IRIS Accounts Production v26.1.0.639 03284493 Board of Directors 1.7.24 30.6.25 30.6.25 Medium entities property investment, property development and operation of residential care homes for elderly persons and elderly persons with dementia. true true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 03284493 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 JUNE 2025 |

| FOR |

| BROWNLOW ENTERPRISES LIMITED |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Income Statement | 11 |

| Other Comprehensive Income | 12 |

| Statement of Financial Position | 13 |

| Statement of Changes in Equity | 14 |

| Statement of Cash Flows | 15 |

| Notes to the Statement of Cash Flows | 16 |

| Notes to the Financial Statements | 18 |

| BROWNLOW ENTERPRISES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | Mr W Heneghan

| Mr D M Heneghan

| Mr L J Heneghan

| Mrs M A Heneghan

| Mr D B Heneghan

| REGISTERED OFFICE: | c/o Michael Filiou Ltd

| Salisbury House

| 81 High Street

| Potters Bar

| Hertfordshire

| EN6 5AS

| REGISTERED NUMBER: | 03284493 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Simon Hawkins FCA

| AUDITORS: | Dains Audit Limited

| Statutory Auditor and Chartered Accountants

| Suite 2, Albion House

| 2 Etruria Office Village

| Forge Lane

| Stoke on Trent

| Staffordshire

| ST1 5RQ

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

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

ACTIVITIES

The principal activity of the company in the period under review was that of property investment, property development and operation of residential care homes for elderly persons and elderly persons with dementia.

The operating activities of the company were conducted from care homes located in London and from investment properties located in London and Manchester.

REVIEW OF BUSINESS

The results for the period and financial position of the company are as shown in the financial statements.

During the year we have continued to consolidate on a strong presence in the social care market having developed a quality service provision across North London. Our passionate, committed staff have played a key role in achieving a high standard of care for our service users. We have invested in improving the quality of our offering by the full refurbishment of our newest care home.

FUTURE DEVELOPMENTS

Our strategy in the coming year is to continue to consolidate our existing operations while putting in place plans for growth to increase our presence in the social care market in the London area, whilst developing an effective operational platform which we are confident will support our strategy.

With our high quality provision and with a number of further growth opportunities, we are in a favourable position to support local authorities and service users with a quality and cost effective service provision,

Local authorities continue to demand high quality services at competitive fee rates and we believe that the progress made by the company during the period to establish and maintain an efficient and effective cost base places us in a favourable market provision.

Whilst local authorities are under pressure to reduce public spending, the vulnerability of the people we support together with the strong demographic drivers of our market continues to provide a highly sustainable and growing market for our services.

We continue to invest in our properties to help attract placements and to support the changing needs of our service users and their placing authorities.

We are looking forward with confidence to the coming year.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The company activities are primarily in the heavily regulated social care industry. Supporting vulnerable adults is an inherently risky activity. The company works to identify, mitigate and manage our operational risks. We have identified the following risks as having a significant potential impact on our reputation, operations and financial performance:

- Inconsistencies in the provision of high quality care;

- Compliance with a dynamic regulatory environment;

- Compliance with legislation or duties of care;

- Retaining and managing our people effectively;

- Major changes in government policy or legislation that impact on current market opportunities or our operating

performance;

- Managing our profit margins and banking covenants if movements in operating costs are detrimental relative to

changes in fee rates.

- Maintaining occupancy levels;

- Future funding.

We continue to have a strong focus on the quality of the services that we provide, with our reporting and management structure being complemented by a comprehensive internal quality audit function. All of our services are regulated by the Care Quality Commission with the majority of our current services being rated Good.

We have across the group a well-defined management structure with clear lines of delegation coupled with a culture of open communication with both internal and external stakeholders. Our managers have a clear focus on quality care, selective recruitment and staff development.

Insurance policies are maintained and the adequacy of these are reviewed at regular intervals.

The company has a robust financial control environment. Controls are in place ensuring the production of accurate and timely management information.

With a substantial portfolio of freehold investment properties, an established income stream across a number of sectors, a good reputation with local authority commissioning teams and access to growth capital through existing banking relationships, the company is in a strong position to continue as a leading provider of quality care service in a fragmented, large and growing market.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators that we monitor are occupancy rates and average weekly fees. The care homes individually achieve our key financial KPIs. Alongside this we continually monitor and reference staff costs as a percentage of turnover, gross and net profit margins to ensure our business is able to continue trading in as healthy manner as possible.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

OTHER KEY PERFORMANCE INDICATORS

The other primary key performance indicator is our ratings from our regulator, the care Quality Commission (CQC). We continue to work to improve and maintain good ratings.

ON BEHALF OF THE BOARD:

Mr D B Heneghan - Director

31 March 2026

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

DIVIDENDS

The total distribution for the year ended 30 June 2025 was £568,492.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

Mr W Heneghan

Mr D M Heneghan

Mr L J Heneghan

Mrs M A Heneghan

Mr D B Heneghan

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

AUDITORS

The auditors, Dains Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D B Heneghan - Director

31 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BROWNLOW ENTERPRISES LIMITED

Opinion

We have audited the financial statements of Brownlow Enterprises Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BROWNLOW ENTERPRISES LIMITED

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 identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, 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' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BROWNLOW ENTERPRISES LIMITED

Auditors' responsibilities for the audit of the financial statements

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

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:

- the senior statutory auditor 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 other management, and from our commercial knowledge and experience of the care sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We 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, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

BROWNLOW ENTERPRISES LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Hawkins FCA (Senior Statutory Auditor)

for and on behalf of Dains Audit Limited

Statutory Auditor and Chartered Accountants

Suite 2, Albion House

2 Etruria Office Village

Forge Lane

Stoke on Trent

Staffordshire

ST1 5RQ

31 March 2026

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

INCOME STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 8,941,068 |  | 7,558,393 |  |

Cost of sales | 5,011,570 |  | 4,535,204 |  |

GROSS PROFIT | 3,929,498 |  | 3,023,189 |  |

Administrative expenses | 1,221,082 |  | 1,427,897 |  |

2,708,416 |  | 1,595,292 |  |

Other operating income | 4 | 110,000 |  | 12,213 |  |

OPERATING PROFIT | 6 | 2,818,416 |  | 1,607,505 |  |

Interest receivable and similar income | 45,699 |  | 53,216 |  |

2,864,115 |  | 1,660,721 |  |

Gain/loss on revaluation of investment property | - |  | 209,326 |  |

2,864,115 |  | 1,870,047 |  |

Interest payable and similar expenses | 9 | 410,757 |  | 487,712 |  |

PROFIT BEFORE TAXATION | 2,453,358 |  | 1,382,335 |  |

Tax on profit | 10 | 600,959 |  | 245,058 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,852,399 |  | 1,137,277 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,852,399 |  | 1,137,277 |  |

OTHER COMPREHENSIVE INCOME |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,852,399 |  | 1,137,277 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

STATEMENT OF FINANCIAL POSITION

30 JUNE 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 34,238,565 |  | 33,788,368 |  |

Investments | 13 | 8,720 |  | 8,720 |  |

Investment property | 14 | 1,262,688 |  | 1,233,472 |  |

35,509,973 |  | 35,030,560 |  |

CURRENT ASSETS

Debtors | 15 | 688,336 |  | 762,185 |  |

Cash at bank and in hand | 2,779,328 |  | 2,057,249 |  |

3,467,664 |  | 2,819,434 |  |

CREDITORS

Amounts falling due within one year | 16 | 2,405,697 |  | 1,883,384 |  |

NET CURRENT ASSETS | 1,061,967 |  | 936,050 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 36,571,940 |  | 35,966,610 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (5,224,782 | ) | (5,899,956 | ) |

PROVISIONS FOR LIABILITIES | 21 | (2,134,225 | ) | (2,137,629 | ) |

NET ASSETS | 29,212,933 |  | 27,929,025 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 1,422,761 |  | 1,422,761 |  |

Share premium | 23 | 988,124 |  | 988,124 |  |

Revaluation reserve | 23 | 6,282,197 |  | 6,282,197 |  |

Fair value reserve | 23 | 633,217 |  | 633,217 |  |

Retained earnings | 23 | 19,886,634 |  | 18,602,726 |  |

SHAREHOLDERS' FUNDS | 29,212,933 |  | 27,929,025 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2026 and were signed on its behalf by:

Mr D B Heneghan - Director

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 July 2023 | 1,422,761 |  | 18,194,036 |  | 988,124 |  |

Changes in equity

Dividends | - |  | (571,592 | ) | - |  |

Total comprehensive income | - |  | 980,282 |  | - |  |

Balance at 30 June 2024 | 1,422,761 |  | 18,602,726 |  | 988,124 |  |

Changes in equity

Dividends | - |  | (568,491 | ) | - |  |

Total comprehensive income | - |  | 1,852,399 |  | - |  |

Balance at 30 June 2025 | 1,422,761 |  | 19,886,634 |  | 988,124 |  |

| Fair |

| Revaluation |  | value |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 July 2023 | 6,282,197 |  | 476,222 |  | 27,363,340 |  |

Changes in equity

Dividends | - |  | - |  | (571,592 | ) |

Total comprehensive income | - |  | 156,995 |  | 1,137,277 |  |

Balance at 30 June 2024 | 6,282,197 |  | 633,217 |  | 27,929,025 |  |

Changes in equity

Dividends | - |  | - |  | (568,491 | ) |

Total comprehensive income | - |  | - |  | 1,852,399 |  |

Balance at 30 June 2025 | 6,282,197 |  | 633,217 |  | 29,212,933 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,132,362 |  | 1,571,084 |  |

Interest paid | (410,757 | ) | (487,712 | ) |

Tax paid | (268,989 | ) | (150,000 | ) |

Net cash from operating activities | 2,452,616 |  | 933,372 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (521,453 | ) | (696,215 | ) |

Improvement of investment property | (29,216 | ) | (12,519 | ) |

Interest received | 30,806 |  | 48,867 |  |

Net cash from investing activities | (519,863 | ) | (659,867 | ) |

Cash flows from financing activities

Loan repayments in period | (624,725 | ) | (550,220 | ) |

Capital element of hire purchase repaid | (17,277 | ) | (57,677 | ) |

Amount repaid to directors | (181 | ) | (326 | ) |

Equity dividends paid | (568,491 | ) | (571,592 | ) |

Net cash from financing activities | (1,210,674 | ) | (1,179,815 | ) |

Increase/(decrease) in cash and cash equivalents | 722,079 |  | (906,310 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,057,249 |  | 2,963,559 |  |

Cash and cash equivalents at end of year | 2 | 2,779,328 |  | 2,057,249 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 2,453,358 |  | 1,382,335 |  |

| Depreciation charges | 71,256 |  | 77,589 |  |

| Gain on revaluation of fixed assets | - |  | (209,326 | ) |

| Finance costs | 410,757 |  | 487,712 |  |

| Finance income | (45,699 | ) | (53,216 | ) |

2,889,672 |  | 1,685,094 |  |

| Increase in trade and other debtors | (2,006 | ) | (38,296 | ) |

| Increase/(decrease) in trade and other creditors | 244,696 |  | (75,714 | ) |

| Cash generated from operations | 3,132,362 |  | 1,571,084 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 30 June 2025

| 30.6.25 |  | 1.7.24

£ | £ |

| Cash and cash equivalents | 2,779,328 |  | 2,057,249 |  |

| Year ended 30 June 2024

| 30.6.24 |  | 1.7.23

£ | £ |

| Cash and cash equivalents | 2,057,249 |  | 2,963,559 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.7.24 | Cash flow | At 30.6.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,057,249 |  | 722,079 |  | 2,779,328 |  |

2,057,249 |  | 722,079 |  | 2,779,328 |  |

| Debt

| Finance leases | (35,212 | ) | 17,277 |  | (17,935 | ) |

| Debts falling due within 1 year | (629,507 | ) | (41,991 | ) | (671,498 | ) |

| Debts falling due after 1 year | (5,881,219 | ) | 666,717 |  | (5,214,502 | ) |

(6,545,938 | ) | 642,003 |  | (5,903,935 | ) |

| Total | (4,488,689 | ) | 1,364,082 |  | (3,124,607 | ) |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Brownlow Enterprises Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03284493 and registered office address is c/o Michael Filiou Limited, Salisbury House, 81 High Street, Hertfordshire EN6 5AS.

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies.

| The financial statements are presented in Sterling (£) which is the functional currency of the company.

| Going concern

| The accounts have been prepared on a going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future.

| Preparation of consolidated financial statements

| The company is a parent company and is required under Section 399 of the Companies Act 2006 to prepare consolidated financial statements unless an exemption applies. The company has elected to take the exemption available under Section 402 of the Companies Act 2006, which permits a parent company not to prepare consolidated financial statements where all subsidiary undertakings are such that they may be excluded from consolidation under Section 405.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| 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.

| The estimate and assumptions which had the most significant effect on the amounts recognised in the financial statements are the valuations of freehold and investment property. The valuation of freehold property is in accordance with accounting policy 3 "Revaluation of tangible fixed assets" and the valuation of investment property is in accordance with accounting policy 3 "Investment property". The carrying value of freehold property is set out in Note 12 and the carrying value of investment property is set out in Note 14.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents income from the provision of care services and is measured at the fair value of the consideration received or receivable, excluding discount, rebates and value added tax.

| Turnover represents income from the provision of care services and the amounts due in exchange for services rendered and is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for their performance. It is derived from the principal activities of the company that are exempt for Value Added Tax purposes.

| Revenue reflects the accrual of the right to consideration by reference to the value of the services rendered. Turnover not billed is included in debtors and amounts received on account in excess of the relevant amount of revenue are included in creditors.

| Rental income from operating leases is recognised on a straight line basis over the term of the lease.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | not provided

| Equipment | - | 25% straight line

| Fixtures and fittings | - | 25% straight line

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% straight line

| Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

| The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

| Revaluation of tangible fixed assets

| Freehold properties are held in the accounts under the revaluation model and as such valued at fair value less any subsequent impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

| Depreciation is not provided on freehold properties given that properties in London generally increase in value and are unlikely to be lower than cost.

| Impairment of assets

| The company assess at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the assets. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

| Investments in subsidiaries

| Investments in subsidiaries are measured at cost less accumulated impairment.

| Investment property

| The freehold and long leasehold properties are held for long-term investments. Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. At the end of each period, the carrying value is adjusted to the fair value at that date. Fair value is determined by consideration of comparable market data such as rental yields, location, condition and nature of the property. The gains and losses are taken to profit and loss at the end of each period.

| Deferred tax is recognised in respect of any gains, and the amount included in the profit and loss is net of any deferred tax provision.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred taxation

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs

| The company contributes to individual employees' personal pension plans. Contributions payable are charged to the income statement in the period to which they relate to. The assets of the plan are held separately from those of the company in independently administered funds.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties.

| 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 method unless the arrangement constitute 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, other than those held at fair value through profit or 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 rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in impairment loss arising from the 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.

| Financial assets are derecognised only when the contractual rights to cash flow 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, of 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.

| 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, including trade and other payables and bank loans, 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 receipts discounted at a market rate of interest.

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

| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts 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.

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

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | ACCOUNTING POLICIES - continued

| 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 fixed assets.

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

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

| Government grants

| Grants of a revenue nature are recognised in the Statement of Comprehensive Income when there is a reasonable level of certainty that the grant has been earned and, if not yet paid, will be received. This income is recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Other Income | 110,000 |  | - |  |

| Government grants | - |  | 12,213 |  |

110,000 |  | 12,213 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,909,707 |  | 3,573,608 |  |

| Social security costs | 364,165 |  | 300,295 |  |

| Other pension costs | 354,202 |  | 172,211 |  |

4,628,074 |  | 4,046,114 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 5 |  | 5 |  |

| Accounts and administration staff | 4 |  | 4 |  |

| Care home managers | 5 |  | 5 |  |

| Care home staff | 158 |  | 138 |  |

172 |  | 152 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 190,086 |  | 190,086 |  |

| Directors' pension contributions to money purchase schemes | 300,000 |  | 123,600 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

5. | EMPLOYEES AND DIRECTORS - continued

| Key management personnel comprise of the directors. Total compensation paid to key management personnel during the year was £512,007.

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 60,270 |  | 63,774 |  |

| Depreciation - assets on hire purchase contracts | 10,986 |  | 13,818 |  |

7. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 36,213 |  | 24,800 |  |

8. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Write-off of balances due from

| subsidiary undertakings | (7,581 | ) | - |  |

| The exceptional item relates to the write-off of historic balances due from dormant subsidiary undertakings. The balances arose in prior years where the company settled expenses on behalf of the subsidiaries.

| Following a review by the directors, these balances have been written off in the current year as they are no longer considered recoverable.

9. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 409,632 |  | 483,018 |  |

| Interest on taxation | 1,125 |  | 403 |  |

| Interest on Hire Purchase | - |  | 4,291 |  |

410,757 |  | 487,712 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

10. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 550,931 |  | 200,303 |  |

| Under-provision of taxation | 53,432 |  | - |  |

| Total current tax | 604,363 |  | 200,303 |  |

| Deferred tax | (3,404 | ) | 44,755 |  |

| Tax on profit | 600,959 |  | 245,058 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,453,358 |  | 1,382,335 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 613,340 |  | 345,584 |  |

| Effects of:

| Expenses not deductible for tax purposes | 8,809 |  | 11,570 |  |

| Capital allowances in excess of depreciation | (71,218 | ) | (104,520 | ) |

| Adjustments to tax charge in respect of previous periods | 53,432 |  | - |  |

| Gain on revaluation of investment property | - |  | (52,332 | ) |

| assets |

| Deferred tax adjustments | (3,404 | ) | 44,756 |  |

| Total tax charge | 600,959 |  | 245,058 |  |

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Gain on revaluation of freehold property

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

10. | TAXATION - continued

| There were no tax effects for the year ended 30 June 2025.

11. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary C shares of £1 each |

| Interim | 195,277 |  | 246,283 |  |

| Ordinary D shares of £1 each |

| Interim | 65,799 |  | 58,309 |  |

| Ordinary E shares of £1 each |

| Interim | 84,330 |  | 75,000 |  |

| Ordinary F shares of £1 each |

| Interim | 84,085 |  | 75,000 |  |

| Ordinary G1 shares of £1 each |

| Interim | 54,000 |  | 39,000 |  |

| Ordinary G2 shares of £1 each |

| Interim | 46,000 |  | 39,000 |  |

| Ordinary G3 shares of £1 each |

| Interim | 39,000 |  | 39,000 |  |

568,491 |  | 571,592 |  |

12. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | and

| property |  | Equipment |  | fittings

£ | £ | £ |

| COST OR VALUATION

| At 1 July 2024 | 33,576,708 |  | 126,681 |  | 688,427 |  |

| Additions | 507,965 |  | - |  | - |  |

| At 30 June 2025 | 34,084,673 |  | 126,681 |  | 688,427 |  |

| DEPRECIATION

| At 1 July 2024 | - |  | 125,475 |  | 622,669 |  |

| Charge for year | - |  | 402 |  | 35,091 |  |

| At 30 June 2025 | - |  | 125,877 |  | 657,760 |  |

| NET BOOK VALUE

| At 30 June 2025 | 34,084,673 |  | 804 |  | 30,667 |  |

| At 30 June 2024 | 33,576,708 |  | 1,206 |  | 65,758 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

12. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 July 2024 | 249,684 |  | 31,783 |  | 34,673,283 |  |

| Additions | 12,500 |  | 988 |  | 521,453 |  |

| At 30 June 2025 | 262,184 |  | 32,771 |  | 35,194,736 |  |

| DEPRECIATION

| At 1 July 2024 | 105,774 |  | 30,997 |  | 884,915 |  |

| Charge for year | 34,730 |  | 1,033 |  | 71,256 |  |

| At 30 June 2025 | 140,504 |  | 32,030 |  | 956,171 |  |

| NET BOOK VALUE

| At 30 June 2025 | 121,680 |  | 741 |  | 34,238,565 |  |

| At 30 June 2024 | 143,910 |  | 786 |  | 33,788,368 |  |

| Cost or valuation at 30 June 2025 is represented by:

| Fixtures

| Freehold |  | and

| property |  | Equipment |  | fittings

£ | £ | £ |

| Valuation in 2002 | 374,536 |  | - |  | - |  |

| Valuation in 2003 | 60,000 |  | - |  | - |  |

| Valuation in 2006 | 65,489 |  | - |  | - |  |

| Valuation in 2008 | (100,000 | ) | - |  | - |  |

| Valuation in 2012 | 200,000 |  | - |  | - |  |

| Valuation in 2019 | 170,549 |  | - |  | - |  |

| Valuation in 2022 | 7,452,341 |  | - |  | - |  |

| Cost | 25,861,758 |  | 126,681 |  | 688,427 |  |

34,084,673 |  | 126,681 |  | 688,427 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

12. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| Valuation in 2002 | - |  | - |  | 374,536 |  |

| Valuation in 2003 | - |  | - |  | 60,000 |  |

| Valuation in 2006 | - |  | - |  | 65,489 |  |

| Valuation in 2008 | - |  | - |  | (100,000 | ) |

| Valuation in 2012 | - |  | - |  | 200,000 |  |

| Valuation in 2019 | - |  | - |  | 170,549 |  |

| Valuation in 2022 | - |  | - |  | 7,452,341 |  |

| Cost | 262,184 |  | 32,771 |  | 26,971,821 |  |

262,184 |  | 32,771 |  | 35,194,736 |  |

| Freehold land and buildings are not depreciated. Freehold properties are held at valuation unless acquired in the year, in which case they are initially recognised at cost.

| In July 2022, the freehold properties were valued on an open market basis by RICS qualified valuers Avison Young (UK) Limited.

| If freehold land and buildings had not been revalued they would have been included at a historical cost of £25,861,758 (2024 - £25,353,793).

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST OR VALUATION

| At 1 July 2024

| and 30 June 2025 | 101,002 |  |

| DEPRECIATION

| At 1 July 2024 | 39,584 |  |

| Charge for year | 10,986 |  |

| At 30 June 2025 | 50,570 |  |

| NET BOOK VALUE

| At 30 June 2025 | 50,432 |  |

| At 30 June 2024 | 61,418 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

13. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 1 July 2024

| and 30 June 2025 | 8,720 |  |

| NET BOOK VALUE

| At 30 June 2025 | 8,720 |  |

| At 30 June 2024 | 8,720 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Dormant subsidiaries

| Registered office: C/O Michael Filiou Ltd, Salisbury House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 8,720 |  | 8,720 |  |

| Brownlow Enterprises Limited holds 100% of the issued share capital in these dormant companies:

|  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| Conhen Limited (Registered number 03301128) |  | 100 |  | 100 |

| Ventry Properties Limited (Registered number 04719836) |  | 1,000 |  | 1,000 |

| Ventry Care Limited (Registered number 06910825) |  | 1 |  |  | 1 |

| Ventry Care Homes Limited (Registered number 06910788) |  | 1 |  |  | 1 |

| Ventry Residential Care Homes Limited (Registered number 06910824) |  | 1 |  |  | 1 |

| Ventry Domiciliary Care Limited (Registered number 06910813) |  | 1 |  |  | 1 |

| Ventry Residential Care Limited (Registered number 08410906) |  | 100 |  |  | 100 |

| Ventry Court Management Company Limited (Registered number 08996549. A private company limited by £1 guarantee) |  | - |  |  | - |

| Dingle Court (Chorlton) Management Company Limited (Registered number 09355604. A private company limited by £1 guarantee) |  | - |  |  | - |

| Circa Care Ltd (Registered number 05957400) |  |  | 1,000 |  | 1000 |

|  | 2,204 |  |  | 2,204 |

| All companies are incorporated in England and Wales. |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

14. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 July 2024 | 1,233,472 |  |

| Additions | 29,216 |  |

| At 30 June 2025 | 1,262,688 |  |

| NET BOOK VALUE

| At 30 June 2025 | 1,262,688 |  |

| At 30 June 2024 | 1,233,472 |  |

| Fair value at 30 June 2025 is represented by:

£ |

| Valuation in 2001 | 125,772 |  |

| Valuation in 2002 | 45,000 |  |

| Valuation in 2003 | 90,000 |  |

| Valuation in 2008 | (30,000 | ) |

| Valuation in 2012 | 75,000 |  |

| Valuation in 2013 | 35,000 |  |

| Valuation in 2016 | 40,000 |  |

| Valuation in 2018 | 204,203 |  |

| Valuation in 2024 | 209,326 |  |

| Cost | 468,387 |  |

1,262,688 |  |

| Freehold and long leasehold properties included as investment properties are stated at fair value with changes in fair value being recognised in the income statement. Depreciation is not provided in respect of such properties in accordance to FRS 102 Chapter 16 Investment Property. Residential investment properties have been included at a directors' valuation of £1,233,472 (2024 £1,233,472), having taken professional advice. Fair value is determined by considering comparable market data such as rental yields, location, condition and nature of the property. These residential properties were formally valued on an open market basis by Addison Townsend Estates Agents in November 2018 and March 2019. The historical cost of the investment properties held at valuation is £468,657 (2024 £439,171). The directors are of the opinion that this valuation remains appropriate as at the reporting end date.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 642,161 |  | 632,124 |  |

| Other debtors | 2,873 |  | 11,400 |  |

| Corporation tax refundable | - |  | 75,856 |  |

| Accrued income | 3,147 |  | 3,706 |  |

| Prepayments | 40,155 |  | 39,099 |  |

688,336 |  | 762,185 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 18) | 671,498 |  | 629,507 |  |

| Hire purchase contracts (see note 19) | 7,655 |  | 16,475 |  |

| Trade creditors | 1,148,236 |  | 909,236 |  |

| Amounts owed to group undertakings | 9,763 |  | 9,763 |  |

| Corporation tax | 244,627 |  | - |  |

| Social security and other taxes | 93,704 |  | 73,734 |  |

| Other creditors | 132,804 |  | 141,846 |  |

| Dividend payable | 5,472 |  | 4,375 |  |

| Directors' current accounts | 84 |  | 265 |  |

| Accruals and deferred income | 91,854 |  | 98,183 |  |

2,405,697 |  | 1,883,384 |  |

| At the 30 June 2025 pension liability of £15,297 (2024: £10,142) is included in other creditors.

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | 5,214,502 |  | 5,881,219 |  |

| Hire purchase contracts (see note 19) | 10,280 |  | 18,737 |  |

5,224,782 |  | 5,899,956 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 671,498 |  | 629,507 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

18. | LOANS - continued

2025 | 2024 |

£ | £ |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 707,031 |  | 660,963 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 2,432,859 |  | 2,274,652 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans - more than 5 yrs | 2,074,612 |  | 2,945,604 |  |

19. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 7,655 |  | 16,475 |  |

| Between one and five years | 10,280 |  | 18,737 |  |

17,935 |  | 35,212 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 5,886,000 |  | 6,510,726 |  |

| The bank loans are secured by first legal mortgages and debenture over the freehold properties of the company in the favour of HSBC Bank plc.

| Interest is chargeable on the amounts drawn under the facilities at a rate which tracks the Bank of England base rate.

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

21. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 32,423 |  | 35,827 |  |

| FV gain on freehold property | 1,940,719 |  | 1,940,719 |  |

| FV gain on investment property | 110,179 |  | 110,179 |  |

| FV gain on investment property | 50,904 |  | 50,904 |  |

2,134,225 |  | 2,137,629 |  |

| Deferred |

| tax |

£ |

| Balance at 1 July 2024 | 2,137,629 |  |

| Accelerated capital allowances | (3,404 | ) |

| FV gain on freehold property |

| FV gain on investment property |

| Balance at 30 June 2025 | 2,134,225 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid: |  |

| Number: |  | Class: |  | Nominal |  | 2024 |  |  | 2024 |  |

|  | value: |  | £ |  |  | £ |  |

| 4,770 |  | Ordinary A |  | £1 |  | 4,770 |  |  | 4770 |  |

| 500 |  | Ordinary B |  | £1 |  | 500 |  |  | 500 |  |

| 100 |  | Ordinary C |  | £1 |  | 100 |  |  | 100 |  |

| 50 |  | Ordinary D |  | £1 |  | 50 |  |  | 50 |  |

| 50 |  | Ordinary E |  | £1 |  | 50 |  |  | 50 |  |

| 50 |  | Ordinary F |  | £1 |  | 50 |  |  | 50 |  |

| 100 |  | Ordinary G1 |  | £1 |  | 100 |  |  | 100 |  |

| 100 |  | Ordinary G2 |  | £1 |  | 100 |  |  | 100 |  |

| 100 |  | Ordinary G3 |  | £1 |  | 100 |  |  | 100 |  |

| 1,412,561 |  | Redeemable deferred |  | £1 |  | 1,412,561 |  |  | 1,412,561 |  |

| 1,460 |  | Ordinary G4 |  | £1 |  | 1,460 |  |  | 1460 |  |

| 1,460 |  | Ordinary G5 |  | £1 |  | 1,460 |  |  | 1460 |  |

| 1,460 |  | Ordinary G6 |  | £1 |  | 1,460 |  |  | 1460 |  |

|  | 1,422,761 |  |  | 1,422,761 |  |

BROWNLOW ENTERPRISES LIMITED (REGISTERED NUMBER: 03284493) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

23. | RESERVES

| Fair |

| Retained |  | Share |  | Revaluation |  | value |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 July 2024 | 18,602,726 |  | 988,124 |  | 6,282,197 |  | 633,217 |  | 26,506,264 |  |

| Profit for the year | 1,852,399 |  | 1,852,399 |  |

| Dividends | (568,491 | ) | (568,491 | ) |

| At 30 June 2025 | 19,886,634 |  | 988,124 |  | 6,282,197 |  | 633,217 |  | 27,790,172 |  |

24. | RELATED PARTY DISCLOSURES

| Entities over which the entity has control, joint control or significant influence

2025 | 2024 |

£ | £ |

| Amount due to wholly-owned subsidiaries | 9,763 |  | 2,182 |  |

| Other related parties |

| Loan from directors

| At the reporting date, the company owed £84(2024 - £265) to the directors. The balance is unsecured, interest-free and is repayable on demand.

| Transactions with related parties

| During the year, the company charged open market rent of £13,000 (2024 - £13,000) to the directors on the overseas property held by the company.

| North Road Services Limited

| North Road Services Limited is a company incorporated in England and Wales in which the directors have significant influence. At the reporting date, the company owed £32,076 (2024 - £32,076) to North Road Services Limited. The balance is included under other creditors.

| Dividends paid to directors

| During the year ended 30 June 2025, dividends of £429,492 (2024: £454,592 )were paid to directors. No balances were outstanding at year-end.

25. | ULTIMATE CONTROLLING PARTY

| The directors consider that there is no ultimate controlling party, as no individual or entity has control over the company.