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Registered number: 12430106 GRAY CARE GROUP LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
GRAY CARE GROUP LTD COMPANY INFORMATION
Directors | Mr J Gray
| Mrs S Gray
Registered number | 12430106
Registered office | Gray House
| Lawn Road
| Carlton-In-Lindrick
| Worksop
| Nottinghamshire
| S81 9LB
Independent auditors | PKF Smith Cooper Audit Limited
| Prospect House
| 1 Prospect Place
| Pride Park
| Derby
| DE24 8HG
GRAY CARE GROUP LTD CONTENTS
| Page
Group strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Consolidated statement of comprehensive income | 8
Consolidated balance sheet | 9
Company balance sheet | 10
Consolidated statement of changes in equity | 11
Company statement of changes in equity | 12
Consolidated statement of cash flows | 13
Consolidated analysis of net debt | 14
Notes to the financial statements | 15 - 33
GRAY CARE GROUP LTD GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The directors present the Strategic Report of Gray Care Group Ltd (“the company”) and its wider group for the year ended 30 April 2025.
Business review
During the period, the Group's turnover was £8,220,879 (2024: £7,513,750), an increase of 9.4% which is attributable to both an increase in average fee and increase in occupancy. The Group has reported an operating profit of £1,027,099 (2024: £496,307) which shows significant improvement in performance over the year. The Group achieved a profit before taxation of £190,230 (2024: loss £388,883), the profit being largely attributable to increases fees and increased occupancy. The Group is in a net asset position of £5,176,453 (2024: £1,680,700), with net current liabilities of £102,518 (2024: £296,992).
Principal risks and uncertainties
The Group has considered the principal risks and uncertainties to which it is exposed, and this is taken into accounts when making key strategic decisions. The main risks to the Group are: The Group has loans with its bankers that charge interest at a variable rate. Management reviews the cash position on a regular basis and ensure that sufficient funds are held to cover future interest payments including where interest payments are expected to increase in line with changes to interest rates. The Group faces uncertainties within the wider environment in respect of inflation and rising employment costs. The directors are confident that the Group will be able to continue operating profitably despite these changes, and that the Group is well positioned in its location to take advantage of opportunities as they arise.
Financial key performance indicators
Key financial performance indicators include turnover, operating profit, profit before tax and net current assets which have been detailed further in the business review above. This report was approved by the board and signed on its behalf.
Mr J Gray Director
Date: 11 March 2026
Page 1
GRAY CARE GROUP LTD DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
Principal activity
The principal activity of the company and group continued to be that of the provision of care services.
Results and dividends
The results for the year are set out on page 8. No ordinary dividends were paid during the year. The directors do not recommend payment of any further dividends.
Directors
The directors who served during the year were:
Mr J Gray
Mrs S Gray
Auditors
Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 2
GRAY CARE GROUP LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. This report was approved by the board and signed on its behalf.
Mr J Gray Director
Date: 11 March 2026
Page 3
GRAY CARE GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY CARE GROUP LTD
Qualified Opinion
We have audited the financial statements of Gray Care Group Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 April 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The prior year was the Company’s first that required an audit and during our procedures it transpired that full supporting records relating to revenue for the years ended 30th April 2024 and 30th April 2023 had not been maintained. As a result, management were unable to provide sufficient appropriate audit evidence regarding revenue and our opinion was qualified in this respect. Specifically for the year ended 30th April 2024 we were unable to satisfy ourselves by alternative audit procedures concerning revenue included in the Profit and Loss Account of £7,513,750. Our audit opinion on the financial statements for the year ended 30th April 2024 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures. 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 4
GRAY CARE GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY CARE GROUP LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. As described in the basis for qualified opinion section of our report we were unable to satisfy ourselves concerning revenue in the previous financial year. We have concluded that where other information relates to the comparative revenue figure it may be materially misstated for the same reason.
Opinion on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis of qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
GRAY CARE GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY CARE GROUP LTD (CONTINUED)
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 an Auditors' 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 Group 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: Based on our understanding of the Group and Company and industry, we identify the key laws and regulations affecting the Group and Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: ∙management bias in respect of accounting estimates and judgements made; ∙management override of control; ∙posting of unusual journals or transactions; ∙compliance with CQC regulations. We focussed on those areas that could give rise to a material misstatement in the Group and Company financial statements.Our procedures included, but were not limited to: ∙enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; ∙reviewing minutes of meetings of those charged with governance where available; ∙reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; ∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. ∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities 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 Auditors' report. Page 6
GRAY CARE GROUP LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRAY CARE GROUP LTD (CONTINUED)
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 Auditors' 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. James Delve (Senior statutory auditor) for and on behalf of PKF Smith Cooper Audit Limited Prospect House 1 Prospect Place Pride Park Derby DE24 8HG 11 March 2026 Page 7
GRAY CARE GROUP LTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 8,220,879 | 7,513,750
Cost of sales |  | (4,617,448) | (4,587,725)
Gross profit |  | 3,603,431 | 2,926,025
Administrative expenses |  | (2,576,332) | (2,429,718)
Operating profit | 5 | 1,027,099 | 496,307
Interest receivable and similar income | 9 | 3,794 | 4,362
Interest payable and similar expenses | 10 | (840,663) | (889,552)
Profit/(loss) before taxation |  | 190,230 | (388,883)
Tax on profit/(loss) | 11 | (155,727) | (18,595)
Profit/(loss) for the financial year |  | 34,503 | (407,478)
Other comprehensive income |  |  |
Revaluation of tangible fixed assets |  | 4,790,000 | -
Impairment of tangible fixed assets |  | (175,000) | -
Tax relating to other comprehensive income |  | (1,153,750) | 42,734
Total comprehensive income for the year |  | 3,495,753 | (364,744)
The notes on pages 15 to 33 form part of these financial statements.
Page 8
GRAY CARE GROUP LTD REGISTERED NUMBER: 12430106 CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 3,835,376 |  | 4,425,434
Tangible assets | 13 |  | 12,380,630 |  | 7,705,317
|  |  | 16,216,006 |  | 12,130,751
Current assets |  |  |  |  |
Stocks | 15 | 50,345 |  | 50,345 |
Debtors | 16 | 1,834,387 |  | 1,547,483 |
Cash at bank and in hand | 17 | 134,416 |  | 145,301 |
|  | 2,019,148 |  | 1,743,129 |
Creditors: amounts falling due within one year | 18 | (2,121,666) |  | (2,040,121) |
Net current liabilities |  |  | (102,518) |  | (296,992)
Total assets less current liabilities |  |  | 16,113,488 |  | 11,833,759
Creditors: amounts falling due after more than one year | 19 |  | (8,657,904) |  | (9,068,093)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 21 | (2,279,131) |  | (1,084,966) |
|  |  | (2,279,131) |  | (1,084,966)
Net assets |  |  | 5,176,453 |  | 1,680,700
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100 |  | 100
Revaluation reserve | 23 |  | 6,907,765 |  | 3,271,515
Profit and loss account | 23 |  | (1,731,412) |  | (1,590,915)
Total equity |  |  | 5,176,453 |  | 1,680,700
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr J Gray
Director
Date: 11 March 2026
The notes on pages 15 to 33 form part of these financial statements. Page 9
GRAY CARE GROUP LTD REGISTERED NUMBER: 12430106 COMPANY BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 12,160,304 |  | 7,513,915
Investments | 14 |  | 4,997,828 |  | 4,997,828
|  |  | 17,158,132 |  | 12,511,743
Current assets |  |  |  |  |
Debtors | 16 | 1,272,064 |  | 1,101,733 |
Cash at bank and in hand | 17 | 35,330 |  | 22,112 |
|  | 1,307,394 |  | 1,123,845 |
Creditors: amounts falling due within one year | 18 | (2,739,982) |  | (2,217,398) |
Net current liabilities |  |  | (1,432,588) |  | (1,093,553)
Total assets less current liabilities |  |  | 15,725,544 |  | 11,418,190
Creditors: amounts falling due after more than one year | 19 |  | (8,657,904) |  | (9,068,093)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 21 | (2,246,819) |  | (1,057,823) |
|  |  | (2,246,819) |  | (1,057,823)
Net assets |  |  | 4,820,821 |  | 1,292,274
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100 |  | 100
Revaluation reserve | 23 |  | 6,907,765 |  | 3,271,515
Profit and loss account | 23 |  | (2,087,044) |  | (1,979,341)
|  |  | 4,820,821 |  | 1,292,274
As permitted by s408 Companies Act 2006, the Parent Company has not presented its own profit and loss account and related notes. The Parent Company's profit for the year was £67,297 (2024: £1,020,803 loss). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr J Gray
Director
Date: 11 March 2026
The notes on pages 15 to 33 form part of these financial statements. Page 10
GRAY CARE GROUP LTD CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2023 | 100 | 3,228,781 | (1,183,437) | 2,045,444
Loss for the year | - | - | (407,478) | (407,478)
Tax relating to other comprehensive income | - | 42,734 | - | 42,734
At 1 May 2024 | 100 | 3,271,515 | (1,590,915) | 1,680,700
Profit for the year | - | - | 34,503 | 34,503
Impairment on revaluation of tangible fixed assets | - | - | (175,000) | (175,000)
Tax relating to other comprehensive income | - | (1,153,750) | - | (1,153,750)
Revaluation of tangible fixed assets | - | 4,790,000 | - | 4,790,000
At 30 April 2025 | 100 | 6,907,765 | (1,731,412) | 5,176,453
| The notes on pages 15 to 33 form part of these financial statements.
Page 11
GRAY CARE GROUP LTD COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2023 | 100 | 3,228,781 | (958,538) | 2,270,343
Loss for the year | - | - | (1,020,803) | (1,020,803)
Tax relating to other comprehensive income | - | 42,734 | - | 42,734
At 1 May 2024 | 100 | 3,271,515 | (1,979,341) | 1,292,274
Profit for the year | - | - | 67,297 | 67,297
Impairment on revaluation of tangible fixed assets | - | - | (175,000) | (175,000)
Tax relating to other comprehensive income | - | (1,153,750) | - | (1,153,750)
Revaluation of tangible fixed assets | - | 4,790,000 | - | 4,790,000
At 30 April 2025 | 100 | 6,907,765 | (2,087,044) | 4,820,821
| The notes on pages 15 to 33 form part of these financial statements.
Page 12
GRAY CARE GROUP LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 34,503 | (407,478)
Adjustments for: |  |
Amortisation of intangible assets | 590,058 | 590,058
Depreciation of tangible assets | 255,534 | 195,892
Interest paid | 840,663 | 889,552
Interest received | (3,794) | (4,362)
Taxation charge | 155,727 | 18,595
Decrease/(increase) in stocks | - | (43,051)
(Increase) in debtors | (293,765) | (622,160)
(Decrease)/increase in creditors | (239,999) | 352,780
Corporation tax (paid) | (71,216) | (20,974)
Net cash generated from operating activities | 1,267,711 | 948,852
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (166,212) | (126,379)
Interest received | 3,794 | 4,362
HP interest paid | (228,487) | (210,000)
Net cash from investing activities | (390,905) | (332,017)
Cash flows from financing activities |  |
Repayment of loans | (313,528) | 89,344
Repayment of/new finance leases | 11,064 | -
Interest paid | (612,176) | (679,552)
Net cash used in financing activities | (914,640) | (590,208)
Net (decrease)/increase in cash and cash equivalents | (37,834) | 26,627
Cash and cash equivalents at beginning of year | 144,272 | 117,645
Cash and cash equivalents at the end of year | 106,438 | 144,272
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 134,416 | 145,301
Bank overdrafts | (27,978) | (1,029)
| 106,438 | 144,272
The notes on pages 15 to 33 form part of these financial statements.
Page 13
GRAY CARE GROUP LTD CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 APRIL 2025
| At 1 May 2024 | Cash flows | New finance leases | At 30 April 2025
| £ | £ | £ | £
Cash at bank and in hand | 145,301 | (10,885) | - | 134,416
Bank overdrafts | (1,029) | (26,949) | - | (27,978)
Debt due after 1 year | (5,803,579) | 324,411 | - | (5,479,168)
Debt due within 1 year | (313,529) | (10,883) | - | (324,412)
Finance leases | (3,264,514) | - | (160,542) | (3,425,056)
| (9,237,350) | 275,694 | (160,542) | (9,122,198)
The notes on pages 15 to 33 form part of these financial statements.
Page 14
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Gray Care Group Ltd ("the company") is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Gray House, Lawn Road, Carlton-in-Lindrick, S81 9LB. The group consists of Gray Care Group Ltd and all of its subsidiaries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The Directors believe that the Group and Parent Company’s financial statements should be prepared on a going concern basis and have considered a period of twelve months from the date of approval of these financial statements. The Group has borrowing secured over the assets of the entire Group and as such the Group position must also be considered as part of the assessment. After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group will show increased profitability going forward which, along with continued support from the Group's creditors and Bank will allow the Group to continue in operational existence for the foreseeable future. Based on this the Directors continue to adopt the going concern basis in preparing the Group and Parent Company’s financial statements. Page 15
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover comprises revenue recognised by the Group in respect of its services as a care home and is recognised in the period which the services are provided. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 16
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 17
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis: Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property and land | - | 0.4 - 25% on cost
|  |  |  | Plant and machinery | - | 25% on cost
|  |  |  | Motor vehicles | - |
|  |  |  | Fixtures and fittings | - | 25% on cost
|  |  |  | Computer equipment | - | 25% on cost
|  |  |  | Motor vehicles | - | 25% on reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 18
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.13 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other 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.
| 2.14 | Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost of based on the cost purchase on a first in, first out basis.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 19
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 20
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The following estimates are key to the financial statements: Property valuation The long-term leasehold properties are revalued regularly with any change in value reflected in the financial statements. Properties are reviewed annually for indicators of impairments and any such impairments are recognised against the revaluation reserves or through the profit and loss as appropriate. Impairment of Goodwill Determining whether the goodwill is impaired requires an estimation of the recoverable amount which requires the Group to estimate the value in use. Management performs annual reviews to identify any impairment triggers. If a trigger is identified, a review of the goodwill is undertaken to establish whether the carrying value of the goodwill should be impaired.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Services for care | 8,220,879 | 7,513,750
| All turnover arose within the United Kingdom.
Page 21
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 233,891 | 195,891
| Depreciation on financed tangible fixed assets | 21,486 | -
| Operating lease rentals | 35,412 | 38,856
| Amortisation of intangible assets | 590,058 | 590,058
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 27,000 | 24,000
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 3,921,198 | 3,853,626
| Social security costs | 302,654 | 286,827
| Cost of defined contribution scheme | 57,964 | 59,753
|  | 4,281,816 | 4,200,206
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  |  | 196 | 185 | 2 | 2
Page 22
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 99,908 | 99,908
| Group contributions to defined contribution pension schemes | 1,163 | 1,163
|  | 101,071 | 101,071
| During the year retirement benefits were accruing to 1 director (2024 - 2) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 3,794 | 4,362
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 612,107 | 674,825
| Other loan interest payable | 69 | -
| Finance leases and hire purchase contracts | 228,487 | 210,000
| Other interest payable | - | 4,727
|  | 840,663 | 889,552
Page 23
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 108,240 | -
| Adjustments in respect of previous periods | 7,072 | 4,677
| Total current tax | 115,312 | 4,677
| Deferred tax |  |
| Origination and reversal of timing differences | 40,448 | 13,918
| Prior period adjustments | (33) | -
| Total deferred tax | 40,415 | 13,918
| Tax on profit/(loss) | 155,727 | 18,595
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 190,230 | (388,883)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 47,558 | (97,221)
| Effects of: |  |
| Amortisation of goodwill | 147,521 | 147,521
| Carried forward tax losses utilised | - | (84,245)
| Movement in deferred tax not recognised | (75,817) | 45,075
| Adjustment to tax charge in respect of prior periods | 6,124 | 4,677
| Adjustment to tax charge in repsect of prior periods - deferred tax | (33) | -
| Expenses not deductible for tax purposes, other than goodwill | 2,482 | 2,788
| Fixed asset timing differences | 27,892 | -
| Total tax charge for the year | 155,727 | 18,595
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
12. | Intangible assets
| Group
|  | Goodwill
|  | £
| Cost |
| At 1 May 2024 | 5,900,579
| At 30 April 2025 | 5,900,579
| Amortisation |
| At 1 May 2024 | 1,475,145
| Charge for the year on owned assets | 590,058
| At 30 April 2025 | 2,065,203
| Net book value |
| At 30 April 2025 | 3,835,376
| At 30 April 2024 | 4,425,434
Page 25
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
13. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 May 2024 | 8,040,995 | 332,903 | 9,921 | 269,974 | 50,673 | 8,704,466
| Additions | 32,945 | 185,755 | - | 57,015 | 39,975 | 315,690
| Revaluations | 4,615,000 | - | - | - | - | 4,615,000
| At 30 April 2025 | 12,688,940 | 518,658 | 9,921 | 326,989 | 90,648 | 13,635,156
| Depreciation |  |  |  |  |  |
| At 1 May 2024 | 541,532 | 235,689 | 9,921 | 176,232 | 35,775 | 999,149
| Charge for the year on owned assets | 138,632 | 37,982 | - | 48,183 | 9,094 | 233,891
| Charge for the year on financed assets | - | 21,486 | - | - | - | 21,486
| At 30 April 2025 | 680,164 | 295,157 | 9,921 | 224,415 | 44,869 | 1,254,526
| Net book value |  |  |  |  |  |
| At 30 April 2025 | 12,008,776 | 223,501 | - | 102,574 | 45,779 | 12,380,630
| At 30 April 2024 | 7,499,463 | 97,214 | - | 93,742 | 14,898 | 7,705,317
Page 26
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 13.Tangible fixed assets (continued)
| Company
|  | Long-term leasehold property | Plant and machinery | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 May 2024 | 7,725,000 | 61,697 | 668 | 7,787,365
| Additions | - | 183,089 | - | 183,089
| Revaluations | 4,615,000 | - | - | 4,615,000
| At 30 April 2025 | 12,340,000 | 244,786 | 668 | 12,585,454
| Depreciation |  |  |  |
| At 1 May 2024 | 268,975 | 4,085 | 390 | 273,450
| Charge for the year on owned assets | 111,300 | 18,747 | 167 | 130,214
| Charge for the year on financed assets | - | 21,486 | - | 21,486
| At 30 April 2025 | 380,275 | 44,318 | 557 | 425,150
| Net book value |  |  |  |
| At 30 April 2025 | 11,959,725 | 200,468 | 111 | 12,160,304
| At 30 April 2024 | 7,456,025 | 57,612 | 278 | 7,513,915
Page 27
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 May 2024 | 4,997,828
| At 30 April 2025 | 4,997,828
| Net book value |
| At 30 April 2025 | 4,997,828
| At 30 April 2024 | 4,997,828
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Alston View Nursing Home Limited | United Kingdom | Ordinary | 100%
| Bramling Cross Care Limited | United Kingdom | Ordinary | 100%
| Bramling Cross Registrations Limited | United Kingdom | Ordinary | 100%
| Longton Home Limited | United Kingdom | Ordinary | 100%
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 50,345 | 50,345
|  | 50,345 | 50,345
Page 28
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 305,000 | 305,000 | 305,000 | 305,000
|  | 305,000 | 305,000 | 305,000 | 305,000
| Due within one year |  |  |  |
| Trade debtors | 383,518 | 294,939 | 1,800 | -
| Other debtors | 855,392 | 624,423 | 830,376 | 612,893
| Prepayments and accrued income | 198,649 | 224,432 | 43,060 | 85,151
| Tax recoverable | 91,828 | 98,689 | 91,828 | 98,689
|  | 1,834,387 | 1,547,483 | 1,272,064 | 1,101,733
| Included within other debtors is a director's loan account totalling £486,787 (2024: 292,412). Interest charged on the loan provided at the official rate, the loan provided is unsecured and repayable on demand.
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 134,416 | 145,301 | 35,330 | 22,112
| Less: bank overdrafts | (27,978) | (1,029) | - | -
|  | 106,438 | 144,272 | 35,330 | 22,112
Page 29
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 27,978 | 1,029 | - | -
| Bank loans | 324,412 | 313,529 | 324,412 | 313,529
| Trade creditors | 330,781 | 355,247 | 41,209 | 38,549
| Amounts owed to group undertakings | - | - | 2,056,356 | 1,754,794
| Corporation tax | 203,897 | 166,671 | 60,051 | 98,689
| Other taxation and social security | 550,077 | 714,100 | - | -
| Obligations under finance lease and hire purchase contracts | 246,320 | - | 246,320 | -
| Other creditors | 157,258 | 154,366 | 2,634 | 2,837
| Accruals and deferred income | 280,943 | 335,179 | 9,000 | 9,000
|  | 2,121,666 | 2,040,121 | 2,739,982 | 2,217,398
| Amounts owed to Group undertakings are unsecured, interest free and repayable on demand.
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 5,479,168 | 5,803,579 | 5,479,168 | 5,803,579
| Net obligations under finance leases and hire purchase contracts | 3,178,736 | 3,264,514 | 3,178,736 | 3,264,514
|  | 8,657,904 | 9,068,093 | 8,657,904 | 9,068,093
The long-term loans are secured by fixed charges over the land and building over a term of 25 years. The Group has a 60 month loan of £6,046,000. This is repayable in monthly instalments. Interest is charged at a rate of 5.65% over the term SONIA per annum. The Group has a 60 month loan of £253,100. This is repayable in monthly instalments. Interest is charged at a rate of 5.65% over the term SONIA per annum. Page 30
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Within one year | 246,321 | 210,000 | 246,321 | 210,000
| Between 1-5 years | 876,321 | 840,000 | 876,321 | 840,000
| Over 5 years | 2,214,514 | 2,214,514 | 2,214,514 | 2,214,514
|  | 3,337,156 | 3,264,514 | 3,337,156 | 3,264,514
| Finance lease payments represent rental payable by the company or group for certain items of land and buildings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease terms is 250 years. All leases are on a fixed prepayment basis and no arrangements have been entered into for contingent rental payments.
21. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (1,084,966)
| Charged to the profit or loss | (1,194,165)
| At end of year | (2,279,131)
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GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 21.Deferred taxation (continued)
| Company
|  | 2025
|  | £
| At beginning of year | (1,057,823)
| Charged to profit or loss | (1,188,996)
| At end of year | (2,246,819)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (83,822) | (43,093) | (49,718) | (14,472)
| Revaluations | (2,197,101) | (1,043,351) | (2,197,101) | (1,043,351)
| Retirement benefit obligations | - | 1,511 | - | -
| Unrecognised deferred tax in prior periods | - | (33) | - | -
| Short term timing differences | 1,792 | - | - | -
|  | (2,279,131) | (1,084,966) | (2,246,819) | (1,057,823)
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary Share Capital shares of £1.00 each | 100 | 100
23. | Reserves
Revaluation reserve Revaluation reserve includes the surplus of revaluations relating to the long-term leasehold properties and the impact on the deferred tax on the revaluations and is non-distributable. Profit and loss account Profit and loss account includes all current and prior period distributable retained profits and losses.
24. | Pension commitments
The charge to the profit or loss in respect of defined contribution schemes totalled £57,964 (2024: £59,753). Contributions totalling £4,868 (2024: £4,813) were payable to the fund at the balance sheet date. Page 32
GRAY CARE GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
25. | Commitments under operating leases
| At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 32,706 | 54,174 | 5,000 | 7,500
| Later than 1 year and not later than 5 years | 56,891 | - | - | 5,000
|  | 89,597 | 54,174 | 5,000 | 12,500
26. | Related party transactions
| In accordance with FRS102 the Group and Parent Company have taken advantage of disclosure requirements in respect of wholly owned subsidiary companies. However, the Group also has other related entities and the transactions with them are as stated below: At 30 April 2025, the Group was owed £250,000 (2024: £250,000) from companies under common control in which J Gray is a director.
27. | Controlling party
The ultimate controlling party, by virtue of owning the entire issued share capital of Gray Care Group Ltd, is J Gray and S Gray.
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