The directors present their report and the audited financial statements for the year ended 31 December 2025.

The company is an investment company whose business is the holding of an investment in it wholly owned subsidiary, Arden Partnership (Derby) Limited.

Arden Partnership (Derby) Limited's principal activity was the operation of an Adult High Dependency Unit (HDU), an Old Persons HDU, an Older Adult Dementia HDU, an Older Adult Resource Centre and a Clinical Services Building within the Derby area for Derbyshire Mental Health Services NHS Trust.

The profit for the year, after taxation, amounted to £1,135k (2024: £1,206k).

A dividend of £1,135k (2024: £1,206k) was approved and paid during the year.

The directors have closely monitored the performance of the business during the year together with its technical advisors and the contract has been carried out in line with expectations.

During the coming year the company will continue to act as the holding company for its single subsidiary, Arden Partnership (Derby) Limited.

The directors who served during the year were as follows:

The company has net assets of £3k (2024: £3k) including cash of £Nil (2024: £Nil) at 31 December 2025.

The directors see the going concern status of the company as being closely linked to the performance of the project as a whole, through the subsidiary company. The directors have reviewed the future liquidity requirements and have considered the cash flow forecasts of the project as set out in the operational model, which show that the project will continue to operate profitably and be cash generative, operating well within its means. Based on this review, and the future business prospects of the project, despite the current economic conditions the directors believe the project will be able to meet its liabilities as they fall due and as such do not expect to be significantly affected by these events.

The directors are also mindful of the relationship with the NHS Trust and ensure that this is carefully monitored and maintained. There have been no instances during the year, or since, of non-compliance of the Project Agreement, and good working relationship with the NHS Trust remains.

Having regards to the above and after enquiries; the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The directors of Arden Partnership (Derby) Holdings Limited have qualifying third party indemnity provisions put in place through other companies of which they are also directors.

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have prepared the financial statements in accordance with "FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" and applicable law. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

make judgements and estimates that are reasonable and prudent; and

prepare the financial statements on a 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 enable them to ensure that the financial statements comply with the Companies Act 2006.

The directors 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.

In the case of each director in office at the date the Directors' Report is approved:

so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware; and

they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

The auditors, CT Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the directors of the company on 11 May 2026 and signed by:

We have audited the financial statements of Arden Partnership (Derby) Holdings Limited (the 'company') which comprise the statement of financial position as at 31 December 2025, and the statement of comprehensive income, the statement of changes in equity for the year then ended, and notes to the financial statements, 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 FRS102 The Financial Reports Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 UK, including the FRC'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 entity'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 other than the financial statements and our auditor's report thereon. The directors are responsible for the other information disclosed. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the directors' report has been prepared in accordance with applicable legal requirements.

In 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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

As explained more fully in the Directors' Responsibilities Statement the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 and 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 gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity which were contrary to applicable laws and regulations, including fraud. This included gaining an understanding of the control environment for monitoring compliance with laws and regulations.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

Reviewing minutes of meetings of those charged with governance;

Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias;

Performing analytical procedures to identify any unexpected movements which may indicate irregularities and substantiated the explanations given for these movements;

Reviewing the accounting policies and the application of these policies to ensure compliance with the standard and consistency of application;

Specific consideration was given to transactions with related parties.

There are inherent limitations in an audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would be to become aware of it. We also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Directors on 11 May 2026.

Director

Company registration number: 06046052

Arden Partnership (Derby) Holdings Limited (the 'Company') is a private company limited by shares and is registered and incorporated in England and Wales (registered number: 06046052). The registered office is Unit G1 Ash Tree Court, Nottingham Business Park, Nottingham, England, NG8 6PY.

The company's principal activities and nature of its operations are disclosed in the Director's Report.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

Consolidated financial statements have not been prepared for the company and its subsidiaries under the exemption granted by section 398 of the Companies Act 2006. Accordingly, these financial statements present information about the company and not about its group.

Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The company has no active bank account and all dividends receivable and payable are paid by the company's subsidiary direct to the shareholders of the company hence no cash flow has been provided.

Investments are stated at cost less any provision for impairment. Income from investments is included in the Statement of Comprehensive Income as approved.

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends paid

The company owns the entire issued share capital of Arden Partnership (Derby) Limited, a company incorporated in England, with the same registered office as this holding company. The company is contracted to design, construct and operate an Adult High Dependency Unit (HDU), an Older Persons HDU, an Older Adult Dementia HDU, an Older Adult Resource Centre and a Clinical Services Building provided on two sites within the Derby area for Derbyshire Mental Health Services NHS Trust.

The capital and reserves of the subsidiary as at 31 December 2025 were assets/liabilities of £2,731k (2024: £3,348k) and the comprehensive income for the year for the subsidiary was £1,752k (2024: £2,699k).

All shares rank pari passu.

The following companies, together with undertakings within their individual groups of companies, are considered to be related parties to the company during the year.

- Equitix Fund VII Holdco B Limited

- Equitix Healthcare 2 Limited

Equitix Fund VII Holdco B Limited maintained their 50% shareholding.

Equitix Healthcare 2 Limited maintained their 50% shareholding.

Related party transactions in the period were comprised of dividends received from Arden Partnership (Derby) Limited of £1,135k (2024: £1,206k).

During the year Arden Partnerships (Derby) Holdings Limited paid dividends of £568k (2024: £603k) to Equitix Healthcare 2 Limited and £568k (2024: £337.5k) to Equitix Fund VII Holdco B Limited.

The ownership of this company is noted in Note 7 above. It is the opinion of the directors that there is no ultimate controlling party.