Company registration number 11746603 (England and Wales)
ANAVO CAPITAL LIMITED (CONSOLIDATED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ANAVO CAPITAL LIMITED (CONSOLIDATED)
COMPANY INFORMATION
Directors
Mr Edward Guy Moore
Mr James Oliver Braganza
Mr Thomas Allan Brookes
Secretary
Mr Gholam Talea
Company number
11746603
Registered office
First Floor
15-17 The Crescent
Leatherhead
Surrey
KT22 8DY
Auditor
Arnold Hill & Co LLP
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
ANAVO CAPITAL LIMITED (CONSOLIDATED)
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Group profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 35
ANAVO CAPITAL LIMITED (CONSOLIDATED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Principal activities

The principal activity of the company is that of a holding company controlling a group managing care homes. In addition, the group also operates a care home development business.

Review of the business

The primary focus for the business remains the quality of life of the residents that live in our home and we continue to aim to provide them with the best possible experience. Our people are core to this provision and we are focussed on building stable and well-trained teams to deliver consistency and quality at every level of the organisation.

The group's ongoing strategy is to provides high-​quality care, within safe and stimulating environments and we work with all stakeholders to ensure our care is accessible to all. The homes are modern and well-maintained facilities, and the group continues to update existing care homes through its continuing refurbishment programme.

The directors are pleased with the strong growth in turnover and profitability achieved during the year. The results reflect the successful implementation of our growth strategy and continued demand for its services. The directors remain confident that the business is well positioned to continue its growth trajectory, making strategic acquisitions and commissioning new developments.

The group currently operates 12 active care homes providing over 850 beds. Whether our customers are publicly or privately funded, the company will not compromise on meeting individual needs. We continue to put a lot of emphasis on regulatory compliance and have invested in our central teams to ensure that standards are sustainable.

We have a new development opening in 2026 in Havant and will be developing out a new site in Farnborough in 2027. It is our intention to continue our development programme and we are currently in the process of acquiring new development sites.

During the year ended 31 March 2025, the group achieved a significant improvement in turnover resulting in an increase to £32,396,854 (2024: £12,315,819), gross profit of £9,435,407 (2024: £6,122,960). Administrative expenses increased to £13,386,415 (2024: £8,362,126), reflecting the expansion of the company's activities during the year. Operating loss of £3,940,457 compared to 2024 profit of £2,150,193. Losses before taxation of £4,722,064 compared to 2024 profit of £2,093,562 and loss for the financial period amounted to £4,918,762 (2024: £2,069,995 profit).

Principal risks and uncertainties

The Board of Directors has overall responsibility for assessing risks, while the senior management team is responsible for managing risk and maintaining an appropriate control environment.

The principal risks can be categorised as commercial, operational and financial risk.

Commercial

The principal commercial risk that the group faces is the level of demand for its services and the consumer’s ability to pay for those services. To mitigate this risk, there are arrangements in place to ensure standards are maintained through oversight, governance and training. There is a strong emphasis on relationship management with stakeholders and we work with those involved to ensure clear funding pathways.

Future changes in the National Living Wage (NLW) are expected to have a significant impact on labour costs in the social care sector. If the Company is unable to recover these increased costs, it could have a negative impact on operating margins.

Other inflationary pressures, such as rising utility and food costs, are also being closely monitored by the management team. To mitigate these risks, cost control strategies are employed including price hedging where possible, and actively manages supplier relationships.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Operational

With the emphasis on quality of care, the recruitment and retention of team members is a significant focus for the operational team. In the year, this key function was centralised to ensure there was a consistency of approach and designated job roles have also been created at home level to support new team members settle into their work environment. Pay rates are regularly reviewed to ensure they are competitive in the local markets.

Tied to recruitment and retention, agency use is a low to medium risk for the business with occasional usage required across our homes. We continue to actively monitor and measure agency usage on a monthly basis.

There is a risk that care standards are either not maintained or not consistent across our group. A new learning and development manager was employed and they have established a training framework across the homes. This framework ensures every job role has a training plan and also provides staff with opportunities to further develop their careers.

Failure to adhere to regulations in our industry carries significant risk. This could range from restrictions on new resident admissions to the potential loss of registration certificates required to operate. To mitigate regulatory risks, stringent quality policies and procedures are in place, supported by rigorous internal governance audits and oversight to ensure compliance and the safety of its residents. In addition, the group operates within a robust external governance structure;.

Financial

The group has long-term bank loans and interest rates present a significant risk. Whilst interest rate have fallen after the period, the risk remains relevant. Interest rate hedging has been utilised where possible, thereby limiting the exposure to interest rate fluctuations. Prudent liquidity management policies are in place, which include the preparation of regular, detailed cash flow forecasts to monitor liquidity on an ongoing basis and ensure financial stability.

A significant portion of the group’s revenue comes from privately funded customers, exposing it to credit risk. In the event of a prolonged recession or weakened macroeconomic conditions, personal disposable income and/​or asset values could decline, affecting the ability of some clients to pay for care services. However, this risk is considered to be manageable, and adequate provisions have been made in the financial statements to address any potential defaults.

Section 172(1) Statement

Under section 172(1) of the Companies Act 2006, the directors must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in s172(1)(a)–(f). This statement explains how the directors have done so during the period.

Residents and families — Resident wellbeing, dignity and safety remain central to Board decision-making. The directors have regard to feedback when reviewing care quality and refurbishment priorities.

Employees — The Group's ability to deliver high-quality care depends on a skilled, engaged workforce. The directors have had regard to employee interests and recognise the importance of staff retention to continuity of care.

Regulators and commissioners — Given the regulated environment in which the Group operates, the directors maintain close working relationships with the CQC, the Care Inspectorate, local authorities and NHS commissioners to ensure care standards and commissioning arrangements remain aligned.

Suppliers and business relationships — The Group seeks long-term, fair relationships with its suppliers and contractors.

Long-term decision-making — The Board's decisions reflect its assessment of the long-term benefit to residents, employees and shareholders, weighed against the risks set out in Principal Risks and Uncertainties.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Key performance indicators

The directors use a range of financial and non-financial key performance indicators (“KPIs”) to measure the company’s performance and progress against its objectives. The company strategy is focused on delivery of service, maintain growth, upholding care homes to a high standard and generating increasing operating income through high level of occupancy.

These KPIs are reviewed regularly by the directors and are used to assist in corrective action to ensure that the company meets it objectives.

The key financial and other key performance indicators during the year were as follows:

| 2025 | 2024
| £ | £
Turnover | 32,396,854 | 12,315,819
Operating (loss)/profit | (3,940,457) | 2,150,193
(Loss)/profit before taxation | (4,722,064) | 2,093,562
Average number of employees | 963 | 217
Equity Shareholders’ funds | (3,722,071) | (362,946)

The Directors are satisfied with the results for the year.

The directors consider these financial KPIs to be appropriate measures of the company’s profitability, financial strength and ability to support its ongoing operations and growth strategy.

Non-​financial key performance indicators

The directors monitor a number of non-financial KPIs which they consider to be relevant to an understanding of the development, performance and position of the company’s business.

The principal non-financial KPI's monitored by the directors are occupancy levels in the company’s care homes, which reflect the company’s ability to maintain good relationships with its customers and in turn increase consumer awareness of the company’s care home portfolio. The directors also review employee numbers and staff retention to ensure that the company has appropriate resources and expertise to manage its activities effectively.

The directors continue to use non-financial KPIs alongside financial performance measures in assessing the company’s development.

On behalf of the board

Mr James Oliver Braganza
Director
5 August 2026
ANAVO CAPITAL LIMITED (CONSOLIDATED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £558,000. 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 Edward Guy Moore
Mr James Oliver Braganza
Mr Thomas Allan Brookes
Disabled persons

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

Employee involvement

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

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

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

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

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.

Directors' insurance

During the current and preceding periods, the company has maintained adequate cover for its directors and officers under a director's and officer's liability insurance policy.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
On behalf of the board
Mr James Oliver Braganza
Director
5 August 2026
ANAVO CAPITAL LIMITED (CONSOLIDATED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANAVO CAPITAL LIMITED (CONSOLIDATED)
- 7 -
Opinion

We have audited the financial statements of Anavo Capital Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, 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, the company 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 March 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.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANAVO CAPITAL LIMITED (CONSOLIDATED)
- 8 -
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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or 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.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANAVO CAPITAL LIMITED (CONSOLIDATED)
- 9 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Other matters which we are required to address

The consolidated financial statements for the year ended 31 March 2024 which form the corresponding figures of the financial statement for the year ended 31 March 2025 were not audited.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANAVO CAPITAL LIMITED (CONSOLIDATED)
- 10 -

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.

Dipesh Giri BSc(Hons) BFP ACA (Senior Statutory Auditor)
For and on behalf of Arnold Hill & Co LLP, Statutory Auditor
Chartered Accountants
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
5 August 2026
ANAVO CAPITAL LIMITED (CONSOLIDATED)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
32,396,854
12,315,819
Cost of sales
(22,961,447)
(6,192,859)
Gross profit
9,435,407
6,122,960
Administrative expenses
(13,386,415)
(8,362,126)
Other operating income
10,551
4,389,359
Operating (loss)/profit
5
(3,940,457)
2,150,193
Interest receivable and similar income
8
9,918
-
0
Interest payable and similar expenses
9
(791,525)
(56,631)
(Loss)/profit before taxation
(4,722,064)
2,093,562
Tax on (loss)/profit
10
(196,698)
(23,567)
(Loss)/profit for the financial year
(4,918,762)
2,069,995
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
ANAVO CAPITAL LIMITED (CONSOLIDATED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
£
£
(Loss)/profit for the year
(4,918,762)
2,069,995
Other comprehensive income
Revaluation of tangible fixed assets
2,829,085
-
0
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
(711,448)
-
0
Other comprehensive income for the year
2,117,637
-
0
Total comprehensive income for the year
(2,801,125)
2,069,995
Total comprehensive income for the year is all attributable to the owners of the parent company.
ANAVO CAPITAL LIMITED (CONSOLIDATED)
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
18,404,937
17,966,448
18,404,937
17,966,448
Current assets
Stocks
15
20,423
6,052
Debtors
16
4,348,521
2,595,380
Cash at bank and in hand
1,763,907
2,630,618
6,132,851
5,232,050
Creditors: amounts falling due within one year
17
(12,587,408)
(9,648,285)
Net current liabilities
(6,454,557)
(4,416,235)
Total assets less current liabilities
11,950,380
13,550,213
Creditors: amounts falling due after more than one year
18
(14,558,865)
(13,707,719)
Provisions for liabilities
Deferred tax liability
20
1,113,586
205,440
(1,113,586)
(205,440)
Net liabilities
(3,722,071)
(362,946)
Capital and reserves
Called up share capital
23
90
90
Revaluation reserve
2,117,637
-
0
Profit and loss reserves
(5,839,798)
(363,036)
Total equity
(3,722,071)
(362,946)

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 5 August 2026 and are signed on its behalf by:
05 August 2026
Mr James Oliver Braganza
Director
Company registration number 11746603 (England and Wales)
ANAVO CAPITAL LIMITED (CONSOLIDATED)
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 14 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
320
120
Current assets
Debtors
16
2,728,130
1,036,053
Cash at bank and in hand
48,391
38,702
2,776,521
1,074,755
Creditors: amounts falling due within one year
17
(2,425,444)
(1,035,120)
Net current assets
351,077
39,635
Total assets less current liabilities
351,397
39,755
Creditors: amounts falling due after more than one year
18
(6,695)
(16,666)
Provisions for liabilities
Deferred tax liability
20
73
3,796
(73)
(3,796)
Net assets
344,629
19,293
Capital and reserves
Called up share capital
23
90
90
Profit and loss reserves
344,539
19,203
Total equity
344,629
19,293

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 £883,336 (2024 - £176,988 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 5 August 2026 and are signed on its behalf by:
05 August 2026
Mr James Oliver Braganza
Director
Company registration number 11746603 (England and Wales)
ANAVO CAPITAL LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
90
-
0
(2,226,751)
(2,226,661)
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
2,069,995
2,069,995
Dividends
11
-
-
(206,280)
(206,280)
Balance at 31 March 2024
90
-
0
(363,036)
(362,946)
Year ended 31 March 2025:
Loss for the year
-
-
(4,918,762)
(4,918,762)
Other comprehensive income:
Revaluation of tangible fixed assets
-
2,829,085
-
2,829,085
Tax relating to other comprehensive income
-
(711,448)
-
0
(711,448)
Total comprehensive income
-
2,117,637
(4,918,762)
(2,801,125)
Dividends
11
-
-
(558,000)
(558,000)
Balance at 31 March 2025
90
2,117,637
(5,839,798)
(3,722,071)
ANAVO CAPITAL LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
90
48,495
48,585
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
176,988
176,988
Dividends
11
-
(206,280)
(206,280)
Balance at 31 March 2024
90
19,203
19,293
Year ended 31 March 2025:
Profit and total comprehensive income
-
883,336
883,336
Dividends
11
-
(558,000)
(558,000)
Balance at 31 March 2025
90
344,539
344,629
ANAVO CAPITAL LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,430,264
6,188,132
Interest paid
(791,525)
(56,631)
Income taxes refunded
85,945
-
0
Net cash inflow from operating activities
1,724,684
6,131,501
Investing activities
Purchase of tangible fixed assets
(4,144,527)
(5,205,797)
Proceeds from disposal of tangible fixed assets
3,067,813
-
Repayment of loans
-
(10,000)
Interest received
9,918
-
0
Net cash used in investing activities
(1,066,796)
(5,215,797)
Financing activities
Repayment of borrowings
(1,476,628)
891,968
Repayment of bank loans
510,029
-
Dividends paid to equity shareholders
(558,000)
-
Net cash (used in)/generated from financing activities
(1,524,599)
891,968
Net (decrease)/increase in cash and cash equivalents
(866,711)
1,807,672
Cash and cash equivalents at beginning of year
2,630,618
822,946
Cash and cash equivalents at end of year
1,763,907
2,630,618
ANAVO CAPITAL LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(504,340)
(164,369)
Interest paid
(530)
(5,844)
Income taxes paid
(42,270)
-
0
Net cash outflow from operating activities
(547,140)
(170,213)
Investing activities
Cost on acquisition of subsidiaries
(200)
-
0
Repayment of loans
-
0
(10,000)
Dividends received
1,125,000
206,280
Net cash generated from investing activities
1,124,800
196,280
Financing activities
Repayment of bank loans
(9,971)
(10,001)
Dividends paid to equity shareholders
(558,000)
(206,280)
Net cash used in financing activities
(567,971)
(216,281)
Net increase/(decrease) in cash and cash equivalents
9,689
(190,214)
Cash and cash equivalents at beginning of year
38,702
228,916
Cash and cash equivalents at end of year
48,391
38,702
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
1
Accounting policies
Company information

Anavo Capital Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is First Floor, 15-17 The Crescent, Leatherhead, Surrey, KT22 8DY.

The group consists of Anavo Capital Limited 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 at fair value. The principal accounting policies adopted are set out below.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Anavo Capital Limited 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 March 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.

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

ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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
Fixtures and fittings
20% straight line
Computers
33.33% straight line
Office equipment
20% straight line

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.

Changes in accounting policy

During the year, the Group changed its accounting policy for freehold properties from the cost model to the revaluation model. The directors consider that the revaluation model provides more relevant information to users of the financial statements, reflecting the current value of the Group's property portfolio. The properties have been revalued by independent external valuers. As the Group did not own any freehold properties prior to the acquisition of the BAM and SCCL group companies during the previous financial year, there is no material impact on comparative information.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.7
Fixed asset investments

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.

1.8
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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

1.11
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.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
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.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
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.

1.12
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.

1.13
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.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
1.14
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.

1.15
Retirement benefits

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

1.16
Leases
As lessee

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.

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.

There is no significant judgement.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Management Fee Income - Hestia
650,000
650,000
Management Fee Income - Denver
-
1,165,800
Care Service Fees
31,217,386
9,121,815
Day Care Fees
460,679
458,355
Beaucare Fees
68,789
919,849
32,396,854
12,315,819
2025
2024
£
£
Other revenue
Interest income
9,918
-
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
4
Exceptional item
2025
2024
£
£
Income
Exceptional item - Other operating income
-
4,389,359
-
4,389,359

Exceptional Item includes a total gain of £Nil (2024: £4,389,359) arising from the waiver of bank loan of £Nil (2024: £3,818,540) and a gain of £Nil (2024: £570,819) arising from a loan waiver from the BAM entities acquired in 2024. The waivers were unconditional and resulted in the derecognition of the related financial liability during the year.

5
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
9,500
-
Depreciation of tangible fixed assets
938,225
272,241
Profit on disposal of tangible fixed assets
(300,000)
-
Operating lease charges
5,288,100
3,907,235
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
Head office staff
27
28
10
10
Care staff
936
189
-
-
Total
963
217
10
10

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
19,331,682
6,231,928
602,653
655,752
Social security costs
1,542,650
469,562
72,255
74,997
Pension costs
633,748
193,377
151,453
79,104
21,508,080
6,894,867
826,361
809,853
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
150,810
150,816
Company pension contributions to defined contribution schemes
35,000
38,856
185,810
189,672
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
9,918
-
0
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,918
-
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
774,441
14,016
Other interest on financial liabilities
15,872
3,968
790,313
17,984
Other finance costs:
Other interest
1,212
38,647
Total finance costs
791,525
56,631
10
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
196,698
23,567
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 27 -

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

2025
2024
£
£
(Loss)/profit before taxation
(4,722,064)
2,093,562
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
(1,180,516)
523,391
Effects of:
Expenses that are not deductible in determining taxable profit
104,779
(1,005,003)
Income not taxable in determining taxable profit
1,171,385
-
0
Unutilised tax losses carried forward
346,916
486,954
Group relief
(237,494)
-
0
Permanent capital allowances in excess of depreciation
(72,920)
18,225
64,548
-
0
Taxation charge in the financial statements
196,698
23,567

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
711,448
-
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
558,000
206,280
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
16,489,910
1,741,284
147,230
17,819
18,396,243
Additions
3,388,504
583,130
166,633
6,260
4,144,527
Business combinations
-
0
(65,375)
(824)
-
0
(66,199)
Disposals
(3,388,504)
-
0
-
0
-
0
(3,388,504)
Revaluation
350,090
-
0
-
0
-
0
350,090
At 31 March 2025
16,840,000
2,259,039
313,039
24,079
19,436,157
Depreciation and impairment
At 1 April 2024
-
0
365,112
55,888
8,795
429,795
Depreciation charged in the year
364,867
499,148
70,072
4,138
938,225
Revaluation
(336,800)
-
0
-
0
-
0
(336,800)
At 31 March 2025
28,067
864,260
125,960
12,933
1,031,220
Carrying amount
At 31 March 2025
16,811,933
1,394,779
187,079
11,146
18,404,937
At 31 March 2024
16,489,910
1,376,172
91,342
9,024
17,966,448
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.

The Group's freehold land and buildings were revalued as at 1 March 2025 by CBRE Limited, an independent firm of RICS Registered Valuers acting as external valuers in accordance with the RICS Valuation – Global Standards (the "Red Book"). The valuation was undertaken on the basis of Market Value (Trading) using a desktop valuation approach, having regard to the trading potential of the care homes and assuming that there had been no material change in the condition of the properties since the previous inspection. Had the freehold land and buildings been carried under the historical cost model, their carrying amount at 31 March 2025 would have been £16,153,110.

13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
320
120
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
120
Additions
200
At 31 March 2025
320
Carrying amount
At 31 March 2025
320
At 31 March 2024
120
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Anavo Care (Crewe) Limited
First Floor, 15-17 The Crescent, Leatherhead, Surrey, England, KT22 8DY
Ordinary
0
100.00
Anavo Care (Brampton) Limited
As above
Ordinary
0
100.00
Anavo Care (Hove) Ltd
As above
Ordinary
0
100.00
Anavo Care (Whitchurch) Limited
As above
Ordinary
0
100.00
Anavo Care (Surbiton) Limited
As above
Ordinary
0
100.00
BAM Propco (Burnside) Limited
As above
Ordinary
0
100.00
Anavo Developments Ltd
As above
Ordinary
100.00
-
Anavo Care Scot Ltd
As above
Ordinary
100.00
-
BAM Propco Johnstone Limited
As above
Ordinary
0
100.00
Lancing Development Co Limited
As above
Ordinary
100.00
-
Anavo Care Ltd
As above
Ordinary
100.00
-
SCCL Operations Limited
As above
Ordinary
0
100.00
BAM Propco (Spiers) Limited
As above
Ordinary
0
100.00
BAM Propco (Newark) Limited
As above
Ordinary
0
100.00
Anavo Care (Lancing) Limited
As above
Ordinary
0
100.00
Anavo Care Elevation Ltd
As above
Ordinary
100.00
-
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
13,371
1,697
-
-
Finished goods and goods for resale
7,052
4,355
-
0
-
0
20,423
6,052
-
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,483,154
1,503,508
-
0
-
0
Corporation tax recoverable
42,270
45,645
42,270
45,645
Amounts owed by group undertakings
-
0
2,920
2,545,800
850,348
Other debtors
559,487
223,949
140,060
140,060
Prepayments and accrued income
723,884
819,358
-
0
-
0
3,808,795
2,595,380
2,728,130
1,036,053
Deferred tax asset (note 20)
539,726
-
0
-
0
-
0
4,348,521
2,595,380
2,728,130
1,036,053
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
670,000
10,000
10,000
10,000
Other borrowings
19
175,387
1,071,383
-
0
-
0
Trade creditors
1,823,353
1,599,626
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,332,310
902,822
Amounts owed to undertakings in which the group has a participating interest
65,072
-
0
-
0
-
0
Corporation tax payable
-
0
89,152
-
0
45,645
Other taxation and social security
735,585
892,347
17,479
23,701
Deferred income
21
163,629
3,114
-
0
-
0
Other creditors
1,075,726
74,581
19,699
27,981
Accruals and deferred income
7,878,656
5,908,082
45,956
24,971
12,587,408
9,648,285
2,425,444
1,035,120
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
12,840,695
12,990,666
6,695
16,666
Other borrowings
19
136,421
717,053
-
0
-
0
Deferred income
21
1,581,749
-
0
-
0
-
0
14,558,865
13,707,719
6,695
16,666
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
13,510,695
13,000,666
16,695
26,666
Loans from related parties
-
0
250,000
-
0
-
0
Other loans
311,808
1,538,436
-
0
-
0
13,822,503
14,789,102
16,695
26,666
Payable within one year
845,387
1,081,383
10,000
10,000
Payable after one year
12,977,116
13,707,719
6,695
16,666

The long-term bank loans related to Anavo Care Scot Limited and secured by way of first fixed charge over the shares, the derivative assets and all rights accruing or incidental to the Shares and/or Derivative Assets from time to time in Anavo Capital Limited.

The bank loan relating to Anavo Capital Limited comprises a Bounce Back Loan with Santander UK plc under the UK Government's Bounce Back Loan Scheme. The loan bears interest at a fixed rate of 2.5% per annum and is repayable by monthly instalments over a six-year term.

The other loans relate to Anavo Care (Surbiton) Limited and comprise a loan from the Royal Borough of Kingston Upon Thames entered into in connection with the operation of the care home. The loan is repayable by quarterly instalments over the term of the agreement, together with fixed interest of 26.18% in accordance with the loan agreement.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
402,138
203,582
-
-
Revaluations
711,448
-
539,726
-
Retirement benefit obligations
-
1,858
-
-
1,113,586
205,440
539,726
-
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
73
3,796
-
-
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
205,440
3,796
Charge/(credit) to profit or loss
166,224
(3,723)
Charge to other comprehensive income
137,647
-
Other
64,549
-
Liability at 31 March 2025
573,860
73

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits of the same period. T he deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.

ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
21
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
1,745,378
3,114
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
163,629
3,114
-
0
-
0
Non-current liabilities
1,581,749
-
0
-
0
-
0
1,745,378
3,114
-
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
633,748
193,377

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.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
24
Operating lease commitments
As 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 1 year
3,040,387
2,491,840
-
32,069
Years 2-5
14,160,894
10,874,774
-
-
After 5 years
186,955,469
130,911,990
-
-
204,156,750
144,278,604
-
32,069
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
25
Events after the reporting date

In the financial year 2026, a development is under way for a new home whilst the lease on another home has been acquired. The development of a home is also expected to be completed in financial year 2027.

There are two security charges held against the company's shares which have been issued after the balance sheet date.

26
Related party transactions
Transactions with related parties

As at the 31st March 2025, amounts due from associated companies was £256,687 (2024: £64,132).

27
Controlling party

There is no one controlling party.

28
Cash generated from group operations
2025
2024
£
£
(Loss)/profit after taxation
(4,918,762)
2,069,995
Adjustments for:
Taxation charged
196,698
23,567
Finance costs
791,525
56,631
Investment income
(9,918)
-
0
Gain on disposal of tangible fixed assets
(300,000)
-
Depreciation and impairment of tangible fixed assets
938,225
272,241
Depreciation through revaluation reserve
(16,709)
-
Gain on revaluation reserve
2,134,346
-
Movements in working capital:
(Increase)/decrease in stocks
(14,371)
490
Increase in debtors
(1,216,790)
(1,674,521)
Increase in creditors
3,103,756
5,436,615
Increase in deferred income
1,742,264
3,114
Cash generated from operations
2,430,264
6,188,132
ANAVO CAPITAL LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
29
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
883,336
176,988
Adjustments for:
Taxation (credited)/charged
(3,723)
3,796
Finance costs
530
5,844
Investment income
(1,125,000)
(206,280)
Movements in working capital:
Increase in debtors
(1,695,452)
(850,348)
Increase in creditors
1,435,969
705,631
Cash absorbed by operations
(504,340)
(164,369)
30
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,630,618
(866,711)
1,763,907
Borrowings excluding overdrafts
(14,789,102)
966,599
(13,822,503)
(12,158,484)
99,888
(12,058,596)
31
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
38,702
9,689
48,391
Borrowings excluding overdrafts
(26,666)
9,971
(16,695)
12,036
19,660
31,696
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