Company registration number 01857160 (England and Wales)
HAMILTON HOUSE MEDICAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
HAMILTON HOUSE MEDICAL LIMITED
COMPANY INFORMATION
Directors
Mr D A Edmondson
Ms G V Edmondson
Mrs H J Edmondson
Secretary
Mrs H J Edmondson
Company number
01857160
Registered office
The Cookham Riverside
Berries Road
Cookham
Maidenhead
Berkshire
United Kingdom
SL6 9SD
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
HAMILTON HOUSE MEDICAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
HAMILTON HOUSE MEDICAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their strategic report for the year ended 31 March 2023.

The long-term objectives of the Board remain to optimise the returns to shareholders whilst at the same time providing both a very high quality of service to residents and a safe and rewarding working environment for all our staff.

Review of the business

The year to March 30th 2025 produced an outstanding result for the business. Occupancy finally returned to pre-Covid levels, a recovery broadly experienced by most care homes in England. As a result revenues at the company’s sole remaining home, Walton Heath Manor, increased by 15.4% to £3.8m. Cost pressures in the sector remained high as all operators responded to the 11.0% increase in the national minimum wage and other costs were driven up by inflation. As a result administrative expenses increased 10.5% to £2.02m. It was evident from occupancy that the fee increases did not negatively impact demand however there is concern as to how sustainable further increases will be as cost pressures so no sign of easing. To address this risk continued effort has been made to ensure that the company retains its “Outstanding” rating from the CQC and continually improves the quality of its service. In 2025/26 the company will necessarily incur some significant one-off refurbishment costs, these include lift replacement costs, window replacement and roof refurbishment costs. The 2025/26 national minimum wage and employers’ national insurance increase are expected to lead to a further 12.5% increase in administrative costs. The company has made the decision to absorb a part of these costs increase in order to ensure that level of fees remains sustainable and occupancy high. Accordingly it is expected that Operating Profit will show a decline of approximately 6% to £1.48m. Current trading is in line with this forecast. During the year the company arranged a loan of £1.5m in order to finance a shareholder loan, the proceeds of which were used by the shareholders to make an unlisted investment. It is the intention of the shareholders to fully repay this loan prior to the 2025/26 year end. The company has become a larger company for corporation tax purposes, as a result of which this tax is no longer payable 9 months following the year end but rather is payable by quarterly instalments. In addition the bank loan is repayable over a six year period. As a result there has been a significant reduction in net cash flow. Nevertheless the business remains highly cash generative and the directors consider that no material risk flows from this reduction.

Principal risks and uncertainties

In terms of trading the principal risk remains the constant upward pressure on wages as the company responds to increases in the minimum wage and national insurance and uncertainty as to the sustainability of fee increases. In addition the company continues to push remuneration levels ahead of those of competitors in order to ensure the home is fully staffed, does not require agency staffing and remains able to be selective about the employees it recruits. The directors consider that in the short term it will be unable to absorb all of these cost increases however the overall impact on profitability is considered likely to be modest.

Further risks to the business include potential loss of the “Outstanding” rating, which would likely negatively impact the ability to pass on fee increases. In order to mitigate this risk the company has sought to continually improve its service. It has entered into a contract with Nourish to digitise all care records and training on this system has commenced. The company also continues to invest heavily in staff training and many staff have voluntarily enrolled for training courses including Health and Safety, Fire Safety and Mental Health. The company has also strengthened its management team, adding a third care co-ordinator and recruiting a new deputy manager with nursing qualifications.

HAMILTON HOUSE MEDICAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

The KPI’s for the business are occupancy levels and average fee levels, which together drive the revenues. The costs of the business are dominated by wages, which make up approximately 75% of total operating costs. Catering costs at 6.5% of total costs and maintenance at 4.5% are the only other significant costs of the business. Accordingly the KPI’s are as follow:

- Total revenues for 2024/25 up 15.4% to £3.81m compared with a CPI increase of 2.6%

- Average fee level at end of March 2025 £1729 compared with £1675 at the end of March 2024, an increase of 3.2%

- Average occupancy level for 2024/25 of 98% compared with 90% for 2023/24

- Wages and Social security £1.56m compared with £1.41 previously, an increase of 10.5%. Wage costs as a percentage of revenues 41% compared with 42.6% previously.

It is generally recognised (and evident from studies by Knight Frank and others) that in the elderly care sector wages are typically in the region of 55% of revenues. The exceptionally low figure of 41% is attributable to the fact that the business incurs effectively nil agency costs and is able through the quality of its product to attract exceptional fee levels.

On behalf of the board

Mr D A Edmondson
Director
2 February 2026
HAMILTON HOUSE MEDICAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the operation of care homes for the elderly.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £470,363. The directors do not recommend payment of a further dividend.

Directors

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

Mr D A Edmondson
Ms G V Edmondson
Mrs H J Edmondson
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr D A Edmondson
Director
2 February 2026
HAMILTON HOUSE MEDICAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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;

- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HAMILTON HOUSE MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAMILTON HOUSE MEDICAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Hamilton House Medical Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 March 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

HAMILTON HOUSE MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAMILTON HOUSE MEDICAL LIMITED
- 6 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have 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.

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.

HAMILTON HOUSE MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAMILTON HOUSE MEDICAL LIMITED
- 7 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Performing a comparison of payroll timesheets to rotas to confirm accuracy and legitimacy of monthly salaries paid to staff members.

- Reviewing initiation and approval authorisations for expenditure transactions for potential process weaknesses.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jack Tatschner ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
5 February 2026
2026-02-05
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
HAMILTON HOUSE MEDICAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
3,812,360
3,303,334
Cost of sales
(213,262)
(217,961)
Gross profit
3,599,098
3,085,373
Administrative expenses
(2,018,452)
(1,826,968)
Other operating income
-
0
46,371
Operating profit
5
1,580,646
1,304,776
Interest receivable and similar income
9
15,991
802
Interest payable and similar expenses
10
(23,544)
(9,116)
Gain/(loss) on revaluation of listed investments
11
(282,433)
126,929
Profit before taxation
1,290,660
1,423,391
Tax on profit
12
(393,298)
(324,116)
Profit for the financial year
897,362
1,099,275

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HAMILTON HOUSE MEDICAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
£
£
Profit for the year
897,362
1,099,275
Other comprehensive income
-
-
Total comprehensive income for the year
897,362
1,099,275
HAMILTON HOUSE MEDICAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
4,042,049
4,060,912
Current assets
Stocks
17
9,000
9,000
Debtors
16
1,358,156
240,498
Investments
18
172,782
455,215
Cash at bank and in hand
690,441
349,403
2,230,379
1,054,116
Creditors: amounts falling due within one year
19
(742,623)
(1,190,408)
Net current assets/(liabilities)
1,487,756
(136,292)
Total assets less current liabilities
5,529,805
3,924,620
Creditors: amounts falling due after more than one year
20
(1,179,811)
-
0
Provisions for liabilities
Deferred tax liability
22
75,472
77,097
(75,472)
(77,097)
Net assets
4,274,522
3,847,523
Capital and reserves
Called up share capital
24
425,886
425,886
Capital redemption reserve
244,949
244,949
Distributable profit and loss reserves
3,603,687
3,176,688
Total equity
4,274,522
3,847,523
The financial statements were approved by the board of directors and authorised for issue on 2 February 2026 and are signed on its behalf by:
Mr D A Edmondson
Director
Company Registration No. 01857160
HAMILTON HOUSE MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
425,886
244,949
2,616,159
3,286,994
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,099,275
1,099,275
Dividends
13
-
-
(538,746)
(538,746)
Balance at 31 March 2024
425,886
244,949
3,176,688
3,847,523
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
897,362
897,362
Dividends
13
-
-
(470,363)
(470,363)
Balance at 31 March 2025
425,886
244,949
3,603,687
4,274,522
HAMILTON HOUSE MEDICAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(69,931)
1,375,336
Interest paid
(23,544)
(9,116)
Income taxes paid
(544,863)
(176,992)
Net cash (outflow)/inflow from operating activities
(638,338)
1,189,228
Investing activities
Purchase of tangible fixed assets
(636)
(45,918)
Interest received
15,991
802
Net cash generated from/(used in) investing activities
15,355
(45,116)
Financing activities
Proceeds from new bank loans
1,500,000
-
0
Repayment of bank loans
(65,616)
(365,251)
Dividends paid
(470,363)
(538,746)
Net cash generated from/(used in) financing activities
964,021
(903,997)
Net increase in cash and cash equivalents
341,038
240,115
Cash and cash equivalents at beginning of year
349,403
109,288
Cash and cash equivalents at end of year
690,441
349,403
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

Hamilton House Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Cookham Riverside, Berries Road, Cookham, Maidenhead, Berkshire, United Kingdom, SL6 9SD.

1.1
Accounting convention

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

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

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

1.2
Going concern

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

Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
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
(see below)
Fixtures and fittings
15% on cost
Computer equipment
25% on cost
Motor Vehicles
20% on cost

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 credited or charged to profit or loss.

Freehold properties are shown at deemed cost. On the basis that the properties are kept in a good condition in order to facilitate the company's operations, and that the property prices in the locations of the assets have increased in recent years the directors consider the ultimate residual value of the properties to be in excess of their carrying value in these financial statements. As a result the directors consider that no depreciation charge is necessary.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Impairment of fixed assets

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

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

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

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company 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. A m ounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

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

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 company’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 when the company has 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.

1.11
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.

1.12
Retirement benefits

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

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. During the year there were no key judgements or sources of estimation uncertainty.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Nursing home fees
3,812,360
3,303,334
2025
2024
£
£
Other revenue
Interest income
15,991
802
4
Exceptional item
2025
2024
£
£
Income
Exceptional item - Other operating income
-
10,570
5
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
19,499
19,299
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,980
19,980
For other services
Taxation compliance services
1,980
1,920
All other non-audit services
2,640
2,520
4,620
4,440
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
7
Employees

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

2025
2024
Number
Number
Management and administrative staff
1
1
Nursing staff
58
60
Total
59
61

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,439,251
1,324,030
Social security costs
129,211
113,018
Pension costs
26,816
22,725
1,595,278
1,459,773
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
10,000
24,000
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
8,692
802
Other interest income
7,299
-
0
Total income
15,991
802
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,692
802
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
10
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,544
9,116
11
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(282,433)
126,929
12
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
394,923
325,222
Deferred tax
Origination and reversal of timing differences
(1,625)
(1,106)
Total tax charge
393,298
324,116

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

2025
2024
£
£
Profit before taxation
1,290,660
1,423,391
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
322,665
355,848
Tax effect of expenses that are not deductible in determining taxable profit
70,633
(31,732)
Capital allowances in excess of depreciation
1,625
1,106
Movement in deferred tax provision
(1,625)
(1,106)
Taxation charge for the year
393,298
324,116
13
Dividends
2025
2024
2025
2024
Per share
Per share
Total
Total
£
£
£
£
ordinary shares
Final paid
1.10
1.27
470,363
538,746
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computer equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
4,001,340
395,781
35,801
40,588
4,473,510
Additions
-
0
636
-
0
-
0
636
At 31 March 2025
4,001,340
396,417
35,801
40,588
4,474,146
Depreciation and impairment
At 1 April 2024
-
0
370,518
1,492
40,588
412,598
Depreciation charged in the year
-
0
10,549
8,950
-
0
19,499
At 31 March 2025
-
0
381,067
10,442
40,588
432,097
Carrying amount
At 31 March 2025
4,001,340
15,350
25,359
-
0
4,042,049
At 31 March 2024
4,001,340
25,263
34,309
-
0
4,060,912
15
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
172,782
455,215
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
67,542
28,431
Amounts owed by group undertakings
981,986
-
0
Other debtors
276,105
191,455
Prepayments and accrued income
32,523
20,612
1,358,156
240,498
17
Stocks
2025
2024
£
£
Finished goods
9,000
9,000
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
18
Current asset investments
2025
2024
£
£
Listed investments
172,782
455,215
19
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
21
254,573
-
0
Trade creditors
49,391
71,681
Amounts owed to group undertakings
-
0
528,483
Corporation tax
174,215
324,155
Other taxation and social security
38,490
42,458
Other creditors
130,387
137,628
Accruals and deferred income
95,567
86,003
742,623
1,190,408
20
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
21
1,179,811
-
0
21
Loans and overdrafts
2025
2024
£
£
Bank loans
1,434,384
-
0
Payable within one year
254,573
-
0
Payable after one year
1,179,811
-
0

A total of £1,434,384 is outstanding on a bank loan at the year end. The loan is repayable by monthly installments over a 5 year period and bears interest at 2.43% over base rate per annum.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
75,472
77,097
2025
Movements in the year:
£
Liability at 1 April 2024
77,097
Credit to profit or loss
(1,625)
Liability at 31 March 2025
75,472
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,816
22,725

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
425,886
425,886
425,886
425,886

Each ordinary share carries one vote, an equal right to dividends and capital (on a winding up) and is not redeemable.

25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Cookham Riverside Limited is a company with shareholders in common with Hamilton House Medical Limited. At the year end £273,105 (2024 £191,455) was due from Cookham Riverside Limited to Hamilton House Medical Limited.

Cookham Riverside Limited Holdings is a company with shareholders in common with Hamilton House Medical Limited. At the year end £3,000 (2024 £Nil) was due from Cookham Riverside Limited Holdings to Hamilton House Medical Limited.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
26
Ultimate controlling party

The ultimate parent company is Hamilton House Holdings Limited, a company registered in England and Wales.

The registered office of the controlling entity can be found at: The Cookham Riverside, Berries Road, Cookham, Berkshire, United Kingdom, SL6 9SD.

27
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit for the year after tax
897,362
1,099,275
Adjustments for:
Taxation charged
393,298
324,116
Finance costs
23,544
9,116
Investment income
(15,991)
(802)
Depreciation and impairment of tangible fixed assets
19,499
19,299
Other gains and losses
282,433
(126,929)
Movements in working capital:
Increase in debtors
(1,117,658)
(9,943)
(Decrease)/increase in creditors
(552,418)
61,204
Cash (absorbed by)/generated from operations
(69,931)
1,375,336
28
Analysis of changes in net funds/(debt)
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
349,403
341,038
690,441
Borrowings excluding overdrafts
-
(1,434,384)
(1,434,384)
349,403
(1,093,346)
(743,943)
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