Company registration number 10819753 (England and Wales)
TWINGLOBE HOLDINGS 3 LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
TWINGLOBE HOLDINGS 3 LIMITED
COMPANY INFORMATION
Directors
Mr D Thakerar
Mr M Thakerar
Mr N Thakerar
Mr K Thakerar
Company number
10819753
Registered office
18 Crescent West
Hadley Wood
Barnet
Hertfordshire
EN4 0EJ
Auditor
Morris Lane
31/33 Commercial Road
Poole
Dorset
BH14 0HU
Bankers
National Westminster Bank PLC
43 High St
Hoddesdon
EN11 8HE
TWINGLOBE HOLDINGS 3 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 36
TWINGLOBE HOLDINGS 3 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Fair review of the business

During the year, the Group managed a care home which can accommodate 83 residents and earned income from a residential property. Management is satisfied with the profits earned by the group during the year which helped the group to maintain its cash position. The nursing home continued to achieve good occupancy rates and improved on revenue to bear the increase in cost of wages.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are as follows:

Financial

Th e ratios of bank loan to current value and interest to EBITDA continue to remain low. The group's bank loan is subject to financial covenants and the Directors continue to monitor these to ensure that they are complied with.

Operational

There is an industry wide challenge of recruitment and retention of good quality team members. The group are working towards a zero-agency culture and the company actively monitors agency usage along with a continued recruitment drive and investment in team inductions and training.

The directors continually review risks and uncertainties throughout the period and believe that they have the management and systems in place to deal with changing situations.

Development and performance

The group continue to invest in furniture and fixtures, refurbishing the assets at the c are h ome thus providing more comfort to the residents and maintaining to a high standard.

The group made a pre-tax profit of £2,780,834 (202 4: £3,115,045), on a turnover of £9,807,684 (202 4: £9,185,796). At 30 June 202 5, the group had net current assets of £5,430,106 (202 4: £10,295,799) and net assets of £18,310,284 (2024: £17,091,258) which is more than adequate to meet the working capital requirements of the group.

Key Performance Indicators

In the opinion of the directors the Key Performance Indicators of the group include profit before interest & tax and occupancy levels which are closely monitored by the directors and are in line with the directors' expectations.

On behalf of the board

Mr D Thakerar
Director
13 February 2026
TWINGLOBE HOLDINGS 3 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the group continued to be that of operating a care home.

Results and dividends

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

Ordinary dividends were paid amounting to £883,400. 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 Thakerar
Mr M Thakerar
Mr N Thakerar
Mr K Thakerar
Auditor

The auditor, Morris Lane, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

TWINGLOBE HOLDINGS 3 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D Thakerar
Director
12 February 2026
TWINGLOBE HOLDINGS 3 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TWINGLOBE HOLDINGS 3 LIMITED
- 4 -
Opinion

We have audited the financial statements of Twinglobe Holdings 3 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 30 June 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The 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:

- T he 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.

TWINGLOBE HOLDINGS 3 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWINGLOBE HOLDINGS 3 LIMITED
- 5 -
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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

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

Identifying and assessing the risks of material misstatement due to irregularities, including fraud

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and company through discussion with the directors and from our general commercial experience. The identified laws and regulations were communicated to the audit team in order that they remained alert to any non-compliance throughout the audit.

The group and company are subject to laws and regulations which have a direct effect on the financial statements and the disclosures contained therein. These have been identified as: the financial reporting framework under which the group and company operates - Financial Reporting Standard 102; Statutory Instrument 2008/410 – The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008; the Companies Act 2006 and taxation legislation including pay as you earn; corporation tax and pensions legislation.

In addition to the above, the group and company are subject to other operational laws and regulations where non-compliance may have a material effect on the financial statements. Non-compliance of such laws and regulations may result in litigation, the imposition of fines or the closure of the business which could have a material impact on amounts or disclosures in the financial statements. We have identified the following laws and regulations which are more likely to have significant effect as: compliance with the Care Quality Commission regulations; food hygiene laws; health and safety laws; General Data Protection Regulation (GDPR) and employment law.

TWINGLOBE HOLDINGS 3 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWINGLOBE HOLDINGS 3 LIMITED
- 6 -

In order to identify risks of material misstatement due to fraud, we assessed events and conditions where opportunities and incentives may exist within the company for fraud to occur. Our risk assessment procedures included enquiring of directors as to any instances of fraud, their procedures to identify fraud and by using analytical procedures to identify any unusual or unexpected relationships. We identified the greatest potential for fraud in the following areas: recognition of income; diversion of income; ghost employees and grant income. As required by auditing standards, we are also required to perform specific procedures to respond to the risk of management override.

The identified risks of material misstatement due to fraud were communicated to the audit team in order that they remained alert to any non-compliance throughout the audit.

Audit procedures designed to respond to the risks of material misstatement due to irregularities, including fraud

As a result of performing our risk assessments as detailed above, we planned and performed our audit so as to identify non-compliance with such laws and regulations, including fraud by undertaking the following:

- Reviewing the disclosures contained within the financial statements and testing to supporting documentation in order to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of the directors concerning actual and potential non-compliance of laws and regulations.

- Reviewing Care Quality Commission inspection reports in order to identify any potential non-compliance of laws and regulations.

- Performing substantive testing with regard to employees to ensure that identification and employment contracts are on file, the pay as you earn system is operating correctly, pension deductions are made where appropriate and valid right to work documentation is available where required.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Revenue recognition was addressed by obtaining an understanding of relevant controls with regard to revenue recognition and undertaking substantive testing to ensure that revenue is recognised in line with the company’s accounting policy and in line with accounting standards.

- In order to address the risks arising from the diversion of income, contracts with 3 rd party service users were agreed to the amounts charged and therefore reflected in the financial statements of the company.

- The risk relating to management override of controls was addressed by testing the appropriateness of journal entries and other adjustments, assessing whether accounting estimates are indicative of potential bias and evaluating the business rationale of any significant transactions that are considered unusual or outside the normal course of business.

Due to the inherent limitations of an audit, there is an unavoidable risk that, despite properly planning and performing our audit in accordance with accounting standards, some material misstatements may not have been detected.

Auditing standards limit the audit procedures required to identify non-compliance with other operational laws and regulations to enquiry of directors and management and inspection of any correspondence. If a breach of operational regulations is not evident from relevant correspondence or disclosed to us, an audit is unlikely to detect that breach. In addition, the further removed non-compliance with laws and regulations is from the events and transactions included in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, the risk of not detecting material misstatement from due to fraud is higher than the risk of one not being detected through error as fraud may involve deliberate concealment through collusion, forgery, misrepresentations and intentional omissions.

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.

TWINGLOBE HOLDINGS 3 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TWINGLOBE HOLDINGS 3 LIMITED
- 7 -

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.

Michelle Pettifer (Senior Statutory Auditor)
For and on behalf of Morris Lane, Statutory Auditor
Chartered Accountants
31/33 Commercial Road
Poole
Dorset
BH14 0HU
13 February 2026
TWINGLOBE HOLDINGS 3 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Revenue
3
9,807,684
9,185,796
Administrative expenses
(7,202,544)
(5,945,089)
Other operating income
42,110
25,600
Operating profit
4
2,647,250
3,266,307
Share of results of joint venture
(2)
-
Investment income
8
353,803
483,889
Finance costs
9
(532,820)
(635,151)
Profit before taxation
2,468,231
3,115,045
Tax on profit
10
(678,408)
(777,412)
Profit for the financial year
27
1,789,823
2,337,633
Other comprehensive income
Revaluation of property, plant and equipment
312,603
-
0
Total comprehensive income for the year
2,102,426
2,337,633
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

TWINGLOBE HOLDINGS 3 LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Non-current assets
Negative goodwill
12
(5,419,363)
(5,419,363)
Property, plant and equipment
13
24,015,554
24,058,097
Investment property
14
512,681
512,681
Investments
15
5,949,998
-
0
25,058,870
19,151,415
Current assets
Trade and other receivables
19
2,262,688
678,899
Cash and cash equivalents
4,970,543
11,118,298
7,233,231
11,797,197
Current liabilities
20
(1,803,125)
(1,501,398)
Net current assets
5,430,106
10,295,799
Total assets less current liabilities
30,488,976
29,447,214
Non-current liabilities
21
(7,882,070)
(8,056,899)
Provisions for liabilities
Deferred tax liability
23
4,296,622
4,299,057
(4,296,622)
(4,299,057)
Net assets
18,310,284
17,091,258
Equity
Called up share capital
25
2,131,400
2,131,400
Revaluation reserve
27
9,248,229
9,127,863
Fair value reserve
26
228,727
228,727
Retained earnings
27
6,701,928
5,603,268
Total equity
18,310,284
17,091,258

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 February 2026 and are signed on its behalf by:
12 February 2026
Mr D Thakerar
Director
Company registration number 10819753 (England and Wales)
TWINGLOBE HOLDINGS 3 LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Non-current assets
Negative goodwill
12
(4,798,250)
(4,798,250)
Property, plant and equipment
13
42,806
55,216
Investment properties
14
1,532,669
1,532,669
Investments
15
10,247,551
4,297,551
7,024,776
1,087,186
Current assets
Trade and other receivables
19
1,455,438
12,849
Cash and cash equivalents
2,275,037
8,994,684
3,730,475
9,007,533
Current liabilities
20
(1,510,286)
(1,373,079)
Net current assets
2,220,189
7,634,454
Total assets less current liabilities
9,244,965
8,721,640
Provisions for liabilities
Deferred tax liability
23
110,577
112,644
(110,577)
(112,644)
Net assets
9,134,388
8,608,996
Equity
Called up share capital
25
2,131,400
2,131,400
Retained earnings
27
7,002,988
6,477,596
Total equity
9,134,388
8,608,996

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £1,408,793 (2024: £1,200,531 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 February 2026 and are signed on its behalf by:
12 February 2026
Mr D Thakerar
Director
Company Registration No. 10819753
TWINGLOBE HOLDINGS 3 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Revaluation reserve
Fair value reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 July 2023
2,131,400
9,127,863
228,727
4,053,335
15,541,325
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
2,337,633
2,337,633
Dividends
11
-
-
-
(787,700)
(787,700)
Balance at 30 June 2024
2,131,400
9,127,863
228,727
5,603,268
17,091,258
Year ended 30 June 2025:
Profit for the year
-
-
-
1,789,823
1,789,823
Other comprehensive income:
Revaluation of property, plant and equipment
-
312,603
-
-
312,603
Total comprehensive income
-
312,603
-
1,789,823
2,102,426
Dividends
11
-
-
-
(883,400)
(883,400)
Transfers
-
(192,237)
-
192,237
-
Balance at 30 June 2025
2,131,400
9,248,229
228,727
6,701,928
18,310,284
TWINGLOBE HOLDINGS 3 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 July 2023
2,131,400
6,064,765
8,196,165
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
1,200,531
1,200,531
Dividends
11
-
(787,700)
(787,700)
Balance at 30 June 2024
2,131,400
6,477,596
8,608,996
Year ended 30 June 2025:
Profit and total comprehensive income
-
1,408,792
1,408,792
Dividends
11
-
(883,400)
(883,400)
Balance at 30 June 2025
2,131,400
7,002,988
9,134,388
TWINGLOBE HOLDINGS 3 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
3,207,359
1,643,998
Interest paid
(532,820)
(635,151)
Income taxes paid
(776,641)
(856,696)
Net cash inflow from operating activities
1,897,898
152,151
Investing activities
Purchase of property, plant and equipment
(61,418)
(605,291)
Purchase of joint ventures
(2)
-
Loan made to directors
(1,449,726)
-
Loan made to joint venture
(5,949,998)
-
Interest received
353,803
483,889
Net cash used in investing activities
(7,107,341)
(121,402)
Financing activities
Loan from entity under common control
100,000
-
Repayment of bank loans
(154,912)
(143,401)
Dividends paid to equity shareholders
(883,400)
(787,700)
Net cash used in financing activities
(938,312)
(931,101)
Net decrease in cash and cash equivalents
(6,147,755)
(900,352)
Cash and cash equivalents at beginning of year
11,118,298
12,018,650
Cash and cash equivalents at end of year
4,970,543
11,118,298
TWINGLOBE HOLDINGS 3 LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
33
(5,132)
(2,027,099)
Interest paid
-
0
(5,000)
Income taxes paid
(33,858)
(19,961)
Net cash outflow from operating activities
(38,990)
(2,052,060)
Investing activities
Purchase of property, plant and equipment
(1,859)
(73,621)
Purchase of investment property
-
0
(394,493)
Purchase of joint ventures
(2)
-
0
Loans made to directors
(1,449,726)
-
0
Loans made to joint venture
(5,949,998)
-
0
Interest received
304,328
450,624
Dividends received
1,200,000
900,000
Net cash (used in)/generated from investing activities
(5,897,257)
882,510
Financing activities
Loan from entity under common control
100,000
-
0
Dividends paid to equity shareholders
(883,400)
(787,700)
Net cash used in financing activities
(783,400)
(787,700)
Net decrease in cash and cash equivalents
(6,719,647)
(1,957,250)
Cash and cash equivalents at beginning of year
8,994,684
10,951,934
Cash and cash equivalents at end of year
2,275,037
8,994,684
TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
1
Accounting policies
Company information

Twinglobe Holdings 3 Limited (“the company”) is a private company limi ted by shares incorporated in England and Wales. The registered office is 18 Crescent West, Hadley Wood, Barnet, Hertfordshire, EN4 0EJ.

The group consists of Twinglobe Holdings 3 Limited and all of its subsidiaries.

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 to include investment properties at fair value. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £1,408,792 (2024: £1,200,531 profit).

1.2
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. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Twinglobe Holdings 3 Limited 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 30 June 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.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

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

1.5
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the supply of care services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of payables due within one year.

Interest income is recognised when it is probable that the economic benefits will flow to the group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.6
Intangible fixed assets - goodwill

Negative goodwill recognised represents the excess of the fair values to the group's interest in the identifiable net assets over the directly attributable costs of the purchase consideration.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

Negative goodwill is charged to profit and loss account to the extent and in the year the acquired assets are sold/recovered.

1.7
Property, plant and equipment

Property, plant and equipment 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
2% straight line
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance

Freehold land is not depreciated.

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 income statement.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Non-current 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.

1.10
Impairment of non-current 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.

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.

Cost is calculated using the weighted average method.

1.11
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.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.12
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 statement of financial position 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 trade and other receivables 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.

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.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables 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.

1.13
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.

1.14
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 income statement 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.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
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 income statement, 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.

1.15
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 non-current 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.

1.16
Retirement benefits

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

1.17
Leases

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.

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.

1.18
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.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.19

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which fulfil credit rating criteria approved by the directors. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 21 -
1.20

Liquidity risk

The group manages its cash and borrowing requirement in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

1.21

Interest rate risk

The g roup’s interest rate risk arises primarily from long-term borrowings and t he cash flow interest rate risk is managed within the g roup’s business projections and planning, in the monitoring of financial covenants and through negotiation of facility terms with the provider of the borrowing facility at specified intervals.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of fixed assets

The depreciation of the company’s tangible fixed assets requires judgement in determining the useful economic lives of the building and fixtures and fittings, as well as estimating the appropriate split of the property’s value between non‑depreciable land and depreciable building elements. Management also assesses the residual value of the building and fixtures and fittings based on expected future market conditions and the condition of the assets. These estimates involve inherent uncertainty, and changes in assumptions could result in material adjustments to the depreciation charge and carrying amounts of the related assets.

Valuation of freehold properries and investment properties

The valuation of the company’s freehold property and investment property involves significant estimation uncertainty, as fair values are determined using management’s assessment of current market conditions, comparable property data, and the expected long‑term performance of the assets. These valuations require judgement due to the absence of identical market comparables and the sensitivity of fair value to changes in assumptions such as yields, market demand, and property condition. As a result, changes in these estimates could lead to material adjustments to the carrying amounts reported in the financial statements.

Negative goodwill

The measurement of negative goodwill involves judgement in determining the fair values of the identifiable assets and liabilities acquired. These fair values are subject to estimation uncertainty, as they rely on management’s assessment of market conditions, asset condition, and future economic benefits. Any changes in these estimates could affect the amount of negative goodwill recognised and the pattern in which it is released to profit or loss.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Nursing and care services
9,807,684
9,185,796
2025
2024
£
£
Other revenue
Interest income
353,803
483,889
Grants received
26,510
10,000
Rental income arising from investment properties
15,600
15,600
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging (crediting):
Government grants
(26,510)
(10,000)
Depreciation of owned property, plant and equipment
416,564
117,690

The government grants received during the year is for supporting the implementation and running costs of a digital social care record system. Last year's government grants received related to recruitment support schemes.

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
3,816
3,816
Audit of the financial statements of the company's subsidiaries
17,823
17,823
21,639
21,639
For other services
Other taxation services
3,498
3,708
All other non-audit services
11,283
10,557
14,781
14,265
TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
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
Directors
4
4
-
-
Management
2
1
-
-
Care and nursing
143
142
-
-
Total
149
147
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,450,729
4,019,358
-
0
-
0
Social security costs
474,548
380,389
-
-
Pension costs
74,641
67,830
-
0
-
0
4,999,918
4,467,577
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
168,533
120,072
8
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
323,971
483,889
Other interest income
29,832
-
Total income
353,803
483,889
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
323,971
483,889
TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
9
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
532,820
584,807
Interest payable to associated undertakings
-
0
5,000
532,820
589,807
Other finance costs:
Other interest
-
45,344
Total finance costs
532,820
635,151
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
680,843
695,896
Deferred tax
Origination and reversal of timing differences
(2,435)
81,516
Total tax charge
678,408
777,412

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
2,468,231
3,115,045
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
617,058
778,761
Tax effect of expenses that are not deductible in determining taxable profit
613
931
Tax effect of income not taxable in determining taxable profit
-
0
(2,280)
Group relief
(17,414)
-
0
Depreciation in excess of capital allowances
80,586
(81,516)
Deferred tax on accelerated capital allowances
(2,435)
81,516
Taxation charge
678,408
777,412
TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
883,400
787,700
12
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 July 2024 and 30 June 2025
(5,419,363)
Amortisation and impairment
At 1 July 2024 and 30 June 2025
-
0
Carrying amount
At 30 June 2025
(5,419,363)
At 30 June 2024
(5,419,363)
Company
Negative goodwill
£
Cost
At 1 July 2024 and 30 June 2025
(4,798,250)
Amortisation and impairment
At 1 July 2024 and 30 June 2025
-
0
Carrying amount
At 30 June 2025
(4,798,250)
At 30 June 2024
(4,798,250)

There has been no movement in goodwill during the year as it will be charged to statement of comprehensive income in the year that the acquired assets are sold or recovered. The difference between group goodwill and company goodwill is on account of the value of net assets of Twinglobe Care Limited on the date of acquisition.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
13
Property, plant and equipment
Group
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost or valuation
At 1 July 2024
23,694,271
875,544
113,628
24,683,443
Additions
-
0
45,079
16,339
61,418
At 30 June 2025
23,694,271
920,623
129,967
24,744,861
Depreciation and impairment
At 1 July 2024
-
0
540,404
84,942
625,346
Depreciation charged in the year
312,603
92,705
11,256
416,564
Revaluation
(312,603)
-
0
-
0
(312,603)
At 30 June 2025
-
0
633,109
96,198
729,307
Carrying amount
At 30 June 2025
23,694,271
287,514
33,769
24,015,554
At 30 June 2024
23,694,271
335,140
28,686
24,058,097
Company
Fixtures and fittings
£
Cost or valuation
At 1 July 2024
73,621
Additions
1,859
At 30 June 2025
75,480
Depreciation and impairment
At 1 July 2024
18,405
Depreciation charged in the year
14,269
At 30 June 2025
32,674
Carrying amount
At 30 June 2025
42,806
At 30 June 2024
55,216

Property, plant and equipment with a carrying value of £22,995,565 (202 4: £23,038,109) have been pledged to secure borrowings of the group. See note 21 for further details.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Property, plant and equipment
(Continued)
- 27 -
The fair value of the group's freehold property as at 30 June 2025 is represented by:
£
Cost
8,672,150
Valuation in 2014
1,962,061
Valuation in 2015
141,000
Valuation in 2016
121,000
Valuation in 2019
5,010,000
Valuation in 2021
4,840,000
Valuation in 2022
(120,716)
Valuation in 2023
2,674,283
Additions 2024
394,493
23,694,271

Freehold land and buildings were valued in February 2022 by CBRE Limited, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors have reviewed the valuation and consider that it has not materially changed as at 30 June 202 5.

The freehold property is carried at valuation. If the asset w as measured using the cost model, the carrying amount would be as follows:

2025
2024
£
£
Group
Cost
9,066,643
9,066,643
Accumulated depreciation
(1,509,724)
(1,389,358)
Carrying value
7,556,919
7,677,285
14
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 July 2024 and 30 June 2025
512,681
1,532,669

Valuation of the investment properties for the year ended 30 June 2025 and 30 June 2024 were performed by the directors based their knowledge of the local property and rental markets.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Investment property
(Continued)
- 28 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Cost
235,284
235,284
1,255,272
1,255,272
Accumulated depreciation
(47,789)
(45,169)
(77,023)
(59,786)
Carrying amount
190,115
192,735
1,178,249
1,195,486
Group
The fair value of investment properties as at 30 June 2025 is represented by:
£
Cost
235,284
Valuation in 2021
156,681
Valuation in 2022
120,716
512,681
Company
The fair value of investment properties as at 30 June 2025 is represented by:
£
Cost
860,779
Valuation in 2021
156,681
Valuation in 2022
120,716
Additions in 2024
394,493
1,532,669
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
4,297,551
4,297,551
Investments in joint venture
17
-
0
-
0
2
-
0
Loans to joint venture
17
5,949,998
-
0
5,949,998
-
0
5,949,998
-
0
10,247,551
4,297,551
TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
15
Fixed asset investments
(Continued)
- 29 -
Movements in non-current investments
Group
Shares in joint venture
Loans to joint venture
Total
£
£
£
Cost or valuation
At 1 July 2024
-
-
-
Additions
2
-
2
Loan in the year
-
5,949,998
5,949,998
Share of losses
(2)
-
(2)
At 30 June 2025
-
5,949,998
5,949,998
Carrying amount
At 30 June 2025
-
5,949,998
5,949,998
At 30 June 2024
-
-
-
Movements in non-current investments
Company
Shares in subsidiaries and joint ventures
Loans to joint venture
Total
£
£
£
Cost or valuation
At 1 July 2024
4,297,551
-
4,297,551
Additions
2
-
2
Loan in the year
-
5,949,998
5,949,998
At 30 June 2025
4,297,553
5,949,998
10,247,551
Carrying amount
At 30 June 2025
4,297,553
5,949,998
10,247,551
At 30 June 2024
4,297,551
-
4,297,551

Included within fixed asset investments for the parent and the group are loans totalling £5,949,998. The loans have been advanced to the company's joint venture for use on a continuing basis in its activities and is therefore classified as a fixed asset investment. The loan is measured at cost less impairment.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
16
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Twinglobe Limited
18 Crescent West, Hadley Wood, Barnet, Hertfordshire, EN04 0EJ
Ordinary
100.00
-
Twinglobe Care Limited
18 Crescent West, Hadley Wood, Barnet, Hertfordshire, EN04 0EJ
Ordinary
0
100.00

The investments in subsidiaries are all stated at cost, less provision for impairment.

17
Joint ventures

Details of joint ventures at 30 June 2025 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Belfont Hotels Limited
18 Crescent West, Hadley Wood, Barnet, Hertfordshire, EN04 0EJ
Ordinary
50.00
18
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,091,263
590,320
7,401,424
1,701
Carrying amount of financial liabilities
Measured at amortised cost
9,203,542
9,017,296
1,461,642
1,339,310
19
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
689,775
588,470
-
0
-
0
Amounts owed by group undertakings
-
1
1,300
1,300
Other receivables
1,451,490
1,849
1,450,126
401
Prepayments and accrued income
121,423
88,579
4,012
11,148
2,262,688
678,899
1,455,438
12,849

The carrying amount of trade and other receivables includes £808,550 (2024: £667,751) pledged as security for liabilities of the group. See note 21 for further details.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
20
Current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
22
184,885
164,968
-
0
-
0
Trade payables
155,057
124,253
53
62
Amounts owed to group undertakings
-
0
-
0
1,307,803
1,307,803
Corporation tax payable
270,075
365,873
48,644
33,769
Other taxation and social security
211,578
175,128
-
-
Other payables
646,874
402,018
105,000
5,086
Accruals and deferred income
334,656
269,158
48,786
26,359
1,803,125
1,501,398
1,510,286
1,373,079
21
Non-current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
7,882,070
8,056,899
-
0
-
0
Amounts included above which fall due after five years are as follows:
Payable by instalments
7,022,229
7,259,160
-
-
22
Borrowings
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
8,066,955
8,221,867
-
0
-
0
Payable within one year
184,885
164,968
-
0
-
0
Payable after one year
7,882,070
8,056,899
-
0
-
0

Bank loans included above totalling £8,066,955 (2024: £8,221,867) are secured by way of a first legal charge over freehold land and buildings owned by Twinglobe Limited, a debenture over the assets of Twinglobe Limited, a guarantee provided by Twinglobe Care Limited and a debenture over the assets of Twinglobe Care Limited. Interest on bank loans is charged at 1.85% over base rate per annum and the loan matures in July 2047.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 32 -
23
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
591,045
593,480
Revaluations
3,705,577
3,705,577
4,296,622
4,299,057
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
61,907
63,974
Revaluations
48,670
48,670
110,577
112,644
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
4,299,057
112,644
Credit to profit or loss
(2,435)
(2,067)
Liability at 30 June 2025
4,296,622
110,577

Of t he deferred tax liability set out above, an amount of £15,847 is expected to reverse within 12 months and relates to accelerated capital allowances.

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,641
67,830

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.

At the 30 June 2025, there were contributions outstanding of £15,621 (202 4: £13,457) shown in other creditors.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 33 -
25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600
600
600
600
Ordinary A shares of £1 each
2,130,800
2,130,800
2,130,800
2,130,800
2,131,400
2,131,400
2,131,400
2,131,400

All shares carry voting rights but have no right to fixed income or fixed repayment of capital.

26
Fair value reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
228,727
228,727
-
-
27
Reserves
Revaluation reserve

The revaluation reserve represents the unrealised profit on the remeasurement of freehold land and buildings at open market value together with deferred tax adjustments.

Fair value reserve

The fair value reserve represents the net cumulative transfer of unrealised gains and losses net of deferred tax on the remeasurement of investment properties. Surpluses arising from the remeasurement of investment properties are transferred to the fair value reserve. Deficits are eliminated against any fair value gains previously recognised and any excess is charged to the statement of comprehensive income. Surpluses or deficits realised on the disposal of an asset are transferred from the fair value reserve to the profit and loss account. This reserve is not distributable.

Retained earnings

Retained earnings represents cumulative profits or losses net of dividends paid, other adjustments and the transfer of unrealised profits or losses net of deferred tax on the remeasurement of investment properties to the fair value reserve.

28
Events after the reporting date

After the year end, there was a reorganisation of the group which involved the company acquiring 100% of the share capital of Twinglobe Holdings 2 Limited. As a result of this reorganisation, the company’s joint venture, Belfont Hotels Limited, became a wholly‑owned subsidiary of the group.

TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 34 -
29
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2025
2024
£
£
Company
Other related parties
-
4,500
Interest and management charges paid
Loan repayment
2025
2024
2025
2024
£
£
£
£
Group
Entities under common control
5,000
5,000
-
-
Company
Entities under common control
5,000
5,000
-
9,119

During the year, the group incurred costs of £58,165 relating to works on a property previously used as office space. The property is jointly owned by the directors.

Interest was charged on the overdrawn directors’ loan accounts at rates of 2.25% and 3.75% per annum, amounting to £29,693 (2024: £nil). The interest was calculated on the outstanding balances throughout the year.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities under common control
105,000
5,000
Key management personnel
-
91
Company
Entities over which the company has control, joint control or significant influence
1,307,803
1,307,803
Entities under common control
105,000
5,000
Key management personnel
-
86
TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
29
Related party transactions
(Continued)
- 35 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
5,949,998
-
Key management personnel
1,449,703
-
Company
Entities over which the company has control, joint control or significant influence
5,951,298
1,300
Key management personnel
1,449,726
-

A ll related party balances, other than those with key management personnel are interest free, unsecured and repayable on demand.

Further details regarding the loan due from a jointly controlled entity are given in note 15.

30
Directors' transactions

Dividends totalling £693,897 (2024: £599,401) were paid in the year in respect of shares held by the company's directors.

31
Controlling party

The ultimate controlling parties are Mr D Thakerar and Mr M Thakerar.

32
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,789,823
2,337,633
Adjustments for:
Share of results of joint venture
2
-
Taxation charged
678,408
777,412
Finance costs
532,820
635,151
Investment income
(353,803)
(483,889)
Depreciation and impairment of property, plant and equipment
416,564
117,690
Movements in working capital:
(Increase)/decrease in trade and other receivables
(134,063)
277,559
Increase/(decrease) in trade and other payables
277,608
(2,017,558)
Cash generated from operations
3,207,359
1,643,998
TWINGLOBE HOLDINGS 3 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 36 -
33
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
1,408,792
1,200,531
Adjustments for:
Taxation charged
46,666
97,743
Finance costs
-
0
5,000
Investment income
(1,504,328)
(1,350,624)
Depreciation and impairment of property, plant and equipment
14,269
18,405
Movements in working capital:
Decrease/(increase) in trade and other receivables
7,137
(10,026)
Increase/(decrease) in trade and other payables
22,332
(1,988,128)
Cash absorbed by operations
(5,132)
(2,027,099)
34
Analysis of changes in net funds/(debt) - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
11,118,298
(6,147,755)
4,970,543
Borrowings excluding overdrafts
(8,221,867)
154,912
(8,066,955)
2,896,431
(5,992,843)
(3,096,412)
35
Analysis of changes in net funds - company
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
8,994,684
(6,719,647)
2,275,037
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