Company registration number 15386176 (England and Wales)
SOFINO HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SOFINO HOLDINGS LTD
COMPANY INFORMATION
Director
N A Bata
Company number
15386176
Registered office
3rd Floor
45 Albemarle Street
Mayfair
London
W1S 4JL
Auditor
Goldwins Limited
75 Maygrove Road
West Hampstead
London
NW6 2EG
SOFINO HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Director's responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 33
SOFINO HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Director presents the strategic report on Sofino Holdings Limited for the year ended 31 March 2025. The report covers the performance of the Group and its subsidiaries for the full financial year.

Sofino Holdings Ltd (“the Company”) is the ultimate parent company of the Sofino Group ("the Group"). The Company was incorporated in the United Kingdom on 4 January 2024 and acts as a holding and investment entity, providing strategic direction, capital allocation, and governance oversight to its subsidiary undertakings.

The Group’s principal activities are conducted through its subsidiaries. The Company itself does not undertake significant trading activities; its role is to manage investments and support long-term value creation across the Group.

During the year ended 31 March 2025, the Group focused on consolidating its operating structure, strengthening governance arrangements, and supporting growth within its core portfolio businesses. This period represents the first full year of operational oversight following incorporation, and activity was primarily directed toward integration, strategic planning, and capital deployment.

Group Structure and Investments

Sofino Holdings Ltd is the ultimate parent undertaking of a number of subsidiary companies.

The Board continually reviews the performance and strategic alignment of each investment to ensure that capital is deployed effectively and in line with the Group’s long-term objectives.

Strategy and Objectives

The Group’s strategy is to build sustainable long-term value through the acquisition, development, and support of scalable healthcare and social care businesses.

Key strategic objectives include:

- Growing and strengthening core operating businesses through operational support and investment

- Leveraging technology to improve service delivery, efficiency, and compliance within regulated sectors

- Diversifying revenue streams while maintaining a clear focus on sectors where the Group has expertise

- Maintaining strong corporate governance and financial discipline across the Group

The Company seeks to balance growth with prudent risk management, ensuring that expansion is underpinned by robust systems, experienced management teams, and appropriate capital structures.

Performance and Position

As a holding company, the Company’s financial performance is primarily reflected in the results, net assets, and cash flows of the Group as a whole.

During the year ended 31 March 2025, the Group continued to invest in its operating businesses, with performance driven by trading activity within the healthcare and social care sector. The directors consider the Group’s financial position at the year end to be satisfactory, with adequate liquidity to support ongoing operations and planned growth.

Further details of the Group’s financial performance and position are set out in the consolidated financial statements and related notes.

SOFINO HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

The Board recognises that the Group is exposed to a number of risks and uncertainties which could impact future performance. The principal risks identified include:

Regulatory and Compliance Risk

A significant proportion of the Group’s activities operate within regulated sectors, particularly healthcare and employment services. Changes in regulation, or failure to maintain compliance, could result in financial penalties, operational disruption, or reputational damage.

Market and Economic Risk

The Group’s performance is influenced by broader economic conditions, including inflationary pressures, labour market availability, and public sector funding constraints within health and social care.

Operational and Integration Risk

As the Group continues to grow, there is a risk associated with integrating new businesses, systems, and management teams. The Board mitigates this risk through active oversight, standardised reporting, and strong governance frameworks.

Concentration Risk

Strategic control and decision-making are currently concentrated within a small number of key individuals. The Board considers succession planning and the development of senior management capability to be important mitigations.

Future Developments and Outlook

The Board remains confident in the Group’s long-term prospects. The outlook for the healthcare and social care sector continues to be supported by structural demand, demographic trends, and ongoing workforce shortages.

In the year ahead, the Group will focus on:

- Strengthening the performance and profitability of existing portfolio companies

- Selective investment in technology and systems to support scale and compliance

- Evaluating further acquisition opportunities that align with the Group’s strategic focus

The directors believe that the Group is well positioned to continue its development while maintaining a disciplined and sustainable approach to growth.

Section 172 Statement

The directors have acted in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, in accordance with section 172 of the Companies Act 2006.

In doing so, the directors have had regard to, among other matters:

- The likely consequences of decisions in the long term

- The interests of employees across the Group

- Relationships with suppliers, customers, and other stakeholders

- The impact of the Group’s operations on the community and environment

- The desirability of maintaining a reputation for high standards of business conduct

SOFINO HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

This Strategic Report was approved by the Board of Directors and signed on its behalf.

N A Bata
Director
16 January 2026
SOFINO HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

N A Bata
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Energy and carbon report

During the year, the group consumed the following energy:

Gas: 1,264,401 kWh

Electricity: 479,641 kWh

Total energy consumption: 1,744,042 kWh

Energy consumption relates to the Group's UK operations, primarily supporting the delivery of care and assisted living services across its facilities.

2025
Energy consumption
kWh
Aggregate of energy consumption in the year
1,745,000
2025
Emissions of CO2 equivalent
metric tonnes
- Gas combustion
232.00
- Electricity purchased
110.00
Total gross emissions
342.00
Intensity ratio
Tonnes CO2e per employee
0.29 tonnes CO₂e
SOFINO HOLDINGS LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Quantification and reporting methodology

The group energy usage data has been collected from utility invoices and meter readings. Greenhouse gas emissions have been calculated using the 2020 UK Government’s Conversion Factors for company reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The group recognises its responsibility to manage energy consumption and reduce its environmental impact. During the year, the following actions were undertaken or considered to improve energy efficiency:

- Ongoing monitoring of gas and electricity consumption across sites

- Maintenance and optimisation of heating and hot water systems

- Staff awareness initiatives to encourage responsible energy use

- Review of lighting efficiency and equipment replacement where appropriate

The Directors continue to assess further opportunities to reduce energy consumption and associated emissions, while ensuring resident comfort, safety, and care standards are maintained.

Statement of disclosure to auditor

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

On behalf of the board
N A Bata
Director
16 January 2026
SOFINO HOLDINGS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

SOFINO HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SOFINO HOLDINGS LTD
- 7 -
Opinion

We have audited the financial statements of SOFINO HOLDINGS LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

SOFINO HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SOFINO HOLDINGS LTD
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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 are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

SOFINO HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SOFINO HOLDINGS LTD
- 9 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor)
For and on behalf of Goldwins Limited, Statutory Auditor
Chartered Accountants
75 Maygrove Road
West Hampstead
London
NW6 2EG
16 January 2026
SOFINO HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Year
period
ended
ended
31 March
31 March
2025
2024
Notes
£
£
Turnover
3
48,610,979
8,595,302
Cost of sales
(34,693,588)
(7,073,032)
Gross profit
13,917,391
1,522,270
Distribution costs
(383,718)
(107,805)
Administrative expenses
(6,397,649)
(1,321,779)
Other operating income
10,419
2,905
Operating profit
4
7,146,443
95,591
Interest receivable and similar income
7
81,832
36,225
Interest payable and similar expenses
8
(2,721,801)
(870,987)
Amounts written off investments
25,942
4,829
Profit/(loss) before taxation
4,532,416
(734,342)
Tax on profit/(loss)
9
(956,420)
(111,377)
Profit/(loss) for the financial year
3,575,996
(845,719)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
2,784,689
(926,787)
- Non-controlling interests
791,307
81,068
3,575,996
(845,719)
SOFINO HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Year
period
ended
ended
31 March
31 March
2025
2024
£
£
Profit/(loss) for the year
3,575,996
(845,719)
Other comprehensive income
Revaluation of tangible fixed assets
-
0
26,892,225
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
-
0
(6,923,086)
Other comprehensive income for the year
-
0
19,969,139
Total comprehensive income for the year
3,575,996
19,123,420
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(2,211,872)
19,042,352
- Non-controlling interests
5,787,868
81,068
3,575,996
19,123,420
SOFINO HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
72,322,354
58,128,417
Investments
11
125,000
-
0
72,447,354
58,128,417
Current assets
Debtors
13
4,902,778
3,133,014
Investments
14
730,744
1,444,210
Cash at bank and in hand
5,357,550
4,379,354
10,991,072
8,956,578
Creditors: amounts falling due within one year
15
(8,823,989)
(6,468,028)
Net current assets
2,167,083
2,488,550
Total assets less current liabilities
74,614,437
60,616,967
Creditors: amounts falling due after more than one year
16
(36,528,436)
(25,964,386)
Provisions for liabilities
Deferred tax liability
18
7,310,639
7,372,148
(7,310,639)
(7,372,148)
Net assets
30,775,362
27,280,433
Capital and reserves
Called up share capital
20
286
286
Revaluation reserve
20,569,139
20,569,139
Profit and loss reserves
4,411,509
6,623,381
Equity attributable to owners of the parent company
24,980,934
27,192,806
Non-controlling interests
5,794,428
87,627
Total equity
30,775,362
27,280,433
The financial statements were approved and signed by the director and authorised for issue on 16 January 2026
16 January 2026
N A Bata
Director
Company registration number 15386176 (England and Wales)
SOFINO HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,172,899
-
0
Investments
11
50,287
285
1,223,186
285
Current assets
Debtors
13
2,533,515
-
0
Cash at bank and in hand
1,874
1
2,535,389
1
Net current assets
2,535,389
1
Net assets
3,758,575
286
Capital and reserves
Called up share capital
20
286
286
Profit and loss reserves
3,758,289
-
0
Total equity
3,758,575
286

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £3,758,289 (2024 - £0 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 16 January 2026
16 January 2026
N A Bata
Director
Company registration number 15386176 (England and Wales)
SOFINO HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 3 January 2024
-
0
600,000
7,550,168
8,150,168
78,769
8,228,937
Period ended 31 March 2024:
Loss for the period
-
-
(926,787)
(926,787)
81,068
(845,719)
Other comprehensive income:
Revaluation of tangible fixed assets
-
26,892,225
-
26,892,225
-
26,892,225
Tax relating to other comprehensive income
-
(6,923,086)
-
0
(6,923,086)
-
(6,923,086)
Total comprehensive income
-
19,969,139
(926,787)
19,042,352
81,068
19,123,420
Issue of share capital
20
286
-
-
286
-
286
Dividends
-
-
-
-
(72,210)
(72,210)
Balance at 31 March 2024
286
20,569,139
6,623,381
27,192,806
87,627
27,280,433
Year ended 31 March 2025:
Profit for the year
-
-
2,784,689
2,784,689
791,307
3,575,996
Other comprehensive income:
Amounts attributable to non-controlling interests
-
-
0
(4,996,561)
(4,996,561)
4,996,561
-
Total comprehensive income
-
-
(2,211,872)
(2,211,872)
5,787,868
3,575,996
Dividends
-
-
-
-
(81,067)
(81,067)
Balance at 31 March 2025
286
20,569,139
4,411,509
24,980,934
5,794,428
30,775,362
SOFINO HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 3 January 2024
-
0
-
0
-
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
-
-
0
Issue of share capital
20
286
-
286
Balance at 31 March 2024
286
-
0
286
Year ended 31 March 2025:
Profit and total comprehensive income
-
3,758,289
3,758,289
Balance at 31 March 2025
286
3,758,289
3,758,575
SOFINO HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
7,707,697
197,987
Interest paid
(2,721,801)
(870,987)
Net cash inflow/(outflow) from operating activities
4,985,896
(673,000)
Investing activities
Purchase of tangible fixed assets
(17,158,602)
(5,782,970)
Movement in investments
1,633,635
(420,154)
Movement in loans
-
107,474
Interest received
79,957
36,225
Dividends received
1,875
-
0
Net cash used in investing activities
(15,443,135)
(6,059,425)
Financing activities
Proceeds from issue of shares
-
286
Movement in bank loans
2,300,324
6,023,621
Dividends paid to non-controlling interests
(81,067)
(72,210)
Net cash generated from financing activities
2,219,257
5,951,697
Net decrease in cash and cash equivalents
(8,237,982)
(780,728)
Cash and cash equivalents at beginning of year
4,379,354
5,160,083
Cash and cash equivalents at end of year
5,357,550
4,379,354
SOFINO HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(2,541,322)
-
0
Investing activities
Purchase of tangible fixed assets
(1,256,678)
-
0
Proceeds from disposal of subsidiaries
(2)
(285)
Movement in investments
(50,000)
-
0
Dividends received
3,849,875
-
0
Net cash generated from/(used in) investing activities
2,543,195
(285)
Financing activities
Proceeds from issue of shares
-
286
Net cash generated from financing activities
-
286
Net increase in cash and cash equivalents
1,873
1
Cash and cash equivalents at beginning of year
1
-
0
Cash and cash equivalents at end of year
1,874
1
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
1
Accounting policies
Company information

SOFINO HOLDINGS LTD (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of SOFINO HOLDINGS LTD and all of its subsidiaries.

1.1
Reporting period

The financial statements are prepared for the 12 months period ended 31 March 2025. Previous financial statements were prepared for the three months period ended 31 March 2024 and the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company SOFINO HOLDINGS LTD together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

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

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

SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

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

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

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

1.5
Going concern

A t the time of approving the financial statements, t he director has a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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

1.7
Tangible fixed assets

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

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

Freehold land and buildings
Nil
Leasehold land and buildings
10% straight line
Leasehold improvements
10% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance

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

SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.8
Fixed asset investments

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

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

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

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

SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -

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

1.10
Cash and cash equivalents

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

1.11
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

1.15
Retirement benefits

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

1.16
Leases
As lessee

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

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

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

SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
1.17
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Turnover
48,610,979
8,595,302
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
48,610,979
8,595,302
2025
2024
£
£
Other revenue
Interest income
79,957
36,225
Dividends received
1,875
-
Grants received
-
2,555
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(2,555)
Depreciation of owned tangible fixed assets
1,683,863
267,566
Loss on disposal of tangible fixed assets
10,753
-
Operating lease charges
19,370
30,541
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,272
-
Audit of the financial statements of the company's subsidiaries
79,310
56,700
85,582
56,700
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
1,174
835
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
30,451,489
6,178,274
-
0
-
0
Social security costs
2,791,599
495,332
-
-
Pension costs
474,715
93,619
-
0
-
0
33,717,803
6,767,225
-
0
-
0
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
13,212
782
Other interest income
66,745
35,443
Total interest revenue
79,957
36,225
Other income from investments
Dividends received
1,875
-
0
Total income
81,832
36,225
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Interest receivable and similar income
(Continued)
- 26 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,212
782
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,721,801
864,774
Other interest on financial liabilities
-
4,746
2,721,801
869,520
Other finance costs:
Other interest
-
1,467
Total finance costs
2,721,801
870,987
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
994,702
-
0
Adjustments in respect of prior periods
23,229
-
0
Total current tax
1,017,931
-
0
Deferred tax
Origination and reversal of timing differences
(61,511)
111,377
Total tax charge
956,420
111,377
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2024
54,037,067
9,694
285,596
202,320
4,296,309
-
0
1,011,758
59,842,744
Additions
12,152,716
-
0
1,256,678
-
0
3,556,823
3,943
188,442
17,158,602
Disposals
(1,256,678)
-
0
-
0
-
0
-
0
-
0
(46,384)
(1,303,062)
At 31 March 2025
64,933,105
9,694
1,542,274
202,320
7,853,132
3,943
1,153,816
75,698,284
Depreciation and impairment
At 1 April 2024
-
0
8,725
47,654
107,212
1,156,733
-
0
394,003
1,714,327
Depreciation charged in the year
-
0
969
99,892
39,483
1,371,943
329
171,247
1,683,863
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
-
0
(22,260)
(22,260)
At 31 March 2025
-
0
9,694
147,546
146,695
2,528,676
329
542,990
3,375,930
Carrying amount
At 31 March 2025
64,933,105
-
0
1,394,728
55,625
5,324,456
3,614
610,826
72,322,354
At 31 March 2024
54,037,067
969
237,942
95,108
3,139,576
-
0
617,755
58,128,417
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
Company
Leasehold improvements
£
Cost
At 1 April 2024
-
0
Additions
1,256,678
At 31 March 2025
1,256,678
Depreciation and impairment
At 1 April 2024
-
0
Depreciation charged in the year
83,779
At 31 March 2025
83,779
Carrying amount
At 31 March 2025
1,172,899
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
287
285
Unlisted investments
125,000
-
0
50,000
-
0
125,000
-
0
50,287
285
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024
-
Additions
125,000
At 31 March 2025
125,000
Carrying amount
At 31 March 2025
125,000
At 31 March 2024
-
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
285
-
285
Additions
2
50,000
50,002
At 31 March 2025
287
50,000
50,287
Carrying amount
At 31 March 2025
287
50,000
50,287
At 31 March 2024
285
-
285
12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
IBC Health Care Group Ltd
United Kingdom
Ordinary
73.50
-
Sofino Investments Ltd
United Kingdom
Ordinary
100.00
-
Bata Capital Ltd
United Kingdom
Ordinary
100.00
-
IBC Health Care Ltd
United Kingdom
Ordinary
0
100.00
SL Care Properties Ltd
United Kingdom
Ordinary
0
100.00
Dovecote Care Limited
United Kingdom
Ordinary
0
100.00
IBC Children's Services Ltd
United Kingdom
Ordinary
0
100.00
Lester Hall Apartments Limited
United Kingdom
Ordinary
0
100.00
IBC Healthcare Supported Living North
United Kingdom
Ordinary
0
100.00
IBC Quality Solutions Limited
United Kingdom
Ordinary
0
100.00
Forward Day Services Ltd
United Kingdom
Ordinary
0
100.00
Forward Plus West Midlands Ltd
United Kingdom
Ordinary
0
100.00
Orchard Court Leicester Limited
United Kingdom
Ordinary
0
76.00
13
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,415,570
2,297,687
-
0
-
0
Amounts owed by group undertakings
-
-
1,859,668
-
Other debtors
1,770,347
411,296
673,847
-
0
Prepayments and accrued income
716,861
424,031
-
0
-
0
4,902,778
3,133,014
2,533,515
-
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
14
Current asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Unlisted investments
730,744
1,444,210
-
-
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
2,633,096
1,325,592
-
0
-
0
Trade creditors
738,017
943,376
-
0
-
0
Corporation tax payable
994,702
582,649
-
0
-
0
Other taxation and social security
932,674
605,471
-
-
Other creditors
3,216,955
2,501,952
-
0
-
0
Accruals and deferred income
308,545
508,988
-
0
-
0
8,823,989
6,468,028
-
0
-
0
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
36,528,436
25,964,386
-
0
-
0
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
39,161,532
27,289,978
-
0
-
0
Payable within one year
2,633,096
1,325,592
-
0
-
0
Payable after one year
36,528,436
25,964,386
-
0
-
0

The long-term loans are secured by fixed and floating charges over the groups assets.

SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
387,553
449,062
Revaluations
6,923,086
6,923,086
7,310,639
7,372,148
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
7,372,148
-
Credit to profit or loss
(61,509)
-
Liability at 31 March 2025
7,310,639
-

T he deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
474,715
93,619

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

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
2,860,100
2,860,100
286
286
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
21
Cash generated from group operations
2025
2024
£
£
Profit/(loss) for the year after tax
3,575,996
(845,719)
Adjustments for:
Taxation charged
956,420
111,377
Finance costs
2,721,801
870,987
Investment income
(81,832)
(36,225)
Loss on disposal of tangible fixed assets
10,753
-
Depreciation and impairment of tangible fixed assets
1,683,863
267,566
Gain on sale of investments
(8,393)
-
Other gains and losses
(17,549)
(4,829)
Movements in working capital:
(Increase)/decrease in debtors
(1,769,765)
6,060,555
Increase/(decrease) in creditors
636,403
(6,225,725)
Cash generated from operations
7,707,697
197,987
22
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
3,758,289
-
Adjustments for:
Investment income
(3,849,875)
-
0
Depreciation and impairment of tangible fixed assets
83,779
-
Movements in working capital:
Increase in debtors
(2,533,515)
-
Cash absorbed by operations
(2,541,322)
-
23
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
4,379,354
978,196
5,357,550
Borrowings excluding overdrafts
(27,289,978)
(11,871,554)
(39,161,532)
(22,910,624)
(10,893,358)
(33,803,982)
SOFINO HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
24
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
1
1,873
1,874
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