Company registration number 10072188 (England and Wales)
HFH COMPLEX CARE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HFH COMPLEX CARE LTD
COMPANY INFORMATION
Directors
S A Yandle
W L Hope
J M Hudson
K Bylica
N Harris
R H Keller
(Appointed 1 January 2025)
Company number
10072188
Registered office
Tuition House
27-37 St George's Road
Wimbledon
London
United Kingdom
SW19 4EU
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
HFH COMPLEX CARE LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
HFH COMPLEX CARE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Overview of the Business

HFH Complex Care is a specialist nurse-led provider of complex care services for adults and children living in their own homes across London and the Southeast. The business delivers highly personalised, clinically led care packages for individuals with significant and long-term healthcare needs, including spinal cord injury, neurological conditions, acquired brain injury, respiratory care and learning disabilities.

The Group's strategic focus remains on delivering safe, outcome-based care that enables individuals to live independently within the community while reducing avoidable hospital admissions and supporting timely hospital discharge pathways. HFH Complex Care continues to differentiate itself through its nurse-led operating model, robust clinical governance framework, bespoke training capability, and strong relationships with NHS commissioners and Integrated Care Systems.

Statutory Budget Pressures and Sector Environment

The wider UK health and social care sector continues to operate in a financially constrained environment. NHS and local authority commissioners remain under significant statutory budget pressures arising from inflationary cost increases, workforce shortages, increasing acuity of need, and growing demand for community-based healthcare services.

Despite these pressures, the market for complex care delivered in the home continues to expand structurally. There is increasing recognition across the NHS that high-quality home-based complex care can improve client outcomes, reduce delayed discharges, lower readmission rates, and provide a more cost-effective alternative to prolonged hospital stays or institutional care settings. HFH Healthcare’s own service model highlights that specialist nurse-led home care can deliver meaningful commissioning efficiencies when compared with more traditional nurse-only delivery models.

The Directors recognise that funding negotiations, fee pressures, recruitment competition, and increasing regulatory expectations will continue to present operational challenges across the sector. However, the business remains well positioned within a specialist and growing market where demand materially exceeds supply in many regions.

Fair review of the business

The Directors consider the business to be operationally resilient and strategically well positioned within the complex care market. HFH Healthcare has continued to strengthen its reputation as a specialist provider of high-acuity care through investment in clinical leadership, governance, workforce development, and quality assurance processes.

A clearly differentiated nurse-led model;

- Established commissioner relationships

- A growing portfolio of complex care packages

- Strong operational leadership and clinical oversight

- Internal training capability supporting workforce competency and retention

- Increasing demand for home-based complex care services

The Directors acknowledge that the operating environment remains challenging. Labour availability, wage inflation, compliance obligations, and the increasing complexity of client needs continue to place pressure on margins and operational delivery. Recruitment and retention of suitably trained carers and nurses remain a key strategic priority for the business.

Nevertheless, the Company has continued to invest in workforce development, governance systems, and scalable infrastructure to support sustainable long-term growth. The Directors believe these investments strengthen the Company’s ability to deliver safe, high-quality care while supporting future expansion.

HFH COMPLEX CARE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

There is no doubt that there are ongoing and significant pressures on the budgets for health and social care however the government have not as yet made any improvements.

What we do know is that there is a growing demand for our specialist services and this will continue due to the nature of the care that we deliver and the life expectancy of our clients that we care for. Complex care in the home is far more cost effective than expensive ITU care in a hospital setting and the bed that it blocks long term.

Key performance indicators

The financial key performance indicators to which the directors refer are set out below:

Year ended
Year ended
31 December 2025
31 December 2024
Turnover
17,646,600
15,778,562
Turnover change on prior year
11.84%
18.42%
Profit/(loss) before tax for the year
214,284
89,467
Profit/(loss) change on prior year
139.51%
(109.20)%
Gross profit margin
36.67%
35.85%
Other performance indicators

Other key performance indicators to which the directors refer, include client numbers and employee recruitment and training.

Future developments

The Directors remain positive regarding the future outlook for the business and the wider complex care sector. Demand for specialist community-based care services is expected to continue increasing as healthcare policy increasingly prioritises care delivered within the home and community setting.

HFH Complex Care intends to continue expanding its regional presence, commissioner partnerships, and specialist service lines while maintaining its focus on clinical quality and client outcomes. The business also expects continued opportunities arising from:

- Increased NHS focus on reducing hospital bed occupancy

- Growing prevalence of long-term and complex health conditions

- Demand for paediatric-to-adult transition services

- Greater emphasis on personalised care delivered within the community

- Expansion of Continuing Healthcare-funded packages

The Company’s strategic priority remains controlled and sustainable growth, underpinned by strong governance, investment in people, and maintenance of high clinical standards. While economic and commissioning pressures are expected to remain throughout the sector, the Directors believe HFH Healthcare is well positioned to continue growing within an expanding and increasingly important area of healthcare provision.

On behalf of the board

S A Yandle
Director
24 July 2026
HFH COMPLEX CARE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the subsidiary undertakings of the company and the group is the provision of support to acute and chronically ill people in their own homes.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S A Yandle
W L Hope
J M Hudson
M Knight
(Resigned 31 January 2025)
K Bylica
N Harris
R H Keller
(Appointed 1 January 2025)
Qualifying third party indemnity provisions

The directors benefit from a qualifying indemnity provision in the form permitted by the Section 234 of the Companies Act 2006 in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying indemnity provision was in force throughout the financial year and up to the date of approval of the Directors' Report.

Matters covered in the Strategic Report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report. These matters relate to business review and future developments.

HFH COMPLEX CARE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Employee involvement

The group and company place considerable value on the involvement of their employees and have continued to keep them informed of matters affecting them as employees, and of the various factors affecting the performance of the group and company. This is achieved through formal and informal meetings and mailings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests. Employees are also eligible for various benefits (e.g. target-related bonuses, pension plan, staff discount).

Going concern

Management complete and review budgets on a regular basis and these are reviewed by the directors, who are involved in the running of the business. In their assessment of the going concern position, the directors take into account the forecast availability of cash to meet liabilities as they fall due, the financial position of the group of which the company is a member, the covenants and terms attached to the company's loan agreement, and any risk of those loans becoming repayable before their due dates, should financial covenants not be met. The group is currently in a net liability position, but this is primarily due to interest accrued on loans.

The performance of the business was strong in 2024/25 with revenue, cost control and EBITDA outperforming the previous year significantly. The formulation of proven strategies that include developing what we know best i.e. the London market, continuing to scale this to a wider geographical footprint and the successful introduction of additional specialist services, assures us that we cannot only satisfy our financial obligations but allows us to forge ahead by shaping the business for sustainable growth. Our plan for the year ahead will be to continue to expand into further geographies, utilising the additional business development and operational resource that are in place to do so.

At the time of approving the financial statements, the directors had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Strategic report

T true he group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business and the future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S A Yandle
Director
24 July 2026
HFH COMPLEX CARE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible for preparing the Annual 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 company, and of 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 judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HFH COMPLEX CARE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HFH COMPLEX CARE LTD
- 6 -
Opinion

We have audited the financial statements of HFH Complex Care Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 2025 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport 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.

HFH COMPLEX CARE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HFH COMPLEX CARE LTD
- 7 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HFH COMPLEX CARE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HFH COMPLEX CARE LTD
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

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

- Reviewing minutes of meetings of those charged with governance;

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

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

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.

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.

Toby Mason (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
24 July 2026
HFH COMPLEX CARE LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
17,646,600
15,778,562
Cost of sales
(11,175,762)
(10,122,143)
Gross profit
6,470,838
5,656,419
Administrative expenses
(5,746,074)
(5,155,120)
Operating profit
4
724,764
501,299
Interest receivable and similar income
7
36,405
49,903
Interest payable and similar expenses
10
(546,885)
(461,735)
Profit before taxation
214,284
89,467
Tax on profit
9
(320,791)
(255,916)
Loss for the financial year
22
(106,507)
(166,449)
Loss for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
HFH COMPLEX CARE LTD
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
126,819
856,846
Other intangible assets
11
191,621
1,043,274
Total intangible assets
318,440
1,900,120
Tangible assets
12
57,650
41,835
376,090
1,941,955
Current assets
Debtors
15
2,575,846
1,803,292
Cash at bank and in hand
1,704,354
3,196,596
4,280,200
4,999,888
Creditors: amounts falling due within one year
16
(3,558,219)
(5,475,196)
Net current assets/(liabilities)
721,981
(475,308)
Total assets less current liabilities
1,098,071
1,466,647
Creditors: amounts falling due after more than one year
17
(8,863,454)
(8,913,587)
Provisions for liabilities
Deferred tax liability
20
48,878
260,819
(48,878)
(260,819)
Net liabilities
(7,814,261)
(7,707,759)
Capital and reserves
Called up share capital
21
980
975
Other reserves
22
2,868,361
2,868,361
Profit and loss reserves
22
(10,683,602)
(10,577,095)
Total equity
(7,814,261)
(7,707,759)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
S A Yandle
Director
Company registration number 10072188 (England and Wales)
HFH COMPLEX CARE LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
18,622,220
18,622,220
18,622,220
18,622,220
Current assets
Debtors
15
5
-
0
Creditors: amounts falling due within one year
16
(14,671,246)
(14,014,228)
Net current liabilities
(14,671,241)
(14,014,228)
Total assets less current liabilities
3,950,979
4,607,992
Creditors: amounts falling due after more than one year
17
(8,863,454)
(8,913,587)
Net liabilities
(4,912,475)
(4,305,595)
Capital and reserves
Called up share capital
21
980
975
Other reserves
22
2,868,361
2,868,361
Profit and loss reserves
22
(7,781,816)
(7,174,931)
Total equity
(4,912,475)
(4,305,595)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £606,885 (2024 - £521,735 loss).

The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
S A Yandle
Director
Company registration number 10072188 (England and Wales)
HFH COMPLEX CARE LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
975
2,868,361
(10,410,646)
(7,541,310)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(166,449)
(166,449)
Balance at 31 December 2024
975
2,868,361
(10,577,095)
(7,707,759)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(106,507)
(106,507)
Other movements
5
-
-
5
Balance at 31 December 2025
980
2,868,361
(10,683,602)
(7,814,261)
HFH COMPLEX CARE LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
975
2,868,361
(6,653,196)
(3,783,860)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(521,735)
(521,735)
Balance at 31 December 2024
975
2,868,361
(7,174,931)
(4,305,595)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(606,885)
(606,885)
Other movements
5
-
-
5
Balance at 31 December 2025
980
2,868,361
(7,781,816)
(4,912,475)
HFH COMPLEX CARE LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,784,486
1,972,681
Interest paid
(538,159)
(452,438)
Income taxes paid
(697,287)
(237,658)
Net cash inflow from operating activities
549,040
1,282,585
Investing activities
Purchase of tangible fixed assets
(27,554)
-
Interest received
36,405
49,903
Net cash generated from investing activities
8,851
49,903
Financing activities
Repayment of borrowings
(2,050,133)
(975,267)
Net cash used in financing activities
(2,050,133)
(975,267)
Net (decrease)/increase in cash and cash equivalents
(1,492,242)
357,221
Cash and cash equivalents at beginning of year
3,196,596
2,839,375
Cash and cash equivalents at end of year
1,704,354
3,196,596
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

HFH Complex Care Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Tuition House, St George's Road, Wimbledon, London, SW19 4EU.

The group consists of HFH Complex Care Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company HFH Complex Care Ltd together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

Management complete and review budgets on a regular basis and these are reviewed by the directors, who are involved in the running of the business. In their assessment of the going concern position, the directors take into account the forecast availability of cash to meet liabilities as they fall due, the financial position of the group of which the company is a member, the covenants and terms attached to the company's loan agreement, and any risk of those loans becoming repayable before their due dates, should financial covenants not be met. The group is currently in a net liability position, but this is primarily due to interest accrued on loans.

The performance of the business was strong in 2024/25 with revenue, cost control and EBITDA outperforming the previous year significantly. The formulation of proven strategies that include developing what we know best i.e. the London market, continuing to scale this to a wider geographical footprint and the successful introduction of additional specialist services, assures us that we cannot only satisfy our financial obligations but allows us to forge ahead by shaping the business for sustainable growth. Our plan for the year ahead will be to continue to expand in to further geographies, utilising the additional business development and operational resource that are in place to do so.

At the time of approving the financial statements, the directors had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date, the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives of intangible assets are as follows:

Software
10 years
Trademarks
10 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
4% on cost
Fixtures and fittings
20% on cost
Motor vehicles
20% on cost
Office equipment
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of intangible fixed assets

In determining the useful economic life of intangible fixed assets, which affects any requirement to impair those assets as well as the amortisation policy to be applied, the directors are required to estimate the future economic benefits which will arise from those assets and the period of time over which such benefits will flow. In the cases of trademarks and goodwill, the directors base this estimate on previous experience combined with projections of additional business which is likely to arise from the group controlling those assets. In the case of computer software, the directors consider the term of the software license and the period of time after which is considered that the software may be superseded. Variations in these various projections may lead to differences in the estimates of useful economic life.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Provision of domiciliary complex care
17,646,600
15,778,562
2025
2024
£
£
Other revenue
Interest income
36,405
49,903

All turnover arose within the United Kingdom.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
11,739
8,621
Amortisation of intangible assets
1,581,680
1,581,680
Operating lease charges
189,884
183,876
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
29,880
28,200
29,880
28,200
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Auditor's remuneration
(Continued)
- 23 -
For other services
Preparation of financial statements
4,740
4,740
Taxation compliance services
5,460
5,460
10,200
10,200
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration
60
59
6
6
Carers
448
421
-
-
Total
508
480
6
6

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
12,408,228
11,401,485
-
0
-
0
Social security costs
1,432,878
1,015,720
-
-
Pension costs
211,218
249,221
-
0
-
0
14,052,324
12,666,426
-
0
-
0
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
36,405
49,903
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
572,297
533,852
Company pension contributions to defined contribution schemes
79,060
50,199
651,357
584,051
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Directors' remuneration
(Continued)
- 24 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
168,601
166,480
Company pension contributions to defined contribution schemes
28,254
24,361

The directors are considered to be key management personnel. The company has taken advantage of the exemption available under FRS 102 Section 33 from disclosing key management personnel compensation.

9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
527,972
464,812
Adjustments in respect of prior periods
-
0
4,091
Total current tax
527,972
468,903
Deferred tax
Origination and reversal of timing differences
(207,181)
(212,987)
Total tax charge
320,791
255,916
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
214,284
89,467
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
53,571
22,367
Tax effect of expenses that are not deductible in determining taxable profit
82,317
42,133
Group relief
-
0
2,257
Amortisation on assets not qualifying for tax allowances
395,420
395,420
Under/(over) provided in prior years
-
0
4,091
Deferred tax not recognised
(212,914)
(212,988)
Original and reversal of timing differences
2,397
2,636
Taxation charge
320,791
255,916
10
Interest payable and similar expenses
2025
2024
£
£
Loan note interest
546,885
461,735
11
Intangible fixed assets
Group
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2025 and 31 December 2025
7,300,270
174,450
8,516,528
15,991,248
Amortisation and impairment
At 1 January 2025
6,443,424
174,450
7,473,254
14,091,128
Amortisation charged for the year
730,027
-
0
851,653
1,581,680
At 31 December 2025
7,173,451
174,450
8,324,907
15,672,808
Carrying amount
At 31 December 2025
126,819
-
0
191,621
318,440
At 31 December 2024
856,846
-
0
1,043,274
1,900,120
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
12
Tangible fixed assets
Group
Improvements to property
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
118,373
116,916
24,500
102,477
362,266
Additions
-
0
-
0
-
0
27,554
27,554
At 31 December 2025
118,373
116,916
24,500
130,031
389,820
Depreciation and impairment
At 1 January 2025
84,222
116,916
19,192
100,101
320,431
Depreciation charged in the year
2,425
-
0
4,900
4,414
11,739
At 31 December 2025
86,647
116,916
24,092
104,515
332,170
Carrying amount
At 31 December 2025
31,726
-
0
408
25,516
57,650
At 31 December 2024
34,151
-
0
5,308
2,376
41,835
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
18,622,220
18,622,220
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
18,622,220
Carrying amount
At 31 December 2025
18,622,220
At 31 December 2024
18,622,220
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Home From Hospital Limited
Tuition House, 27-37 St George's Road, Wimbledon, London, SW19 4EU.
Ordinary
100.00
-
HFH Healthcare Limited
Tuition House, 27-37 St George's Road, Wimbledon, London, SW19 4EU.
Ordinary
0
100.00

Subsidiaries held indirectly are via Home From Hospital Limited.

15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,096,116
1,221,177
-
0
-
0
Other debtors
41,517
41,141
5
-
0
Prepayments and accrued income
438,213
536,214
-
0
-
0
2,575,846
1,798,532
5
-
Deferred tax asset (note 20)
-
0
4,760
-
0
-
0
2,575,846
1,803,292
5
-
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
18
50,000
2,050,000
50,000
2,050,000
Trade creditors
121,690
55,748
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
13,571,546
10,953,254
Corporation tax payable
295,472
464,787
-
0
-
0
Other taxation and social security
678,584
563,926
-
0
-
0
Other creditors
2,067,755
1,986,221
985,066
976,340
Accruals and deferred income
344,718
354,514
64,634
34,634
3,558,219
5,475,196
14,671,246
14,014,228

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
18
8,863,454
8,913,587
8,863,454
8,913,587
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
8,913,454
10,963,587
8,913,454
10,963,587
Payable within one year
50,000
2,050,000
50,000
2,050,000
Payable after one year
8,863,454
8,913,587
8,863,454
8,913,587

A loan of £8,164,000 (2024: £8,164,000) bears interest at a rate of 8%. During the year, the Company agreed revised terms with the holders of the loan notes. Under the amended arrangements, the annual interest rate applicable to the loan notes increased from its previous rate of 4.75% to 8% per annum. The maturity date of the loan note was extended to 30 June 2029.

Management loans of £749,587 (2024: £799,512) accrue interest at 1% which is included in accruals. The Principal and accrued interest being repayable on 22 March 2026. Management loans are designated as Third and Fourth Creditors, and cannot be repaid until the First Creditor loan of £8,164,000 plus interest have been repaid. Principal amounts received have been discounted at a market-equivalent rate of interest at the date of issue, with the corresponding unwinding of this adjustment being made over the life of the loan to its repayment date on 22 March 2026.

Certain loan notes from former managers were due for repayment on 22 March 2026. These loans will be repaid once the terms of an Intercreditor Agreement dated 22 March 2016 governing the security and repayment of these loans have been fully satisfied.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
211,218
249,221

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end, there were outstanding pension contributions of £97,940 (2024: £88,351).

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
973
-
-
4,760
Trademarks
47,905
260,819
-
-
48,878
260,819
-
4,760
HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
256,059
-
Credit to profit or loss
(207,181)
-
Liability at 31 December 2025
48,878
-
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A ordinary shares of 1p each
50,000
64,500
500
645
Class B ordinary shares of 1p each
12,500
19,500
125
195
Class C ordinary shares of 1p each
35,500
13,500
355
135
98,000
97,500
980
975

Each ordinary share carried one voting right and no right to fixed income.

22
Reserves
Profit and loss reserves

This reserve represents the cumulative profits and losses of the group.

Other reserves

This reserve represents capital which has been contributed to the company by shareholders. The funds were not received by the company in exchange for shares, nor did it result in the establishment of a liability.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
157,141
160,812
-
-
Between two and five years
181,223
335,719
-
-
In over five years
-
2,645
-
-
338,364
499,176
-
-
24
Related party transactions
Transactions with related parties

During the year, the group incurred consultancy fees of £72,000 (202 4: £72,000) to GDN House Limited, a company controlled by a director of the company. The transactions were carried out during the normal course of business. There were no amounts outstanding at the balance sheet date (2024: £Nil).

During the year, the group incurred management fees of £60,000 (202 4: £60,000) to Spring Ventures LLP, a company controlled by a director of the company. The transactions were carried out during the normal course of business. There were no amounts outstanding at the balance sheet date (2024: £Nil).

During 2016, the directors and shareholders provided finance to the Company in exchange for loan notes. Amounts outstanding at the year end are as follows:

Other related parties
2025
2024
Balance
Balance
£
£
Group
C Hellary
651,238
629,587
G White
120,000
120,000
R Storey
50,000
50,000
Spring Ventures Group Investments Limited
9,065,031
10,164,000

Certain loan notes from former managers were due for repayment on 22 March 2026. These loans will be repaid once the terms of an Intercreditor Agreement dated 22 March 2016 governing the security and repayment of these loans have been fully satisfied.

25
Controlling party

At the year end, the controlling party of the group and company was Spring Ventures Group Investments Limited, by virtue of their beneficial interest in the share capital of HFH Complex Care Limited.

HFH COMPLEX CARE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
26
Cash generated from group operations
2025
2024
£
£
Loss after taxation
(106,507)
(166,449)
Adjustments for:
Taxation charged
320,791
255,916
Finance costs
546,885
461,735
Investment income
(36,405)
(49,903)
Amortisation and impairment of intangible assets
1,581,680
1,581,680
Depreciation and impairment of tangible fixed assets
11,739
8,621
Movements in working capital:
Increase in debtors
(777,309)
(211,256)
Increase in creditors
243,612
92,337
Cash generated from operations
1,784,486
1,972,681
27
Analysis of changes in net debt - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,196,596
(1,492,242)
1,704,354
Borrowings excluding overdrafts
(10,963,587)
2,050,133
(8,913,454)
(7,766,991)
557,891
(7,209,100)
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