Company registration number 09947858 (England and Wales)
DALEACRE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
DALEACRE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D R Evans
Mrs J A W Evans
Company number
09947858
Registered office
11 Wilsthorpe Road
Breaston
Derby
Derbyshire
DE72 3EA
Auditor
Xeinadin Audit Ltd
I2 Mansfield Office Suite 0.3
Hamilton Court
Oakham Business Park
Mansfield
Nottinghamshire
United Kingdom
NG18 5FB
DALEACRE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
DALEACRE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

The directors present the strategic report for the year ended 31 July 2025.

Review of the business

The group did not acquire any pharmacies during the financial year.

The period has been a satisfactory one showing significant organic growth in both Turnover and NHS activity, and the directors expect this to continue in the coming year despite ongoing changes in the regulatory framework affecting pharmacies, and the NHS in general.

Continuing growth is dependent upon the overall market for health services within this country and the level of government funding to pharmacy and the NHS.

Throughout the FYE July 2025, the group has been impacted by the failure of the NHS to properly fund community pharmacy’s core supply role, although the modest increase in fees and reimbursement in April 2025 has helped somewhat.

Although there has been an uplift in the NHS pharmacy contract in England, community pharmacy is still operating in a difficult financial environment, with rising national minimum wage, increased other payroll costs and increasing business rates. Inflation, although falling, and increased utility costs, are all making trading and business investment difficult.

The announcement in April 2025 by the Department of Health & Social Care of a new increased funding package for community pharmacy should see NHS revenues increase by approximately 19.7% and is only partially reflected in this set of accounts.

The group’s borrowings remain low so the impact of the current level of interest rates has had minimal impact.

The group has continued to see significant increases in both prescription numbers (2.7%) and retail & professional sales of medicines and services (33.5%) compared to the previous year. NHS Service income growth remains very strong (35.9%) driven by the new nationally commissioned advanced services.

The group is still participating in the covid vaccination service, and have had four pharmacies included in national pharmacy based prescription pilot schemes which has driven growth in 2025 but disappointingly does not look like being commissioned nationally at this stage.

The provision of non NHS private services has also increased and there is renewed demand for travel vaccines and of course weight loss medication. This diversification to include weight management, ear wax micro-suction and aesthetics, has contributed to the 33.5% increase in non NHS related income and is still increasing further during the current financial year.

Principal risks and uncertainties

Business risks

The main risks to the business are namely the reliance on the government and NHS which provide both the majority of business and control the drug tariff prices paid, and activities of the major competitors within the locality.

The aim is to mitigate the risks of the business as much as possible through active involvement in policy making processes, and by ensuring good relations with the doctors' surgeries, proximity to the doctors' surgeries, developing and maintaining good customer relations and by monitoring purchasing costs constantly.

Financial risks

The group's principal financial instruments comprise bank balances, bank loans and overdrafts, trade creditors and

trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

Due to the value and nature of the financial instruments used by the company there is little exposure to price risk.

DALEACRE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 2 -

The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility, through the use of overdrafts at floating rates of interest.

The majority of trade debtors represent amounts owed by the NHS. Other trade debtors are managed closely in respect of credit and cash flow risk.

Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

The group continues to look for expansion by acquisition and internal means, by increasingly providing services to other health professionals within the NHS and direct to the public.

The group is dependent on the continued expansion of the UK market in health services and products.

Key performance indicators

The key performance indicators for the group are as follows:

|  | 2025 |  | 2024
Total Turnover |  | £17,311,580 |  | £16,352,089
NHS Prescriptions Dispensed |  | 1,553,980 |  | 1,511,771
NHS Service income |  | £588,963 |  | £377,497
Reatil & Non NHS sales |  | £1,724,961 |  | £1,146,887
Operating Profit/(Loss) |  | £79,384 |  | £(488,457)
EBITDA * |  | £200,397 |  | £(335,506)
Number of Branches |  | 12 |  | 12
Number of Pharmacy Freeholds |  | 11 |  | 11
Investment Properties |  | 3 |  | 3
EBITDA * Earnings before interest, tax, depreciation and amortisation. |  |

On behalf of the board

Mr D R Evans
Mrs J A W Evans
Director
Director
20 March 2026
20 March 2026
DALEACRE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of operating pharmacies.

Results and dividends

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

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

Directors

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

Mr D R Evans
Mrs J A W Evans
Statement of directors' responsibilities

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

DALEACRE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 4 -
Medium-sized companies exemption

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

On behalf of the board
Mr D R Evans
Mrs J A W Evans
Director
Director
20 March 2026
DALEACRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DALEACRE HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Daleacre Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

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

We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were The Companies Act 2006 and relevant taxation compliance regulations.

In addition, we also concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, being those laws relating to health and safety regulations, data protection and GDPR guidelines and also the guidelines of the General Pharmaceutical Council, to which pharmacies are required to be registered.

We understood how the group is complying with these frameworks and regulations by making enquiries of management and those responsible for compliance and corroborated these enquiries with reviews of board minutes and any available correspondence with legal advisors.

We assessed that there were risks of material impact on the financial statements from irregularities, including fraud from the override of controls by management, timing and recognising of income and in the manipulation of the company's key performance indicators to meet targets

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

Audit response to risks identified

We carried out procedures to respond to these risks, including enquiries of management about their systems and controls to identify these risks of irregularities, reviewing minutes of directors meetings, testwork to review a sample of journal entries made during the year, reviewing and testing assumptions made on accounting estimates for management biases and testing the timing and recognition of revenue.

Our audit procedures were designed to respond to risks of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve more sophisticated acts, including concealment, collusion or deliberately failing to record transactions through intentional misrepresentation.

There are inherent limitations within an audit, even though it has been properly planned and carried out in accordance with auditing standards and we cannot be responsible for preventing non-compliance and cannot be expected to detect non compliance with all laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Russell Eley FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Statutory Auditor & Accountants
I2 Mansfield Office Suite 0.3
Hamilton Court
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5FB
United Kingdom
23 March 2026
DALEACRE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
17,311,580
16,433,657
Cost of sales
(12,416,442)
(12,024,485)
Gross profit
4,895,138
4,409,172
Administrative expenses
(4,952,554)
(5,036,019)
Other operating income
136,800
138,390
Operating profit/(loss)
4
79,384
(488,457)
Interest receivable and similar income
8
12,576
158,046
Interest payable and similar expenses
9
(86,542)
(73,544)
Profit/(loss) before taxation
5,418
(403,955)
Tax on profit/(loss)
10
(41,507)
163
Loss for the financial year
25
(36,089)
(403,792)
Loss for the financial year is attributable to:
- Owners of the parent company
(44,629)
(449,963)
- Non-controlling interests
8,540
46,171
(36,089)
(403,792)
DALEACRE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 9 -
2025
2024
£
£
Loss for the year
(36,089)
(403,792)
Other comprehensive income
Revaluation of tangible fixed assets
204,963
-
0
Total comprehensive income for the year
168,874
(403,792)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
160,334
(449,963)
- Non-controlling interests
8,540
46,171
168,874
(403,792)
DALEACRE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,840,282
2,840,282
Negative goodwill
11
(8,433,264)
(8,433,264)
Net goodwill
(5,592,982)
(5,592,982)
Other intangible assets
11
3,950,000
3,950,000
Total intangible assets
(1,642,982)
(1,642,982)
Tangible assets
12
2,589,009
2,570,846
Investment property
13
2,516,153
2,402,803
Investments
14
1
1
3,462,181
3,330,668
Current assets
Stocks
16
548,886
603,810
Debtors
17
1,885,328
1,722,795
Cash at bank and in hand
139,490
101,396
2,573,704
2,428,001
Creditors: amounts falling due within one year
18
(3,417,309)
(3,213,406)
Net current liabilities
(843,605)
(785,405)
Total assets less current liabilities
2,618,576
2,545,263
Creditors: amounts falling due after more than one year
19
(3,306,256)
(3,443,324)
Provisions for liabilities
Deferred tax liability
21
60,632
19,125
(60,632)
(19,125)
Net liabilities
(748,312)
(917,186)
Capital and reserves
Called up share capital
23
31
31
Revaluation reserve
24
204,963
-
0
Profit and loss reserves
25
(1,437,948)
(1,393,319)
Equity attributable to owners of the parent company
(1,232,954)
(1,393,288)
Non-controlling interests
484,642
476,102
Total equity
(748,312)
(917,186)
DALEACRE HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2025
31 July 2025
- 11 -

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

The financial statements were approved by the board of directors and authorised for issue on 20 March 2026 and are signed on its behalf by:
20 March 2026
Mr D R Evans
Mrs J A W Evans
Director
Director
Company registration number 09947858 (England and Wales)
DALEACRE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2025
31 July 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
1
1
Current assets
Debtors
17
3,746,637
3,542,488
Cash at bank and in hand
50,085
12,329
3,796,722
3,554,817
Creditors: amounts falling due within one year
18
(324,963)
(107,529)
Net current assets
3,471,759
3,447,288
Total assets less current liabilities
3,471,760
3,447,289
Creditors: amounts falling due after more than one year
19
(3,000,000)
(3,000,000)
Net assets
471,760
447,289
Capital and reserves
Called up share capital
23
31
31
Profit and loss reserves
25
471,729
447,258
Total equity
471,760
447,289

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £24,471 (2024 - £170,219 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 March 2026 and are signed on its behalf by:
20 March 2026
Mr D R Evans
Mrs J A W Evans
Director
Director
Company registration number 09947858 (England and Wales)
DALEACRE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 August 2023
31
-
0
(943,356)
(943,325)
429,931
(513,394)
Year ended 31 July 2024:
Loss and total comprehensive income
-
-
(449,963)
(449,963)
46,171
(403,792)
Balance at 31 July 2024
31
-
0
(1,393,319)
(1,393,288)
476,102
(917,186)
Year ended 31 July 2025:
Loss for the year
-
-
(44,629)
(44,629)
8,540
(36,089)
Other comprehensive income:
Revaluation of tangible fixed assets
-
204,963
-
204,963
-
204,963
Total comprehensive income
-
204,963
(44,629)
160,334
8,540
168,874
Balance at 31 July 2025
31
204,963
(1,437,948)
(1,232,954)
484,642
(748,312)
DALEACRE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2023
31
617,478
617,509
Year ended 31 July 2024:
Loss and total comprehensive income for the year
-
(170,220)
(170,220)
Balance at 31 July 2024
31
447,258
447,289
Year ended 31 July 2025:
Profit and total comprehensive income
-
24,471
24,471
Balance at 31 July 2025
31
471,729
471,760
DALEACRE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
317,783
(478,437)
Interest paid
(86,542)
(73,544)
Net cash inflow/(outflow) from operating activities
231,241
(551,981)
Investing activities
Purchase of tangible fixed assets
(54,333)
(51,826)
Proceeds from disposal of tangible fixed assets
6,230
-
Proceeds from disposal of investment property
-
865,000
Interest received
12,576
-
0
Net cash (used in)/generated from investing activities
(35,527)
813,174
Financing activities
Repayment of borrowings
-
(250,000)
Repayment of bank loans
(130,700)
(117,809)
Net cash used in financing activities
(130,700)
(367,809)
Net increase/(decrease) in cash and cash equivalents
65,014
(106,616)
Cash and cash equivalents at beginning of year
(843,104)
(736,488)
Cash and cash equivalents at end of year
(778,090)
(843,104)
Relating to:
Cash at bank and in hand
139,490
101,396
Bank overdrafts included in creditors payable within one year
(917,580)
(944,500)
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 16 -
1
Accounting policies
Company information

Daleacre Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 11 Wilsthorpe Road, Breaston, Derby, Derbyshire, DE72 3EA.

The group consists of Daleacre Holdings Limited and all of its subsidiaries.

1.1
Basis of preparation

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

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

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

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

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

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

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

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Daleacre Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 July 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

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

1.4
Turnover

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

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired and is capitalised. Goodwill is a negative as one of the group's subsidiary's acquired in 2017, Daleacre Healthcare Limited, was under a demerger agreement for no consideration so negative goodwill arose on the acquisition. therefore, no amortisation is charged on goodwill.

1.6
Intangible fixed assets other than goodwill

When a company acquires a trading pharmacy, an element of the excess fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired relates to the NHS Licence, representing the consideration paid to acquire the right to sell prescribed drugs in those retail outlets. The value of the NHS Licence at the date of acquisition is based on an assessment by the directors of the present value of future cash flows resulting from the NHS turnover for each outlet. The NHS Licence does not attach to a specific Freehold or Leasehold property and exists in perpetuity. The residual value of the Licences are higher than the cost and therefore no amortisation has been charged to these financial statements to show a true and fair view.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
No amortisation charged
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold improvements
10% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
20% reducing balance/15% reducing balance/10% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance/25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 18 -
1.8
Investment property

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

1.9
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Impairment of fixed assets

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

1.11
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or 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.

DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 20 -
1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

intangible fixed asset valuations

The basis of valuation is shown in the accounting policies.

Investment property valuations

The basis of valuation is shown in the accounting policies and in note 13 below.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Pharmacy
17,311,580
16,433,657
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 21 -
4
Operating profit/(loss)
2025
2024
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
120,077
132,951
Loss on disposal of tangible fixed assets
1,476
-
(Profit)/loss on disposal of investment property
-
0
20,000
Operating lease charges
21,942
17,022
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,842
13,080
Audit of the financial statements of the company's subsidiaries
23,283
23,900
36,125
36,980
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Staff
154
145
2
2
Directors
7
7
2
2
Total
161
152
4
4

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,583,799
3,420,889
327,880
458,153
Social security costs
314,782
316,468
12,931
59,126
Pension costs
108,867
106,456
42,000
42,000
4,007,448
3,843,813
382,811
559,279
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
267,052
396,400
Company pension contributions to defined contribution schemes
36,000
36,000
303,052
432,400
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
138,896
198,200
Company pension contributions to defined contribution schemes
18,000
18,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest receivable from group companies
10,546
-
0
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
2,030
158,046
Total income
12,576
158,046
2025
2024
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
2,030
158,046
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
35,208
38,596
Other interest on financial liabilities
51,134
34,948
Other interest
200
-
Total finance costs
86,542
73,544
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 23 -
10
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
41,507
(163)

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

2025
2024
£
£
Profit/(loss) before taxation
5,418
(403,955)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,355
(100,989)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
5,000
Tax effect of utilisation of tax losses brought forward
(22,065)
(29,480)
Unutilised tax losses carried forward
5,497
141,286
Permanent capital allowances in excess of depreciation
15,213
23,195
Depreciation on assets not qualifying for tax allowances
-
500
Deferred tax adjustments
41,507
(163)
Realised gain
-
0
(39,512)
Taxation charge/(credit)
41,507
(163)
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Patents & licences
Total
£
£
£
£
Cost
At 1 August 2024 and 31 July 2025
2,840,282
(8,433,264)
3,950,000
(1,642,982)
Amortisation and impairment
At 1 August 2024 and 31 July 2025
-
0
-
0
-
0
-
0
Carrying amount
At 31 July 2025
2,840,282
(8,433,264)
3,950,000
(1,642,982)
At 31 July 2024
2,840,282
(8,433,264)
3,950,000
(1,642,982)
The company had no intangible fixed assets at 31 July 2025 or 31 July 2024.
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 24 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 August 2024
2,673,271
1
221,823
570,253
132,452
98,703
3,696,503
Additions
-
0
-
0
5,779
6,819
7,301
34,434
54,333
Disposals
(1,000)
-
0
-
0
-
0
-
0
(23,300)
(24,300)
Revaluation
71,613
-
0
-
0
-
0
-
0
-
0
71,613
At 31 July 2025
2,743,884
1
227,602
577,072
139,753
109,837
3,798,149
Depreciation and impairment
At 1 August 2024
374,157
-
0
169,217
404,646
123,943
53,694
1,125,657
Depreciation charged in the year
53,485
-
0
14,114
33,039
6,049
13,390
120,077
Eliminated in respect of disposals
(20,000)
-
0
-
0
-
0
-
0
(16,594)
(36,594)
At 31 July 2025
407,642
-
0
183,331
437,685
129,992
50,490
1,209,140
Carrying amount
At 31 July 2025
2,336,242
1
44,271
139,387
9,761
59,347
2,589,009
At 31 July 2024
2,299,114
1
52,606
165,607
8,509
45,009
2,570,846
The company had no tangible fixed assets at 31 July 2025 or 31 July 2024.
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
12
Tangible fixed assets
(Continued)
- 25 -

Land and buildings in one of the group companies with a carrying value of £171,613 were revalued on 19 August 2025 by Christie & Co, independent valuers, not connected with the company on the basis of open market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

If these land and buildings were measured using the cost model, the carrying amounts would have been approximately £17,278 (2024 - £17,710) being cost of £21,598 (2024 - £21,598) and depreciation of £4,320 (2024 - £3,888).

13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 August 2024 and 31 July 2025
2,402,803
-
Net gains or losses through fair value adjustments
113,350
-
At 31 July 2025
2,516,153
-

Investment property are considered to be held at fair values by the directors. The fair value of the investment property has been arrived at on the basis of valuations carried out on 19 August 2025 by Christie & Co, independent valuers, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
1
1
1
1
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 August 2024 and 31 July 2025
1
Carrying amount
At 31 July 2025
1
At 31 July 2024
1
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2024 and 31 July 2025
1
Carrying amount
At 31 July 2025
1
At 31 July 2024
1
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Daleacre Healthcare Limited
1 Wilsthorpe Road, Breaston, Derby DE77 3EA
Pharmacy
Ordinary
100.00
-
Daleacre Wholesale Limited
1 Wilsthorpe Road, Breaston, Derby De72 3EA
Dormant company
Ordinary
100.00
-
Blackwell Holdings Limited
1 Wilsthorpe Road, Breaston, Derby DE72 3EA
Holding company
Ordinary
0
60.00
Daleacre Medical Services Limited
1 Wilsthorpe Road, Breaston, Derby DE72 3EA
Dormany company
Ordinary
0
100.00
Knotfree Limited
1 Wilsthorpe Road, Breaston DE72 3EA
Dormany company
Ordinary
0
100.00
Blackwell Medical Services Limited
1 Wilsthorpe Road, Breaston, Derby DE72 3EA
Pharmacy
Ordinary
0
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Daleacre Healthcare Limited
11,385,140
(81,909)
0
Daleacre Wholesale Limited
1
-
0
Blackwell Holdings Limited
13,392
-
0
Daleacre Medical Services Limited
8
-
0
Knotfree Limited
(48)
0
-
0
Blackwell Medical Services Limited
1,225,874
21,349
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
548,886
603,810
-
-
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 27 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,522,976
1,497,660
-
0
-
0
Amounts owed by group undertakings
-
-
3,730,680
3,531,963
Other debtors
336,005
200,393
15,957
10,525
Prepayments and accrued income
26,347
24,742
-
0
-
0
1,885,328
1,722,795
3,746,637
3,542,488
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
1,050,385
1,070,937
-
0
-
0
Trade creditors
1,672,710
1,633,797
-
0
429
Amounts owed to group undertakings
-
0
-
0
1
1
Other taxation and social security
83,365
75,640
8,950
15,996
Other creditors
516,649
332,837
303,150
78,473
Accruals and deferred income
94,200
100,195
12,862
12,630
3,417,309
3,213,406
324,963
107,529
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
306,256
443,324
-
0
-
0
Other borrowings
20
3,000,000
3,000,000
3,000,000
3,000,000
3,306,256
3,443,324
3,000,000
3,000,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
127,081
151,445
-
-
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 28 -
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
439,061
569,761
-
0
-
0
Bank overdrafts
917,580
944,500
-
0
-
0
Preference shares
3,000,000
3,000,000
3,000,000
3,000,000
4,356,641
4,514,261
3,000,000
3,000,000
Payable within one year
1,050,385
1,070,937
-
0
-
0
Payable after one year
3,306,256
3,443,324
3,000,000
3,000,000

The bank loans and overdraft are secured by a first legal charge over some of the group's freehold properties and a debenture over the company's assets.

21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
60,632
19,125
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 August 2024
19,125
-
Charge to profit or loss
41,507
-
Liability at 31 July 2025
60,632
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,867
106,456
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
22
Retirement benefit schemes
(Continued)
- 29 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.000001p each
313,800
313,800
31
31
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
3,000,000
3,000,000
3,000,000
3,000,000
Preference shares classified as liabilities
3,000,000
3,000,000
24
Revaluation reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
-
0
-
0
-
0
-
0
Revaluation surplus arising in the year
204,963
-
0
-
0
-
0
At the end of the year
204,963
-
-
0
-
25
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
(1,393,319)
(943,356)
447,258
617,478
Profit/(loss) for the year
(44,629)
(449,963)
24,471
(170,220)
At the end of the year
(1,437,948)
(1,393,319)
471,729
447,258
26
Financial commitments, guarantees and contingent liabilities

The group is party to a group cross guarantee agreement in respect of its bank borrowings of £1,356,640.

DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 30 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
17,000
17,000
-
-
Between two and five years
45,333
62,333
-
-
62,333
79,333
-
-
28
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Loans
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan to director
3.75
-
112,302
2,030
(8,400)
105,932
-
112,302
2,030
(8,400)
105,932
29
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Loss after taxation
(36,089)
(403,792)
Adjustments for:
Taxation charged/(credited)
41,507
(163)
Finance costs
86,542
73,544
Investment income
(12,576)
(158,046)
Loss on disposal of tangible fixed assets
1,476
-
(Gain)/loss on disposal of investment property
-
0
20,000
Depreciation and impairment of tangible fixed assets
120,077
132,951
Movements in working capital:
Decrease/(increase) in stocks
54,924
(3,645)
Increase in debtors
(162,533)
(221,319)
Increase in creditors
224,455
82,033
Cash generated from/(absorbed by) operations
317,783
(478,437)
DALEACRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 31 -
30
Analysis of changes in net debt - group
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
101,396
38,094
139,490
Bank overdrafts
(944,500)
26,920
(917,580)
(843,104)
65,014
(778,090)
Borrowings excluding overdrafts
(3,569,761)
130,700
(3,439,061)
(4,412,865)
195,714
(4,217,151)
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