Healthcare Ireland (Belfast) Ltd

The principal activity of the Company continues to be the provision of nursing and residential care through the operation of 10 care homes, one of which was commissioned in November 2022. A further care home, in which the Company has a leasehold interest, was in the course of construction at the year end as is expected to be commissioned in May 2024. On 16th December 2022, control of the Company was transferred to Healthcare Ireland (Midco) Limited. The ultimate controlling party remains to be Gilbert Yates. On 12th January 2023, the Company completed the sale and leaseback of the Company's freehold properties to a third party real estate investment trust. The properties were included within land and buildings within tangible fixed assets and, together with related fixtures and fittings, carried a net book value of £27.447m at the date of disposal. As part of the disposal the Company is obligated to undertake further construction and accretive works valued at £7.075m. The profit for the financial year ended 30 April 2023 is £22,121,580 (2022: £128,305). Included within profit is the gain on disposal of tangible assets, further analysis of profit for the financial year is outlined within key performance indicators section below. The net assets of the Company as at 30 April 2023 amounted to £22,604,973 (2022: £733,393).