Hurstlane Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 04032032

HURSTLANE LIMITED

FINANCIAL STATEMENTS

31 March 2025

HURSTLANE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of income and retained earnings	9

Company statement of income and retained earnings	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

HURSTLANE LIMITED

STRATEGIC REPORT

YEAR ENDED 31 MARCH 2025

The directors present their strategic report and the financial statements of the group and company for the year ended 31 March 2025. Principal activities and business review The principal activity of the group and company during the year was that of property development, rental and managing & operating residential nursing homes. The directors are pleased to report a group profit for the financial year, the results for the year are given in the statement of comprehensive income. Key performance indictors The main financial and non-financial KPIs of the business are occupancy, turnover and cash management. The key performance indicators all performed in accordance with expectations for the year. Principal risks and uncertainties The principal risks and uncertainties facing the group are: Regulation risk. The group is regulated by the Care Quality Commission, which oversees the standards of care. Fluctuations in property values, which would affect the net asset value. Use of financial instruments The group does not use financial instruments except for the bank loans used to purchase properties. Financial risk management objectives and policies The primary financial risk management objective is to ensure sufficient working capital for the group, this is achieved by careful management of cash balances. Future developments The group is continually looking for opportunities to grow the business.

This report was approved by the board of directors on 30 June 2026 and signed on behalf of the board by:

A Sheikh

Director

Registered office:

Castle House

69 -70 Victoria Street

Englefield Green

Surrey

TW20 OQX

HURSTLANE LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements of the group for the year ended 31 March 2025 .

Directors

The directors who served the company during the year were as follows:

A Sheikh
J Sheikh
S Ali

Dividends

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 30 June 2026 and signed on behalf of the board by:

A Sheikh

Director

Registered office:

Castle House

69 -70 Victoria Street

Englefield Green

Surrey

TW20 OQX

HURSTLANE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HURSTLANE LIMITED

YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Hurstlane Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 31 March 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; - 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 auditor's 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 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 group's or 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 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.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 strategic report or 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 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 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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, 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: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud and we considered the extent to which noncompliance might have a material effect on the financial statements. The main laws and regulations affecting the company include compliance with the Care Quality Commission (CQC) and the Building Safety Regulations along with Employment Regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to understated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, review of correspondence with legal advisors, enquiries of management and in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 or intentional misrepresentations, or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.

Charles Homan

(Senior Statutory Auditor)

For and on behalf of

UHY Affinia

Chartered Accountants & Statutory Auditor

168 Church Road

Hove

East Sussex

BN3 2DL

30 June 2026

HURSTLANE LIMITED

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 MARCH 2025

		2025	2024
Note		£	£
Turnover	4	5,374,229	5,340,317

Cost of sales	370,406	551,463
	-------------	-------------
Gross profit	5,003,823	4,788,854

Administrative expenses		4,284,409	4,254,803
Other operating income	5	101,184	–
		-------------	-------------
Operating profit	6	820,598	534,051

Interest payable and similar expenses	10	262,711	285,766
		-------------	-------------
Profit before taxation		557,887	248,285

Tax on profit	11	111,878	70,324
		----------	----------
Profit for the financial year and total comprehensive income		446,009	177,961
		----------	----------

Retained earnings at the start of the year	3,704,549	3,526,587
	-------------	-------------
Retained earnings at the end of the year	4,150,558	3,704,548
	-------------	-------------

All the activities of the group are from continuing operations.

HURSTLANE LIMITED

COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£
Profit for the financial year and total comprehensive income	31,109	( 13,866)
Retained earnings at the start of the year	2,429,056	2,442,922
	-------------	-------------
Retained earnings at the end of the year	2,460,165	2,429,056
	-------------	-------------

HURSTLANE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	12	1	1
Tangible assets	13	31,067,745	31,074,364
		---------------	---------------
		31,067,746	31,074,365

Current assets

Stocks	15	4,887,109	3,720,720
Debtors	16	9,536,486	5,199,394
Cash at bank and in hand		534,186	577,111
		---------------	-------------
		14,957,781	9,497,225

Creditors: amounts falling due within one year	17	14,813,994		9,694,162
		---------------		-------------
Net current assets/(liabilities)			143,787	( 196,937)
			---------------	---------------
Total assets less current liabilities			31,211,533	30,877,428

Creditors: amounts falling due after more than one year	18		3,464,482	3,611,155

Provisions	19	5,763,527	5,728,759
		---------------	---------------
Net assets		21,983,524	21,537,514
		---------------	---------------

Capital and reserves

Called up share capital	22	2	2
Revaluation reserve	23	17,832,964	17,832,964
Profit and loss account	23	4,150,558	3,704,548
		---------------	---------------
Shareholders funds		21,983,524	21,537,514
		---------------	---------------

These financial statements were approved by the board of directors and authorised for issue on 30 June 2026 , and are signed on behalf of the board by:

A Sheikh

Director

Company registration number: 04032032

HURSTLANE LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	13	30,945,452	30,950,252
Investments	14	150,000	150,000
		---------------	---------------
		31,095,452	31,100,252

Current assets

Stocks	15	4,887,109	3,720,720
Debtors	16	6,723,707	3,344,511
Cash at bank and in hand		457,948	439,769
		---------------	-------------
		12,068,764	7,505,000

Creditors: amounts falling due within one year	17	13,673,038		9,012,764
		---------------		-------------
Net current liabilities			1,604,274	1,507,764
			---------------	---------------
Total assets less current liabilities			29,491,178	29,592,488

Creditors: amounts falling due after more than one year	18		3,464,482	3,611,155

Provisions	19	5,733,565	5,719,311
		---------------	---------------
Net assets		20,293,131	20,262,022
		---------------	---------------

Capital and reserves

Called up share capital	22	2	2
Revaluation reserve	23	17,832,964	17,832,964
Profit and loss account	23	2,460,165	2,429,056
		---------------	---------------
Shareholders funds		20,293,131	20,262,022
		---------------	---------------

The profit for the financial year of the parent company was £ 31,109 (2024: £ 13,866 loss).

These financial statements were approved by the board of directors and authorised for issue on 30 June 2026 , and are signed on behalf of the board by:

A Sheikh

Director

Company registration number: 04032032

HURSTLANE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	446,009	177,961

Adjustments for:
Depreciation of tangible assets	24,120	24,680
Interest payable and similar expenses	262,711	285,766
Tax on profit	111,878	70,324
Accrued expenses	36,968	10,432

Changes in:
Stocks	( 1,166,389)	219,019
Trade and other debtors	( 4,337,092)	479,436
Trade and other creditors	4,968,724	( 300,893)
	-------------	----------
Cash generated from operations	346,929	966,725

Interest paid	( 262,711)	( 285,766)
Tax received/(paid)	17,297	( 59,614)
	----------	----------
Net cash from operating activities	101,515	621,345
	----------	----------

Cash flows from investing activities

Purchase of tangible assets	( 17,501)	( 30,937)
	----------	----------
Net cash used in investing activities	( 17,501)	( 30,937)
	----------	----------

Cash flows from financing activities

Proceeds from borrowings	( 126,939)	( 149,649)
	----------	----------
Net cash used in financing activities	( 126,939)	( 149,649)
	----------	----------

Net (decrease)/increase in cash and cash equivalents	( 42,925)	440,759
Cash and cash equivalents at beginning of year	577,111	136,352
	----------	----------
Cash and cash equivalents at end of year	534,186	577,111
	----------	----------

HURSTLANE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Castle House, 69 -70 Victoria Street, Englefield Green, Surrey, TW20 OQX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Hurstlane Limited which can be obtained from Compannies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of Hurstlane Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Nursing home income is recognised as accommodation is provided to residents, income from the sale of properties and development houses is recognised when there is an unconditional contract for the sale of a property and property rental income is recognised as accommodation is provided to tenants.

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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

Depreciation

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

Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	2% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Fees from nursing home operations	5,024,229	3,774,733
Property development sales	–	357,769
Rental income & recharges	350,000	1,207,815
	-------------	-------------
	5,374,229	5,340,317
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Rental income	24,114	–
Other operating income	69,600	–
Other operating income	7,470	–
	----------	----
	101,184	–
	----------	----

6. Operating profit

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Depreciation of tangible assets	24,120	24,680
	---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	8,371	4,860
	-------	-------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	3,000	5,478
	-------	-------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Administrative staff	101	88
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	3,054,297	2,583,715
Social security costs	312,632	266,489
Other pension costs	44,668	50,359
	-------------	-------------
	3,411,597	2,900,563
	-------------	-------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	307,220	247,224
	----------	----------

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	128,810	127,806
	----------	----------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	261,947	285,766
Interest payable - other	764	–
	----------	----------
	262,711	285,766
	----------	----------

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax income	77,110	–
Adjustments in respect of prior periods	–	25,786
	---------	---------
Total current tax	77,110	25,786
	---------	---------

Deferred tax:

Origination and reversal of timing differences	34,768	44,538
	----------	---------
Tax on profit	111,878	70,324
	----------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 50 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	557,887	248,285
	----------	----------
Profit on ordinary activities by rate of tax	127,820	62,071
Adjustment to tax charge in respect of prior periods	–	25,786
Effect of expenses not deductible for tax purposes	9,868	311
Effect of capital allowances and depreciation	( 7,480)	( 12,394)
Utilisation of tax losses	( 6,418)	–
Unused tax losses	–	22,182
Deferred tax	34,768	44,538
Other adjustments	( 46,680)	( 72,170)
	----------	----------
Tax on profit	111,878	70,324
	----------	----------

12. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	149,900
	----------
Amortisation
At 1 April 2024 and 31 March 2025	149,899
	----------
Carrying amount
At 1 April 2024 and 31 March 2025	1
	----------
At 31 March 2024	1
	----------

The company has no intangible assets.

The goodwill arose on the acquisition of Bridge House Holdings Limited.

13. Tangible assets

Group	Freehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost/Valuation
At 1 April 2024	30,935,000	529,834	30,400	31,495,234
Additions	–	17,501	–	17,501
	---------------	----------	---------	---------------
At 31 March 2025	30,935,000	547,335	30,400	31,512,735
	---------------	----------	---------	---------------
Depreciation
At 1 April 2024	–	398,235	22,635	420,870
Charge for the year	–	22,179	1,941	24,120
	---------------	----------	---------	---------------
At 31 March 2025	–	420,414	24,576	444,990
	---------------	----------	---------	---------------
Carrying amount
At 31 March 2025	30,935,000	126,921	5,824	31,067,745
	---------------	----------	---------	---------------
At 31 March 2024	30,935,000	131,599	7,765	31,074,364
	---------------	----------	---------	---------------

Company	Freehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost/Valuation
At 1 April 2024 and 31 March 2025	30,935,000	104,179	4,000	31,043,179
	---------------	----------	-------	---------------
Depreciation
At 1 April 2024	–	90,427	2,500	92,927
Charge for the year	–	4,425	375	4,800
	---------------	----------	-------	---------------
At 31 March 2025	–	94,852	2,875	97,727
	---------------	----------	-------	---------------
Carrying amount
At 31 March 2025	30,935,000	9,327	1,125	30,945,452
	---------------	----------	-------	---------------
At 31 March 2024	30,935,000	13,752	1,500	30,950,252
	---------------	----------	-------	---------------

In the opinion of the directors, the carrying value of the property as at 31 March 2025, which is based on the directors' valuation, is not significantly different from the open market fair value of the property.

Tangible assets held at valuation

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group and company	Freehold property
	£
At 31 March 2025
Aggregate cost	7,598,958
Aggregate depreciation	–
	-------------
Carrying value	7,598,958
	-------------

At 31 March 2024
Aggregate cost	7,598,958
Aggregate depreciation	–
	-------------
Carrying value	7,598,958
	-------------

14. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	150,000
	----------
Impairment
At 1 April 2024 and 31 March 2025	–
	----------

Carrying amount
At 1 April 2024 and 31 March 2025	150,000
	----------
At 31 March 2024	150,000
	----------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Bridge House Holdings Limited	Ordinary	100

15. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Property development costs	4,887,109	3,720,720	4,887,109	3,720,720
	-------------	-------------	-------------	-------------

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	228,564	114,791	–	–
Amounts owed by group undertakings	–	–	3,933,663	3,337,663
Prepayments and accrued income	75,232	42,488	–	6,848
Amounts due from related parties	9,230,218	5,042,115	2,790,044	–
Other debtors	2,472	–	–	–
	-------------	-------------	-------------	-------------
	9,536,486	5,199,394	6,723,707	3,344,511
	-------------	-------------	-------------	-------------

17. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	156,819	137,085	156,819	137,085
Trade creditors	631,376	538,218	173,097	119,896
Accruals and deferred income	58,866	21,898	30,705	5,602
Corporation tax	102,896	8,489	25,786	8,208
Social security and other taxes	102,706	115,075	–	–
Amounts owed to related parties	13,378,005	8,683,232	13,208,805	8,683,232
Other creditors	383,326	190,165	77,826	58,741
	---------------	-------------	---------------	-------------
	14,813,994	9,694,162	13,673,038	9,012,764
	---------------	-------------	---------------	-------------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	3,464,482	3,611,155	3,464,482	3,611,155
	-------------	-------------	-------------	-------------

The bank loans are secured by a debenture over the assets of the company and by cross guarantees given by related party companies.

19. Provisions

Group	Deferred tax (note 20)
	£
At 1 April 2024	5,728,759
Additions	34,768
	-------------
At 31 March 2025	5,763,527
	-------------

Company	Deferred tax (note 20)
	£
At 1 April 2024	5,719,311
Additions	14,254
	-------------
At 31 March 2025	5,733,565
	-------------

20. Deferred tax

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 19)	5,763,527	5,728,759	5,733,565	5,719,311
	-------------	-------------	-------------	-------------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	260,450	263,424	230,488	225,516
Revaluation of tangible assets	5,503,077	5,503,077	5,503,077	5,503,077
Unused tax losses	–	( 37,742)	–	( 9,282)
	-------------	-------------	-------------	-------------
	5,763,527	5,728,759	5,733,565	5,719,311
	-------------	-------------	-------------	-------------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 44,668 (2024: £ 50,359 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

23. Reserves

Revaluation reserve (non-distributable) - The revaluation reserve is used to record changes in the fair value of own use operational properties, net of deferred tax provisions on revaluation gains. Fair value movements are recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

24. Contingencies

The group has given inter-company guarantees in respect of the bank borrowings of other companies amounting to £18,390,503 as at 31 March 2025 (2024: £18,240,470).

25. Related party transactions

Group

At 31 March 2025, creditors, amounts falling due within one year, included amounts due to related parties amounting to £13,378,005 (2024: £8,683,232), in respect of loans from companies under common control. These loans are interest free, unsecured and have no fixed terms of repayment. At 31 March 2025, debtors included amounts due from related parties amounting to £9,230,718 (2024: £5,042,115), in respect of loans made to companies under common control. These related party loans are interest free, unsecured and have no fixed terms of repayment. During the year the group incurred property rental charges of £109,000 (2024: £109,000) from companies under common control. At 31 March 2025, the group had given guarantees in respect of the bank borrowings of companies under common control, which amounted to £18,390,503 (2024: £18,240,470).

Company

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. At 31 March 2025, creditors, amounts falling due within one year, included amounts due to related parties amounting to £13,308,805 (2024: £8,683,232), in respect of loans from companies under common control. These related party loans are interest free, unsecured and have no fixed terms of repayment. At 31 March 2025, debtors included amounts due from related parties amounting to £2,790,044 (2024: £nil), in respect of loans to companies under common control. These related party loans are interest free, unsecured and have no fixed terms of repayment. During the year the company incurred property rental charges of £85,000 (2024: £85,000) from companies under common control. At 31 March 2025, the company had given guarantees in respect of the bank borrowings of companies under common control, which amounted to £18,390,503 (2024: £18,240,470).

26. Controlling party

The ultimate controlling parties are The Estate of M Sheikh and Guardswell Group Limited, a company owned by GSC Fiduciaries Limited (in its capacity as the trustee of the Guardswell Trust).