Company registration number SC412450 (Scotland)
LORIMER CARE HOMES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
LORIMER CARE HOMES LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
LORIMER CARE HOMES LIMITED
COMPANY INFORMATION
- 1 -
Directors
L Blackwood
S Clarke-Kuehn
C Moule
N Seymour
Secretary
N Seymour
Company number
SC412450
Registered office
Sanctuary House
7 Freeland Drive
Glasgow
G53 6PG
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
LORIMER CARE HOMES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 2 -

The directors present the strategic report for the period ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a holding company.

Review of business

Lorimer Care Homes Limited owns 5 care homes, and leases them out to its subsidiary undertakings.

The aim of these subsidiaries is to provide a care service for older persons, placing emphasis on promoting health and independence.

Outlook

The future of the company has been considered as part of the wider Sanctuary Group, of which the company has been a part of since 2021. Consequently, the trade and assets of the company will ultimately be transferred into a fellow subsidiary of the Group; this is expected to occur within twelve months from the date of these financial statements.

The trading activities of the 5 care homes owned by the company are unaffected by the wider group changes.

Key performance indicators

The company's income for the 15 month period increased to £1,006,250 (2023: £865,000) during the year.

In addition, overheads have also increased during the year, leaving an operating profit of £135,047 (2023: £115,246).

At the period end the company had shareholder's funds of £6,116,610 (2023: £6,600,552).

The current year figures cover the 15 month period to 31 March 2025. The comparative figures cover the 12 month period to 31 December 2023.

Principal risks and uncertainties

The principal risks facing the business remain recruitment and retention of quality staff and the ability to maintain occupancy in challenging environments. The directors believe that the quality of service provided and the strong reputation of the homes minimises the impact of these risks.

Financial risk management objectives and policies

The company finances its operations through its retained profits. Management’s objective is to retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due.

On behalf of the board

L Blackwood
Director
23 March 2026
LORIMER CARE HOMES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -

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

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

L Blackwood
S Clarke-Kuehn
C Moule
N Seymour
Auditor

The auditor, Consilium Audit Limited, 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 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.

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.

LORIMER CARE HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 4 -
On behalf of the board
L Blackwood
Director
23 March 2026
LORIMER CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LORIMER CARE HOMES LIMITED
- 5 -
Opinion

We have audited the financial statements of Lorimer Care Homes Limited (the 'company') for the period ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 period 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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company has plans to transfer the trade and assets to a fellow group subsidiary within the next 12 months. The matters raised in note 1.2 indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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.

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 period 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.

LORIMER CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LORIMER CARE HOMES 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

- We identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge of the regulatory environment relevant to the company.

- We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.

- To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect than those arisen from error as they may involve deliberate concealment or collusion.

LORIMER CARE HOMES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LORIMER CARE HOMES LIMITED
- 7 -

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.

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.

Brian Thomson BA(Hons) CA
Senior Statutory Auditor
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
24 March 2026
LORIMER CARE HOMES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2025
- 8 -
Period
Year
ended
ended
31 March
31 December
2025
2023
Notes
£
£
Administrative expenses
(871,203)
(749,754)
Other operating income
1,006,250
865,000
Profit before taxation
135,047
115,246
Tax on profit
5
226,253
270,569
Profit for the financial period
361,300
385,815

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

The notes on pages 11 to 18 form part of these financial statements.

LORIMER CARE HOMES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
31 March 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
19,455,472
17,632,310
Investments
7
9,385,979
9,385,979
28,841,451
27,018,289
Current assets
Debtors
9
419
322
Cash at bank and in hand
2,161,817
1,521,295
2,162,236
1,521,617
Creditors: amounts falling due within one year
10
(24,472,114)
(21,298,136)
Net current liabilities
(22,309,878)
(19,776,519)
Total assets less current liabilities
6,531,573
7,241,770
Provisions for liabilities
Deferred tax liability
11
414,963
641,218
(414,963)
(641,218)
Net assets
6,116,610
6,600,552
Capital and reserves
Called up share capital
12
2
2
Revaluation reserve
13
200,000
200,000
Capital contribution reserve
13
7,959,519
8,804,761
Profit and loss reserves
13
(2,042,911)
(2,404,211)
Total equity
6,116,610
6,600,552

The notes on pages 11 to 18 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 23 March 2026 and are signed on its behalf by:
L Blackwood
Director
Company Registration No. SC412450
LORIMER CARE HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
- 10 -
Share capital
Revaluation reserve
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
2
200,000
9,585,522
(2,790,026)
6,995,498
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
385,815
385,815
Distributions to parent charity under gift aid
-
-
(780,761)
-
(780,761)
Balance at 31 December 2023
2
200,000
8,804,761
(2,404,211)
6,600,552
Period ended 31 March 2025:
Profit and total comprehensive income for the period
-
-
-
361,300
361,300
Distributions to parent charity under gift aid
-
-
(845,242)
-
(845,242)
Balance at 31 March 2025
2
200,000
7,959,519
(2,042,911)
6,116,610

The notes on pages 11 to 18 form part of these financial statements.

LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Lorimer Care Homes Limited is a private company limited by shares incorporated in Scotland. The registered office is Sanctuary House, 7 Freeland Drive, Glasgow, G53 6PG. The company's registration number is SC412450.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Lorimer Care Homes Limited is a wholly owned subsidiary of Sanctuary Housing Association and the results of Lorimer Care Homes Limited are included in the consolidated financial statements of Sanctuary Housing Association which are available from Sanctuary House, Chamber Court, Castle Street, Worcester, WR1 3ZQ, England.

1.2
Going concern

The Group are undertaking a review of the Group structure. Consequently, the trade and assets of the company will ultimately be transferred into a fellow subsidiary of the Group; this is expected to occur within twelve months from the date of these financial statements.true

Until the time of the transfer, the entity will continue to trade in its current form with the ongoing support of the group.

1.3
Reporting period

The current year figures cover the 1 5 month period to 3 1 March 202 5. The comparative figures cover the 12 month period to 31 December 2023.

LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

The directors chose to apply the exemption under FRS 102 Triennial Review for accounting for investment properties rented to group companies at fair value and account for them at cost, net of depreciation. As a result the the five care homes were reclassified from investment properties to heritable properties and depreciated the assets from the date of transition. The effect of this change in accounting policy is to align the accounting treatment in the company with the accounting treatment in the consolidated accounts of the group.

As a result of the change in policy, 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
35 years straight line
Fixtures and fittings
13.33% on straight line
Motor vehicles
25% staright line

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 the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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

1.6
Impairment of fixed assets

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

1.7
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.

LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
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 the profit and loss account, 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.

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.

1.8
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.

1.9
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.

LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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.

1.10
Leases

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.

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.

3
Operating profit
2025
2023
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
48,500
37,000
Depreciation of owned tangible fixed assets
871,199
790,275
4
Employees

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

2025
2023
Number
Number
Employees
0
0
LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 15 -
5
Taxation
2025
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(80,850)
Deferred tax
Origination and reversal of timing differences
(226,253)
(189,719)
Total tax credit
(226,253)
(270,569)

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

2025
2023
£
£
Profit before taxation
135,047
115,246
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
33,762
27,083
Tax effect of expenses that are not deductible in determining taxable profit
204,517
156,396
Under/(over) provided in prior years
-
0
(80,850)
Tax relief in respect of gift aid
(211,311)
(183,479)
Deferred tax timing differences
(253,221)
(189,719)
Taxation credit for the period
(226,253)
(270,569)

From 1 April 2023 the Corporation Tax rate increased the main rate to 25%. In addition, the standard small profits rate is reintroduced to ensure that companies with small profits pay corporation tax at a lower rate.

Deferred tax has been charged at 25%.

LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 16 -
6
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
19,770,874
1,997,395
41,214
21,809,483
Additions
2,491,541
202,820
-
0
2,694,361
Disposals
-
0
(214,532)
-
0
(214,532)
At 31 March 2025
22,262,415
1,985,683
41,214
24,289,312
Depreciation and impairment
At 1 January 2024
2,942,351
1,193,608
41,214
4,177,173
Depreciation charged in the period
560,475
310,724
-
0
871,199
Eliminated in respect of disposals
-
0
(214,532)
-
0
(214,532)
At 31 March 2025
3,502,826
1,289,800
41,214
4,833,840
Carrying amount
At 31 March 2025
18,759,589
695,883
-
0
19,455,472
At 31 December 2023
16,828,523
803,787
-
0
17,632,310
7
Fixed asset investments
2025
2023
Notes
£
£
Investments in subsidiaries
8
9,385,979
9,385,979
8
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Glenfairn Limited
Sanctuary House, 7 Freeland Drive, Glasgow, Scotland, G53 6PG
Provision of care facilities
Ordinary
100.00
Tayside Care Limited
Sanctuary House, 7 Freeland Drive, Glasgow, Scotland, G53 6PG
Provision of care facilities
Ordinary
100.00
Gate Healthcare Limited
Sanctuary House, 7 Freeland Drive, Glasgow, Scotland, G53 6PG
Provision of care facilities
Ordinary
100.00
9
Debtors
2025
2023
Amounts falling due within one year:
£
£
Other debtors
419
322
LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 17 -
10
Creditors: amounts falling due within one year
2025
2023
£
£
Trade creditors
343,699
43,440
Amounts owed to group undertakings
23,505,497
21,202,411
Corporation tax
18,055
18,055
Accruals and deferred income
604,863
34,230
24,472,114
21,298,136

Amounts due to group undertakings are interest free and repayable on demand.

11
Deferred taxation

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

2025
2023
Balances:
£
£
Accelerated capital allowances
342,963
364,218
Unrealised gain
72,000
277,000
414,963
641,218
2025
Movements in the period:
£
Liability at 1 January 2024
641,218
Credit to profit or loss
(226,255)
Liability at 31 March 2025
414,963

12
Share capital
2025
2023
2025
2023
Number
Number
£
£
Issued and fully paid
Ordinary shares A of 0.5p each
201
201
1
1
Ordinary shares B of 0.5p each
199
199
1
1
400
400
2
2

Each class of share rank pari passu in all respect. When declaring dividends, each class of shares is entitled to dividends to the exclusion of the other and differing amounts may be declared in respect of each class.

LORIMER CARE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 18 -
13
Reserves
Revaluation reserve

The revaluation reserve represents the unreleased gain on the properties transferred from its subsidiaries to the company.

Profit and loss reserve

Profit and loss reserve represents the distributable profits of the company.

Capital contribution reserve

The capital contribution reserve represents the contribution made by Sanctuary Housing Association to the company during the prior period to repay its debt in full.

14
Related party transactions

The company has taken advantage of the exemption available under Financial Reporting Standard 102 not to disclose related party transactions with the ultimate parent company or with any wholly owned subsidiaries within the group.

No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland".

15
Ultimate parent undertaking and controlling party

Sanctuary Housing Association is regarded by the directors as being the company's ultimate parent undertaking and controlling party.

The company is included by full consolidation in the consolidated financial statements of its ultimate parent, Sanctuary Housing Association registered at Sanctuary House, Chamber Court, Castle Street, Worcester, WR1 3ZQ, England. Copies of the consolidated financial statements are available at this address.

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