REGISTERED NUMBER: SC823800 (Scotland)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 March 2026

for

APPLECROSS INVESTMENTS LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTOR:

Ms L J Coyle

SECRETARY:

P Kelly

REGISTERED OFFICE:

Applecross Nursing Home

Levernholm, By Hurlet

Glasgow Road

Glasgow

United Kingdom

G53 7TG

REGISTERED NUMBER:

SC823800 (Scotland)

SENIOR STATUTORY AUDITOR:

Robert Andrew Pollock CA

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

The director presents her strategic report of the company and the group for the year ended 31 March 2026.

REVIEW OF BUSINESS

In the opinion of the board of directors, the group has had a an excellent financial year. Some other financial KPI's are set out in the table below to show the performance of the group over the trading period..

2026

2025

Turnover

£6,491,122

£2,073,971

Profit/(Loss) after taxation

£584,911

£95,463

Gross Profit %age

36.44%

35.51%

Shareholders' funds amount to £3,992,426 (2025 - £3,604,278). The directors are confident that the group has sufficient reserves to finance the anticipated levels of activity for the foreseeable future.

There have been no events since the balance sheet date that materially affect the financial position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The group operates in the nursing home industry and is therefore subject to the trading cycles that occur in that sector. The market is competitive although the group has a good reputation with local and regulatory authorities and therefore has repeat business and provides specialist care with barriers to entry. The board is confident that the excellent levels of service provided will ensure that the group continues to be competitive in its chosen market.

GOING CONCERN

The directors have assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

ON BEHALF OF THE BOARD:

P Kelly - Secretary

2 October 2026

The director presents her report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of nursing home.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary 0.1p

-

£36

- 30 April 2025

A Ordinary Shares £1

-

£50,000

- 30 April 2025

B Ordinary Shares £1

-

£60,000

- 30 April 2025

C Ordinary Shares £1

-

£28,000

- 30 April 2025

The total distribution of dividends for the year ended 31 March 2026 will be £ 210,000 .

DIRECTOR

Ms L J Coyle held office during the whole of the period from 1 April 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Sharles Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Kelly - Secretary

2 October 2026

Opinion

We have audited the financial statements of Applecross Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 March 2026 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 Auditors' 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 and the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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 a Report of the Auditors 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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk 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, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, employment law, GDPR, anti-money laundering and environmental regulations. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations and reviewed any relevant legal correspondence and invoices for evidence of non compliance.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to performing analytical procedures to identify unusual or unexpected relationships, testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgments and estimates applied in the year end accounts.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Robert Andrew Pollock CA (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

7 October 2026

TURNOVER

6,491,122

2,073,971

Cost of sales

4,125,732

1,337,431

GROSS PROFIT

2,365,390

736,540

Administrative expenses

1,339,050

488,346

1,026,340

248,194

Other operating income

12,439

3,992

OPERATING PROFIT

4

1,038,779

252,186

Interest payable and similar expenses

5

222,355

97,771

PROFIT BEFORE TAXATION

816,424

154,415

Tax on profit

6

231,513

58,952

PROFIT FOR THE FINANCIAL YEAR

584,911

95,463

Profit attributable to:

Owners of the parent

584,911

95,463

PROFIT FOR THE YEAR

584,911

95,463

OTHER COMPREHENSIVE INCOME

Revaluation release

-

1,770,607

Income tax relating to other comprehensive income

13,237

(740,849

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

13,237

1,029,758

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

598,148

1,125,221

Total comprehensive income attributable to:

Owners of the parent

598,148

1,125,221

FIXED ASSETS

Tangible assets

9

7,916,753

7,998,661

Investments

10

-

-

7,916,753

7,998,661

CURRENT ASSETS

Debtors

11

562,917

379,275

Cash at bank and in hand

864,730

639,986

1,427,647

1,019,261

CREDITORS

Amounts falling due within one year

12

786,468

687,885

NET CURRENT ASSETS

641,179

331,376

TOTAL ASSETS LESS CURRENT LIABILITIES

8,557,932

8,330,037

CREDITORS

Amounts falling due after more than one year

13

(3,368,184

)

(3,505,078

)

PROVISIONS FOR LIABILITIES

17

(1,197,322

)

(1,220,681

)

NET ASSETS

3,992,426

3,604,278

CAPITAL AND RESERVES

Called up share capital

18

5

5

Revaluation reserve

19

1,698,494

1,738,203

Other reserves

19

1,770,607

1,770,607

Retained earnings

19

523,320

95,463

SHAREHOLDERS' FUNDS

3,992,426

3,604,278

The financial statements were approved by the director and authorised for issue on 5 October 2026 and were signed by:

Ms L J Coyle - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

5

5

5

5

CURRENT ASSETS

Debtors

11

124,547

-

Cash at bank

9,948

-

134,495

-

CREDITORS

Amounts falling due within one year

12

128,378

-

NET CURRENT ASSETS

6,117

-

TOTAL ASSETS LESS CURRENT LIABILITIES

6,122

5

CAPITAL AND RESERVES

Called up share capital

18

5

5

Retained earnings

19

6,117

-

SHAREHOLDERS' FUNDS

6,122

5

Company's profit for the financial year

216,117

-

The financial statements were approved by the director and authorised for issue on 5 October 2026 and were signed by:

Ms L J Coyle - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Changes in equity

Issue of share capital

5

-

-

-

5

Total comprehensive income

-

95,463

1,738,203

1,770,607

3,604,273

Balance at 31 March 2025

5

95,463

1,738,203

1,770,607

3,604,278

Changes in equity

Dividends

-

(210,000

)

-

-

(210,000

)

Total comprehensive income

-

637,857

(39,709

)

-

598,148

Balance at 31 March 2026

5

523,320

1,698,494

1,770,607

3,992,426

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

5

-

5

Balance at 31 March 2025

5

-

5

Changes in equity

Dividends

-

(210,000

)

(210,000

)

Total comprehensive income

-

216,117

216,117

Balance at 31 March 2026

5

6,117

6,122

Cash flows from operating activities

Cash generated from operations

1

1,118,474

298,363

Interest paid

(211,783

)

(96,156

)

Interest element of hire purchase payments paid

(10,572

)

(1,615

)

Tax paid

(126,157

)

103,304

Net cash from operating activities

769,962

303,896

Cash flows from investing activities

Purchase of tangible fixed assets

(110,134

)

(93,483

)

Sale of tangible fixed assets

400

-

Net cash from investing activities

(109,734

)

(93,483

)

Cash flows from financing activities

Loan repayments in year

(166,311

)

-

Capital repayments in year

(27,423

)

179,345

Amount introduced by directors

48,758

-

Amount withdrawn by directors

(80,508

)

(48,758

)

Share issue

-

5

Net assets acquired during year

-

298,981

Equity dividends paid

(210,000

)

-

Net cash from financing activities

(435,484

)

429,573

Increase in cash and cash equivalents

224,744

639,986

Cash and cash equivalents at beginning of year

2

639,986

-

Cash and cash equivalents at end of year

2

864,730

639,986

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

25.9.24

Year Ended

to

31.3.26

31.3.25

£

£

Profit before taxation

816,424

154,415

Depreciation charges

192,043

54,412

Profit on disposal of fixed assets

(400

)

-

Finance costs

222,355

97,771

1,230,422

306,598

Increase in trade and other debtors

(151,892

)

(330,517

)

Increase in trade and other creditors

39,944

322,282

Cash generated from operations

1,118,474

298,363

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

864,730

639,986

Period ended 31 March 2025

31.3.25

25.9.24

£

£

Cash and cash equivalents

639,986

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

639,986

224,744

864,730

639,986

224,744

864,730

Debt

Finance leases

(179,345

)

27,423

(151,922

)

Debts falling due within 1 year

(208,904

)

56,840

(152,064

)

Debts falling due after 1 year

(3,353,157

)

109,471

(3,243,686

)

(3,741,406

)

193,734

(3,547,672

)

Total

(3,101,420

)

418,478

(2,682,942

)

1.	STATUTORY INFORMATION

Applecross Investments Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

At each balance sheet date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

For expenditure of £1,000 or more on individual tangible fixed assets consideration is given for the asset to be capitalised at cost. Expenditure on assets below this threshold is charged directly to the income account in the period it is incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

Period

25.9.24

Year Ended

to

31.3.26

31.3.25

£

£

Wages and salaries

3,413,559

1,109,296

Social security costs

412,017

95,011

Other pension costs

269,525

111,022

4,095,101

1,315,329

The average number of employees during the year was as follows:

Period

25.9.24

Year Ended

to

31.3.26

31.3.25

Management and Administrative

7

6

Nursing and Care Staff

103

105

Kitchen, Domestic and Maintenance

25

23

135

134

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2025 - NIL).

Period

25.9.24

Year Ended

to

31.3.26

31.3.25

£

£

Director's remuneration

93,388

31,312

Director's pension contributions to money purchase schemes

60,000

42,000