Osborne Care Homes Limited - Period Ending 2025-03-31

Registration number: 02336513

Osborne Care Homes Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2025

Osborne Care Homes Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 27

Osborne Care Homes Limited

Company Information

Directors

Mr M B Slator

Mr J Slator

Mrs R C Harris

Registered office

Withey House
26 Withey Close West
Bristol
BS9 3SX

Auditors

ML Audit LLP
Statutory Auditors
Freshford House
Redcliffe Way
Bristol
BS1 6NL

Osborne Care Homes Limited

Strategic Report for the Year Ended 31 March 2025

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

Principal activity

The principal activity of the company is the operation of care homes for the elderly

Fair review of the business

Turnover for the year has increased by 11.4% (2024 increase of 14.1%) to £6,029,553 from £5,412,118. Profit before tax during the period has increased to £928,818 (2024 - £478,187).

The directors continue to closely monitor occupancy levels at Ysguborwen House and Osborne House and continue to invest in capital infrastructure.

The nature of the revenue received by the company is variable, but a high proportion of costs are linked to this. There remains a number of fixed overheads which are monitored monthly against budgets and where it is thought necessary, measures are taken to control costs. However high levels of inflation have an on-going impact on overhead costs.

Approved and authorised by the Board on 10 November 2025 and signed on its behalf by:

.........................................
Mr J Slator
Director

Osborne Care Homes Limited

Directors' Report for the Year Ended 31 March 2025

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

Directors of the company

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

Mr M B Slator

Mr J Slator

The following director was appointed after the year end:

Mrs R C Harris (appointed 18 September 2025)

Financial instruments

Objectives and policies

The company is exposed to price risk, credit risk, liquidity and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the directors review risk management strategies regularly.

The company is constantly looking for ways to improve its facilities and occupancy rates and strives to ensure the care homes provide the highest level of care by working closely with regulators, local authorities and family members. The directors believe this will put the company well placed to be the favoured care home when the need for the facilities it offers arises.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk - the company is exposed to price risk as a result of its operations in the private sector. However, care fees are reviewed regularly against other providers and the facilities offered to ensure care facilities offered by the company represent value for money.

Credit risk - fees for residents funded by the public sector are remitted by local authorities both in advance and arrears and the risk arising from these as such is considered low. Fees for private residents are invoiced in advance and in line with industry commercial practice.

Liquidity and cash flow risk - the company's exposure to liquidity risk is minimal as the company has adequate net current assets.

Disclosure of information to the auditors

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

Approved by the Board on 10 November 2025 and signed on its behalf by:

Mr J Slator
Director

Osborne Care Homes Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and 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 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 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.

Osborne Care Homes Limited

Independent Auditor's Report to the Members of Osborne Care Homes Limited

Qualified opinion

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

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its 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 qualified opinion on financial statements

We were unable to obtain sufficient and appropriate audit evidence to support the value of freehold land and buildings for the year ended 31 March 2025, totalling £7,208,259. As detailed in Note 12, the directors based their valuation on information they were aware of, which was not prepared for use within the financial statements and had not been authorised to be used within the financial statements by an external party. We were therefore unable to obtain reasonable assurance over the carrying value of the freehold land and buildings as at the balance sheet date, in line with the requirements of Financial Reporting Standards 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

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 ethical requirements that are relevant to our audit of financial statements in UK including FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Osborne Care Homes Limited

Independent Auditor's Report to the Members of Osborne Care Homes Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

•	adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page 4, 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.

Osborne Care Homes Limited

Independent Auditor's Report to the Members of Osborne Care Homes Limited

Auditor Responsibilities for the audit of the financial statements

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

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 or irregularities, including known and 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.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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.

......................................
Guy Armitage-Norton (Senior Statutory Auditor)
For and on behalf of ML Audit LLP, Statutory Auditor
Freshford House
Redcliffe Way
Bristol
BS1 6NL

10 November 2025

Osborne Care Homes Limited

Profit and Loss Account for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Turnover	3	6,029,553	5,412,118
Cost of sales		(4,264,538)	(3,971,901)
Gross profit		1,765,015	1,440,217
Administrative expenses		(640,592)	(777,525)
Other operating income	4	13,705	27,174
Operating profit	5	1,138,128	689,866
Other interest receivable and similar income	6	21,157	25,189
Interest payable and similar expenses	7	(230,467)	(236,868)
		(209,310)	(211,679)
Profit before tax		928,818	478,187
Tax on profit	11	(243,829)	(126,153)
Profit for the financial year		684,989	352,034

The above results were derived from continuing operations.

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

Osborne Care Homes Limited

Statement of Comprehensive Income for the Year Ended 31 March 2025

	2025 £	2024 £
Profit for the year	684,989	352,034
Surplus on freehold land and buildings revaluation	-	1,682,275
Total comprehensive income for the year	684,989	2,034,309

Osborne Care Homes Limited

(Registration number: 02336513)
Balance Sheet as at 31 March 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Tangible assets	12	7,369,653	7,083,797
Investment property	13	250,000	201,500
		7,619,653	7,285,297
Current assets
Stocks	14	25,426	21,426
Debtors	15	535,143	1,802,821
Cash at bank and in hand		1,664,769	248,440
		2,225,338	2,072,687
Creditors: Amounts falling due within one year	17	(3,335,357)	(1,439,361)
Net current (liabilities)/assets		(1,110,019)	633,326
Total assets less current liabilities		6,509,634	7,918,623
Creditors: Amounts falling due after more than one year	17	-	(2,098,509)
Provisions for liabilities	18	(730,493)	(698,962)
Net assets		5,779,141	5,121,152
Capital and reserves
Called up share capital	20	15,000	15,000
Revaluation reserve	21	2,408,054	2,408,054
Retained earnings	21	3,356,087	2,698,098
Shareholders' funds		5,779,141	5,121,152

Approved and authorised by the Board on 10 November 2025 and signed on its behalf by:

Mr J Slator
Director

Osborne Care Homes Limited

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

	Share capital £	Revaluation reserve £	Retained earnings £	(As restated) Total £
At 1 April 2023	15,000	725,779	2,373,064	3,113,843
Profit for the year	-	-	352,034	352,034
Other comprehensive income	-	1,682,275	-	1,682,275
Total comprehensive income	-	1,682,275	352,034	2,034,309
Dividends	-	-	(27,000)	(27,000)
At 31 March 2024	15,000	2,408,054	2,698,098	5,121,152

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2024

15,000

2,408,054

2,698,098

5,121,152

Profit for the year

-

-

684,989

684,989

Dividends

-

-

(27,000)

(27,000)

At 31 March 2025

15,000

2,408,054

3,356,087

5,779,141

Osborne Care Homes Limited

Statement of Cash Flows for the Year Ended 31 March 2025

	Note	2025 £	2024 £
Cash flows from operating activities
Profit for the year		684,989	352,034
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	103,027	96,150
Profit from sales of investment properties		(48,500)	-
Finance income	6	(21,157)	(25,189)
Finance costs	7	230,467	236,868
Income tax expense	11	243,829	126,153
		1,192,655	786,016
Working capital adjustments
(Increase)/decrease in stocks	14	(4,000)	1,337
Decrease/(increase) in debtors	15	1,267,678	(7,299)
Increase in creditors	17	74,845	184,773
Cash generated from operations		2,531,178	964,827
Income taxes paid	11	(120,758)	(113,511)
Net cash flow from operating activities		2,410,420	851,316
Cash flows from investing activities
Interest received	6	21,157	25,189
Acquisitions of tangible assets		(388,883)	(169,673)
Net cash flows from investing activities		(367,726)	(144,484)
Cash flows from financing activities
Interest paid	7	(230,467)	(236,868)
Repayment of bank borrowings		(2,645,975)	(195,071)
Repayment of other borrowing		(114,436)	(21,731)
Financing from parent company		2,391,513	-
Dividends paid	24	(27,000)	(27,000)
Net cash flows from financing activities		(626,365)	(480,670)
Net increase in cash and cash equivalents		1,416,329	226,162
Cash and cash equivalents at 1 April		248,440	22,278
Cash and cash equivalents at 31 March		1,664,769	248,440

Osborne Care Homes Limited

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

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Withey House
26 Withey Close West
Bristol
BS9 3SX

The principal place of business is:
Ysguborwen House
Llwydcoed
Aberdare
Rhondda Cynon Taff
CF44 0AX
Wales

These financial statements were authorised for issue by the Board on 10 November 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest pound.

Going concern

The directors have reviewed the company’s supply chains, key customers, capital resources and continues to operate within its budgets and forecasts following the year end. The net current liability position £1,111,693 (2024 - net current assets £633,326) has been reviewed and the intercompany loans with companies within the group will not be called in to the detriment of the company.

The company made a profit before tax of £928,818 (2024 - £478,187) and had a bank balance of £1,664,769 (2024 – £248,440) at the year ended 31 March 2025.

Based on information available to the directors at the date of approval of these accounts the company has adopted the going concern basis when preparing these financial statements. The company has adequate resources to continue to trade for the foreseeable future for at least 12 months from the date of adoption of these financial statements.

Osborne Care Homes Limited

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

Reclassification of comparative amounts

A review of prior year balances identified that amounts arising from the revaluation of freehold property had been incorrectly recognised within retained earnings. These amounts should have been classified within the revaluation reserve in accordance with applicable accounting standards.

As a result, a prior year adjustment has been made to restate the comparative figures. This adjustment does not affect the profit or loss for the prior or current year, nor does it impact the net assets of the company.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities arise in respect of the valuation of the freehold land & buildings and investment property, for which management are of the opinion require no impairment and hold at their market value. The carrying amount of freehold land & buildings is £7,146,759 (2024 - £6,880,000) and the carrying amount of investment property is £250,000 (2024 - £201,500).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- specific criteria have been met for each of the company's activities;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Government grants

Government grants are recognised using the accrual model. Where the costs have already been incurred then the grant is credited to other operating income in the profit and loss account.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Osborne Care Homes Limited

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

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

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

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, except for Freehold property, which is held at valuation.

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

Any revaluation increase arising on the revaluation is credited to the revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in which case the increase is credited to the income statement to the extent of the decrease previously expensed. A decrease in carrying amount arising on the revaluation is charged as an expense to the extent that it exceeds the balance, if any, held in the revaluation reserve relating to a previous revaluation of that asset.

On the subsequent sale or scrappage of a revalued asset, the attributable revaluation surplus remaining in the revaluation reserve is transferred directly to retained earnings.

Depreciation

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

Asset class	Depreciation method and rate
Freehold land and buildings	nil
Fixtures, fittings and equipment	20% straight line
Motor vehicles	25% reducing balance

No depreciation is provided on freehold land and buildings which is a departure from the requirements of the Companies Act 2006. The buildings are maintained to a high standard, ensuring high residual values, and the directors are therefore satisfied that any depreciation charge would not be material.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate.The directors are the valuers, who use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Osborne Care Homes Limited

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

Cash and cash equivalents

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

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated cost of usage within the business. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its cost of usage within the business; the impairment loss is recognised immediately in the profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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

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

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

Osborne Care Homes Limited

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

Leases

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

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

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

Share capital

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

Dividends

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

Defined contribution pension obligation

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

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

Financial instruments

Recognition and measurement
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
Impairment
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.

Osborne Care Homes Limited

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

Turnover

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

	2025 £	2024 £
Rendering of care services	6,029,553	5,412,118

All income recognised in the current and preceding year arose from services provided in the United Kingdom.

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2025 £	2024 £
Local Authority grants	-	15,330
Sub lease rental income	13,705	11,669
Miscellaneous other operating income	-	175
	13,705	27,174

5	Operating profit

Arrived at after charging:

	2025 £	2024 £
Depreciation expense	103,027	96,150

6	Other interest receivable and similar income

	2025 £	2024 £
Other finance income	21,157	25,189

7	Interest payable and similar expenses

	2025 £	2024 £
Interest on bank overdrafts and borrowings	227,553	231,634
Other interest expense	2,914	5,234
	230,467	236,868

Osborne Care Homes Limited

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

8	Staff costs

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

	2025 £	2024 £
Wages and salaries	3,283,746	3,060,096
Social security costs	248,537	235,536
Pension costs	68,037	54,036
Agency costs	36,312	55,740
	3,636,632	3,405,408

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

	2025 No.	2024 No.
Directors	2	2
Care and support	109	128
Administration	9	6
	120	136

9	Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	78,851	75,000
Contributions paid to money purchase schemes	6,640	1,245
	85,491	76,245

10	Auditors' remuneration

	2025 £	2024 £
Audit of the financial statements	9,500	9,900
Other fees to auditors
All other non-audit services	5,334	8,052

Osborne Care Homes Limited

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

Taxation

Tax charged in the income statement:

	2025 £	2024 £
Current taxation
UK corporation tax	212,298	107,262
Deferred taxation
Arising from origination and reversal of timing differences	31,531	18,891
Tax expense in the income statement	243,829	126,153

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

The differences are reconciled below:

	2025 £	2024 £
Profit before tax	928,818	478,187
Corporation tax at standard rate	232,205	119,547
Tax increase from other short-term timing differences	9,033	-
Effect of expense not deductible in determining taxable profit (tax loss)	2,591	6,606
Total tax charge	243,829	126,153

Deferred tax

Deferred tax assets and liabilities

2025	Asset £	Liability £
Accelerated capital allowances	-	261,233
Pensions deductible on a paid basis	1,430	-
Property revaluations	-	470,690
	1,430	731,923

2024	Asset £	Liability £
Accelerated capital allowances	-	240,230
Pensions deductible on a paid basis	3,410	-
Property revaluations	-	462,142
	3,410	702,372

Osborne Care Homes Limited

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

12	Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 April 2024

6,880,000

604,977

56,867

7,541,844

Additions

266,759

122,124

-

388,883

Disposals

-

(83,875)

-

(83,875)

At 31 March 2025

7,146,759

643,226

56,867

7,846,852

Depreciation

At 1 April 2024

-

410,444

47,603

458,047

Charge for the year

-

100,711

2,316

103,027

Eliminated on disposal

-

(83,875)

-

(83,875)

At 31 March 2025

-

427,280

49,919

477,199

Carrying amount

At 31 March 2025

7,146,759

215,946

6,948

7,369,653

At 31 March 2024

6,880,000

194,533

9,264

7,083,797

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 30 January 2024 by the directors based on information they were aware of, which was not prepared for use within the financial statements and had not been authorised to be used within the financial statements by an external party.
The directors valuation followed an appropriate valuation methodology based on profits.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £5,078,739 (2024 - £4,811,976).

13	Investment properties

	2025 £
At 1 April 2024	201,500
Fair value adjustments	48,500
At 31 March 2025	250,000

Investment property comprises of a holiday home in Cornwall. It is included in the balance sheet at the fair value as at 31 March 2025. The fair value of the property has been determined by the directors at the year end.

Osborne Care Homes Limited

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

Stocks

	2025 £	2024 £
Stocks	25,426	21,426

Impairment of stocks

The amount of reversal of impairment recognised in other comprehensive income is £Nil (2024 - £Nil).

Debtors

Current	2025 £	2024 £
Trade debtors	107,617	58,922
Other debtors	402,647	1,737,169
Prepayments	8,307	6,730
Accrued income	16,572	-
	535,143	1,802,821

Trade debtors are stated after the provision for impairment of £Nil (2024 - £Nil)

16	Cash and cash equivalents

	2025 £	2024 £
Cash at bank	1,664,769	248,440

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	22	-	661,902
Trade creditors		91,093	75,046
Amounts due to related parties	27	2,530,158	-
Social security and other taxes		59,336	58,930
Outstanding defined contribution pension costs		11,537	31,735
Other creditors		209,248	270,185
Accruals and deferred income		222,172	221,290
Corporation tax liability		211,813	120,273
		3,335,357	1,439,361
Due after one year
Loans and borrowings	22	-	2,098,509

Osborne Care Homes Limited

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

18	Provisions for liabilities

	Deferred tax £	Total £
At 1 April 2024	698,962	698,962
Increase in existing provisions	31,531	31,531
At 31 March 2025	730,493	730,493

Details of the provision are detailed in note 11.

19	Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £68,037 (2024 - £54,036).

Contributions totalling £11,537 (2024 - £31,735) were payable to the scheme at the end of the year and are included in creditors.

20	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	15,000	15,000	15,000	15,000

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Ordinary shares carry one voting right per share and the right to dividends.

Reserves

Share capital

Reflects the nominal value of share capital issued by the company.

Retained earnings

Cumulative profit and loss net of distributions to owners.

Revaluation reserve

Records unrealised gains from asset revaluation.

Osborne Care Homes Limited

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

22	Loans and borrowings

	2025 £	2024 £
Non-current loans and borrowings
Bank borrowings	-	2,009,582
Other borrowings	-	88,927
	-	2,098,509

Current loans and borrowings

	2025 £	2024 £

Bank borrowings	-	636,393
Other borrowings	-	25,509
	-	661,902

23	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	2,856	2,306
Later than one year and not later than five years	5,797	5,342
	8,653	7,648

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,855 (2024 - £2,855).

Dividends

Interim dividends paid

	2025 £	2024 £
Interim dividend of £1.80 per each ordinary share	27,000	27,000

25	Commitments

Other financial commitments

An unlimited cross-company composite guarantee is in force with related companies Osborne Care Holdings Limited and Worcester Garden (No. 1) Limited as security for bank borrowings.
The total value of these borrowings £5,751,420 (2024 - £1,497,927).

Osborne Care Homes Limited

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

26	Analysis of changes in net debt

	At 1 April 2024 £	Financing cash flows £	At 31 March 2025 £
Cash and cash equivalents
Cash	248,440	1,416,329	1,664,769
Borrowings
Long term borrowings	(2,098,509)	2,098,509	-
Short term borrowings	(661,902)	(1,729,611)	(2,391,513)
	(2,760,411)	368,898	(2,391,513)
	(2,511,971)	1,785,227	(726,744)

27	Related party transactions

The exemption under section 402 of the Companies Act 2006 has been claimed from disclosing balances and transactions with any 100% owned group companies.

Transactions with directors

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Mr M B Slator
	1,146,592	269,474	(1,517,757)	(101,691)
	110,804	20,866	(131,670)	-
	1,257,396	290,340	(1,649,427)	(101,691)

Mr J Slator
	15,085	79,500	(99,578)	(4,993)
	132	290	(422)	-
	15,217	79,790	(100,000)	(4,993)

Osborne Care Homes Limited

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

2024	At 1 April 2023 £	Advances to director £	Repayments by director £	At 31 March 2024 £
Mr M B Slator
	1,116,097	59,263	(28,768)	1,146,592
	85,747	25,057	-	110,804
	1,201,844	84,320	(28,768)	1,257,396

Mr J Slator
	5,085	10,000	-	15,085
	-	132	-	132
	5,085	10,132	-	15,217

Loans from directors are repayable on demand and interest is charged at the official HMRC rate where applicable.

Expenditure with and payables to related parties

2025	Key management £
Dividends	27,000

2024	Key management £
Dividends	27,000

Loans to related parties

2024	Other related parties £	Total £
At start of period	81,699	81,699
Advanced	407,575	407,575
Repaid	(430,370)	(430,370)
At end of period	58,904	58,904

Terms of loans to related parties

Loans to other related parties are interest free and repayable on demand.

In the prior year, balances were disclosed as loans to other related parties, reflecting the nature of the relationship at that time. During the current year, the previously disclosed other related party became the parent company of the reporting entity. As a result, transactions and balances with this entity are no longer presented.

Osborne Care Homes Limited

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

28	Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is Osborne Care Holdings Limited, incorporated in England & Wales.

These financial statements are available upon request from Companies House.

The ultimate controlling party is Josh Slator.

	Freehold land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Total £
Cost or valuation
At 1 April 2024	6,880,000	604,977	56,867	7,541,844
Additions	266,759	122,124	-	388,883
Disposals	-	(83,875)	-	(83,875)
At 31 March 2025	7,146,759	643,226	56,867	7,846,852
Depreciation
At 1 April 2024	-	410,444	47,603	458,047
Charge for the year	-	100,711	2,316	103,027
Eliminated on disposal	-	(83,875)	-	(83,875)
At 31 March 2025	-	427,280	49,919	477,199
Carrying amount
At 31 March 2025	7,146,759	215,946	6,948	7,369,653
At 31 March 2024	6,880,000	194,533	9,264	7,083,797