REGISTERED NUMBER: 14611173 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

MACC CARE TOPCO LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTOR:

Dr N Nathani

REGISTERED OFFICE:

23 Calthorpe Road

Edgbaston

Birmingham

United Kingdom

B15 1RP

REGISTERED NUMBER:

14611173 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

The director presents his strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

On the Operational side, the performance of the existing and new homes has increased in line with projections, which reflects a stable revenue generation in the existing operational care homes and expected trading activity from the new care home beds that have been commissioned. The average number of residents has continued to increase and the un-utilised capacity within the new care homes that have been commissioned is expected to be gradually taken up as the homes progress to maturity over 12 to 24 months.

Development activity has continued to meet growth expectations with successful commissioning to operations.

Trading conditions:

The average weekly fee has remained resilient and the group has been able to adjust fees in line with inflation and wage pressures. Fee levels continue to be robust, supported by purpose built care homes and local authority fee reviews.

We have found the general sentiment in the care sector to remain positive and this is reflected in our ability to develop new lender relationships and continuing funding support towards our development programme and trading activities.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks for the group relate to macroeconomic and geopolitical conditions which impact on the two main aspects of activity which are trading and development. The Trading activity and utilisation of commissioned bed capacity will be influenced by general economic climate, inflationary pressures and affordability. The planned development activity will be influenced by construction material price inflation, corporate lending appetite and cost of borrowing.

ECONOMIC CLIMATE

The economic climate has been uncertain over the past 12 months and this is expected to continue for the foreseeable future.

LIQUIDITY RISK

During the year, new long term loans have been put in place and as a result the director considers that there is now a funding structure to serve both operation and development requirements.

RETENTION OF KEY PEOPLE

In order to provide the highest standards of care it is important that the key management are retained at each Care Home. The director has regular reviews with these key staff in order to retain and develop these individuals. Across the Group high quality candidates have been attracted which is a reflection of the quality of the Group reputation.

COMPETITOR ACTIVITY

As this sector continues to grow the director is aware of not only existing other care homes but also the continued development of new care homes. Macc care continues to focus on the provision of a quality modern environment supported by the delivery of a high level of care within these mature care homes.

KEY PERFORMANCE INDICATORS

The Director and the board of management continue to monitor the progress of the Group in their monthly financial and operations reviews. KPI's include numbers of residents, wage costs, average weekly fees and non staffing expenditure.

SECTION 172(1) STATEMENT

The director of Macc Care Topco Limited considers that he has acted in a way that is appropriate to promote the success of the group for the benefit of its members as a whole to include wider stakeholders.

Decisions are taken with regard to the operating of its care homes that consider their long term future, the interests of employees and all business relationships including suppliers and most importantly the care home's residents.

Each care home becomes a part of the local community and all such links are valued. The homes strive to have a positive impact on the environment.

The quality of care provision is fundamental but also it is commensurate on the directors to conduct the business at high standards.

Decisions will involve engagement with stakeholders whose input to the process will affect strategies adopted.

ON BEHALF OF THE BOARD:

Dr N Nathani - Director

26 June 2026

The director presents his report with the financial statements of the company and the group for the year ended 30 September 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTOR

Dr N Nathani held office during the whole of the period from 1 October 2024 to the date of this report.

EMPLOYMENT OF DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training , career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

ENGAGEMENT WITH EMPLOYEES

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings , matters likely to affect employee' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

STREAMLINED ENERGY AND CARBON REPORTING

Energy consumption - year ended 30 September 2024

2025

2024

Aggregate of energy consumption in the year

Kwh

Kwh

- Gas combustion

7,004,729

6,680,425

- Fuel consumed for transport

-

-

- Electricity purchased

2,954,343

2,616,886

Emissions of CO2 equivalent

Kilograms CO2e

Kilograms CO2e

Scope 1 - direct emissions

- Gas combustion

1,278,643

1,219,445

- Fuel consumed for owned transport

-

-

Scope 2 - indirect emissions

- Electricity purchased

571,311

506,053

Scope 3 - other indirect emissions

- Fuel consumed for transport not owned by the company

-

-

Total gross emissions

1,849,954

1,725,498

Intensity ratio

Tonnes CO2e per full-time employee 1,332 - 1.39 (2024: 1,123 - 1.54)

Quantification and reporting methodology

Macc Care Topco Limited have used UK Government GHG Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Dr N Nathani - Director

26 June 2026

Opinion

We have audited the financial statements of Macc Care Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2025 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 our commercial knowledge and experience of the industry 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;

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; and

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

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 accounting estimates were indicative of potential bias; and

- investigated 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;

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

- reviewing correspondence with HMRC and other relevant parties.

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 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.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

26 June 2026

TURNOVER

3

69,243,597

54,786,804

Cost of sales

42,719,114

33,390,372

GROSS PROFIT

26,524,483

21,396,432

Administrative expenses

13,861,916

11,463,354

12,662,567

9,933,078

Other operating income

-

389,266

OPERATING PROFIT

5

12,662,567

10,322,344

Interest receivable and similar income

21,060

-

12,683,627

10,322,344

Interest payable and similar expenses

6

14,836,855

15,236,955

LOSS BEFORE TAXATION

(2,153,228

)

(4,914,611

)

Tax on loss

7

(2,681,224

)

(3,131,025

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

527,996

(1,783,586

)

Profit/(loss) attributable to:

Owners of the parent

527,996

(1,783,586

)

PROFIT/(LOSS) FOR THE YEAR

527,996

(1,783,586

)

OTHER COMPREHENSIVE INCOME

Gain / (loss) on revaluation

28,319,514

27,159,584

Deferred tax thereon

(7,074,920

)

(6,789,896

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

21,244,594

20,369,688

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

21,772,590

18,586,102

Total comprehensive income attributable to:

Owners of the parent

21,772,590

18,586,102

FIXED ASSETS

Intangible assets

10

(1,885,254

)

(2,866,007

)

Tangible assets

11

304,418,293

257,840,073

Investments

12

-

-

302,533,039

254,974,066

CURRENT ASSETS

Stocks

13

24,585,524

31,613,931

Debtors

14

4,667,885

1,026,769

Cash at bank and in hand

4,067,886

3,863,088

33,321,295

36,503,788

CREDITORS

Amounts falling due within one year

15

12,989,964

42,694,508

NET CURRENT ASSETS/(LIABILITIES)

20,331,331

(6,190,720

)

TOTAL ASSETS LESS CURRENT LIABILITIES

322,864,370

248,783,346

CREDITORS

Amounts falling due after more than one year

16

(213,357,355

)

(163,071,187

)

PROVISIONS FOR LIABILITIES

20

(24,779,563

)

(22,757,297

)

NET ASSETS

84,727,452

62,954,862

CAPITAL AND RESERVES

Called up share capital

21

39,375,000

39,375,000

Revaluation reserve

22

47,400,893

26,850,049

Retained earnings

22

(2,048,441

)

(3,270,187

)

SHAREHOLDERS' FUNDS

84,727,452

62,954,862

The financial statements were approved by the director and authorised for issue on 26 June 2026 and were signed by:

Dr N Nathani - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

39,571,875

39,571,875

39,571,875

39,571,875

CREDITORS

Amounts falling due within one year

15

348,615

196,875

NET CURRENT LIABILITIES

(348,615

)

(196,875

)

TOTAL ASSETS LESS CURRENT LIABILITIES

39,223,260

39,375,000

CAPITAL AND RESERVES

Called up share capital

21

39,375,000

39,375,000

Retained earnings

22

(151,740

)

-

SHAREHOLDERS' FUNDS

39,223,260

39,375,000

Company's loss for the financial year

(151,740

)

-

The financial statements were approved by the director and authorised for issue on 26 June 2026 and were signed by:

Dr N Nathani - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2023

39,375,000

(1,486,601

)

6,480,361

44,368,760

Changes in equity

Total comprehensive income

-

(1,783,586

)

20,369,688

18,586,102

Balance at 30 September 2024

39,375,000

(3,270,187

)

26,850,049

62,954,862

Changes in equity

Total comprehensive income

-

527,996

21,244,594

21,772,590

Disposal of subsidiary

-

693,750

(693,750

)

-

Balance at 30 September 2025

39,375,000

(2,048,441

)

47,400,893

84,727,452

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

39,375,000

-

39,375,000

Changes in equity

Balance at 30 September 2024

39,375,000

-

39,375,000

Changes in equity

Total comprehensive income

-

(151,740

)

(151,740

)

Balance at 30 September 2025

39,375,000

(151,740

)

39,223,260

Cash flows from operating activities

Cash generated from operations

1

18,705,351

11,441,677

Interest paid

(14,791,508

)

(15,105,799

)

Interest element of hire purchase payments paid

(45,347

)

(131,156

)

Net cash from operating activities

3,868,496

(3,795,278

)

Cash flows from investing activities

Purchase of intangible fixed assets

-

(10,776

)

Purchase of tangible fixed assets

(36,942,966

)

(24,199,456

)

Sale of fixed asset investments

15,321,000

-

Interest received

21,060

-

Net cash from investing activities

(21,600,906

)

(24,210,232

)

Cash flows from financing activities

New loans in year

93,604,662

119,835,590

Loan repayments in year

(75,378,586

)

(88,842,018

)

HP capital repayments in year

(175,641

)

(337,224

)

Amount withdrawn by directors

(113,227

)

(113,012

)

Net cash from financing activities

17,937,208

30,543,336

Increase in cash and cash equivalents

204,798

2,537,826

Cash and cash equivalents at beginning of year

2

3,863,088

1,325,262

Cash and cash equivalents at end of year

2

4,067,886

3,863,088

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

2025

2024

£

£

Loss before taxation

(2,153,228

)

(4,914,611

)

Depreciation charges

499,756

558,257

Loss on disposal of fixed assets

127,589

-

Finance costs

14,836,855

15,236,955

Finance income

(21,060

)

-

13,289,912

10,880,601

Decrease/(increase) in stocks

7,028,407

(2,953,696

)

(Increase)/decrease in trade and other debtors

(4,257,375

)

686,193

Increase in trade and other creditors

2,644,407

2,828,579

Cash generated from operations

18,705,351

11,441,677

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 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

4,067,886

3,863,088

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

3,863,088

1,325,262

3.	ANALYSIS OF CHANGES IN NET DEBT

Non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

3,863,088

204,798

-

4,067,886

3,863,088

204,798

-

4,067,886

Debt

Finance leases

(347,839

)

175,641

-

(172,198

)

Debts falling due

within 1 year

(34,774,019

)

(768,484

)

33,040,175

(2,502,328

)

Debts falling due

after 1 year

(162,898,988

)

(17,344,365

)

(33,040,175

)

(213,283,528

)

(198,020,846

)

(17,937,208

)

-

(215,958,054

)

Total

(194,157,758

)

(17,732,410

)

-

(211,890,168

)

1.	STATUTORY INFORMATION

Macc Care Topco 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Going concern

The directors have a reasonable expectation that the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30 September 2025. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the acquisition method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All inter-group transactions, balances, income and expenses are eliminated on consolidation.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reporting of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from estimates calculated using these judgements and assumptions.

Key significant judgements and estimates are as follows:

The estimated split of costs between between stock and freehold property has been carried out on a square metre basis where the care homes and apartments were built together.

The freehold properties have been valued during the year by Cushman & Wakefield (RICS Registered Valuers). The directors consider that these valuations would represent the fair value of the properties as at 30 September 2025.

The directors have considered whether any provisions are required to reduce stocks to net realisable value and have concluded that no provisions are required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill is measured at cost less accumulative amortisation and any accumulative impairment losses and is amortised over its estimated useful life of 5 years.