REGISTERED NUMBER: 10721304 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2026

for

Minster Care Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Independent Auditor's Report

9

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

J N Alflatt

M S Patel

C W Farebrother

P V Nicholls

M R Lingens

SECRETARY:

J N Alflatt

REGISTERED OFFICE:

238 Station Road

Addlestone

Surrey

KT15 2PS

REGISTERED NUMBER:

10721304 (England and Wales)

AUDITOR:

MHA

Statutory Auditors

Peterborough

United Kingdom

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group is the operation of nursing and residential care homes for the elderly in the United Kingdom.

REVIEW OF BUSINESS

Minster Care Group is an established UK operator of residential and nursing care services, operating approximately 2,750 beds (2025 - approximately 3,000 beds) across its portfolio. The group continues to focus on delivering high quality care while maintaining operational and financial discipline in a challenging sector environment.

These financial statements report the trading of the Minster Care Group for the year to 31 March 2026 with comparatives provided for the year to 31 March 2025. Group revenue for the year was £142.1m (2025: £143.3m).

During the year, the group disposed of 12 care homes and acquired 5 new ones, resulting in a net capacity reduction of 229 beds, as part of a strategic reorganisation to simplify and optimise the operating structure. This involved the disposal of 5 subsidiary companies from the group. The board believes these actions have positioned the group for more sustainable long-term growth as a streamlined leasehold operator. The marginal reduction in turnover during the year comes as a result of the reduction in net bed capacity rather than underlying trading weakness. The group has seen increases in both its occupancy percentage and its average fee value.

The group reported a profit before tax of £15.1m (2025: £8.2m), the increase driven primarily by profits on disposal of subsidiaries and assets of £5.5m and by lower depreciation and finance costs compared to the prior year.

On an underlying basis, the group generated EBITDA of £12.2m (2025: £12.5m), demonstrating stable core operating performance despite inflationary cost pressures.

FUTURE PROSPECTS

The group continues to focus on opportunities for portfolio improvement. It values its partnerships with Local Authorities and the NHS and continues to grow turnover in those markets and in the self funder market. Recent Government policy announcements on the National Living Wage and other employment practices will add further cost pressure in the coming year. The group continues to focus on efficiencies in its business to navigate these challenges.

The group's strategy is one of managed growth through appropriate acquisitions that fit with its business model, as well as extending existing facilities.

The group enters the new financial year with strong cash reserves and a robust balance sheet position, with net assets of £34m (including cash reserves of £24m), improved operational focus following portfolio optimisation and continued demand for elderly care services in its core markets.

The group's strategy remains selective growth through acquisitions and new lease arrangements, investment in existing homes to enhance capacity and quality whilst maintaining a balanced mix of private and publicly funded residents.

The board will continue to prioritise operational efficiency and quality service delivery against a backdrop of ongoing employment and other cost pressures in a highly regulated sector.

PRINCIPAL RISKS AND UNCERTAINTIES AND KEY PERFORMANCE INDICATORS

The group's operations expose it to a variety of risks and management is focussed on providing high quality care in well maintained and sympathetically designed environments. The group has in place a risk management programme that analyses and monitors exposure to these risks using Key Performance Indicators (KPIs).

The group uses a range of key performance indicators, both financial and non financial, to monitor its business. Monthly dashboard reporting includes consideration of occupancy levels (including numbers admitted and discharged), ratios of self pay clients and government funded clients, average fees, staff cost percentages and other costs per bed as well as a range of operational compliance measures on a home by home basis.

Market and price risk

The group is exposed to increases in labour and supplier costs, particularly staffing, which represents the largest cost base. While fees have increased during the year, there remains a structural risk that fee growth does not fully offset cost inflation.

Fee rate dependency

A significant proportion of revenue is derived from Local Authority and NHS funding. The group's margins are therefore sensitive to government funding decisions and annual fee uplifts.

Occupancy risk

Financial performance is dependent on maintaining appropriate occupancy levels. Market competition and local demand fluctuations can affect occupancy and therefore revenue generation.

Quality and regulatory compliance

The group operates in a highly regulated environment and must maintain compliance with Care Quality Commission standards. Failure to meet regulatory requirements may result in enforcement action and reputational damage.

Workforce risk

The ability to recruit and retain suitably qualified staff remains critical. While staff turnover is in line with sector norms, recruitment challenges and rising wage expectations continue to represent a key risk.

Liquidity and cash flow

The group maintains a positive cash position and net current assets, and liquidity risk is not considered significant, although cash flows are closely monitored.

Infection and public health risk

The group's resident population is particularly vulnerable to infection and illness, which may impact occupancy levels and staffing availability.

Fire safety risk

The directors believe that staff and service users should be as safe as possible from the threat of fire or from injury in the case of an outbreak of fire and that the best way to ensure that safety exists is to:

- have robust fire policies and procedures in place.

- ensure that appointed fire wardens are in place in accordance with the law.

- ensure that staff are well trained to cope with an outbreak of fire or an alarm.

The group has an online estates management system with policy documents and certification on all fire systems for service and maintenance with alert dates to ensure compliance.

Individual fire risk assessment and action plans are held locally and centrally. Fire training forms part of the group's mandatory training programme which is monitored via an online training matrix.

External fire risk assessors are used where required to assist and ensure compliance and to support continuous improvement. A partnering arrangement with South Tyneside Building Control provides support in ensuring fire compliance for existing and new buildings.

Key Performance Indicators (KPIs)

The board monitors both financial and operational KPIs, including:

Occupancy levels and admissions/discharges

EBITDA and operating margins

Average fee rates

Mix of private versus publicly funded residents

Staff cost ratios and agency usage

Regulatory compliance outcomes (including CQC ratings)

Performance against these KPIs during the year indicates stable profitability at EBITDA level, improved staffing efficiency with reduced reliance on agency staff and varying occupancy levels across certain locations.

SECTION 172 STATEMENT

Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. The directors continue to have regard to the interests of the group's and the company's employees and other stakeholders, including the impact of its activities on the community, the environment and the group's reputation, when making decisions. Acting in good faith and fairly between members, the directors consider what is most likely to promote the success of the group and company for its members in the long term. Whilst the importance of giving due consideration to our stakeholders is not new, we are explaining in more detail this year how the board engages with our stakeholders, thus complying with the requirement to include a statement setting out how our directors have discharged this duty.

In this context we note the following:

The directors are fully aware of their responsibilities to promote the success of the group and company in accordance with S172 of the Companies Act 2006. To ensure the group and the company comply, the board regularly reflects on how the group engages with its stakeholders and opportunities for enhancement in the future.

The board regularly reviews our principal stakeholders and how we engage with them. All stakeholders are key to ensuring the group's residents receive the best care and value for money. The stakeholder voice is brought into the boardroom through information provided by management and also by direct engagement with stakeholders themselves. Such stakeholders include shareholders, employees, customers, residents and the wider community in which the group operates. Regular residents' meetings are recorded and help steer the strategic direction of each home. This includes refurbishment plans, extensions to the home and marketing. Resident engagement has been, and will continue to be, part of the group's strategy. The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making.

The board continues to enhance its methods of engagement with the workforce and to work responsibly with our suppliers. The importance of supplier relationships is also recognised, as evidenced by paying suppliers to agreed terms.

The fundamental overriding principles in the governance of the group and the company are that of ensuring transparent conduct which reflects fairness in all dealings with shareholders, employees, customers and suppliers.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Matters relating to the group's engagement with suppliers, customers and others are included in the S172 statement above.

DISABLED EMPLOYEE POLICY

The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for development exist for each disabled person. Arrangements are made wherever possible for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitude and abilities.

EMPLOYEE INVOLVEMENT AND ENGAGEMENT

It is the group's policy that the selection of employees for recruitment, training, development and promotion should be determined solely on their skills, abilities and other requirements which are relevant to the job, regardless of their gender, race, religion or disability.

The group recognises the value of its employees and places importance on communications with employees which takes place at many levels throughout the organisation on both a formal and informal basis. The personal development of employees is closely monitored so that appropriate training programmes can be designed with a view to assisting employees to achieve their own objectives as well as those of the group.

ON BEHALF OF THE BOARD:

J N Alflatt - Director

5 August 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

DIVIDENDS

No dividends were declared in respect of ordinary shares for the year ended 31 March 2026. Dividends paid on preference shares are disclosed in note 8 to the financial statements and are treated as interest payable in accordance with Financial Reporting Standard 102.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

J N Alflatt

M S Patel

C W Farebrother

P V Nicholls

M R Lingens

TAX CONTRIBUTIONS TO HMRC AND OTHERS

The group is a significant contributor of tax to HM Treasury and local government, paying over £30.5m in the year to 31 March 2026 (2025 - £30.5m). Contributions fall into two categories, namely:

Taxes borne including Corporation Tax, Employer's NIC, Insurance Premium Tax, Business Rates and irrecoverable VAT. These taxes are incurred as a direct result of operating the business. In the year ended 31 March 2026, the group bore tax of this nature of £13.1m (2025 - £11.4m).

Taxes collected including PAYE Income Tax, Employee's NIC and output VAT, net of recoverable input VAT. These taxes are collected from others (employees, customers etc) and paid to HMRC. In the year ended 31 March 2026, the group collected, and paid to HMRC, tax of this nature of £17.4m (2025 - £19.1m).

GOING CONCERN

The directors have a reasonable expectation that the group has adequate resources to continue in operation for the foreseeable future. Its operations provide positive cashflow and there is no external debt. The directors therefore believe that it is appropriate to prepare the financial statements on a going concern basis. Further details of the basis on which the directors have formed this opinion are found in note 2 to the financial statements.

STREAMLINED ENERGY AND CARBON REPORTING

Greenhouse Gas (GHG) Emissions

The following disclosures have been prepared in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, which amended the Companies Act 2006 reporting framework and the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

As the parent company prepares consolidated financial statements, the disclosures are presented on a consolidated basis for the Group's operations and include the energy consumption and greenhouse gas emissions of the undertakings included within the SECR reporting boundary.

The group reports on all sources of environmental impact over which it has financial control (financial control boundary) and includes all group entities within its reporting framework.

The group's calculated CO2 emissions for the year were 5,856 tCO2 (2025 - 7,562 tCO2 - as restated), whilst energy consumption was 33,646,844 kWh. (2025 - 40,944,277 kWh - as restated) The figures relating to the consumption of gas and heating oil, electricity and transport fuel are set out below:

Gas

Other Fuels

Electricity

Transport Fuels

2026

Scope 1

Scope 1

Scope 2

Scope 3

Scope 1

Category 6

Consumption in kWh

23,781,920

1,692,245

7,840,340

259,115

73,224

Carbon emissions in tCO2

4,336

412

1,027

63

18

2025 - as restated

Consumption in kWh

30,622,275

1,722,794

8,283,061

236,429

79,718

Carbon emissions in tCO2

5,603

417

1,466

57

19

Carbon emission and energy consumption figures for 2025 have been restated to correct a minor calculation error relating to other fuels (non-transport) - scope 1 and for more relevant conversion factors (transport fuels).

Methodology

The group made changes to its property portfolio during the year whereby 12 properties left the group on 31 July 2025 whilst 5 properties joined the group on 1 August 2025. The group therefore operated an average of 59.31 properties during the year, including its head office and thus consumption is equivalent to 567,305 kWh per property (2025 - 67 properties equivalent to 611,109 kWh per property), whilst carbon emissions are equivalent to 98.74 tCO2 (2025 - 112.87 tCO2) per property. Consumption per occupied bed was 13,026 kWh (2025 - 14,566 kWh) whilst emissions per occupied bed were 2.27 tCO2 (2025 - 2.69 tCO2).

Increasing Energy Efficiency

Much of the group's energy consumption comes from heating its homes which is key to the care of its elderly and vulnerable clients. The board is acutely aware of the impact of energy costs on the business as well as the need to increase energy efficiency. The board has an ongoing policy and programme of updating its properties to ensure that they are as energy efficient as possible, including installation of energy efficient boilers, heating systems and windows, as well as communicating to home managers the need to carefully consider their use of fuel. The board is pleased with the reductions in kWh and tCO2 per property and per occupied bed in the year to 31 March 2026 and continues to strive to reduce energy consumption and emissions further. During the year, the group continued with its policy of replacing existing boilers and water heaters for new energy efficient units as well as acquiring more energy efficient equipment as required, though the level of expenditure in this regard reduced from the previous year.

DISCLOSURE IN THE STRATEGIC REPORT

Certain information required to be disclosed in the directors' report has been shown instead in the strategic report as allowed under S414C (11) CA2016.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are 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 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITOR

The auditor, MHA, will be proposed for re-appointment at the forthcoming Annual General Meeting

ON BEHALF OF THE BOARD:

J N Alflatt - Director

5 August 2026

Opinion

We have audited the financial statements of Minster Care Group Limited (the 'parent Company') and its subsidiaries for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of cash flows 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 group's and of the parent Company's 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 Auditor's 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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Group 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 Group 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 Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

-

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

-

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

-

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on pages 7 and 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have 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 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 Group 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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims;

-

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;

-

Reviewing minutes of meetings of those charged with governance;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

Ian Jacobs BA FCA (Senior Statutory Auditor)

for and on behalf of MHA

Statutory Auditors

Peterborough

United Kingdom

5 August 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability

partnership in England and Wales (registered number OC455542)

REVENUE

3

142,068,877

143,336,342

Cost of sales

97,367,109

97,265,995

GROSS PROFIT

44,701,768

46,070,347

Administrative expenses

30,402,072

38,465,899

14,299,696

7,604,448

Other operating income

4

673,127

648,313

OPERATING PROFIT

6

14,972,823

8,252,761

Interest receivable and similar income

8

520,831

481,251

15,493,654

8,734,012

Interest payable and similar expenses

9

381,829

507,358

PROFIT BEFORE TAXATION

15,111,825

8,226,654

Tax on profit

10

2,496,749

2,251,205

PROFIT FOR THE FINANCIAL YEAR

12,615,076

5,975,449

Profit attributable to:

Owners of the parent

12,615,076

5,975,449

PROFIT FOR THE YEAR

12,615,076

5,975,449

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

12,615,076

5,975,449

Total comprehensive income attributable to:

Owners of the parent

12,615,076

5,975,449

FIXED ASSETS

Intangible assets

13

1,620,881

1,751,266

Property, plant and equipment

14

9,725,692

15,767,708

Investments

15

-

-

11,346,573

17,518,974

CURRENT ASSETS

Inventories

16

140,490

166,918

Debtors

17

20,960,861

11,011,756

Cash at bank and in hand

24,344,961

20,447,005

45,446,312

31,625,679

CREDITORS

Amounts falling due within one year

18

(16,086,302

)

(18,211,045

)

NET CURRENT ASSETS

29,360,010

13,414,634

TOTAL ASSETS LESS CURRENT LIABILITIES

40,706,583

30,933,608

CREDITORS

Amounts falling due after more than one year

19

(6,728,045

)

(9,570,146

)

NET ASSETS

33,978,538

21,363,462

CAPITAL AND RESERVES

Called up share capital

25

105,200

105,200

Retained earnings

33,873,338

21,258,262

SHAREHOLDERS' FUNDS

33,978,538

21,363,462

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2026 and were signed on its behalf by:

M S Patel - Director

FIXED ASSETS

Intangible assets

13

-

-

Property, plant and equipment

14

-

-

Investments

15

8,511,268

12,679,670

8,511,268

12,679,670

CURRENT ASSETS

Debtors

17

39,421,066

44,638,743

Cash at bank

43,259

484,979

39,464,325

45,123,722

CREDITORS

Amounts falling due within one year

18

(25,470,068

)

(48,540,690

)

NET CURRENT ASSETS/(LIABILITIES)

13,994,257

(3,416,968

)

TOTAL ASSETS LESS CURRENT LIABILITIES

22,505,525

9,262,702

CREDITORS

Amounts falling due after more than one year

19

(6,728,045

)

(6,728,045

)

NET ASSETS

15,777,480

2,534,657

CAPITAL AND RESERVES

Called up share capital

25

105,200

105,200

Retained earnings

15,672,280

2,429,457

SHAREHOLDERS' FUNDS

15,777,480

2,534,657

Company's profit for the financial year

13,242,823

431,467

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2026 and were signed on its behalf by:

M S Patel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

105,200

16,782,813

16,888,013

Changes in equity

Dividends

-

(1,500,000

)

(1,500,000

)

Total comprehensive income

-

5,975,449

5,975,449

Balance at 31 March 2025

105,200

21,258,262

21,363,462

Changes in equity

Total comprehensive income

-

12,615,076

12,615,076

Balance at 31 March 2026

105,200

33,873,338

33,978,538

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

105,200

3,497,990

3,603,190

Changes in equity

Dividends

-

(1,500,000

)

(1,500,000

)

Total comprehensive income

-

431,467

431,467

Balance at 31 March 2025

105,200

2,429,457

2,534,657

Changes in equity

Total comprehensive income

-

13,242,823

13,242,823

Balance at 31 March 2026

105,200

15,672,280

15,777,480

Cash flows from operating activities

Cash generated from operations

31

12,238,442

14,433,267

Interest paid

(45,426

)

(209,773

)

Finance costs paid

(336,402

)

(330,349

)

Tax paid

(2,474,850

)

(2,954,979

)

Net cash from operating activities

9,381,764

10,938,166

Cash flows from investing activities

Purchase of tangible fixed assets

(3,742,224

)

(4,134,315

)

Sale of tangible fixed assets

39,149

-

Disposal of subsidiaries

11,474,325

-

Cash and cash equivalents disposed of

(632,704

)

-

Interest received

428,387

463,411

Net cash from investing activities

7,566,933

(3,670,904

)

Cash flows from financing activities

Loans to third parties

(9,993,247

)

3,190,000

Bank loan repayments

(3,057,494

)

(224,279

)

Equity dividends paid

-

(1,587,500

)

Net cash from financing activities

(13,050,741

)

1,378,221

Increase in cash and cash equivalents

3,897,956

8,645,483

Cash and cash equivalents at beginning of year

32

20,447,005

11,801,522

Cash and cash equivalents at end of year

32

24,344,961

20,447,005

1.	STATUTORY INFORMATION

Minster Care Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the consolidated financial statements

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with Financial Reporting Standard 102 (FRS102) issued by the Financial Reporting Council.

The parent company is included in the consolidated financial statements and it is considered to be a qualifying entity under FRS102 paragraphs 1.8 to 1.12. On that basis it has taken advantage of the exemption not to present a separate parent company cash flow statement with related notes.

The principal activities of the company and its subsidiaries (the group) and the nature of the group's operations are set out in the strategic report on pages two to five.

Going concern

The directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements.

At the balance sheet date, the group had net current assets of £29.4m (2025 - £13.4m) which included cash balances of £24.3m (2025 - £20.4m). The cash balances are considered more than adequate to finance working capital requirements and the group has traded profitably since 31 March 2026, further increasing cash reserves. Moreover, the group traded ahead of what was required under the covenants relating to its leases and it is forecast to continue to do so.

The group worked closely with its suppliers to both ensure continuity of supply and to negotiate competitive pricing. Occupancy is constantly monitored and the group is working closely with Local Authorities and Clinical Commissioning Groups to manage and monitor demand and supply and to ensure appropriate communication to all our stakeholders.

The directors have performed a going concern assessment for a period of at least 12 months following the date of approval of these financial statements, including detailed cash flow forecasts, which indicate that, taking account of reasonably predictable downsides, the group will have sufficient funds to continue as a going concern. Directors have a strong communication line with shareholders and provide regular updates on the performance of the business. As a result the directors are comfortable the group would have the continued support of the shareholders if it was required, however such a situation is considered to be highly improbable.

Based on the above the Directors believe it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026.

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 any subsidiaries acquired or disposed of during the period are included in the Consolidated Income Statement and the Consolidated Other Comprehensive Income Statement, 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 in line with those of the group. All intra-group transactions, balances, income and expenditure are eliminated on consolidation.

The excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired entities recognised at the date of acquisition is recognised as goodwill arising on the acquisition of an entity.

Significant judgements and estimates

In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgement, estimates, and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors considered to be applicable. Due to the inherent subjectivity in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.

Assessing indicators of impairment

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units of which the goodwill is a part. Any impairment loss in respect of a cash generating unit ("CGU") is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

Financial assets

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.