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

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

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

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. .

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.

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..

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

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.

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

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.

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.

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.

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

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

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

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

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

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

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

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