Lindemann Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC155229

Lindemann Properties Limited

Filleted Financial Statements

31 August 2025

Lindemann Properties Limited

Statement of Financial Position

31 August 2025

	2025		2024
Note	£	£	£

Fixed assets

Investments	5		3	5

Current assets

Debtors	6	6,012,385	1,776,322
Cash at bank and in hand		2,801,210	3,800,085
		------------	------------
		8,813,595	5,576,407

Creditors: amounts falling due within one year	7	932,538		2,301,177
		------------		------------
Net current assets			7,881,057	3,275,230
			------------	------------
Total assets less current liabilities			7,881,060	3,275,235
			------------	------------
Net assets			7,881,060	3,275,235
			------------	------------

Capital and reserves

Called up share capital	8	1	1
Capital redemption reserve		1	1
Profit and loss account		7,881,058	3,275,233
		------------	------------
Shareholders funds		7,881,060	3,275,235
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 13 May 2026 , and are signed on behalf of the board by:

Mr James Mackenzie

Director

Company registration number: SC155229

Lindemann Properties Limited

Notes to the Financial Statements

Year ended 31 August 2025

1. General information

Lindemann Properties Ltd is a private company limited by shares, registered and incorporated in Scotland ( SC155229 ). The address of the registered office is First Floor Glendevon House, Castle Business Park, Stirling, FK9 4TZ. The principal activity of the company during the year was that of a holding company.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Auditor's remuneration

The cost of the audit of non-trading subsidiaries is borne by the parent, Lindemann Care Home Group Limited, as part of the group audit fee.

4. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Group relief

It is group policy to surrender tax losses without payment.

Distributions to shareholders

Dividends and other distributions to shareholders are recognised as a liability in the financial statements in the period in which the dividends are paid. These amounts are recognised in the statement of changes in equity.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are all subsequently carried at amortised cost using the effective interest method.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

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 entity after deducting all of its financial liabilities.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and bank in hand includes cash and short term highly liquid investments.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

5. Investments

	Shares in group undertakings
	£
Cost
At 1 September 2024	5
Disposals	( 2)
	----
At 31 August 2025	3
	----
Impairment
At 1 September 2024 and 31 August 2025	–
	----

Carrying amount
At 31 August 2025	3
	----
At 31 August 2024	5
	----

The company holds 20% or more of the share capital of the following companies:

Company no. Nature of business

Thorburn Manor Ltd SC384291 Private nursing home operator

Lorimer House Ltd SC403007 Private nursing home operator

Morningside Manor Ltd SC485770 Private nursing home operator

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Lorimer House Ltd	Ordinary	100
Thorburn Manor Ltd	Ordinary	100
Morningside Manor Ltd	Ordinary	100

All subsidiaries are registered in Scotland. The Registered Office of all subsidiaries is First Floor Glendevon House, Castle Business Park, Stirling, Scotland, FK9 4TZ The company's shares in Canal View Care Ltd and Cherryholme House Ltd were transferred to other group subsidiaries for £1 and £1M respectively.

6. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6,012,385	512,153
Other debtors	–	1,264,169
	------------	------------
	6,012,385	1,776,322
	------------	------------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	932,536	2,292,772
Other creditors	2	8,405
	---------	------------
	932,538	2,301,177
	---------	------------

8. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

9. Contingencies

The company is party to a group intercompany guarantee in respect of bank loans amounting to £nil (2024 £1.02m). The group debts are secured by standard fixed charges over the properties Thorburn Manor, Lorimer House and Morningside Manor. HSBC Bank Plc hold a floating charge over Thorburn Manor Ltd, Lorimer House Ltd and Morningside Manor Ltd. A share pledge has been given by Lindemann Properties Ltd over the shares of all of the subsidiaries. Cross company guarantees exist between Thorburn Manor Ltd, Lorimer House Ltd and Morningside Manor Ltd. The group held cash reserves at the year end amounting to £4.5m (2024 £4.2m) with the lending bank. These guarantees were released after the year end.

10. Events after the end of the reporting period

On 28 November 2025, Lindemann Properties Ltd and the members of its group were acquired by THR Number 43 plc.

11. Summary audit opinion

The auditor's report dated 13 May 2026 was unqualified .

The senior statutory auditor was Greg Stapley , for and on behalf of Sumer Auditco Limited .

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Sean Black	64,083	–	( 64,083)	–
	--------	----	--------	----

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Sean Black	–	64,083	–	64,083
	----	--------	----	--------

This loan is interest free and has no set repayment terms.

13. Related party transactions

The company has taken advantage of the exemption under FRS102 Section 33 from the requirement to disclose information on transactions with entities which are wholly owned subsidiaries, on the basis that consolidated group financial statements are publicly available.

14. Controlling party

At the year end, the immediate parent company was TDI Care Holdings Limited (SC827038), the ultimate parent company was Lindemann Care Home Group Ltd (SC827025) and the ultimate controlling party was Sean Black. The registered office address for both companies is 41 Charlotte Square, Edinburgh, EH2 4HQ. Consolidated accounts for Lindemann Care Home Group Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ. Subsequent to the sale by Lindemann Care Home Group Limited of the entire issued share capital of TDI Care Holdings Limited (SC827038) to THR Number 43 plc (13680438) on 28 November 2025, the ultimate controlling party of the company became Target Healthcare REIT plc (1190238). Consolidated accounts for Target Healthcare REIT plc are available from Companies House, Crown Way, Cardiff, CF14 3UZ.