Company registration number 02488051 (England and Wales)
HILLCROFT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HILLCROFT LTD
COMPANY INFORMATION
Directors
Mr B A Pinington
Mr D Pinington
Mr J P Ayrton
Secretary
Mrs L A Mattinson
Company number
02488051
Registered office
Hillcroft Nursing Home
North Road
Carnforth
LA5 9LX
Auditor
Xeinadin
Dalton House
9 Dalton Square
Lancaster
Lancashire
United Kingdom
LA1 1WD
HILLCROFT LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 26
HILLCROFT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

Hillcroft Group continues in its aim to provide a safe home from home where all our residents are cared for as individuals and with dignity, promoting our core values of being caring, respectful and committed.

During 2025, the Group continued to deliver stable operations across its portfolio of care homes, maintaining improved occupancy levels and a commitment to high standards of care. The organisation remained focused on person-centred care, ensuring compliance with regulatory requirements and maintaining positive inspection outcomes.

The care sector continues to face challenges, including workforce shortages, increased regulatory expectations, and rising operational costs, particularly in staffing, utilities, and food. The increase in Employers National Insurance contributions has had a significant impact on staff costs.

Despite these pressures, Hillcroft Group has maintained financial resilience through careful cost management and sustained demand for its services.

The group's key financial and other performance indicators during the year were as follows: -

| Unit |  | 2025 | 2024
Turnover |  | £ |  | 17,320,574 | 15,795,988
Operating profit |  | £ |  | 2,988,821 | 2,377,936
Profit before tax |  | £ |  | 3,066,112 | 2,460,502
Occupancy |  | % |  | 93 | 89

Principal risks and uncertainties

The Group faces several key risks:

- Recruitment and retention of staff

- Increasing operating costs impacting margins

- Changes in NHS and local authority funding arrangements

- Regulatory compliance requirements

Management continues to monitor these risks and implement mitigation strategies, including workforce development initiatives and financial planning controls.

Future Developments

The Group is focused on:

- Enhancing workforce stability through recruitment and training

- Continued investment in care quality and staff development

- Exploring opportunities for service improvement

- Adopting digital systems to improve efficiency and care delivery

Hillcroft Group remains well-positioned to respond to increasing demand within the care sector and to continue providing high-quality services.

On behalf of the board

Mr J P Ayrton
Director
8 June 2026
HILLCROFT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of the running of nursing homes.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £737,500. The directors do not recommend payment of a further dividend.

Directors

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

Mr B A Pinington
Mr D Pinington
Mr J P Ayrton
Disabled persons

The company gives full consideration to applications for employment from disabled persons where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company’s policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Employee involvement

The Company understands the importance of internal communication in the operation of an effective organisation. Clear channels of communication have been established in both directions to ensure that;

- All staff are kept informed of any changes in policies and procedures

- Relevant staff are made aware of customer feedback, both positive and negative

- Feedback is obtained from staff regarding the effectiveness of procedures and practices

- Suggestion for improvement are encouraged

- Staff do not feel isolated from the Management and the decision-making process

A dedicated Communications Officer is employed to facilitate staff communication and engagement.

Employee representatives are invited to join our Brand Champion Programme to help promote Hillcroft values and drive improvement.

Hillcroft have a formal Trade Union Recognition Agreement in place with Unison and a Joint Negotiating and Consulting Group has been established in respect of the Bargaining Group.

The Directors are responsible for ensuring that effective communication and employee engagement is maintained within the organisation.

They achieve this through:

- Monthly meetings held with Matrons and other Heads of Departments, following a formal agenda, to address operational issues, forward planning and improvement opportunities.

- Quarterly meetings held with Brand Champions to discuss staff feedback suggestions and improvement initiatives.

- Regular director drop-in sessions in the homes to allow staff to raise any issues, or make suggestions for improvement, with the directors directly.

- Formal meetings of the Joint Negotiating and Consulting Group in line with the Unison recognition agreement.

- Issue of an annual statement regarding the performance of the organisation.

- Review of annual staff surveys.

Heads of Department maintain effective lines of communication within their departments by holding regular staff meetings to ensure that all staff are kept informed and staff feedback is obtained. Formal group supervisions are also undertaken to ensure important information is shared and documented.

HILLCROFT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Auditor

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

Statement of directors' responsibilities

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.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J P Ayrton
Director
8 June 2026
HILLCROFT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HILLCROFT LTD
- 4 -
Opinion

We have audited the financial statements of Hillcroft 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 profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

HILLCROFT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HILLCROFT LTD
- 5 -
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.

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

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.

· audit work over the risk of management override of controls is undertaken. This includes 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 bias.

· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.

· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.

· financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

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.

HILLCROFT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HILLCROFT LTD
- 6 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Preece FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin, Statutory Auditor
Chartered Accountants
Dalton House
9 Dalton Square
Lancaster
Lancashire
LA1 1WD
United Kingdom
9 June 2026
HILLCROFT LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
17,320,575
15,795,988
Administrative expenses
(14,425,543)
(13,500,536)
Other operating income
93,813
82,484
Operating profit
4
2,988,845
2,377,936
Interest receivable and similar income
8
77,291
50,566
Amounts written off investments
9
-
32,000
Profit before taxation
3,066,136
2,460,502
Tax on profit
10
(838,886)
(681,773)
Profit for the financial year
2,227,250
1,778,729
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HILLCROFT LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
11,138,058
10,923,202
Investment property
13
1,632,000
1,632,000
12,770,058
12,555,202
Current assets
Stocks
16
52,600
52,208
Debtors
17
1,185,379
1,127,026
Cash at bank and in hand
4,887,904
3,370,865
6,125,883
4,550,099
Creditors: amounts falling due within one year
18
(2,654,525)
(2,391,407)
Net current assets
3,471,358
2,158,692
Total assets less current liabilities
16,241,416
14,713,894
Provisions for liabilities
Deferred tax liability
19
373,418
335,646
(373,418)
(335,646)
Net assets
15,867,998
14,378,248
Capital and reserves
Called up share capital
21
600
600
Share premium account
4,127,259
4,127,259
Non-distributable profits reserve
22
199,561
199,561
Distributable profit and loss reserves
11,540,578
10,050,828
Total equity
15,867,998
14,378,248

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 8 June 2026 and are signed on its behalf by:
08 June 2026
Mr J P Ayrton
Director
Company registration number 02488051 (England and Wales)
HILLCROFT LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,928,083
10,743,515
Investment property
13
1,632,000
1,632,000
Investments
14
881,255
881,255
13,441,338
13,256,770
Current assets
Debtors
17
47,523
12,784
Cash at bank and in hand
4,593,047
3,081,093
4,640,570
3,093,877
Creditors: amounts falling due within one year
18
(2,177,317)
(1,908,202)
Net current assets
2,463,253
1,185,675
Total assets less current liabilities
15,904,591
14,442,445
Provisions for liabilities
Deferred tax liability
19
347,968
319,797
(347,968)
(319,797)
Net assets
15,556,623
14,122,648
Capital and reserves
Called up share capital
21
600
600
Share premium account
4,127,259
4,127,259
Non-distributable profits reserve
22
199,561
199,561
Distributable profit and loss reserves
11,229,203
9,795,228
Total equity
15,556,623
14,122,648

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £2,171,475 (2024 - £1,779,874 profit).

The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
08 June 2026
Mr J P Ayrton
Director
Company registration number 02488051 (England and Wales)
HILLCROFT LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
600
4,127,259
175,561
8,971,099
13,274,519
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
24,000
1,754,729
1,778,729
Dividends
11
-
-
-
(675,000)
(675,000)
Balance at 31 December 2024
600
4,127,259
199,561
10,050,828
14,378,248
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
2,227,250
2,227,250
Dividends
11
-
-
-
(737,500)
(737,500)
Balance at 31 December 2025
600
4,127,259
199,561
11,540,578
15,867,998
HILLCROFT LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
600
4,127,259
175,561
8,714,354
13,017,774
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
24,000
1,755,874
1,779,874
Dividends
11
-
-
-
(675,000)
(675,000)
Balance at 31 December 2024
600
4,127,259
199,561
9,795,228
14,122,648
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
2,171,475
2,171,475
Dividends
11
-
-
-
(737,500)
(737,500)
Balance at 31 December 2025
600
4,127,259
199,561
11,229,203
15,556,623
HILLCROFT LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,547,965
2,625,933
Income taxes paid
(740,792)
(565,181)
Net cash inflow from operating activities
2,807,173
2,060,752
Investing activities
Purchase of tangible fixed assets
(587,146)
(540,754)
Interest received
77,291
50,566
Net cash used in investing activities
(509,855)
(490,188)
Financing activities
Proceeds from borrowings
240,500
204,000
Repayment of borrowings
(283,279)
(174,986)
Dividends paid to equity shareholders
(737,500)
(675,000)
Net cash used in financing activities
(780,279)
(645,986)
Net increase in cash and cash equivalents
1,517,039
924,578
Cash and cash equivalents at beginning of year
3,370,865
2,446,287
Cash and cash equivalents at end of year
4,887,904
3,370,865
HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Hillcroft Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Hillcroft Nursing Home, North Road, Carnforth, Lancashire, England, LA5 9LX.

The group consists of Hillcroft Ltd and all of its subsidiaries.

1.1
Basis of preparation

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hillcroft Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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.

HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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 goods and 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
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:

Freehold land and buildings
2% Straight Line
Plant and equipment
33% Straight Line
Fixtures and fittings
20% Straight Line
Motor vehicles
25% Reducing Balance

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.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
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.

HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.10
Stocks

Stock is stated at cost price. Stock is intended for the use in the provision of care and not for resale. As such, stock balances are reviewed regularly to ensure they reflect usage and operational needs.

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.

HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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.

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.

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.

HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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.

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
17,320,575
15,795,988
2025
2024
£
£
Other revenue
Interest income
77,291
50,566
Grants received
15,441
6,930
Rents receivable
78,372
75,555

Government grants represent amounts received under the Apprenticeship Levy Scheme and amounts received from local authorities as a grant for a new asset.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(15,441)
(6,930)
Depreciation of owned tangible fixed assets
371,448
355,409
Loss on disposal of tangible fixed assets
842
658
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
2,940
3,006
Audit of the financial statements of the company's subsidiaries
6,374
5,820
9,314
8,826
HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
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
Management
16
16
2
2
Administration
16
17
-
-
Kitchen and ancillary
77
79
-
-
Care and nursing
251
246
-
-
Total
360
358
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
10,353,182
9,813,931
48,880
46,500
Social security costs
1,175,399
842,337
3,575
1,590
Pension costs
207,041
209,451
-
0
-
0
11,735,622
10,865,719
52,455
48,090
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
61,916
62,034
Company pension contributions to defined contribution schemes
11,380
-
73,296
62,034
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
77,291
50,566
9
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
-
32,000
HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
801,114
669,670
Deferred tax
Origination and reversal of timing differences
37,772
12,103
Total tax charge
838,886
681,773

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
3,066,136
2,460,502
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
766,534
615,126
Tax effect of expenses that are not deductible in determining taxable profit
8,144
2,447
Depreciation on assets not qualifying for tax allowances
64,208
64,200
Taxation charge
838,886
681,773
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
737,500
675,000
HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
14,708,448
466,332
847,977
46,174
16,068,931
Additions
474,610
40,685
71,852
-
0
587,147
Disposals
-
0
(17,240)
(15,136)
-
0
(32,376)
At 31 December 2025
15,183,058
489,777
904,693
46,174
16,623,702
Depreciation and impairment
At 1 January 2025
3,943,225
403,173
758,441
40,890
5,145,729
Depreciation charged in the year
294,055
41,941
34,131
1,321
371,448
Eliminated in respect of disposals
-
0
(16,645)
(14,888)
-
0
(31,533)
At 31 December 2025
4,237,280
428,469
777,684
42,211
5,485,644
Carrying amount
At 31 December 2025
10,945,778
61,308
127,009
3,963
11,138,058
At 31 December 2024
10,765,223
63,159
89,536
5,284
10,923,202
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2025
14,645,664
201,208
14,846,872
Additions
474,610
-
0
474,610
At 31 December 2025
15,120,274
201,208
15,321,482
Depreciation and impairment
At 1 January 2025
3,902,149
201,208
4,103,357
Depreciation charged in the year
290,042
-
0
290,042
At 31 December 2025
4,192,191
201,208
4,393,399
Carrying amount
At 31 December 2025
10,928,083
-
0
10,928,083
At 31 December 2024
10,743,515
-
0
10,743,515

Land and property comprises of the individual nursing home properties rented to the subsidiary and accounted for using the cost model as permitted by FRS 102 paragraph 16.4A.

HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 January 2025 and 31 December 2025
1,632,000
1,632,000

Investment property comprises rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2025 by Mr J P Ayrton (Director). The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
881,255
881,255
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
881,255
Carrying amount
At 31 December 2025
881,255
At 31 December 2024
881,255
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hillcroft Nursing Homes Limited
Hillcroft Nursing Home, North Road, Carnforth, LA5 9LX United Kingdom
Ordinary Shares
100.00
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Stock
52,600
52,208
-
0
-
0
HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,054,441
1,043,716
-
0
-
0
Other debtors
34,455
101
34,354
-
0
Prepayments and accrued income
96,483
83,209
13,169
12,784
1,185,379
1,127,026
47,523
12,784
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
54,091
96,870
54,091
96,870
Trade creditors
398,455
281,068
16,078
275
Amounts owed to group undertakings
-
0
-
0
1,909,046
1,606,349
Corporation tax payable
387,612
327,290
162,420
192,989
Other taxation and social security
487,376
395,438
-
0
-
0
Other creditors
747,064
710,095
-
0
-
0
Accruals and deferred income
579,927
580,646
35,682
11,719
2,654,525
2,391,407
2,177,317
1,908,202
19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
373,418
335,646
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
347,968
319,797
HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Deferred taxation
(Continued)
- 24 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
335,646
319,797
Charge to profit or loss
37,772
28,171
Liability at 31 December 2025
373,418
347,968

The deferred tax liability set out above relates to accelerated capital allowances which are expected to reverse out over time.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
207,041
209,451

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.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
200
200
200
200
Ordinary B of £1 each
200
200
200
200
Ordinary C of £1 each
200
200
200
200
600
600
600
600
22
Non-distributable profits reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
199,561
175,561
199,561
175,561
Non distributable profits in the year
-
24,000
-
24,000
At the end of the year
199,561
199,561
199,561
199,561
HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
23
Operating lease commitments

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
35,810
28,477
-
-
Between two and five years
47,832
51,970
-
-
In over five years
514
1,286
-
-
84,156
81,733
-
-
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
139,880
135,480
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Group
Other related parties
37,027
37,597

During the year group employed the services of a company owned by the controlling directors' sons, to carry out building and general maintenance at the homes. The group maintains a trading account with the company and all transactions are carried out under normal trading terms.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

25
Directors' transactions

Dividends totalling £737,500 (2024 - £675,000) were paid in the year in respect of shares held by the company's directors.

HILLCROFT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
25
Directors' transactions
(Continued)
- 26 -

In common with many owner managed businesses, the directors maintain loan accounts to cover drawings from the group.

The aggregate amount of directors loan accounts is £54,091 (2024- £96,870). The loans are shown under directors loan accounts and other creditors in the notes to the accounts.

26
Controlling party

The ultimate controlling party is Mr J P Ayrton, Mr B A Pinington and Mr D Pinington who own 100% of the share capital in equal holdings.

27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,227,250
1,778,729
Adjustments for:
Taxation charged
838,886
681,773
Investment income
(77,291)
(50,566)
Loss on disposal of tangible fixed assets
842
658
Fair value gain on investment properties
-
0
(32,000)
Depreciation and impairment of tangible fixed assets
371,448
355,409
Movements in working capital:
Increase in stocks
(392)
(9,081)
Increase in debtors
(58,353)
(351,310)
Increase in creditors
245,575
252,321
Cash generated from operations
3,547,965
2,625,933
28
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,370,865
1,517,039
4,887,904
Borrowings excluding overdrafts
(96,870)
42,779
(54,091)
3,273,995
1,559,818
4,833,813
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