5,009,448 |  |

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 | 6,588,556 |  | 7,297,990 |  |

| Year ended 30 April 2024

| 30.4.24 |  | 1.5.23

£ | £ |

| Cash and cash equivalents | 7,297,990 |  | 4,639,217 |  |

3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| At 1.5.24 | Cash flow | At 30.4.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 7,297,990 |  | (709,434 | ) | 6,588,556 |  |

7,297,990 |  | (709,434 | ) | 6,588,556 |  |

| Debt

| Finance leases | (39,411 | ) | 39,411 |  | - |  |

| Debts falling due within 1 year | (3,368,611 | ) | 3,028,611 |  | (340,000 | ) |

| Debts falling due after 1 year | (5,524,507 | ) | 340,000 |  | (5,184,507 | ) |

(8,932,529 | ) | 3,408,022 |  | (5,524,507 | ) |

| Total | (1,634,539 | ) | 2,698,588 |  | 1,064,049 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 30 April 2025

1. | STATUTORY INFORMATION

| Avondale Care (Scotland) Limited is a private company, limited by shares, registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

| The Directors have assessed the ability of the group/company to continue as a going concern. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

| BASIS OF CONSOLIDATION

| The consolidated financial statements present the results of the company and its subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. 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.

| ASSOCIATES

| An entity is treated as a joint venture where the group is a party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.

| An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

| In the consolidated financial statements, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the associate. The consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

| Any premium on acquisition is dealt with in accordance with the goodwill policy.

| SIGNIFICANT JUDGEMENTS AND ESTIMATES

| Preparation of the financial statements requires management to make significant judgements and estimates. The directors consider that the key judgements/estimates affecting the financial statements are in relation to the carrying value of land and buildings, which are recorded at valuation. The directors make use of an external valuer when required to assist them in making their judgement/estimate over the carrying value.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

3. | ACCOUNTING POLICIES - continued

| TURNOVER

| The turnover shown in the income statement represents amounts receivable, in respect of the provision of elderly care, during the year. Turnover is recognised when the agreed period of service has expired, with payments in advance deferred until the period in which the service is provided.

| GOODWILL

| Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 5 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

| Negative goodwill is released to the income statement up to the fair value of non-monetary assets acquired, over the periods in which the non-monetary assets are recovered and any excess over the fair value of non-monetary assets in the income statement over the period expected to benefit.

| INTANGIBLE ASSETS

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| TANGIBLE FIXED ASSETS

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

| Heritable property | - | 2% per annum on cost and over 50 years

| Equipment | - | 20% per annum reducing balance and 15% per annum reducing balance

| Fixtures and fittings | - | 20% per annum reducing balance and 15% per annum reducing balance

| Motor vehicles | - | 25% per annum reducing balance

| Computer equipment | - | 33% per annum on cost and 20% per annum reducing balance

| Land is not depreciated.

| An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

| All fixed assets are initially recorded at cost. The cost of freehold property has subsequently been adjusted to take into account revaluations. Gains and losses arising from these revaluations are taken to the revaluation reserve.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

3. | ACCOUNTING POLICIES - continued

| STOCKS

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

| Cost comprises the purchase cost of consumable items.

| FINANCIAL INSTRUMENTS

| The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

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

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

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

| TAXATION

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| DEFERRED TAX

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

3. | ACCOUNTING POLICIES - continued

| HIRE PURCHASE AND LEASING COMMITMENTS

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a straight line basis over the lease term.

| Benefits received and receivable as an incentive to sign an operating lease are recongised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| PENSION COSTS

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate. The assets of the scheme are held separately from those of the group. The annual contributions payable are charged to the income statement.

| FUNCTIONAL CURRENCY AND PRESENTATION CURRENCY

| The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates. For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling (£).

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Residential care services | 21,261,696 |  | 19,428,479 |  |

21,261,696 |  | 19,428,479 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 21,261,696 |  | 19,428,479 |  |

21,261,696 |  | 19,428,479 |  |

5. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Rents received | 9,800 |  | - |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

6. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 11,381,948 |  | 10,333,587 |  |

| Social security costs | 827,194 |  | 645,262 |  |

| Other pension costs | 192,483 |  | 176,131 |  |

12,401,625 |  | 11,154,980 |  |

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

| 2025 |  | 2024

| Home managers/senior staff | 11 |  | 10 |  |

| Administrative and other staff | 105 |  | 94 |  |

| Nurses/care assistants | 404 |  | 402 |  |

520 |  | 506 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 15,384 |  | 15,384 |  |

7. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 10,630 |  | 14,892 |  |

| Depreciation - owned assets | 572,027 |  | 405,878 |  |

| Depreciation - assets on hire purchase contracts | 12,306 |  | 12,427 |  |

| Loss/(profit) on disposal of fixed assets | 1,682 |  | (9,784 | ) |

| Negative goodwill amortisation | (161,037 | ) | (195,065 | ) |

8. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 42,000 |  | 42,000 |  |

| Auditors' remuneration for non audit work | 25,495 |  | 51,020 |  |

| Audit fees of £16,380 (2024 - £16,380) included in the above were paid for the audit of the company.

9. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 441,041 |  | 684,011 |  |

| Corporation tax interest | 30,309 |  | 33 |  |

| Hire purchase | 1,753 |  | 1,698 |  |

473,103 |  | 685,742 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

10. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,162,252 |  | 1,002,533 |  |

| Under/over provision in prior year | 210 |  | 12,469 |  |

| Total current tax | 1,162,462 |  | 1,015,002 |  |

| Deferred tax | 48,411 |  | (152,856 | ) |

| Tax on profit | 1,210,873 |  | 862,146 |  |

| RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 4,526,747 |  | 4,037,224 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,131,687 |  | 1,009,306 |  |

| Effects of:

| Expenses not deductible for tax purposes | 30,610 |  | 13,482 |  |

| Capital allowances in excess of depreciation | (45 | ) | (20,255 | ) |

| Under-provision in prior years | 210 |  | 12,469 |  |

| Deferred tax movement | 48,411 |  | (152,856 | ) |

| Total tax charge | 1,210,873 |  | 862,146 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of heritable property | 1,814,574 |  | (339,340 | ) | 1,475,234 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of heritable property | 17,528,384 |  | (4,328,003 | ) | 13,200,381 |  |

11. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

12. | DIVIDENDS

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Equity dividends on ordinary shares |  |  | 564,825 |  |  | 424,611 |

13. | INTANGIBLE FIXED ASSETS

| Group

| Negative |

| Goodwill |  | goodwill |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024

| and 30 April 2025 | 263,331 |  | (746,232 | ) | (482,901 | ) |

| AMORTISATION

| At 1 May 2024 | 263,331 |  | (585,195 | ) | (321,864 | ) |

| Amortisation for year | - |  | (161,037 | ) | (161,037 | ) |

| At 30 April 2025 | 263,331 |  | (746,232 | ) | (482,901 | ) |

| NET BOOK VALUE

| At 30 April 2025 | - |  | - |  | - |  |

| At 30 April 2024 | - |  | (161,037 | ) | (161,037 | ) |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

14. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Heritable |  | to |

| property |  | property |  | Equipment

£ | £ | £ |

| COST OR VALUATION

| At 1 May 2024 | 41,893,704 |  | 9,850 |  | 470,488 |  |

| Additions | 220,723 |  | - |  | 123,802 |  |

| Disposals | - |  | - |  | - |  |

| Revaluations | 1,357,363 |  | - |  | - |  |

| At 30 April 2025 | 43,471,790 |  | 9,850 |  | 594,290 |  |

| DEPRECIATION

| At 1 May 2024 | 191,090 |  | 1,564 |  | 308,653 |  |

| Charge for year | 467,499 |  | 1,970 |  | 47,970 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| Revaluation adjustments | (457,211 | ) | - |  | - |  |

| At 30 April 2025 | 201,378 |  | 3,534 |  | 356,623 |  |

| NET BOOK VALUE

| At 30 April 2025 | 43,270,412 |  | 6,316 |  | 237,667 |  |

| At 30 April 2024 | 41,702,614 |  | 8,286 |  | 161,835 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 May 2024 | 1,225,432 |  | 100,684 |  | 37,474 |  | 43,737,632 |  |

| Additions | 171,199 |  | 29,497 |  | 6,540 |  | 551,761 |  |

| Disposals | - |  | (61,651 | ) | - |  | (61,651 | ) |

| Revaluations | - |  | - |  | - |  | 1,357,363 |  |

| At 30 April 2025 | 1,396,631 |  | 68,530 |  | 44,014 |  | 45,585,105 |  |

| DEPRECIATION

| At 1 May 2024 | 1,087,292 |  | 34,799 |  | 20,024 |  | 1,643,422 |  |

| Charge for year | 36,432 |  | 23,844 |  | 6,618 |  | 584,333 |  |

| Eliminated on disposal | - |  | (24,733 | ) | - |  | (24,733 | ) |

| Revaluation adjustments | - |  | - |  | - |  | (457,211 | ) |

| At 30 April 2025 | 1,123,724 |  | 33,910 |  | 26,642 |  | 1,745,811 |  |

| NET BOOK VALUE

| At 30 April 2025 | 272,907 |  | 34,620 |  | 17,372 |  | 43,839,294 |  |

| At 30 April 2024 | 138,140 |  | 65,885 |  | 17,450 |  | 42,094,210 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

14. | TANGIBLE FIXED ASSETS - continued

| Group

| Cost or valuation at 30 April 2025 is represented by:

| Improvements |

| Heritable |  | to |

| property |  | property |  | Equipment

£ | £ | £ |

| Valuation in 2003 | 385,687 |  | - |  | - |  |

| Valuation in 2006 | 794,516 |  | - |  | - |  |

| Valuation in 2011 | 1,833,909 |  | - |  | - |  |

| Valuation in 2015 | 1,718,082 |  | - |  | - |  |

| Valuation in 2018 | (714,023 | ) | - |  | - |  |

| Valuation in 2020 | 3,075,328 |  | - |  | - |  |

| Valuation in 2024 | 16,389,537 |  | - |  | - |  |

| Valuation in 2025 | 1,357,363 |  | - |  | - |  |

| Cost | 18,631,391 |  | 9,850 |  | 594,290 |  |

43,471,790 |  | 9,850 |  | 594,290 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| Valuation in 2003 | - |  | - |  | - |  | 385,687 |  |

| Valuation in 2006 | - |  | - |  | - |  | 794,516 |  |

| Valuation in 2011 | - |  | - |  | - |  | 1,833,909 |  |

| Valuation in 2015 | - |  | - |  | - |  | 1,718,082 |  |

| Valuation in 2018 | - |  | - |  | - |  | (714,023 | ) |

| Valuation in 2020 | - |  | - |  | - |  | 3,075,328 |  |

| Valuation in 2024 | - |  | - |  | - |  | 16,389,537 |  |

| Valuation in 2025 | - |  | - |  | - |  | 1,357,363 |  |

| Cost | 1,396,631 |  | 68,530 |  | 44,014 |  | 20,744,706 |  |

1,396,631 |  | 68,530 |  | 44,014 |  | 45,585,105 |  |

| If heritable property had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 18,631,391 |  | 18,410,668 |  |

| Aggregate depreciation | 2,920,862 |  | 2,730,041 |  |

| Heritable property were valued on an open market basis on 30 April 2025 by the directors .

| Tangible fixed assets with a carrying value of £43,839,294 (2024 - £42,094,210) have been pledged to secure the borrowings of the group.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

14. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST OR VALUATION

| At 1 May 2024 | 61,651 |  |

| Disposals | (61,651 | ) |

| At 30 April 2025 | - |  |

| DEPRECIATION

| At 1 May 2024 | 12,427 |  |

| Charge for year | 12,306 |  |

| Eliminated on disposal | (24,733 | ) |

| At 30 April 2025 | - |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  |

| At 30 April 2024 | 49,224 |  |

| Company

| Fixtures |

| Heritable |  | and |  | Motor |

| property |  | Equipment |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 May 2024 | 8,497,574 |  | 280,309 |  | 366,556 |  | 83,890 |  | 9,228,329 |  |

| Additions | - |  | 41,107 |  | 21,718 |  | 29,495 |  | 92,320 |  |

| Disposals | - |  | - |  | - |  | (61,651 | ) | (61,651 | ) |

| Revaluations | (1,218,637 | ) | - |  | - |  | - |  | (1,218,637 | ) |

| At 30 April 2025 | 7,278,937 |  | 321,416 |  | 388,274 |  | 51,734 |  | 8,040,361 |  |

| DEPRECIATION

| At 1 May 2024 | 3,415 |  | 235,932 |  | 351,590 |  | 18,682 |  | 609,619 |  |

| Charge for year | 168,160 |  | 12,824 |  | 5,606 |  | 23,676 |  | 210,266 |  |

| Eliminated on disposal | - |  | - |  | - |  | (24,733 | ) | (24,733 | ) |

| Revaluation adjustments | (166,209 | ) | - |  | - |  | - |  | (166,209 | ) |

| At 30 April 2025 | 5,366 |  | 248,756 |  | 357,196 |  | 17,625 |  | 628,943 |  |

| NET BOOK VALUE

| At 30 April 2025 | 7,273,571 |  | 72,660 |  | 31,078 |  | 34,109 |  | 7,411,418 |  |

| At 30 April 2024 | 8,494,159 |  | 44,377 |  | 14,966 |  | 65,208 |  | 8,618,710 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

14. | TANGIBLE FIXED ASSETS - continued

| Company

| Cost or valuation at 30 April 2025 is represented by:

| Fixtures |

| Heritable |  | and |  | Motor |

| property |  | Equipment |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2003 | 385,687 |  | - |  | - |  | - |  | 385,687 |  |

| Valuation in 2006 | 794,516 |  | - |  | - |  | - |  | 794,516 |  |

| Valuation in 2011 | 1,833,909 |  | - |  | - |  | - |  | 1,833,909 |  |

| Valuation in 2020 | 42,079 |  | - |  | - |  | - |  | 42,079 |  |

| Valuation in 2024 | 2,806,388 |  | - |  | - |  | - |  | 2,806,388 |  |

| Valuation in 2025 | (1,218,637 | ) | - |  | - |  | - |  | (1,218,637 | ) |

| Cost | 2,634,995 |  | 321,416 |  | 388,274 |  | 51,734 |  | 3,396,419 |  |

7,278,937 |  | 321,416 |  | 388,274 |  | 51,734 |  | 8,040,361 |  |

| If heritable property had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 2,634,995 |  | 2,634,995 |  |

| Aggregate depreciation | 1,027,729 |  | 976,820 |  |

| Heritable property was valued on an open market basis on 30 April 2025 by the directors .

| Tangible fixed assets with a carrying value of £7,411,418 (2024 - £8,618,710) have been pledged to secure the borrowings of the company.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST OR VALUATION

| At 1 May 2024 | 61,651 |  |

| Disposals | (61,651 | ) |

| At 30 April 2025 | - |  |

| DEPRECIATION

| At 1 May 2024 | 12,427 |  |

| Charge for year | 12,306 |  |

| Eliminated on disposal | (24,733 | ) |

| At 30 April 2025 | - |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  |

| At 30 April 2024 | 49,224 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

15. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 2,240,400 |  |

| NET BOOK VALUE

| At 30 April 2025 | 2,240,400 |  |

| At 30 April 2024 | 2,240,400 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| SUBSIDIARIES

| Benore Care Limited

| Registered office: 17 Queens Lane, Newcastle Upon Tyne, NE1 1RN

| Nature of business: Nursing home

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Lister House (Fife) Limited

| Registered office: 17 Queens Lane, Newcastle Upon Tyne, NE1 1RN

| Nature of business: Nursing home

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Glenbervie Holdings Limited

| Registered office: Carrondale Care Home, 86 Beaumont Drive, Falkirk, FK2 8SN

| Nature of business: Property Investment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Glenbervie Care Limited

| Registered office: Carrondale Care Home, 86 Beaumont Drive, Falkirk, FK2 8SN

| Nature of business: Nursing Home

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

16. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Stocks | 1,100 |  | 1,100 |  | 1,100 |  | 1,100 |  |

| The total carrying value of stock is pledged as security for the groups borrowings.

17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 451,139 |  | 698,802 |  | 143,258 |  | 119,885 |  |

| Amounts owed by group undertakings | - |  | - |  | 3,643,413 |  | 3,103,983 |  |

| Other debtors | 121,980 |  | 119,834 |  | 72,408 |  | 73,566 |  |

| Directors' loan accounts | 208,672 |  | 208,685 |  | 208,672 |  | 208,685 |  |

| Prepayments and accrued income | 992,857 |  | 406,802 |  | 179,299 |  | 155,210 |  |

1,774,648 |  | 1,434,123 |  | 4,247,050 |  | 3,661,329 |  |

18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 20) | 340,000 |  | 3,368,611 |  | 340,000 |  | 340,000 |  |

| Hire purchase contracts (see note 21) | - |  | 5,319 |  | - |  | 5,319 |  |

| Trade creditors | 242,918 |  | 271,301 |  | 71,781 |  | 94,241 |  |

| Tax | 571,257 |  | 657,039 |  | 60,262 |  | 158,060 |  |

| Social security and other taxes | 250,982 |  | 185,730 |  | 71,834 |  | 50,855 |  |

| Other creditors | 376,914 |  | 283,335 |  | 66,948 |  | 74,451 |  |

| Deferred consideration | 289,221 |  | 287,500 |  | 289,221 |  | 287,500 |  |

| Directors' loan accounts | - |  | 6 |  | - |  | 6 |  |

| Accrued expenses | 1,149,217 |  | 862,677 |  | 208,541 |  | 205,015 |  |

3,220,509 |  | 5,921,518 |  | 1,108,587 |  | 1,215,447 |  |

19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 20) | 5,184,507 |  | 5,524,507 |  | 5,184,507 |  | 5,524,507 |  |

| Hire purchase contracts (see note 21) | - |  | 34,092 |  | - |  | 34,092 |  |

| Deferred consideration | - |  | 1,721 |  | - |  | 1,721 |  |

5,184,507 |  | 5,560,320 |  | 5,184,507 |  | 5,560,320 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

20. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 340,000 |  | 3,368,611 |  | 340,000 |  | 340,000 |  |

| Amounts falling due between one and two | years: |

| Bank loans | 340,000 |  | 340,000 |  | 340,000 |  | 340,000 |  |

| Amounts falling due between two and five | years: |

| Bank loans | 4,844,507 |  | 5,184,507 |  | 4,844,507 |  | 5,184,507 |  |

21. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 5,319 |  |

| Between one and five years | - |  | 34,092 |  |

- |  | 39,411 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 5,319 |  |

| Between one and five years | - |  | 34,092 |  |

- |  | 39,411 |  |

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

21. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 18,007 |  | 18,007 |  |

| Between one and five years | 7,921 |  | 25,928 |  |

25,928 |  | 43,935 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 18,007 |  | 18,007 |  |

| Between one and five years | 7,921 |  | 25,928 |  |

25,928 |  | 43,935 |  |

22. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans | 5,524,507 |  | 8,893,118 |  | 5,524,507 |  | 5,864,507 |  |

| Hire purchase contracts | - |  | 39,411 |  | - |  | - |  |

5,524,507 |  | 8,932,529 |  | 5,524,507 |  | 5,864,507 |  |

| Barclays Bank has been granted a standard security over the Carrondale House property and a floating charge over all company assets

23. | FINANCIAL INSTRUMENTS

| Financial assets measured at amortised cost comprise cash, trade debtors, other debtors and director's current accounts.

| At the year end the group had financial assets measured at amortised cost totalling £8,368,565 (2024 - £8,732,106). The company had financial assets measured at amortised cost totalling £4,942,530 (2024 - £5,028,942).

| Financial liabilities measured at amortised cost comprise bank loans, other loans, trade creditors, other creditors and accrued expenses.

| At the year end the group had financial liabilities measured at amortised cost totalling £7,506,862 (2024 - £10,563,153). The company had financial liabilities measured at amortised cost totalling £6,160,999 (2024 - £6,527,434).

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

24. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 7,564,957 |  | 7,177,206 |  | 1,071,007 |  | 1,362,204 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 7,177,206 |  |

| Provided during year | 48,411 |  |

| Deferred tax on revaluation | 339,340 |  |

| Balance at 30 April 2025 | 7,564,957 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 1,362,204 |  |

| Charge to Statement of Comprehensive Income during year | 13,463 |  |

| Deferred tax on revaluation | (304,660 | ) |

| Balance at 30 April 2025 | 1,071,007 |  |

25. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: |  | Class: |  | Nominal value: |  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| 750 |  | A Ordinary |  | £1 |  | 750 |  | 37,494 |  |

| 2 |  | B Ordinary |  | £1 |  | 2 |  | 2 |  |

| 18,372 |  | C Ordinary |  | £1 |  | 18,372 |  | 2 |  |

| 18,372 |  | D Ordinary |  | £1 |  | 18,372 |  | 1 |  |

| 1 |  | E Ordinary |  | £1 |  | 1 |  | - |  |

| 1 |  | F Ordinary |  | £1 |  | 1 |  | 1 |  |

| 1 |  | G Ordinary |  | £1 |  | 1 |  | - |  |

| 1 |  | H Ordinary |  | £0.50 |  | 0.50 |  | - |  |

| 1 |  | I Ordinary |  | £0.50 |  | 0.50 |  | - |  |

|  | 37,500 |  | 37,500 |  |

| Within each share class, as per the articles of association, there are different rights.

| A, C & D Ordinary shares have full rights in the company with respect to voting, dividends and distributions.

| B, E, F, G, H & I Ordinary shares have full rights in the company with respect to dividends, however no rights in the company with respect to voting and distributions.

AVONDALE CARE (SCOTLAND) LIMITED (REGISTERED NUMBER: SC164048)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 30 April 2025

26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| At 30 April 2025, an amount of £208,672 (2024 - £208,685) was due to the group from the directors. Interest of £5,380 (2024 - £5,555) was charged and the loan is repayable on demand.

| During the year, the group paid dividends of £564,825 (2024 - £424,611) to the directors/shareholders.

27. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| The directors are considered to be the key management personnel of the group. The remuneration of the directors is disclosed in note 6.

28. | ULTIMATE CONTROLLING PARTY

| Following a company share restructure on 20th May 2024 there is no longer one controlling party.