Lorimer House Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC403007

Lorimer House Ltd

Filleted Financial Statements

31 August 2025

Lorimer House Ltd

Statement of Financial Position

31 August 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	9,696	21,888
Tangible assets	6	3,467,174	3,538,757
		------------	------------
		3,476,870	3,560,645

Current assets

Stocks		3,000	3,000
Debtors	7	333,682	439,652
Cash at bank and in hand		268,377	98,091
		---------	---------
		605,059	540,743

Creditors: amounts falling due within one year	8	406,892		434,857
		---------		---------
Net current assets			198,167	105,886
			------------	------------
Total assets less current liabilities			3,675,037	3,666,531

Provisions

Taxation including deferred tax	62,920	59,986
	------------	------------
Net assets	3,612,117	3,606,545
	------------	------------

Capital and reserves

Called up share capital	10	1	1
Profit and loss account		3,612,116	3,606,544
		------------	------------
Shareholder funds		3,612,117	3,606,545
		------------	------------

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.

Lorimer House 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: SC403007

Lorimer House Ltd

Notes to the Financial Statements

Year ended 31 August 2025

1. General information

Lorimer House Ltd is a private company limited by shares, incorporated and registered in Scotland ( SC403007 ). The address of the registered office is First Floor Glendevon House, Castle Business Park, Stirling FK9 4TZ The place of business is 491 Lanark Road, Juniper Green, EH14 5DQ. 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 the provisions of FRS102 Section 1A, '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. The financial statements are prepared in sterling which is the functional currency of the entity and are rounded to the nearest £1. The financial statements relate to the individual entity.

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 the timing differences.

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 .

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. Software development has been capitalised as it is expected to have a useful life of more than one year.

Amortisation

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

Goodwill	-	over 10 years
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 of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	over 50 years
Crockery & linen	-	10% reducing balance
Fixtures & fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	33% reducing balance

Land - nil Integral features - 4% straight line (Plant & machinery contained within 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 impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 42 (2024: 41 ).

5. Intangible assets

	Goodwill	Care Package	Total
	£	£	£
Cost
At 1 September 2024 and 31 August 2025	2,100,000	60,960	2,160,960
	------------	--------	------------
Amortisation
At 1 September 2024	2,100,000	39,072	2,139,072
Charge for the year	–	12,192	12,192
	------------	--------	------------
At 31 August 2025	2,100,000	51,264	2,151,264
	------------	--------	------------
Carrying amount
At 31 August 2025	–	9,696	9,696
	------------	--------	------------
At 31 August 2024	–	21,888	21,888
	------------	--------	------------

6. Tangible assets

	Freehold land & buildings	Crockery & linen	Fixtures & fittings	Motor vehicles	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 Sep 2024	4,270,563	6,527	613,284	28,558	33,646	4,952,578
Additions	–	–	43,809	–	2,028	45,837
	------------	-------	---------	--------	--------	------------
At 31 Aug 2025	4,270,563	6,527	657,093	28,558	35,674	4,998,415
	------------	-------	---------	--------	--------	------------
Depreciation
At 1 Sep 2024	849,938	4,480	507,032	23,529	28,842	1,413,821
Charge for the year	76,167	204	37,515	1,257	2,277	117,420
	------------	-------	---------	--------	--------	------------
At 31 Aug 2025	926,105	4,684	544,547	24,786	31,119	1,531,241
	------------	-------	---------	--------	--------	------------
Carrying amount
At 31 Aug 2025	3,344,458	1,843	112,546	3,772	4,555	3,467,174
	------------	-------	---------	--------	--------	------------
At 31 Aug 2024	3,420,625	2,047	106,252	5,029	4,804	3,538,757
	------------	-------	---------	--------	--------	------------

The carrying amount of tangible fixed assets pledged as security for liabilities was £3,344,458 (2024 £3,420,625).

7. Debtors

	2025	2024
	£	£
Trade debtors	30,488	14,029
Amounts owed by group undertakings	284,217	406,834
Other debtors	18,977	18,789
	---------	---------
	333,682	439,652
	---------	---------

Other debtors are made up as follows:

	2025	2024
	£	£
Loans due by connected companies	–	240
Other debtors	3,077	2,951
Prepayments	15,900	15,598
	--------	--------
	18,977	18,789
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	13,544	64,369
Amounts owed to group undertakings	–	2,467
Corporation tax	210,868	192,851
Social security and other taxes	23,464	17,854
Amounts due to connected companies	439	–
Other creditors	158,577	157,316
	---------	---------
	406,892	434,857
	---------	---------

Other creditors are made up as follows:

	2025	2024
	£	£
Other creditors	19,299	13,803
Government Grants	11,220	23,920
Accruals and deferred income	128,058	119,593
	---------	---------
	158,577	157,316
	---------	---------

9. Deferred tax

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

	2025	2024
	£	£
Included in provisions	62,920	59,986
	--------	--------

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

	2025	2024
	£	£
Accelerated capital allowances	62,920	59,986
	--------	--------

10. Called up share capital

Issued, called up and fully paid

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

11. Other financial commitments

The company had operating lease commitments totalling £37,691 at 31 August 2025 (2024 £40,170).

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 of 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 Lorimer House 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 on transactions with entities which are wholly owned subsidiaries, 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 (note 7) include loans due by this company totalling £nil (2024 £240). These loans are interest free and repayable on demand. During the year this company raised invoices totalling £10,000 to Lorimer House Ltd (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.