Camino Healthcare Limited - Period Ending 2025-12-31

Registration number: 07243615

Camino Healthcare Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2025

Camino Healthcare Limited

Contents

Company Information	1
Strategic Report	2 to 3
Directors' Report	4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 8
Consolidated Profit and Loss Account	9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11
Balance Sheet	12
Consolidated Statement of Changes in Equity	13
Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16 to 36

Camino Healthcare Limited

Company Information

Directors

O G S Horsey

JSNJ Horsey

R Tamirepi

A D Marsh

M E Horsey

C R L Horsey

Company secretary

JSNJ Horsey

Registered office

Cedar Lodge
221 C Bucks Hill
Nuneaton
CV10 9LE

Auditors

UHY Ross Brooke
Chartered Accountants and Registered Auditors2 Old Bath Road
Newbury
Berkshire
RG14 1QL

Camino Healthcare Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the company is that of a holding company and providing management services. The principal activity of the subsidiary companies is the building and provision of care homes in the mental health sector.

Fair review of the business

Camino Healthcare Limited was running three services during the year, as well as managing the substantial refurbishment of Kilsby House.

Camino Healthcare Nuneaton – Cedar Lodge

Camino Nuneaton operates Cedar Lodge as a purpose built 20 bed specialist mental health and hospital avoidance facility for adults aged 18-65 with a primary diagnosis of Mental illness and associated social and occupational difficulties as well as Autism and/or mild/moderate Learning Disabilities and other comorbidities.
Cedar Lodge is designed to offer a high-quality, safe environment that provides a therapeutic environment to promote recovery.

The service continues to be supported by local ICBs, and there is a strong demand in the area.

Camino Healthcare Nuneaton – Cedar House

Cedar House is a 3-bedroom residential house that has been substantially refurbished to make it fit for purpose to house up to 3 residents.

During 2025 we have supported one resident who requires 4:1 support 24 hours a day to support their mental illness and associated social and occupational difficulties.

Camino Healthcare West Bromwich – Cromwell House

Camino West Bromwich is a purpose built 17 bed specialist mental health care facility offering recovery-focused community-based rehabilitation. The facility is designed to meet the needs of those with a primary diagnosis of severe and enduring Mental Health problems and associated difficulties such as historical substance misuse, historical offending behaviour and forensic restrictions. The facility offers a true discharge pathway towards independent living.

Camino Healthcare Kilsby – Kilsby House

In 2025 Camino have been managing the substantial refurbishment of this property, converting it into a 21-bed mental health / learning disability facility. Subject to CQC registration, we expect the property to start operating in March 2026. The home will be filled on a phased basis to best support the residents and staff.

Summary

During the year the group has maintained high resident numbers, which in turn has resulted in continued growth in both turnover and profitability. Sufficient staff have been recruited so the group only uses agency staff in exceptional circumstances, which benefits the residents.

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

Financial KPIs	Unit	2025	2024
Turnover	£	8,314,242	7,129,786
EBITDA	£	2,492,748	2,331,353

Camino Healthcare Limited

Strategic Report for the Year Ended 31 December 2025

Principal risks and uncertainties

The principal risk remains that fees might be reduced. Other significant risks relate to the retention of suitably qualified staff enabling the care homes to continue to trade with sufficient numbers of residents to make the business feasible. Health and safety is an important aspect and the risk of incidents with the residents is an important one to be considered.

Approved and authorised by the Board on 11 September 2026 and signed on its behalf by:

.........................................
O G S Horsey
Director

Camino Healthcare Limited

Directors' Report for the Year Ended 31 December 2025

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

Directors of the group

The directors who held office during the year were as follows:

O G S Horsey

JSNJ Horsey - Company secretary and director

R Tamirepi

A D Marsh

M E Horsey

The following director was appointed after the year end:

C R L Horsey (appointed 12 February 2026)

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 11 September 2026 and signed on its behalf by:

.........................................
O G S Horsey
Director

Camino Healthcare Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 the 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 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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Camino Healthcare Limited

Independent Auditor's Report to the Members of Camino Healthcare Limited

Opinion

We have audited the financial statements of Camino Healthcare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Camino Healthcare Limited

Independent Auditor's Report to the Members of Camino Healthcare Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of 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 Statement of Directors' Responsibilities [set out on page 5], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

Detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As such, we have considered:

Camino Healthcare Limited

Independent Auditor's Report to the Members of Camino Healthcare Limited

• the nature of the industry and sector, control environment and business performance including the company’s remuneration policy, bonus levels, and performance targets;
• the company’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company’s policies and procedures relating to:
• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Emily Ness BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

11 September 2026

Camino Healthcare Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover	3	8,314,242	7,129,786
Cost of sales		(3,836,388)	(3,545,254)
Gross profit		4,477,854	3,584,532
Administrative expenses		(2,152,581)	(1,363,671)
Operating profit	4	2,325,273	2,220,861
Other interest receivable and similar income	5	13,352	1,115
Interest payable and similar expenses	6	(906,493)	(931,830)
		(893,141)	(930,715)
Profit before tax		1,432,132	1,290,146
Tax on profit	10	58,145	(486,958)
Profit for the financial year		1,490,277	803,188
Profit/(loss) attributable to:
Owners of the company		1,490,277	803,188

The group has no recognised gains or losses for the year other than the results above.

Camino Healthcare Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025

	2025 £	2024 £
Profit for the year	1,490,277	803,188
Surplus on property, plant and equipment revaluation	-	4,702,520
Total comprehensive income for the year	1,490,277	5,505,708
Total comprehensive income attributable to:
Owners of the company	1,490,277	5,505,708

Camino Healthcare Limited

(Registration number: 07243615)
Consolidated Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	11	26,340,407	22,382,179
Current assets
Stocks	13	460	1,900
Debtors	14	1,242,833	868,675
Cash at bank and in hand		1,197,201	721,174
		2,440,494	1,591,749
Creditors: Amounts falling due within one year	16	(1,183,543)	(1,764,323)
Net current assets/(liabilities)		1,256,951	(172,574)
Total assets less current liabilities		27,597,358	22,209,605
Creditors: Amounts falling due after more than one year	16	(11,757,478)	(7,330,477)
Provisions for liabilities	17	(3,681,212)	(3,677,675)
Net assets		12,158,668	11,201,453
Capital and reserves
Called up share capital	19	111	111
Revaluation reserve		10,210,531	10,210,531
Profit and loss account		1,948,026	990,811
Equity attributable to owners of the company		12,158,668	11,201,453
Shareholders' funds		12,158,668	11,201,453

Approved and authorised by the Board on 11 September 2026 and signed on its behalf by:

.........................................
O G S Horsey
Director

Camino Healthcare Limited

(Registration number: 07243615)
Balance Sheet as at 31 December 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Tangible assets	11	418,645	272,983
Investments	12	16	15
		418,661	272,998
Current assets
Debtors	14	11,081,785	7,652,795
Cash at bank and in hand		1,142,314	625,453
		12,224,099	8,278,248
Creditors: Amounts falling due within one year	16	(837,399)	(1,076,605)
Net current assets		11,386,700	7,201,643
Total assets less current liabilities		11,805,361	7,474,641
Creditors: Amounts falling due after more than one year	16	(11,757,478)	(7,330,477)
Provisions for liabilities	17	(34,140)	(34,621)
Net assets		13,743	109,543
Capital and reserves
Called up share capital	19	111	111
Retained earnings		13,632	109,432
Shareholders' funds		13,743	109,543

The company made a profit after tax for the financial year of £437,262 (2024 - profit of £571,828).

Approved and authorised by the Board on 11 September 2026 and signed on its behalf by:

.........................................
O G S Horsey
Director

Camino Healthcare Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £
At 1 January 2024	111	119,790	119,901
Profit for the year	-	571,828	571,828
Dividends	-	(582,186)	(582,186)
At 31 December 2024	111	109,432	109,543

	Share capital £	Retained earnings £	Total £
At 1 January 2025	111	109,432	109,543
Profit for the year	-	437,262	437,262
Dividends	-	(533,062)	(533,062)
At 31 December 2025	111	13,632	13,743

Camino Healthcare Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		1,490,277	803,188
Adjustments to cash flows from non-cash items
Depreciation and amortisation	4	127,151	110,492
(Profit)/loss on disposal of tangible assets		(6,996)	8,809
Finance income		(13,352)	(1,115)
Finance costs		906,493	931,830
Income tax expense	10	(58,145)	486,958
		2,445,428	2,340,162
Working capital adjustments
Decrease/(increase) in stocks	13	1,440	(755)
Decrease in trade debtors	14	12,057	298,424
Decrease in trade creditors	16	(78,239)	(118,603)
Increase/(decrease) in provisions	17	3,537	(38,447)
Cash generated from operations		2,384,223	2,480,781
Income taxes paid	10	(533,243)	(129,463)
Net cash flow from operating activities		1,850,980	2,351,318
Cash flows from investing activities
Interest received		13,352	1,115
Acquisitions of tangible assets		(3,875,580)	(1,957,589)
Net cash flows from investing activities		(3,862,228)	(1,956,474)
Cash flows from financing activities
Interest paid		(894,456)	(916,826)
Movements in other borrowings (historic)		(7,666,110)	1,216,110
Movement in other borrowings (new)		11,651,872	-
Payments to finance lease creditors		(70,969)	(53,846)
Dividends paid		(533,062)	(582,186)
Net cash flows from financing activities		2,487,275	(336,748)
Net increase in cash and cash equivalents		476,027	58,096
Cash and cash equivalents at 1 January		721,174	663,078
Cash and cash equivalents at 31 December		1,197,201	721,174

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office, and principal place of business is:
Cedar Lodge
221 C Bucks Hill
Nuneaton
CV10 9LE

These financial statements were authorised for issue by the Board on 11 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The group has maintained the number of residents placed in the care homes they manage during the year and as a result both turnover and profits have increased significantly. The group has the continued support of finance providers for the forseeable future. Therefore the Directors are of the opinion that there will not be any long term issues for the group and the going concern basis is therefore appropriate.

Reclassification of comparative amounts

Cosmetic reclassifications were made within the prior period balance sheet. Amounts owed by related parties decreased by £3,688,266, with a corresponding decrease in amounts owed to group undertakings, to better reflect the net position at the period end.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of intercompany balances
The company reviews annually whether the amounts owed from group undertakings and related parties require impairment. The recoverable amounts are determined from reviewing the financial position of each entity which owes to determine if the balance sheet position is recoverable.

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Revenue recognition

Company turnover comprises the fair value of the consideration received or receivable for the provision of management services and the wages recharged in relation to the subsidiaries provision of care homes. Group turnover comprises the fair value of the consideration received or receivable for the provision of care homes.Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Freehold land and buildings held and used in the company's own activities for the supply of services are stated in the statement of financial postition at their revalued amounts, excluding Kilsby House. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Leasehold land and buildings and plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Assets under construction are stated at cost and are not depreciated. Costs include all directly attributable expenditure necessary to bring the asset to its intended use. Depreciation commences when the asset is available for use.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% Reducing balance basis
Furniture, fittings and equipment	25%-33.3% Reducing balance basis
Freehold land and buildings	Not depreciated
Leasehold land and buildings	10% Straight line basis
Properties under construction	Not depreciated

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

3

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

	2025 £	2024 £
Rendering of services	8,314,242	7,129,786

All revenue was generated in the UK.

4	Operating profit

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	127,151	110,492
Operating lease expense - plant and machinery	17,849	8,081
Operating lease expense - other	13,203	11,518
(Profit)/loss on disposal of property, plant and equipment	(6,996)	8,809

5	Other interest receivable and similar income

	2025 £	2024 £
Interest income on bank deposits	13,352	1,115

6	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	870,217	873,427
Interest on obligations under finance leases and hire purchase contracts	24,239	19,028
Interest expense on other finance liabilities	12,037	39,375
	906,493	931,830

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

7	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2025 £	2024 £
Wages and salaries	3,673,791	3,114,013
Social security costs	479,176	291,927
Other short-term employee benefits	8,214	6,417
Pension costs, defined contribution scheme	71,677	59,682
Other employee expense	59,099	39,789
	4,291,957	3,511,828

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2025 No.	2024 No.
Production	121	109
Administration and support	10	9
	131	118

8	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	142,678	117,946
Contributions paid to money purchase schemes	1,153	-
	143,831	117,946

9	Auditors' remuneration

	2025 £	2024 £
Audit of these financial statements	60,500	55,000
Other fees to auditors
All other non-audit services	84,114	33,091

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

	2025 £	2024 £
Current taxation
UK corporation tax	(17,902)	284,649
UK corporation tax adjustment to prior periods	(43,780)	-
	(61,682)	284,649
Deferred taxation
Arising from origination and reversal of timing differences	3,537	202,309
Tax (receipt)/expense in the income statement	(58,145)	486,958

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

	2025 £	2024 £
Profit before tax	1,432,132	1,290,146
Corporation tax at standard rate	358,033	322,536
Decrease in UK and foreign current tax from adjustment for prior periods	(61,682)	-
Tax decrease from effect of capital allowances and depreciation	(464,309)	(32,127)
Effect of revenues exempt from taxation	(1,749)	-
Effect of expense not deductible in determining taxable profit (tax loss)	(17,234)	(5,160)
Tax increase from effect of unrelieved tax losses carried forward	125,259	-
Deferred tax expense relating to changes in tax rates or laws	3,537	201,709
Total tax (credit)/charge	(58,145)	486,958

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax

Group

Deferred tax assets and liabilities

2025	Liability £
Accelerated tax depreciation	288,425
Revaluation of property, plant and equipment	3,361,728
	3,650,153

2024	Liability £
Accelerated tax depreciation	299,663
Revaluation of property, plant and equipment	3,361,728
	3,661,391

Company

Deferred tax assets and liabilities

2025	Liability £
Accelerated tax depreciation	12,270
	12,270

2024	Liability £
Accelerated tax depreciation	18,337
	18,337

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11	Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
£

Properties under construction
£

Total
£

Cost or valuation

At 1 January 2025

20,324,794

209,914

461,818

1,807,218

22,803,744

Additions

22,070

35,720

281,404

3,797,187

4,136,381

Disposals

-

-

(113,990)

-

(113,990)

At 31 December 2025

20,346,864

245,634

629,232

5,604,405

26,826,135

Depreciation

At 1 January 2025

82,028

112,200

227,337

-

421,565

Charge for the year

9,710

40,301

77,140

-

127,151

Eliminated on disposal

-

-

(62,988)

-

(62,988)

At 31 December 2025

91,738

152,501

241,489

-

485,728

Carrying amount

At 31 December 2025

20,255,126

93,133

387,743

5,604,405

26,340,407

At 31 December 2024

20,242,766

97,714

234,481

1,807,218

22,382,179

Included within the net book value of land and buildings above is £20,249,758 (2024 - £20,227,688) in respect of freehold land and buildings and £5,368 (2024 - £15,078) in respect of leasehold land and buildings.

Page 25

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Revaluation
Included within group land and buildings are two freehold properties that were revalued at £21,175,000 in January 2025 by Knight Frank LLP MRICS. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £6,490,234 (2024 - £6,468,164).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

	2025 £	2024 £
Motor vehicles	381,702	226,427

Company

Land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 January 2025

97,106

38,819

461,818

597,743

Additions

-

11,292

281,404

292,696

Disposals

-

-

(113,990)

(113,990)

At 31 December 2025

97,106

50,111

629,232

776,449

Depreciation

At 1 January 2025

82,028

15,395

227,337

324,760

Charge for the year

9,710

9,182

77,140

96,032

Eliminated on disposal

-

-

(62,988)

(62,988)

At 31 December 2025

91,738

24,577

241,489

357,804

Carrying amount

At 31 December 2025

5,368

25,534

387,743

418,645

At 31 December 2024

15,078

23,424

234,481

272,983

Included within the net book value of land and buildings above is £5,368 (2024 - £15,078) in respect of leasehold land and buildings

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

	2025 £	2024 £
Motor vehicles	381,702	226,427

12	Investments

Company

	2025 £	2024 £
Investments in subsidiaries	16	15

Subsidiaries	£
Cost or valuation
At 1 January 2025	15
Additions	1
At 31 December 2025	16
Provision
Carrying amount
At 31 December 2025	16
At 31 December 2024	15

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held
			2025	2024

Subsidiary undertakings
Camino Healthcare (West Bromwich) Limited	England	Ordinary	100%	100%
Camino Developments Limited	England	Ordinary	100%	100%
Camino Healthcare (Kilsby) Limited	England	Ordinary	100%	100%
Camino Healthcare (Nuneaton) Limited	England	Ordinary	100%	100%
Camino Healthcare (Nottingham) Limited	England	Ordinary	100%	0%

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Subsidiary undertakings

Camino Healthcare (West Bromwich) Limited

The principal activity of Camino Healthcare (West Bromwich) Limited is the provision of a care home.

Camino Developments Limited

The principal activity of Camino Developments Limited is that of a property developers.

Camino Healthcare (Kilsby) Limited

The principal activity of Camino Healthcare (Kilsby) Limited is that of the development of a care home. The care home will be in active trading after the development is completed.

Camino Healthcare (Nuneaton) Limited

The principal activity of Camino Healthcare (Nuneaton) Limited is that of the provision of a care home.

Camino Healthcare (Nottingham) Limited

The company is dormant.

13

Stocks

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Work in progress	460	1,900	-	-

Group

14

Debtors

		Group		Company
Current	Note	2025 £	2024 £	2025 £	(As restated) 2024 £
Trade debtors		628,924	542,229	-	-
Amounts owed by related parties	24	-	-	11,039,273	7,614,487
Other debtors		12,594	16,454	3,081	4,904
Prepayments		123,403	40,191	39,431	33,404
Accrued income		171,164	269,801	-	-
Income tax asset	10	306,748	-	-	-
		1,242,833	868,675	11,081,785	7,652,795

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

15	Cash and cash equivalents

	Group		Company
	2025 £	2024 £	2025 £	2024 £
Cash on hand	519	364	-	-
Cash at bank	1,196,682	720,810	1,142,314	625,453
	1,197,201	721,174	1,142,314	625,453

16

Creditors

		Group		Company
	Note	2025 £	2024 £	2025 £	(As restated) 2024 £
Due within one year
Loans and borrowings	20	241,607	578,445	241,607	578,445
Trade creditors		38,786	93,098	19,785	22,924
Amounts due to related parties	24	-	-	77,365	77,364
Social security and other taxes		28,784	127,772	28,381	127,772
Outstanding defined contribution pension costs		13,110	11,377	13,110	11,377
Other payables		284,027	584,458	10,072	189,648
Accruals		576,829	92,039	447,079	69,075
Income tax liability	10	400	276,539	-	-
Deferred income		-	595	-	-
		1,183,543	1,764,323	837,399	1,076,605
Due after one year
Loans and borrowings	20	11,757,478	7,330,477	11,757,478	7,330,477

17	Deferred tax and other provisions

Group

	Other provisions £	Deferred tax £	Total £
At 1 January 2025	16,284	3,661,391	3,677,675
Increase (decrease) in existing provisions	-	3,537	3,537
At 31 December 2025	16,284	3,664,928	3,681,212

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Company

	Other provisions £	Deferred tax £	Total £
At 1 January 2025	16,284	18,337	34,621
Increase (decrease) in existing provisions	-	(481)	(481)
At 31 December 2025	16,284	17,856	34,140

18	Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £71,677 (2024 - £59,682).

Contributions totalling £13,110 (2024 - £11,377) were payable to the scheme at the end of the year and are included in creditors.

19	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A shares of £0.01 each	6,000	60	6,000	60
Ordinary B shares of £0.01 each	1,500	15	1,500	15
Ordinary C shares of £0.01 each	500	5	500	5
Ordinary D shares of £0.01 each	500	5	500	5
Ordinary E shares of £0.01 each	1,500	15	1,500	15
Ordinary F shares of £0.01 each	1,056	11	1,056	11
	11,056	111	11,056	111

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

20	Loans and borrowings

Non-current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Hire purchase contracts	240,061	184,367	240,061	184,367
Other borrowings	11,517,417	7,146,110	11,517,417	7,146,110
	11,757,478	7,330,477	11,757,478	7,330,477

In March 2025, the Company is named borrower on an additional multilateral guarantee between Camino Healthcare (Nuneaton) Limited, Camino Healthcare (West Bromwich) Limited, Camino Healthcare Limited, Camino Developments Limited, and Camino Healthcare (Kilsby) Limited in relation to a loan agreement, made up of 3 facilities, held with Cynergy Bank PLC for commitment of £13.5m. The new borrowing is repayable monthly, full repayment is 25 years from utilisation, which includes a 1 year no interest period. This agreement superceeds the other borrowings noted above. The balance outstanding as at year end is £11,749,958 (2024: £nil).

In the comparative period, the other borrowings are part of a multilateral guarantee arrangement between Camino Healthcare (Nuneaton) Limited, Camino Healthcare (West Bromwich) Limited, Camino Healthcare Limited and Camino Developments Limited in relation to 2 loan facilities with TC Loans Limited.

These comparative loans are made up as follows:
Facility 1 is for £5,500,000, the interest rate payable is base rate plus 6.5% margin rate and has a maturity date of August 2027. The balance outstanding as at year end is £nil (2024: £5,408,333).

Facility 2 is for £700,000, the interest rate payable is base rate plus 6.25% margin rate and has a maturity date of August 2027. The balance outstanding as at year end is £nil (2024: £684,444).

Facility 3 is for £1,600,000, the interest rate payable is base rate plus 6.25% margin rate and has a maturity date of August 2027. The balance outstanding as at year end is £nil (2024: £1,573,333).

Current loans and borrowings

	Group		Company
	2025 £	2024 £	2025 £	2024 £

Hire purchase contracts	107,152	58,445	107,152	58,445
Other borrowings	134,455	520,000	134,455	520,000
	241,607	578,445	241,607	578,445

The Cynergy Bank PLC loan of £11,651,872 (2024: £nil) is secured by a fixed and floating charge over the group’s assets.

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Group

Hire purchase

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 8%, and the final instalment is due on 22 October 2026. The carrying amount at year end is £Nil (2024 - £73,067).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 7.9%, and the final instalment is due on 7 May 2026. The carrying amount at year end is £34,025 (2024 - £41,175).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.2%, and the final instalment is due on 16 December 2026. The carrying amount at year end is £30,484 (2024 - £38,046).

Hire purchase liabilities is denominated in with a nominal interest rate of 9.6%, and the final instalment is due on 21 November 2025. The carrying amount at year end is £Nil (2024 - £5,129).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 5.9%, and the final instalment is due on 11 October 2028. The carrying amount at year end is £18,147 (2024 - £25,296).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 5.9%, and the final instalment is due on 21 June 2029. The carrying amount at year end is £12,983 (2024 - £17,000).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.4%, and the final instalment is due on 9 August 2028. The carrying amount at year end is £14,262 (2024 - £19,608).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 4.4%, and the final instalment is due on 24 September 2027. The carrying amount at year end is £14,237 (2024 - £23,491).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 6.49%, and the final instalment is due on 23 October 2028. The carrying amount at year end is £122,540 (2024 - £Nil).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 10.62%, and the final instalment is due on 3 September 2028. The carrying amount at year end is £21,996 (2024 - £Nil).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 7.56%, and the final instalment is due on 1 October 2029. The carrying amount at year end is £78,536 (2024 - £Nil).

The hire purchase liabilities are secured on the assets to which they relate.

Camino Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Company

Hire Purchase

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 7.9%, and the final instalment is due on 7 May 2026. The carrying amount at year end is £34,025 (2024 - £41,175).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 8%, and the final instalment is due on 22 October 2026. The carrying amount at year end is £Nil (2024 - £73,067).

Hire purchase liabilities is denominated in pound sterling with a nominal interest rate of 9.6%, and the final instalment is due on 21 November 2025. The carrying amount at year end is £Nil (2024 - £5,129).