ACCOUNTS - Final Accounts preparation

Registered number: 07889288

PITTMAN (HOLDINGS) LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


PITTMAN (HOLDINGS) LTD

COMPANY INFORMATION

Directors	S K Konkumalla
	B Konkumalla (appointed 10 January 2025)


Company secretary	B Konkumalla


Registered number	07889288


Registered office	Orchard House
	35 Hallmead Road
	Sutton
	Surrey
	SM1 1RD


PITTMAN (HOLDINGS) LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Profit and loss account	9
Balance sheet	10
Statement of changes in equity	11 - 12
Analysis of net debt	13
Notes to the financial statements	14 - 19


PITTMAN (HOLDINGS) LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

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

Business review

The company's principal activity continues to be the operation of two nursing homes based in Surrey through subsidiary companies.

This company is a holding company and has not traded during the year.

Principal risks and uncertainties

The principal risks and uncertainties relate to the company's two trading nursing homes.

The principal risk to the growth in fees generated in the companies is that local authorities and the NHS do not increase their payments at the same rate as the rise in cost of operating the care homes. Experience shows, however, that supply and demand over the long-term help to adjust this difference.

Historically, staff costs account for typically 65% to 70% of the total operation costs in a care home. Any government pay rises to NHS nursing staff need to be matched for those working in the care home in order to retain staff.

The lower paid staff wage rates are linked directly to the level of the minimum wage. Any percentage increases in the minimum wage above the percentag rate of increase in the fees agredd by local goverment to be paid to care homes impacts on the company's profitability.

The directors ensure that there are agreements in place with the local authorities, together with regular dialogue, to ensure occupancy rates are maintained at high level.

The directors recognise the importance of staff and in particular nursing staff. Staff is the subsidiaries' greatest asset. For this reason the directors dedicate time and resources to ensuring the permanent recruitment of nursing staff instead of being reliant on agency staff, who are only used as a last resort. This ensures continuity with quality of care.

Financial key performance indicators

The subsidiaries' key performance indicator is the monthly turnover. The results for the year to 31 December 2025 showed turnover amounting to £4,424,407 (2024 9 months - £3,192,098). This is an increase of 3.96% (2024 - 12.2%)..

The group's other key performance indicator is the monthly staff costs. As noted above the total costs are typically 65% to 70% of fee income. For 31 December 2025 this amounted to 63.65% (2024 - 61.95%).

Other key performance indicators

The subsidiaries' key performance indicator is the weekly occupancy report. The group has again managed to maintain occupancy rates of 95% and above, the same as last year, which in turn enables the delivery of the care noted above using permanent staff.

Page 1


PITTMAN (HOLDINGS) LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board on 11 September 2026 and signed on its behalf.

S K Konkumalla

Director

Page 2


PITTMAN (HOLDINGS) LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Directors

The directors who served during the year were:

S K Konkumalla

B Konkumalla (appointed 10 January 2025)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, CWM, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3


PITTMAN (HOLDINGS) LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board on 11 September 2026 and signed on its behalf.

S K Konkumalla

Director

Page 4


PITTMAN (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PITTMAN (HOLDINGS) LTD

Opinion

We have audited the financial statements of PITTMAN (HOLDINGS) LTD (the 'Company') for the year ended 31 December 2025, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 Company's affairs as at 31 December 2025 and of its result 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.

Page 5


PITTMAN (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PITTMAN (HOLDINGS) LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

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

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

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.

Page 6


PITTMAN (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PITTMAN (HOLDINGS) LTD (CONTINUED)

Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit approach, we determined a materiality level and assessed the risks of material misstatement in the financial statements, including how fraud may occur through enquiries of management regarding its assessment of the areas and liklihood of fraud.

We looked at the areas where subjective judgements were made by management. In particular we looked at significant accounting estimates which were the result of assumptions made and based upon future events which are inherently uncertain. We also considered the effect of potential financial and other pressures, opportunity and motivations for fraud. We identified the use of internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management motitor these procedures. As part of our audit we reviewed and tested journals, key estimates and judgements made by management.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularites, including fraud. We considered the risk of management override of internal controls and carried out tests to to evaluate this.

Our audit procedures are designed to identify risks of material misstatement, recognising that risks of not detecting such material misstatements due to fraud is greater then the risk due to error, due to the fact that fraud may well involve deliberate concealment. The audit procedures have inherent limitations. The further removed that non-compliance with laws and regulations are from the events and transactions included in the financial statements, the less likely we are to detect it.

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 Auditors' report.

Page 7


PITTMAN (HOLDINGS) LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PITTMAN (HOLDINGS) LTD (CONTINUED)

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 Auditors' 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.

Mark Cooper FCA (Senior statutory auditor)

for and on behalf of

CWM

Chartered Accountants

Registered Auditors

1a High Street

Epsom

Surrey

KT19 8DA

11 September 2026

Page 8


PITTMAN (HOLDINGS) LTD

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

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PITTMAN (HOLDINGS) LTD
REGISTERED NUMBER: 07889288

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	5		100		100
			100		100
Current assets
Debtors: amounts falling due within one year	6	555,324		555,324
Cash at bank and in hand	7	684		684
		556,008		556,008
Creditors: amounts falling due within one year	8	(556,008)		(556,008)
Net current assets			-		-
Total assets less current liabilities			100		100

Net assets			100		100

Capital and reserves
Called up share capital	9	100	100
		100	100

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2026.

S K Konkumalla

Director

The notes on pages 14 to 19 form part of these financial statements.

Page 10


PITTMAN (HOLDINGS) LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Total equity
	£	£
At 1 January 2025	100	100
Other comprehensive income for the year	-	-
Total comprehensive income for the year	-	-
Total transactions with owners	-	-
At 31 December 2025	100	100

The notes on pages 14 to 19 form part of these financial statements.

Page 11


PITTMAN (HOLDINGS) LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Total equity
	£	£
At 1 April 2024	100	100
Other comprehensive income for the period	-	-
Total comprehensive income for the period	-	-
Total transactions with owners	-	-
At 31 December 2024	100	100

The notes on pages 14 to 19 form part of these financial statements.

Page 12


PITTMAN (HOLDINGS) LTD

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


	At 1 January 2025	At 31 December 2025
	£	£

Cash at bank and in hand	684	684
	684	684

The notes on pages 14 to 19 form part of these financial statements.

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PITTMAN (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

1.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Konku Care (Sutton) Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

1.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

1.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with 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

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PITTMAN (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.6

Financial instruments (continued)

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate

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PITTMAN (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.6

Financial instruments (continued)

method.

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.	General information

The company is a private limited company incorporated in England and Wales. Its registered office is situated at Orchard House, 35 Hallmead Road, Sutton, Surrey SM1 1RD.

3.	Auditors' remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

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PITTMAN (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

4.	Employees
	Staff costs were as follows:

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	100
	At 31 December 2025	100

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

SNH Properties Limited	Orchard House, 35 Hallmead Road, Sutton, Surrey SM1 1RD	Ordinary	100%
LNH Properties Limited	Orchard House, 35 Hallmead Road, Sutton, Surrey SM1 1RD	Ordinary	100%
S J Pittman Limited	Orchard House, 35 Hallmead Road, Sutton, Surrey SM1 1RD	Ordinary	100%
Sutton Nursing Homes Limited	Orchard House, 35 Hallmead Road, Sutton, Surrey SM1 1RD	Ordinary	100%

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PITTMAN (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Amounts owed by group undertakings	555,324	555,324
	555,324	555,324

7.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	684	684
	684	684

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Amounts owed to group undertakings	556,008	556,008
	556,008	556,008

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

10.	Contingent liabilities

There is a fixed and floating charge over all the assets of the company by Barclays Bank Plc. The charge includes a cross guarantee between all the members of the group. The amount outstanding to Barclays Bank Plc by the group at the balance sheet date amounted to £13,450,557 (2024 - £4,715,819).

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PITTMAN (HOLDINGS) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.	Controlling party

The company and group are controlled by S K Konkumalla and B Konkumalla.

The company is exempt from preparing group accounts as the consolidated accounts are included in the accounts of its immediate parent company, Konku Care (Sutton) Limited, a company incorporated in England and Wales.

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