REGISTERED NUMBER: 02173466 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

APPLEFORD LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Dr P Gardner

D A King

SECRETARY:

D A King

REGISTERED OFFICE:

Appleford School

Elston Lane

Shrewton

Salisbury

Wiltshire

SP3 4HL

REGISTERED NUMBER:

02173466 (England and Wales)

AUDITORS:

PG Owen Limited

Chartered Accountants and

Statutory Auditors

124 High Street

Midsomer Norton

Bath

Avon

BA3 2DA

BANKERS:

Natwest Commercial Banking

1st Floor Stella Building

Windmill Hill Business Park

Whitehill Way

Swindon

SN5 6NX

The directors present their strategic report for the year ended 31 August 2025.

REVIEW OF BUSINESS

The School has had a another successful year.

During this academic year we have experienced external factors which have had implications on our operations. Firstly, the announcement of VAT needing to be applied on private school fees with effect from 1 January 2025 required major changes in our accounting systems and the reporting required to electronically submit quarterly VAT returns. Secondly, the significant increase in employers national insurance has led to a large increase in our wage costs, which, of course represents our largest expense.

As ever, we received our GCSE results towards the end of August and once again they demonstrated very high levels of attainment by our pupils, in particular the 'foundation subjects' achieved notable success with a 100% pass rate across the majority of subjects.

After our OFSTED report in November 2024, we again welcomed OFSTED during October 2025 for their annual three day inspection of our boarding and pastoral care and I am pleased to report the school once again achieved a grade of Good across the board.

The changing demographic identified last year has continued with boarding post-covid continuing to tailor off and the school continuing to be dominated by day pupils. The process started last year in addressing the challenges and opportunities arising to re-structure ourselves both in terms of staff re-organisation and resource management has led to a school development plan being developed and implemented, but always maintaining our goal of providing high-quality education and ensuring our pupils have a safe and supporting learning environment.

The care home side of the business has now completed it's major refurbishment projects, with only minor works being scheduled which will continue to provide an even more refreshing experience for residents and visitors alike. The Sensory room and gardens have been given a revamp and both of these have been well received by the residents.

The website of Daneswood has also received an upgrade and again has been well received by all stakeholders.

There continues to be a strong focus on providing a wide range of weekly and monthly activities for all the residents ranging from movement sessions, sound baths, nature & beach walks, picnics, baking and teas out, to the many trips to places such as longleat, the Zoo, the Aquarium and a visit to the circus in Weston. Fortnightly fitness sessions with G fitness have also been introduced, which has proven to be a great success.

In June, we took the residents away on holiday to Wales, everyone had an amazing time and the holiday was a great success. During the colder weather we have a large supply of arts & crafts ready for different events and celebrations as well as the sensory room, ball pit, music room and of course lots of games.

As with many businesses working within the care sector, recruitment continues to be a challenge as we continue to see a significant drop in labour supply not just in our geographic area but also nationwide.This together with large increases in living wage rates has put inflationary pressures on the cost of providing quality care.

With the continual back-drop of tightening Local Authority budgets together with a significant increase in employers NIC now being levied from 6th April 2025 means that our base costs will further significantly increase and ultimately this will need to be passed onto the Local Authorities to ensure we continue to provide the quality of care we constantly strive for.

Overall the residents continue to have a fulfilled life, with meaningful activities and this is reflected in both their health and wellbeing.

To conclude, once again a challenging but ultimately rewarding year demonstrating the strong leadership and management the school and the care home has at its disposal to ensure high quality outcomes for all stakeholders under sometimes difficult and challenging circumstances.

PRINCIPAL RISKS AND UNCERTAINTIES

All areas of the school and the care home are directly overseen by a member of the Senior Leadership Team. The Senior Management Team meet monthly and the Advisory Board continue to meet three times a year, providing invaluable external perspectives on the strategic direction of the school, both in the short and medium term.

Principal risks and uncertainties are well managed by the comprehensive and robust systems, procedures and policies in place for both business sectors.

ON BEHALF OF THE BOARD:

Dr P Gardner - Director

27 May 2026

The directors present their report with the financial statements of the company for the year ended 31 August 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 August 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2024 to the date of this report.

Dr P Gardner

D A King

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 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. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, PG Owen Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Dr P Gardner - Director

27 May 2026

Opinion

We have audited the financial statements of Appleford Limited (the 'company') for the year ended 31 August 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit for the year then ended;

-	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.

Basis for opinion

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 Auditors' 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.

Conclusions relating to going concern

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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the 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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

- the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management, and from commercial knowledge and experience of the supply of services to the education and

care sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the

financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and

data protection,anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations;and

- understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of

potential bias; and

- investigated the the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.Auditing standards also limit the the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Robin Browning BA(Hons) BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of PG Owen Limited

Chartered Accountants and

Statutory Auditors

124 High Street

Midsomer Norton

Bath

Avon

BA3 2DA

27 May 2026

TURNOVER

7,685,799

7,967,389

Cost of sales

5,807,051

5,784,356

GROSS PROFIT

1,878,748

2,183,033

Administrative expenses

1,034,191

1,081,350

OPERATING PROFIT

4

844,557

1,101,683

Interest payable and similar expenses

5

52,249

58,861

PROFIT BEFORE TAXATION

792,308

1,042,822

Tax on profit

6

235,584

299,927

PROFIT FOR THE FINANCIAL YEAR

556,724

742,895

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

556,724

742,895

FIXED ASSETS

Tangible assets

7

7,611,091

7,790,356

CURRENT ASSETS

Stocks

8

32,862

21,549

Debtors

9

777,811

805,903

Cash at bank and in hand

2,846,977

2,508,163

3,657,650

3,335,615

CREDITORS

Amounts falling due within one year

10

1,358,465

1,667,307

NET CURRENT ASSETS

2,299,185

1,668,308

TOTAL ASSETS LESS CURRENT LIABILITIES

9,910,276

9,458,664

CREDITORS

Amounts falling due after more than one year

11

(615,512

)

(707,427

)

PROVISIONS FOR LIABILITIES

14

(86,404

)

(99,601

)

NET ASSETS

9,208,360

8,651,636

CAPITAL AND RESERVES

Called up share capital

15

80,000

80,000

Retained earnings

16

9,128,360

8,571,636

SHAREHOLDERS' FUNDS

18

9,208,360

8,651,636

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2026 and were signed on its behalf by:

Dr P Gardner - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

80,000

7,828,741

7,908,741

Changes in equity

Total comprehensive income

-

742,895

742,895

Balance at 31 August 2024

80,000

8,571,636

8,651,636

Changes in equity

Total comprehensive income

-

556,724

556,724

Balance at 31 August 2025

80,000

9,128,360

9,208,360

Cash flows from operating activities

Cash generated from operations

1

806,335

936,764

Interest paid

(52,249

)

(58,861

)

Tax paid

(281,009

)

(98,436

)

Net cash from operating activities

473,077

779,467

Cash flows from investing activities

Purchase of tangible fixed assets

(78,093

)

(303,996

)

Sale of tangible fixed assets

94,033

5,559

Net cash from investing activities

15,940

(298,437

)

Cash flows from financing activities

Loan repayments in year

(86,203

)

(80,489

)

Amount withdrawn by directors

(64,000

)

(20,000

)

Net cash from financing activities

(150,203

)

(100,489

)

Increase in cash and cash equivalents

338,814

380,541

Cash and cash equivalents at beginning of year

2

2,508,163

2,127,622

Cash and cash equivalents at end of year

2

2,846,977

2,508,163

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

792,308

1,042,822

Depreciation charges

162,338

181,197

Loss/(profit) on disposal of fixed assets

987

(3,817

)

Finance costs

52,249

58,861

1,007,882

1,279,063

(Increase)/decrease in stocks

(11,313

)

7,400

Decrease/(increase) in trade and other debtors

28,092

(345,391

)

Decrease in trade and other creditors

(218,326

)

(4,308

)

Cash generated from operations

806,335

936,764

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

2,846,977

2,508,163

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

2,508,163

2,127,622

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

2,508,163

338,814

2,846,977

2,508,163

338,814

2,846,977

Debt

Debts falling due within 1 year

(80,490

)

(5,712

)

(86,202

)

Debts falling due after 1 year

(707,427

)

91,915

(615,512

)

(787,917

)

86,203

(701,714

)

Total

1,720,246

425,017

2,145,263

1.	STATUTORY INFORMATION

Appleford Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents invoiced sales of the provision of specialist education and care facilities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Computer equipment

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Books and equipment

-

20% on reducing balance

It is the policy of the company to maintain its buildings in such a condition that the value of the buildings is not impaired by the passage of time. Such expenditure is charged to the profit and loss account in the year in which it is incurred. As a consequence, the depreciation rate for the buildings (excluding the related land value) has been calculated on a 2% straight-line basis as stated above.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,010,954

4,030,263

Social security costs

400,968

353,640

Other pension costs

190,141

205,286

4,602,063

4,589,189

The average number of employees during the year was as follows:

2025

2024

Appleford School teachers

26

29

Appleford School support staff

60

65

Daneswood Care Home carers

48

54

Daneswood Care Home support staff

4

5

138

153

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

162,338

181,197

Loss/(profit) on disposal of fixed assets

987

(3,817

)

Audit fees

6,500

6,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

50,344

58,861

VAT late payment interest

1,905

-

52,249

58,861

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

248,781

281,009

Over provision - prior year

-

(4,479

)

Total current tax

248,781

276,530

Deferred tax

(13,197

)

23,397

Tax on profit

235,584

299,927

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

792,308

1,042,822

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

198,077

260,706

Effects of:

Expenses not deductible for tax purposes

1,851

-

Depreciation in excess of capital allowances

48,853

20,303

Adjustments to tax charge in respect of previous periods

-

(4,479

)

Deferred Tax movement

(13,197

)

23,397

Total tax charge

235,584

299,927

7.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Computer

and

property

equipment

fittings

£

£

£

COST

At 1 September 2024

7,761,587

1,107,073

1,011,583

Additions

39,340

25,428

13,325

Disposals

(67,125

)

(14,366

)

(13,727

)

At 31 August 2025

7,733,802

1,118,135

1,011,181

DEPRECIATION

At 1 September 2024

394,520

937,256

787,053

Charge for year

75,497

45,220

34,767

Eliminated on disposal

-

-

(965

)

At 31 August 2025

470,017

982,476

820,855

NET BOOK VALUE

At 31 August 2025

7,263,785

135,659

190,326

At 31 August 2024

7,367,067

169,817

224,530

Motor

Books and

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2024

80,970

57,474

10,018,687

Additions

-

-

78,093

Disposals

-

(767

)

(95,985

)

At 31 August 2025

80,970

56,707

10,000,795

DEPRECIATION

At 1 September 2024

56,612

52,890

2,228,331

Charge for year

6,090

764

162,338

Eliminated on disposal

-

-

(965

)

At 31 August 2025

62,702

53,654

2,389,704

NET BOOK VALUE

At 31 August 2025

18,268

3,053

7,611,091

At 31 August 2024

24,358

4,584

7,790,356

8.

STOCKS

2025

2024

£

£

Stocks

32,862

21,549