Company registration number: 03729130
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
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.
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.
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.
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.
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%)
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%)
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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.
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.
The directors who served during the year were:
Future developments are disclosed within the Strategic Report.
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.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Engagement with suppliers, customers and others are disclosed within the Strategic Report.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
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.
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.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD
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).
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.
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILKWOOD CARE LTD (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
6 May 2026
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 31 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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
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:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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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.
This reserve is the accumulation of periodic revaluations of fixed assets.
Profit and loss account
This reserve records retained earnings and accumulated losses.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
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