Thorburn Manor Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC384291

Thorburn Manor Ltd

Filleted Financial Statements

31 August 2025

Thorburn Manor Ltd

Statement of Financial Position

31 August 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	8,448	20,640
Tangible assets	6	3,095,704	3,166,593
		------------	------------
		3,104,152	3,187,233

Current assets

Stocks		3,000	3,000
Debtors	7	41,883	1,266,519
Cash at bank and in hand		1,138,711	49,325
		------------	------------
		1,183,594	1,318,844

Creditors: amounts falling due within one year	8	1,779,080		491,997
		------------		------------
Net current (liabilities)/assets			( 595,486)	826,847
			------------	------------
Total assets less current liabilities			2,508,666	4,014,080

Creditors: amounts falling due after more than one year	9		1,000,000	1,881,715

Provisions

Taxation including deferred tax	118,145	124,459
	------------	------------
Net assets	1,390,521	2,007,906
	------------	------------

Capital and reserves

Called up share capital	11	1	1
Profit and loss account		1,390,520	2,007,905
		------------	------------
Shareholders funds		1,390,521	2,007,906
		------------	------------

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.

Thorburn Manor Ltd

Statement of Financial Position (continued)

31 August 2025

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: SC384291

Thorburn Manor Ltd

Notes to the Financial Statements

Year ended 31 August 2025

1. General information

Thorburn Manor Ltd is a private company limited by shares, registered and incorporated in Scotland ( SC384291 ). The address of the registered office is First Floor Glendevon House, Castle Business Park, Stirling FK9 4TZ. The place of business is 2a Thorburn Road, Edinburgh, EH13 0BQ. The principal activity of the company is proprietors and operators of care homes for the elderly.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and in accordance with the Companies Act.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and relate to the individual entity. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest pound.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Group relief

It is group policy to surrender tax losses without payment.

Defined contribution plans

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the statement of comprehensive income.

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. Theses amounts are recognised in the statement of changes in equity.

Revenue recognition

Turnover represents amounts chargeable in respect of the provision of nursing services and residential care. Revenue from contracts for the provision of care services is recognised by reference to the number of days of care provided.

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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of timing differences.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows:

	Care Package (software development)	-	over 5 years

If there is an indication that there has been a significant change in amortisation rate or useful life of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	2% straight line
Crockery & linen	-	10% reducing balance
Plant & machinery	-	25% reducing balance
Fixtures & fittings	-	25% reducing balance

Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

Land - Nil Integral features - 4% straight line (Plant & machinery contained in the fabric of the building)

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as 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 all are subsequently carried at amortised cost using the effective interest method. Financial liabilities are classified according to the substance of the contractual arrangements entered into. 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 at bank and in hand includes cash and short term highly liquid investments. Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 44 (2024: 44 ).

5. Intangible assets

	Care Home Package
	£
Cost
At 1 September 2024 and 31 August 2025	60,960
	--------
Amortisation
At 1 September 2024	40,320
Charge for the year	12,192
	--------
At 31 August 2025	52,512
	--------
Carrying amount
At 31 August 2025	8,448
	--------
At 31 August 2024	20,640
	--------

All intangible assets were externally acquired. Amortisation is included within administration expenses in the Statement of Income and Retained Earnings.

6. Tangible assets

	Freehold land & buildings	Crockery & linen	Plant, machinery and office equipment	Fixtures and fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Sep 2024	3,755,936	19,287	74,319	332,462	13,757	4,195,761
Additions	–	–	2,861	21,437	2,809	27,107
	------------	--------	--------	---------	--------	------------
At 31 Aug 2025	3,755,936	19,287	77,180	353,899	16,566	4,222,868
	------------	--------	--------	---------	--------	------------
Depreciation
At 1 Sep 2024	677,676	12,628	60,885	267,273	10,706	1,029,168
Charge for the year	70,134	667	4,073	21,657	1,465	97,996
	------------	--------	--------	---------	--------	------------
At 31 Aug 2025	747,810	13,295	64,958	288,930	12,171	1,127,164
	------------	--------	--------	---------	--------	------------
Carrying amount
At 31 Aug 2025	3,008,126	5,992	12,222	64,969	4,395	3,095,704
	------------	--------	--------	---------	--------	------------
At 31 Aug 2024	3,078,260	6,659	13,434	65,189	3,051	3,166,593
	------------	--------	--------	---------	--------	------------

The carrying amount of tangible fixed assets pledged as security for liabilities was £3,008,126 (2024 £3,078,260).

7. Debtors

	2025	2024
	£	£
Trade debtors	15,826	18,310
Amounts owed by group undertakings	2,140	1,208,407
Other debtors	23,917	39,802
	--------	------------
	41,883	1,266,519
	--------	------------

Other debtors

	2025	2024
	£	£
Prepayments	21,358	16,210
Other	2,559	23,592
	--------	--------
	23,917	39,802
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	–	135,196
Trade creditors	21,275	24,574
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,412,292	9,352
Corporation tax	168,394	153,216
Social security and other taxes	23,516	16,301
Other creditors	153,603	153,358
	------------	---------
	1,779,080	491,997
	------------	---------

Other creditors

	2025	2024
	£	£
Accruals and deferred income	122,631	114,761
Other	18,031	11,965
Government Grants	12,941	26,632
	---------	---------
	153,603	153,358
	---------	---------

	2025	2024
	£	£
Secured creditors	–	135,196
	----	---------

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	881,715
Other creditors	1,000,000	1,000,000
	------------	------------
	1,000,000	1,881,715
	------------	------------

HSBC Bank plc hold a standard security over the property at 2a Thorburn Road, as included in fixed assets. HSBC Bank plc hold a bond & floating charge over all assets of the company covering all sums due. These guarantees were released after the year end following the sale of the company.

	2025	2024
	£	£
Secured creditors	Nil	881,715
	----	---------

The company is party to an intercompany cross guarantee with HSBC along with other group companies.

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	118,145	124,459
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	118,145	124,459
	---------	---------

11. Called up share capital

Issued, called up and fully paid

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

12. Contingent liabilities

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 the subsidiaries. Cross company guarantees exist between Thorburn Manor Ltd , Lorimer House Ltd and Morningside Manor Ltd. There is a letter of postponement over a related party loan of £1m. 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.

13. Events after the end of the reporting period

On 27 November 2025, the company transferred the operations and staff of the care home property to Thorburn Manor Ops Ltd. The company subsequently granted a lease over the care home property for a period of 35 years, with no break options and annual upwards only rent reviews linked to RPI. The nature of the company therefore changed from that of owning and operating a care home, to a company which owns a property leased by way of operating lease to a third party. On 28 November 2025, the company was acquired by THR Number 43 plc and retained the care home property as an investment property.

14. 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 .

15. Related party transactions

The company has taken advantage of the exemption under FRS102 Section 33 from the requirement to disclose information of transactions with wholly owned subsidiaries which are part of the group, on the basis that consolidated group financial statements are publicly available. One of the directors was also a director and controlling shareholder of another company outwith the group. Other debtors include loans to this company of £nil (2024 £20,066). During the year this company raised an invoice for consultancy fees totalling £10,000 (2024 £nil).

16. Controlling party

At the year end, the immediate parent company was Lindemann Properties Limited (SC155229), the ultimate parent company was Lindemann Care Home Group Limited (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) (the parent company of Lindemann Properties Limited), 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.