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Company registration number: 03729130
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 OCTOBER 2025
| MILKWOOD CARE LTD
MILKWOOD CARE LTD |  |
COMPANY INFORMATION
Directors | R Cheesman
| J Lloyd-Leech
| G Seddon
| A Hooper
| Y Messenbird
Company secretary | R Cheesman
Registered number | 03729130
Registered office | Dylan House
| 17 Bowen Lane
| Petersfield
| Hampshire
| GU31 4DR
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
MILKWOOD CARE LTD |  |
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 6
Independent Auditor's Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12 - 13
Statement of Changes in Equity | 14
Statement of Cash Flows | 15 - 16
Analysis of Net Debt | 17
Notes to the Financial Statements | 18 - 31
MILKWOOD CARE LTD |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Fair Review of the Business
In respect of occupancy the company saw demand for beds rise through the year as the homes filled up. Overall occupation for the year ran at 93%, a significant rise from 89% achieved in 2024 The average bed fee rose to £1,493 (2024 - £1,336) which was an 11.73% increase. The turnover for the company rose to £17.033m (2024 - £16.638m) which was an increase of 2.4%. This increase would have been significantly higher but for the sale of The Mountains Nursing Home on 31st May 2025. Operating profits rose from £1.789m in 2024 to £1.997 in 2025, an increase of 11.62%. Following the sale of The Mountains cash flow has been excellent.
Staffing
Staff in all the homes are paid very competitive rates of pay, and all employees are paid over and above the Real Living Wage. Staff are rewarded financially for attaining further qualifications and encouraged to work towards the highest level of care that they can achieve. Training remains a key element and is essential in both valuing the staff and achieving the highest levels of care. The company continue to work hard to minimise the use of agency staff, which has been kept at under 0.25% of the total turnover. Staff retention remains good and the company has had no particular problems with recruitment. The policy of promoting existing staff to management posts continues to pay dividends and give all employees a clear career path. The number of staff employed during the year decreased following the sale of The Mountains but is still higher than expected.
Principal risks and uncertainties
Although the government figures show levels of inflation running at around 3%, the major risk in the new year comes from government policies on pay and the rapidly increasing cost of food. A further increase in the minimum wage of 4.1% comes in from 1st April 2026, and this, coupled with the increase in employers' national insurance payments of 1.8% rolled out last year will mean that the rise in staff costs will again be out of the company's control. These must be met by reasonable matching increases from these government funded bodies, many of which remain in dire financial straits and struggling to balance their books. Food costs are continuing to rise over and above inflation and the company will have to work hard to achieve budget figures. Milkwood Care are continuing to work closely with their major suppliers and contractors to control or reduce costs wheresoever possible. The cost of funding in the past year was very much as expected, and it is hoped that interest rates will drop during the course of 2025/26. The company has budgeted for a 0.25% decrease in the base rate in April, but this may be bettered if inflation remains on a downward path. The use of software systems and packages, including new electronic care packages, reporting software, online medical reporting into every home in the year has improved efficiency throughout the homes. Financial Key Performance Indicators The directors consider occupancy levels, average bed fees and home wages as a percentage of turnover to be the key performance indicators when measuring performance. Occupancy levels as a percentage of available rooms 93.0% (2024 – 89.9%) Average weekly bed fee per resident £1,493 (2024 – £1,336) Home wages including agency costs as percentage of fees 69.75% (2024 – 66.63%) Page 1
MILKWOOD CARE LTD |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Section 172 Statement
This section serves as our section 172 statement and should be read in conjunction with the Director's report on pages 4 to 6. Section 172 of the Companies Act 2006 requires Directors to take into consideration the interest of the stakeholders in their decision making. The Directors continue to have regard to the interests of the company's employees and other stakeholders, including the impact of its activities on the community, the environment and the company's reputation when making decisions. This is not a new requirement, but we are now required to explain in this statement how we discharge our duties to our stakeholders. Employees The company recognises that our staff are key to delivering the quality of service that we require in order to achieve our objectives in providing first class care to our residents. We provide high level training and encourage and pay for our staff to enrol in NVQ courses at levels 2,3,4,5 and beyond. This year the company has started a scheme to give trainee nurses hands-on experience in one of the nursing homes, and individuals continue to be encouraged to further their careers within the group. Residents The care and wellbeing of our residents is the prime objective of the company, with residents and the relatives of residents encouraged to complete regular surveys. These are reviewed by the directors, who consider all suggestions made when implementing changes in procedures. The company uses carehomes.com website to monitor their reviews and are pleased to end the year with an overall rating of 9.7 for the group. Suppliers and contractors The company continue to work with our principal suppliers and contractors to improve the quality of overall service that we offer our residents. Our negotiations with our suppliers and contractors are always made with a view to mutual satisfaction of both parties, with loyalty on both sides being a major consideration. Environment The Directors remain passionate about protecting the environment and are constantly looking at ways to reduce the company's impact on the environment. During the course of the year the company replaced two boilers with new more efficient ones. A scheme was put in place to plant new trees, with a further 1000 trees planted in Berkshire. The company now has an Eco Warrier award and Environmental Issues and Actions form a part of the Board Meetings and Managers Forums. This report was approved by the board and signed on its behalf.
................................................ R Cheesman Director
Date: 6 May 2026
Page 2
MILKWOOD CARE LTD |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements 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 Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,255,100 (2024 - £834,153). The details of dividends paid are contained in notes to the accounts.
Directors
The directors who served during the year were:
R Cheesman
J Lloyd-Leech
G Seddon
A Hooper
Y Messenbird
Future developments
Future developments are disclosed within the Strategic Report.
Engagement with employees
During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. Page 3
MILKWOOD CARE LTD |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Engagement with suppliers, customers and others
Engagement with suppliers, customers and others are disclosed within the Strategic Report.
Disabled employees
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. Page 4
MILKWOOD CARE LTD |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
Envirionmental matters - streamlined energy and carbon reporting In accordance with the requirements of the companies (Director's Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018) the Directors would like to disclose the following information for the year ended 31 October 2025. Emissions and energy consumption Intensity Ratio tCO2e per resident The intensity measurement is calculated in tonnes of CO2e per resident. During the year ended 31st October 2025 this was 2.95 per resident (2024 – 2.83) Methodologies used within the calculation Greenhouse gas emissions have been calculated using the “Government conversion factors for company reporting”. Energy efficient action taken this year The company continues to take every suitable and cost-effective step to improve the quality of the company's buildings and equipment, and to train all staff about the steps that they can take to reduce fuel and water consumption. The company have entered into an agreement to off-set some emissions by way of planting trees in the UK. One thousand trees were planted in Berkshire by the staff in 2025. Page 5
MILKWOOD CARE LTD |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Disclosure of information to auditor
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's auditor is 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's auditor is aware of that information.
Auditor
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 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. This report was approved by the board and signed on its behalf.
................................................ R Cheesman Director
Date: 6 May 2026
Page 6
MILKWOOD CARE LTD |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD
Opinion
We have audited the financial statements of Milkwood Care Ltd (the 'Company') for the year ended 31 October 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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 the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 October 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The 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. Page 7
MILKWOOD CARE LTD |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
MILKWOOD CARE LTD |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. The industry specific laws and regulations which would be deemed to have a significant impact on the financial statements are the compliance with the care standards. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. In particular, we reviewed the Care Quality Commission reports to ensure their compliance with the care standards. We understood how the Company is complying with the legal and regulatory frameworks by, making enquiries to management and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; - Challenging assumptions and judgments made by management in its significant accounting estimates; and - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: - Posting of unusual journals and complex transactions. - Misappropriation of funds through fraudulent purchase ledger and payroll activity - Manipulation of amounts subject to significant judgement or estimate. 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 Auditor's Report. Page 9
MILKWOOD CARE LTD |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE 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 Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Galliers FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 3000a Parkway Whiteley Hampshire PO15 7FX 6 May 2026 Page 10
MILKWOOD CARE LTD |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 17,033,197 | 16,638,916
Cost of sales |  | (12,188,823) | (12,057,165)
Gross profit |  | 4,844,374 | 4,581,751
Administrative expenses |  | (2,879,608) | (2,792,741)
Operating profit | 5 | 1,964,766 | 1,789,010
Interest receivable and similar income |  | 25,527 | 77,386
Interest payable and similar expenses | 9 | (556,162) | (661,641)
Profit before tax |  | 1,434,131 | 1,204,755
Tax on profit | 10 | (179,031) | (370,602)
Profit for the financial year |  | 1,255,100 | 834,153
The notes on pages 18 to 31 form part of these financial statements.
Page 11
MILKWOOD CARE LTD REGISTERED NUMBER:03729130 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | - |  | 40,719
Tangible assets | 13 |  | 22,766,251 |  | 26,260,044
|  |  | 22,766,251 |  | 26,300,763
Current assets |  |  |  |  |
Stocks | 14 | 27,249 |  | 37,143 |
Debtors: amounts falling due within one year | 15 | 7,230,125 |  | 5,323,377 |
Cash at bank and in hand |  | 1,950,239 |  | 586,798 |
|  | 9,207,613 |  | 5,947,318 |
Creditors: amounts falling due within one year | 16 | (9,101,387) |  | (2,210,140) |
Net current assets |  |  | 106,226 |  | 3,737,178
Total assets less current liabilities |  |  | 22,872,477 |  | 30,037,941
Creditors: amounts falling due after more than one year | 17 |  | - |  | (7,813,000)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (2,424,987) |  | (2,642,551) |
|  |  | (2,424,987) |  | (2,642,551)
Net assets |  |  | 20,447,490 |  | 19,582,390
Page 12
MILKWOOD CARE LTD REGISTERED NUMBER:03729130 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 2 |  | 2
Revaluation reserve | 21 |  | 8,397,968 |  | 10,160,004
Profit and loss account | 21 |  | 12,049,520 |  | 9,422,384
|  |  | 20,447,490 |  | 19,582,390
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ R Cheesman
Director
Date: 6 May 2026
The notes on pages 18 to 31 form part of these financial statements. Page 13
MILKWOOD CARE LTD |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2023 | 2 | 10,260,616 | 8,847,619 | 19,108,237
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 834,153 | 834,153
Total comprehensive income for the year | - | - | 834,153 | 834,153
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (360,000) | (360,000)
Transfer to/from profit and loss account | - | (100,612) | 100,612 | -
Total transactions with owners | - | (100,612) | (259,388) | (360,000)
At 1 November 2024 | 2 | 10,160,004 | 9,422,384 | 19,582,390
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,255,100 | 1,255,100
Revaluation release on disposal | - | (1,680,478) | 1,680,478 | -
Total comprehensive income for the year | - | (1,680,478) | 2,935,578 | 1,255,100
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (390,000) | (390,000)
Transfer to/from profit and loss account | - | (81,558) | 81,558 | -
Total transactions with owners | - | (81,558) | (308,442) | (390,000)
At 31 October 2025 | 2 | 8,397,968 | 12,049,520 | 20,447,490
| The notes on pages 18 to 31 form part of these financial statements.
Page 14
MILKWOOD CARE LTD |  |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,255,100 | 834,153
Adjustments for: |  |
Amortisation of intangible assets | 40,052 | 40,725
Depreciation of tangible assets | 396,852 | 432,428
Loss on disposal of tangible assets | (242,835) | -
Interest paid | 556,162 | 661,641
Interest received | (25,527) | (77,386)
Taxation charge | 179,031 | 370,602
Decrease in stocks | 9,894 | 405
(Increase) in debtors | (1,804,629) | (337,331)
(Decrease)/increase in creditors | (299,010) | 188,862
Corporation tax (paid) | (621,000) | (529,230)
Net cash generated from operating activities | (555,910) | 1,584,869
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (144,733)
Purchase of tangible fixed assets | (164,724) | -
Sale of tangible fixed assets | 3,505,168 | -
Interest received | 25,527 | 77,386
HP interest paid | (94) | (565)
Net cash from investing activities | 3,365,877 | (67,912)
Page 15
MILKWOOD CARE LTD |  |
STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (500,000) | (500,000)
Purchase of debenture loans | - | (2,749)
Repayment of/new finance leases | (458) | -
Dividends paid | (390,000) | (360,000)
Interest paid | (556,068) | (661,076)
Net cash used in financing activities | (1,446,526) | (1,523,825)
Net increase/(decrease) in cash and cash equivalents | 1,363,441 | (6,868)
Cash and cash equivalents at beginning of year | 586,798 | 593,666
Cash and cash equivalents at the end of year | 1,950,239 | 586,798
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,950,239 | 586,798
| 1,950,239 | 586,798
The notes on pages 18 to 31 form part of these financial statements.
Page 16
MILKWOOD CARE LTD |  |
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 OCTOBER 2025
| At 1 November 2024 | Cash flows | At 31 October 2025
| £ | £ | £
Cash at bank and in hand | 586,798 | 1,363,441 | 1,950,239
Debt due after 1 year | (7,813,000) | 500,000 | (7,313,000)
Debt due within 1 year | (543,223) | 983 | (542,240)
Finance leases | (458) | 458 | -
| (7,769,883) | 1,864,882 | (5,905,001)
The notes on pages 18 to 31 form part of these financial statements.
Page 17
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Milkwood Care Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The principal place of business is Dylan House, 17 Bowen Lane, Petersfield, GU31 4DR. 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 management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue 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 revenue can be measured reliably; ∙it is probable that the Company 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.
| 2.3 | Operating leases: the Company 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.
| 2.4 | 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.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 18
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | 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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 reporting date.
| 2.8 | 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 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 Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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. Page 19
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | 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, the bases of depreciation are listed below. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | on cost of the buildings element
|  |  |  | Property improvements | - | 2% | on cost
|  |  |  | Motor vehicles | - | 25% | on reducing balance
|  |  |  | Fixtures and fittings | - | 15% | on reducing balance
|  |  |  | Computer equipment | - | 50% | 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.
| 2.10 | 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 reporting 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.
| 2.11 | 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 is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 20
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.13 | 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.
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 21
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Depreciation and residual values The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. Goodwill The directors have reviewed the goodwill and its residual value and have concluded that there is no reason for impairment in the current year. Amortisation over 10 years is considered to be appropriate. Valuation of property The directors have reviewed the property valuation and the underlying calculations, and have concluded that the valuation is appropriate.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees receivable | 17,033,197 | 16,638,916
|  | 17,033,197 | 16,638,916
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 17,033,197 | 16,638,916
|  | 17,033,197 | 16,638,916
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 19,046 | 16,250
Page 22
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 18,500 | 15,810
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Accounts preparation and taxation compliance services | 6,000 | 4,350
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 10,335,956 | 10,261,943
| Social security costs | 1,109,124 | 906,352
| Cost of defined contribution scheme | 495,844 | 184,011
|  | 11,940,924 | 11,352,306
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Care home staff | 402 | 434
|  | Administrative staff | 4 | 4
|  | Management staff | 4 | 4
|  |  | 410 | 442
Page 23
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 230,517 | 178,855
| Company contributions to defined contribution pension schemes | 315,835 | 2,985
|  | 546,352 | 181,840
| During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £109,153 (2024 - £100,921).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 555,818 | 661,076
| Finance leases and hire purchase contracts | 94 | 565
| Other interest payable | 250 | -
|  | 556,162 | 661,641
Page 24
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 397,190 | 371,179
| Adjustments in respect of previous periods | (595) | -
|  | 396,595 | 371,179
| Total current tax | 396,595 | 371,179
| Deferred tax |  |
| Origination and reversal of timing differences | (217,564) | (577)
|  | 179,031 | 370,602
| Factors affecting tax charge for the year
| The tax assessed for the year is lower 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 on ordinary activities before tax | 1,434,131 | 1,204,755
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 358,533 | 301,189
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 9,178 | 30
| Capital allowances for year in excess of depreciation | 16,252 | 65,875
| Adjustments to tax charge in respect of prior periods | (595) | 3,508
| Chargeable gains/(losses) | (204,337) | -
| Total tax charge for the year | 179,031 | 370,602
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 25
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 390,000 | 360,000
|  | 390,000 | 360,000
12. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 November 2024 | 836,446
| Disposals | (40,000)
| At 31 October 2025 | 796,446
| Amortisation |
| At 1 November 2024 | 795,727
| Charge for the year on owned assets | 40,719
| On disposals | (40,000)
| At 31 October 2025 | 796,446
| Net book value |
| At 31 October 2025 | -
| At 31 October 2024 | 40,719
Page 26
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Tangible fixed assets
|  | Freehold property | Property Improvement | Fixtures and fittings | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 November 2024 | 26,350,000 | 224,385 | 2,818,317 | 441,731 | 29,834,433
| Additions | - | 8,941 | 144,259 | 11,524 | 164,724
| Disposals | (3,170,000) | (68,296) | (591,674) | (20,737) | (3,850,707)
| At 31 October 2025 | 23,180,000 | 165,030 | 2,370,902 | 432,518 | 26,148,450
| Depreciation |  |  |  |  |
| At 1 November 2024 | 1,054,000 | 13,920 | 2,135,691 | 370,778 | 3,574,389
| Charge for the year on owned assets | 250,292 | 4,098 | 112,407 | 30,454 | 397,251
| Disposals | (145,292) | (3,767) | (421,933) | (18,449) | (589,441)
| At 31 October 2025 | 1,159,000 | 14,251 | 1,826,165 | 382,783 | 3,382,199
| Net book value |  |  |  |  |
| At 31 October 2025 | 22,021,000 | 150,779 | 544,737 | 49,735 | 22,766,251
| At 31 October 2024 | 25,296,000 | 210,465 | 682,626 | 70,953 | 26,260,044
Freehold property was revalued in 2020 by Cushman & Wakefield, independent and qualified chartered surveyors. These valuations are based on the qualified chartered surveyors local market knowledge and no significant assumptions are relied upon. The directors have assessed the valuation of the property as at 31 October 2025 and they believe it to stand at the market value of the above amount.
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 15,024,226 | 16,288,757
| Accumulated depreciation | (1,548,837) | (1,562,765)
| Net book value | 13,475,389 | 14,725,992
Page 27
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Consumables | 27,249 | 37,143
|  | 27,249 | 37,143
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 201,507 | 361,152
| Other debtors | 5,800,834 | 4,015,669
| Prepayments and accrued income | 321,902 | 142,794
| Tax recoverable | 905,882 | 803,762
|  | 7,230,125 | 5,323,377
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 7,813,000 | 500,000
| Trade creditors | 251,505 | 294,605
| Corporation tax | - | 122,285
| Other taxation and social security | 204,980 | 199,401
| Obligations under finance lease and hire purchase contracts | - | 458
| Other creditors | 91,854 | 91,637
| Accruals and deferred income | 740,048 | 1,001,754
|  | 9,101,387 | 2,210,140
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 7,813,000
|  | - | 7,813,000
Page 28
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 7,813,000 | 500,000
|  | 7,813,000 | 500,000
| Amounts falling due 2-5 years |  |
| Bank loans | - | 7,813,000
|  | - | 7,813,000
|  | 7,813,000 | 8,313,000
| The bank loan relates to a 5 year mortgage issued on 3rd March 2021. This is secured by means of a fixed and floating charge over the company's assets. The interest charged in the year is calculated at 2.5% per annum above SONIA. After the period end, the repayment term for the loan was extended to June 2026.
Page 29
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (2,642,551)
| Charged to profit or loss | 217,564
| At end of year | (2,424,987)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 126,386 | 133,059
| Gain on revalued properties | 2,309,161 | 2,513,498
| Short term timing differences | (10,560) | (4,006)
|  | 2,424,987 | 2,642,551
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 200 (2024 - 200) Ordinary shares of £0.01 each | 2 | 2
| Each ordinary share has equal voting and dividend rights.
21. | Reserves
Revaluation reserve This reserve is the accumulation of periodic revaluations of fixed assets. Profit and loss account This reserve records retained earnings and accumulated losses.
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £495,844 (2024 - £184,011) contributions totalling £42,240 (2024 - £43,223) were payable to the fund at the reporting date. Page 30
MILKWOOD CARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
23. | Commitments under operating leases
| At 31 October 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 31,560 | 9,333
| Later than 1 year and not later than 5 years | 16,428 | -
|  | 47,988 | 9,333
| The total lease payments relating to operating leases recognised as an expense in the financial year amounts to £19,046 (2024: £16,250).
24. | Transactions with directors
At the year end, the directors owed the company £4,361,177 (2024 - £2,606,786). During the year the directors withdrew amounts totalling £1,734,331 (2024: £34,878). The highest amount owed during the year was £4,361,177 (2024 - £2,606,786). The loan is undated and interest free.
25. | Related party transactions
| During the year there were transactions with a director for consultancy that amount to £33,150 (2024 - £17,850). There were also amounts paid to a connected party for gardening services amounting to £18,109 (2024 - £2,792). During the year Milkwood Care Limited was owed £1,437,898 (2024 - £1,340,500) by Skylark Rise Limited, a company under the control of Mr R Cheesman and Mrs J Lloyd-Leech. The loan is repayable on demand and interest free. At the balance sheet date the full amount of the loan remains outstanding.
Page 31