Directors Report 1

The directors present the strategic report and financial statements for the year ended 31 May 2015. Review of the business
During the year ended 31 May 2015 the company reported a profit on ordinary activities before taxation amounting to ?6,584,293 compared with a loss of ?134,172 in 2014. However, this included amounts of ?11,624,436 and ?4,983,436 relating to inter-group dividends received and impairment of investments respectively. If these amounts are excluded a loss on ordinary activities before taxation is reported at ?56,707. This reduction is as a result of the repayment of bank finance during the year.
In respect of the financial position of the company, as at the year end the company reports net liabilities amounting to ?828 (2014: ?592,552). The decrease in liabilities reported is a direct result of the inter- group dividend received detailed above.
The principal risks and uncertainties faced by the company include the risk of any downward valuation of the investments held by it as a result of consequential effects of risks inherent in the care sector.
behalf of the board Mr B Cooney Director ..10115. ......

Jo

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ASHRIDGE COURT (BEXHILL) LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2015

The directors present their report and financial statements for the year ended 31 May 2015.
Results and dividends The results for the year are set out on page 6.
The directors do not recommend payment of a final dividend.
Directors The following directors have held office since 1 June 2014:
Mr B Cooney Mr B Lambert
Auditors Morris Lane were appointed auditors to the company in accordance with section 485 of the Companies Act 2006. The auditors, Morris Lane, will be deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities The directors are responsible for preparing the Strategic Report, Directors Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK 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 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.
The directors' are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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ASHRIDGE COURT (BEXHILL) LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2015

Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board

Mr B Cooney Director .iff 9'1.15

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ASHRIDGE COURT (BEXHILL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHRIDGE COURT (BEXHILL) LIMITED

We have audited the financial statements of Ashridge Court (Bexhill) Limited for the year ended 31 May 2015 set out on pages 6 to 14. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members', as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members' those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members' as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 May 2015 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.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion 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.

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ASH'RIDGE COURT (BEXHILL) LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS OF ASHRIDGE-COURT (BEXHILL) LIMITED

Matters on which we are required to report by exception 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.

'1?''S LO-A-St- Michelle Pettifer (Senior Statutory Auditor) for and on behalf of Morris Lane
Chartered Accountants Statutory Auditor

SI epie iv,,t34, 201S

31/33 Commercial Road Poole Dorset BH14 OHU
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ASHRIDGE COURT (BEXHILL) LIMITED

Directors Report 2

The directors present the strategic report and financial statements for the year ended 31 May 2014.
Review of the business During the year ended 31 May 2014, the company incurred a loss on ordinary activities before taxation of ?134,172 compared with a loss on ordinary activities of ?158,287 in the prior year. The reduction in the reported loss arises as a result of the maturity of the interest rate swap agreement and the subsequent reduction in finance costs.
The principal risks and uncertainties faced by the company include the compliance requirements in respect of the terms attaching to the borrowings held and the movements in the financial market, which may give rise to interest rate variations. The company mitigates this risk by routinely monitoring the position to minimise both finance costs and exposure to rate variation in order to enhance future performance.
On behalf of the board

Mr B Cooney Dkector ,50/2&,76e, 2-?7/4(

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ASHRIDGE COURT (BEXHILL) LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2014

The directors present their report and financial statements for the year ended 31 May 2014.
Results and dividends The results for the year are set out on page 5.
The directors do not recommend payment of a final dividend.
Directors The following directors have held office since 1 June 2013:
Mr B Cooney Mr B Lambert
Auditors Grant Thornton UK LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with Section 487(2) of the Companies Act 2006 unless the company receives notice under Section 488(1) of the Companies Act 2006.
Statement of directors responsibilities The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK 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 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.
The directors' are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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ASHRIDGE COURT (BEXHILL) LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2014

Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board

Mr B Cooney Dy!toi3i:, 6044,- 2_0/11--

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ASHRIDGE COURT (BEXHILL) LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF ASHRIDGE COURT (BEXHILL) LIMITED

We have audited the financial statements of Ashridge Court (Bexhill) Limited for the year ended 31 May 2014 which comprise the profit and loss account, the balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the APB's website at www.frc.org.uldapb/scope/private.cfm.
Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 May 2014 and of its loss 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.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion 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.
Matters on which we are required to report by exception 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.

C4kAi--4144.(414-1 utA,P
Stephen Mills Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Southampton

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ASHRIDGE COURT (BEXHILL) LIMITED

Directors Report 3

DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2013

The directors present their report and financial statements for the year ended 31 May 2013
Principal activities and review of the business The pnnapal activity of the company continued to be that of the investment in facilities for the care of elderly people in the United Kingdom
During the year ended 31 May 2013, the company incurred a loss on ordinary activities before taxation of ?158,287 compared with a loss on ordinary activities of ?145,083 in the prior year The increase in the reported loss is as a result of additional non-recurring finance fees in connection with the investment into care facilities
The pnnapal nsks and uncertainties faced by the company include the compliance requirements in respect of the terms attaching to the borrowings held and the movements in the financial market, which may give rise to interest rate variations The company mitigates this risk by entering into appropriate interest rate swap agreements as part of its interest rate management strategy The position is monitored routinely by the company to minimise finance costs as far as possible to enhance future performance
Results and dividends The results for the year are set out on page 4
The directors do not recommend payment of a final dividend
Directors The following directors have held office since 1 June 2012
Mr B Cooney Mr B Lambert
Auditors Grant Thornton UK LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with Section 487(2) of the Companies Act 2006 unless the company receives notice under Section 488(1) of the Companies Act 2006
ASHRIDGE COURT (BEXHILL) LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2013

Statement of directors' responsibilities The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with 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 penod In prepanng 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 UK 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 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
The directors' are responsible for the maintenance and integrity of the company website Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions
Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information
On behalf of the board

Mr 13 Cooney Director 23 /OR 113

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ASH RIDGE COURT (BEXHILL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHRIDGE COURT (BEXHILL) LIMITED

We have audited the financial statements of Ashndge Court (Bexhill) Limited for the year ended 31 May 2013 which comprise the profit and loss account, the balance sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the APB's website at www frc org uk/apb/scope/pnvate cfm
Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 May 2013 and of its loss 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 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception 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

C.i Putt-Adis/Alm 1.4K La
Stephen Mills Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Southampton 410.0

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ASHRIDGE COURT (BEXHILL) LIMITED

Directors Report 4

DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2012

The directors present their report and financial statements for the year ended 31 May 2012
Principal activities and review of the business The pnncipal activity of the company continued to be that of the investment in facilities for the care of elderly people in the United Kingdom
Dunng the year ended 31 May 2012, the company incurred a loss on ordinary activities before taxation of ?145,083 primarily as a result of the finance costs incurred on the borrowings held in the company for the purpose of servicing the investment in group members For the penod from 10 September 2010 to 31 May 2011, the company incurred a loss of 055,011 and the improvement in results reported for the current financial year is as a result of a reduction in preliminary expenditure, including finance arrangement fees and legal and professional costs
The principal risks and uncertainties faced by the company include the compliance requirements in respect of the terms attaching to the borrowings held and the movements in the financial market, which may give rise to interest rate variations The company mitigates this risk by entering into appropriate interest rate swap agreements as part of its interest rate management strategy The position is monitored routinely by the company to minimise finance costs as far as possible to enhance future performance
Results and dividends The results for the year are set out on page 4
The directors do not recommend payment of a final dividend
Directors The following directors have held office since 1 June 2011
Mr B Cooney Mr B Lambert
Auditors Grant Thornton UK LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with Section 487(2) of the Companies Act 2006 unless the company receives notice under Section 488(1) of the Companies Act 2006

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ASHRIDGE COURT (BEXHILL) LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2012

Statement of directors' responsibilities The directors are responsible for prepanng the Directors' Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with 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 penod In prepanng 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 UK Accounting Standards have been followed, subject to any matenal departures disclosed and explained in the financial statements, - prepare the financial statements on the going concern basis unless it is inappropnate 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 irregulanties
The directors' are responsible for the maintenance and integnty of the company website Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other junsdictions
Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information
On behalf of the board

Mr B Cooney Director 2

g.11 I
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ASHRIDGE COURT (BEXHILL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHRIDGE COURT (BEXHILL) LIMITED

We have audited the financial statements of Ashndge Court (Bexhill) Limited for the year ended 31 May 2012 which compnse the profit and loss account, the balance sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Pat 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
Scope of the audit of the financial statements A descnpbon of the scope of an audit of financial statements is provided on the APB's website at www frc org uk/apb/scope/pnvate cfm
Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 May 2012 and of its loss 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
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception 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

C4cvd-4444Alcri UK lil
Stephen Mills Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Southampton

4,14

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ASHRIDGE COURT (BEXHILL) LIMITED

Directors Report 5

DIRECTORS REPORT FOR THE PERIOD ENDED 31 MAY 2011

The directors present their report and financial statements for the period ended 31 May 2011
Principal activities and review of the business The company was incorporated on 10 September 2010 and commenced to trade on 1 October 2010
The principal activity of the company is that of the investment in facilities for the care of elderly people in the United Kingdom
During the penod, the company incurred a loss on ordinary activities before taxation of ?155,011 pnmanly as a result of the finance costs incurred on the borrowings held in the company for the purpose of servicing the investment in group members The company leases the freehold property utilised as a residential nursing home by Ashndge Court Limited
The principal risks and uncertainties faced by the company include the compliance requirements in respect of the terms attaching to the borrowings held and the movements in the financial market, which may give rise to interest rate variations The company mitigates this risk by entering into appropriate interest rate swap agreements as part of its interest rate management strategy The position is monitored routinely by the company to minimise finance costs as far as possible to enhance future performance
Results and dividends The results for the period are set out on Page 4
The directors do not recommend payment of a final dividend
Directors The following directors have held office since 10 September 2010
Mr B Cooney (Appointed 21 September 2010) Mr B Lambert (Appointed 10 September 2010)
Auditors Grant Thornton UK LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with Section 487(2) of the Companies Act 2006 unless the company receives notice under Section 488(1) of the Companies Act 2006

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ASHRIDGE COURT (BEXHILL) LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MAY 2011

Statement of directors' responsibilities The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements in accordance with 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 then apply them consistently, - make judgements and accounting estimates that are reasonable and prudent, - state whether applicable UK 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 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
The directors' are responsible for the maintenance and integrity of the company website Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions
Statement of disclosure to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information
On behalf of the board

Mr B Lambert Director Zincel /4,01
ASHRIDGE COURT (BEXHILL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHRIDGE COURT (BEXHILL) LIMITED

We have audited the financial statements of Ashndge Court (Bexhill) Limited for the period ended 31 May 2011 which compnse the profit and loss account, the balance sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditors As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the APB's website at www frc org uk/apb/scope/pnvate cfm
Opinion on financial statements In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 31 May 2011 and of its loss for the period 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
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial penod for which the financial statements are prepared is consistent with the financial statements
Matters on which we are required to report by exception 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

ataa-41A-wAtti 'UV 14
Stephen Mills Senior Statutory Auditor for and on behalf of Grant Thornton UK UP Statutory Auditor, Chartered Accountants Southampton

ufrilq

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ASHRIDGE COURT (BEXHILL) LIMITED