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Registered number:
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
COMPANY INFORMATION
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CHALK NURSERY HOLDINGS LIMITED
CONTENTS
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CHALK NURSERY HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Chalk Nursery Holdings Limited was incorporated on 11 May 2024. The Company operates as a holding entity, providing strategic direction, governance, and financial oversight to its portfolio of nursery operating subsidiaries. The principal activity of the Group is the provision of high-quality early years education.
During the period, the Group advanced its expansion strategy within the Early Years Education sector, completing two acquisitions encompassing a total of eight nursery settings. These acquisitions were funded through debt finance provided by the Company’s primary shareholder.
Looking ahead, the Group will continue to evaluate suitable market opportunities in support of its growth strategy. Alongside expansion, the Group remains committed to sustained investment in the quality of care and education delivered across its settings, with the objective of achieving the best possible outcomes for children and families.
Principal Risks and Uncertainties
As a non-trading holding company, Chalk Nursery Holdings Limited is exposed to limited direct operational risk. However, the Company’s financial performance and position are dependent on the results and financial health of its subsidiaries. The principal risks faced by the Group are outlined below.
Early years nurseries operating in England and Wales are subject to regulation and inspection by Ofsted, who assess compliance with standards relating to safeguarding, quality of care, and the learning environment. Adverse inspection outcomes could negatively affect the Group’s reputation and occupancy levels at individual nursery settings.
The Group maintains comprehensive policies, procedures, and internal review processes to support ongoing compliance with regulatory requirements. Quality assurance is monitored through regular internal audits and continued operational oversight. Ongoing investment in staff training and development supports consistent service delivery and quality standards across all settings. New software has been put in place to aid monitoring of incidents.
Business Interruption
The Group carries out regular assessments of its nursery premises to ensure they remain safe, compliant, and fit for purpose. Any identified issues are addressed promptly to minimise the risk of disruption to operations. Appropriate insurance cover is maintained to mitigate the financial impact of significant business interruption events.
Credit risk primarily relates to fees receivable from parents and funding received from Local Authorities. This risk is mitigated by the strong credit profile of Local Authorities which formed 33% of the Group’s income in the period. The Group has established procedures for monitoring receivables and focuses on timely collection. The risk is further mitigated by parents paying in advance.
Liquidity risk refers to the possibility that the Group may be unable to meet its financial obligations as they fall due. This risk is managed through regular financial planning and the preparation of cash flow forecasts, which take account of trading performance, working capital needs, and planned capital expenditure. Cash balances are held in readily accessible accounts and are reviewed on an ongoing basis to ensure sufficient liquidity to support operational requirements. As the Group continues to expand, it will regularly assess its
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CHALK NURSERY HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
funding needs and, where appropriate, secure additional facilities to support working capital requirements.
The Group operates within a sector facing ongoing cost pressures, including wage inflation and increases in operating expenses. There is a risk that increases in nursery fees may not fully offset these cost increases, potentially impacting margins and the level of reinvestment achievable across the estate.
The Group closely monitors pricing to remain competitive while supporting the recruitment and retention of suitably qualified staff. Funding rates set by the Department for Education and administered by Local Authorities are beyond the Group’s control; however, these are monitored as part of the Group’s wider financial planning process. The Group operates in competitive regional childcare markets. This risk is mitigated through maintaining strong inspection outcomes, a continued focus on parent satisfaction, and sustained investment in facilities and workforce development. The availability of appropriately qualified staff remains a key consideration, and the Group continues to prioritise recruitment, training, and retention initiatives to ensure adequate staffing levels across all settings.
Given the Company’s role as a holding entity, the directors primarily monitor performance using Group-wide financial and operational metrics generated by the nursery subsidiaries.
The directors consider the Group’s key performance indicators to be those that reflect financial performance and demonstrate the ongoing quality of provision across the Group. These include turnover and EBITDA before exceptional items. EBITDA is calculated as operating profit before exceptional expenses, depreciation and amortisation. Key Performance Indicator £ Turnover 12,592,244 Gross Profit 5,400,930 EBITDA 1,992,551 In addition to the above, the directors monitor staff cost percentages and a range of non-financial KPIs, including occupancy levels, staffing metrics, and marketing performance. These indicators provide insight into operational effectiveness, capacity utilisation, and the alignment of staffing levels to demand. Collectively, they enable effective performance monitoring and support the achievement of the Group’s financial and operational objectives.
Subsequent to the period end, the Group has completed the acquisition of Logan Road Day Nursery Limited.
This report was approved by the board on 11 May 2026 and signed on its behalf.
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CHALK NURSERY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the period ended 30 September 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The group falls within the qualifying conditions under section 475 of the Companies Act 2006 and is subject to audit. All subsidiary companies have claimed exemption from audit under sections 479A–479C of the Companies Act 2006 for the financial year. Chalk Nursery Holdings Limited, as parent undertaking, has given guarantees under section 479C of the Companies Act 2006 in respect of all such subsidiaries, including both direct and indirect subsidiaries.
The loss for the period, after taxation, amounted to £3,060,879.
The director does not recommend the payment of a dividend for the period.
The directors who served during the period were:
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CHALK NURSERY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The auditors, Feltons, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 11 May 2026 and signed on its behalf.
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CHALK NURSERY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALK NURSERY HOLDINGS LIMITED
We have audited the financial statements of Chalk Nursery Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 September 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CHALK NURSERY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALK NURSERY HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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CHALK NURSERY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALK NURSERY HOLDINGS LIMITED (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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We obtained an understanding of laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussion with management and those charged with governance, including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. We remained alert to any indications of non-compliance throughout the audit. • We addressed the risk of fraud through management override by reviewing the appropriateness of a sample of journal entries and other adjustments; assessing whether the judgements made in making key accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business that we come across throughout the audit.
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CHALK NURSERY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALK NURSERY HOLDINGS LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
1 The Green
Surrey
TW9 1PL
11 May 2026
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CHALK NURSERY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
REGISTERED NUMBER: 15714524
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 May 2026.
The notes on pages 16 to 39 form part of these financial statements.
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CHALK NURSERY HOLDINGS LIMITED
REGISTERED NUMBER: 15714524
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 May 2026.
The notes on pages 16 to 39 form part of these financial statements.
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CHALK NURSERY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Chalk Nursery Holdings Limited is a private company, limited by shares, incorporated in England & Wales,
registered number 15714524. The registered office is 10 Lower Thames Street, London, EC3R 6AF.
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 Company was incorporated on 11 May 2024. The current figures cover its first accounting period commencing 11 May 2024 and ending 30 September 2025.
The financial statements have been prepared in GBP, rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
These financial statements have been prepared on a going concern basis.
The Group incurred a loss for the period of £3,060,879 and had net liabilities of £2,060,879 at the balance sheet date. A significant proportion of the Group’s liabilities comprise amounts due under a long-term loan from its ultimate parent undertaking, Pulford Trading Limited, which is presented within creditors falling due after more than one year (see Notes 19 and 20). In assessing the appropriateness of the going concern basis, the directors have considered the Group’s forecasts, liquidity and financing arrangements for at least 12 months from the date of approval of the financial statements. On this basis, the directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future.
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
For nursery operations, revenue is recognised on a straight-line basis over the period of attendance, as this reflects the point at which the services are provided and the child benefits from the care and education delivered. Fees invoiced in advance of the service period are recognised as deferred income until the related services are provided. Fees relating to government funded childcare hours are recognised in the period in which the funded childcare sessions are delivered. Amounts for registration fees and other ancillary income are recognised when the related service is delivered and the Group’s performance obligation is fulfilled.
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 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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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 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 Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Another significant judgement concerns the valuation of freehold nursery properties recognised on acquisition as part of business combinations. These properties are specialised, trade-related assets whose market value is intrinsically linked to their continued use as children’s day nurseries. Management determined that fair value should reflect how market participants typically transact for such assets, rather than assuming vacant possession or alternative use. Independent valuations were therefore obtained from RICS regulated external valuers, with fair value determined using the profits method based on Fair Maintainable Operating Profit and the application of market-derived EBITDA multiples, reflecting comparable market transactions. The directors consider this approach to be consistent with FRS 102, as continued nursery use represents the highest and best use of the properties, having regard to their physical characteristics, planning status and regulatory environment. The valuation of freehold nursery properties involves significant estimation uncertainty. Key assumptions include maintainable earnings, occupancy levels, sustainable fee rates, staffing costs, the assessment of a reasonably efficient operator and the selection of appropriate valuation multiples. These assumptions rely on unobservable inputs, and changes in these assumptions could result in material adjustments to the recognised fair values. Deferred tax liabilities have been recognised in respect of the temporary differences arising from the fair value uplift on freehold properties recognised on acquisition. The amount and timing of the reversal of these differences depend on future capital allowances, tax rates and the continued use of the properties, and changes in these assumptions could materially affect the deferred tax balance. The most significant estimation uncertainty also relates to the carrying value of goodwill arising on acquisitions. Goodwill impairment assessments are based on forecasts of future cash flows for the Group’s nursery operations, including assumptions relating to occupancy, fee growth, staffing costs and funding arrangements. Changes in these assumptions could result in impairment in future periods.
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
11.Taxation (continued)
Certain subsidiaries within the Group hold unrelieved tax losses brought forward from prior periods, which may only be utilised by the individual subsidiary that generated them. As a result, the Group’s effective tax charges may fluctuate in future periods depending on whether and when these losses are utilised by the relevant loss making subsidiaries.
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CHALK NURSERY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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