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REGISTERED NUMBER: 09526697 (England and Wales)















FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023

FOR

K BOND HEALTHCARE LTD

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023










Page

Balance Sheet 1

Statement of Changes in Equity 2

Notes to the Financial Statements 3


K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

BALANCE SHEET
31 MARCH 2023

2023 2022
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,266 33,023

CURRENT ASSETS
Debtors 5 837,117 667,427
Cash at bank and in hand 343,540 48,362
1,180,657 715,789
CREDITORS
Amounts falling due within one year 6 580,435 288,677
NET CURRENT ASSETS 600,222 427,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

619,488

460,135

CREDITORS
Amounts falling due after more than one year 7 - (25,199 )

PROVISIONS FOR LIABILITIES 10 (79,568 ) -
NET ASSETS 539,920 434,936

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 539,820 434,836
539,920 434,936

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





P N Ledgard - Director


K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2021 100 6,413 6,513

Changes in equity
Dividends - (121,500 ) (121,500 )
Total comprehensive income - 495,122 495,122
Balance at 30 April 2022 100 380,035 380,135
Prior year adjustment - 54,801 54,801
As restated 100 434,836 434,936

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - 264,984 264,984
Balance at 31 March 2023 100 539,820 539,920

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023


1. STATUTORY INFORMATION

K Bond Healthcare Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 09526697 and registered office address is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statement are drawn up for the company as a single entity. The presentation and fuctional currency of the financial statements is the Pound Sterling (£).

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and 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 have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions
A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Depreciation
Depreciation is provided over the estimated useful life of the asset. The directors make estimates as to the length of those useful lives.

Trade debtors recoverability
Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Mobilisation assets
The directors make estimates as to the recoverability of these balances and provide for them accordingly.

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Government grants
Government grants received as a result of the Covid pandemic have been accounted for under the accrual model.

FRS 102 paragraph 24.5E states that a grant that becomes receivable for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised as income in the period in which it becomes receivable. The grant income received has been allocated as other income.

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, other creditors, amounts owed to group undertakings and directors loan accounts that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Going concern
At 31 March 2023 the company had a profit for the financial period of £264,984 and net assets of £539,920. Prior year results have been adjusted for a material error, as explained in the notes to these financial statements.
The directors have reviewed the working capital requirements for the group of companies headed up by Tristone Capital Ltd for the next twelve months and consider that the group companies have sufficient working capital to enable this company to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2023.

Mobilisation assets
Mobilisation assets relate to the set up cost of individual income generating units (IGU) and reflect the investment required to bring these IGU to operational status, being when a first service user moves in to the home. These IGU are each residential accommodation capable of providing care for people with complex care needs. All are set up to be capable of long-term accommodation support for their respective service users of between 15 and 25 years.

A 7-year useful economic life for amortising the mobilisation asset into the P&L result is used to reflect the period of time over which that initial investment is expected to realise financial benefits until further expenditure is likely to be needed to maintain the IG asset at the high standard required.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 56 (2022 - 62 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2022
and 31 March 2023 24,075 23,123 12,833 60,031
DEPRECIATION
At 1 May 2022 9,689 11,973 5,346 27,008
Charge for period 5,518 5,297 2,942 13,757
At 31 March 2023 15,207 17,270 8,288 40,765
NET BOOK VALUE
At 31 March 2023 8,868 5,853 4,545 19,266
At 30 April 2022 14,386 11,150 7,487 33,023

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023


5. DEBTORS
2023 2022
as restated
(Unaudited)
£    £   
Amounts falling due within one year:
Trade debtors 24,329 61,725
Amounts owed by group undertakings 735,650 -
Other debtors 34,867 605,702
794,846 667,427

Amounts falling due after more than one year:
Other debtors 42,271 -

Aggregate amounts 837,117 667,427

Other debtors include mobilisation assets of £54,085 (2022: £nil), of which £42,271 is included in debtors due after one year.


Amounts owed by group undertakings are repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
(Unaudited)
£    £   
Trade creditors 12,985 -
Taxation and social security 362,885 212,591
Other creditors 204,565 76,086
580,435 288,677

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
(Unaudited)
£    £   
Bank loans - 25,199

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
(Unaudited)
£    £   
Within one year 92,900 -
Between one and five years 167,710 -
260,610 -

9. SECURED DEBTS

On 12 December 2022 the company entered into guarantees in the form of a fixed and floating charges to secure the borrowings of their penultimate parent company, Tristone Healthcare Limited. At 31 March 2023 the amount outstanding in respect of these guarantees was £17,599,000. The beneficiary of the securities are Duke Royalty UK Limited.

The company's immediate parent company, Tristone NS Holdings Limited, and its fellow subsidiary companies, THL Investments Limited, Roundhouse Care Holdings Limited, Tristone SSS Holdings Limited, Tristone PCM Holdings Limited, Premier Care Management Limited, Sportfit Support Services Limited, Tristone BL Holdings Limited, Beyond Limits (Plymouth) Ltd, Tristone PW Holdings Limited, Procare Wales Limited, Bangor Centre for Developmental Disabilities Limited, Seaside Care Homes Limited and Tristone Healthcare Properties Limited are also party to the same borrowings of Tristone Healthcare Limited. At 31 March 2023 the company was owed £100,000 by Tristone Healthcare Limited.

10. PROVISIONS FOR LIABILITIES
2023 2022
as restated
(Unaudited)
£    £   
Deferred tax 4,568 -
Other provisions 75,000 -
79,568 -

Deferred Dilapidati
tax ons
£    £   
Provided during period 4,568 75,000
Balance at 31 March 2023 4,568 75,000

Deferred tax of £4,568 (2022: £nil) relates to accelerated capital allowances in excess of depreciation.
Dilapidations provision of £75,000 (2022: £nil) is in respect of properties occupied by the company's customers.

K BOND HEALTHCARE LTD (REGISTERED NUMBER: 09526697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2023 and the year ended 30 April 2022:

2023 2022
as restated
(Unaudited)
£    £   
K Bond
Balance outstanding at start of period 538,046 24,664
Amounts advanced 10,849 513,382
Amounts repaid (538,046 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 10,849 538,046

13. RELATED PARTY DISCLOSURES

At 31 March 2023 the company was owed £635,650 (2022: £nil) by Tristone NS Holdings Limited, the immediate parent company. No interest has been charged in respect of this loan, which is repayable on demand.

14. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Tristone NS Holdings Limited and its ultimate parent company is Tristone Capital Ltd, whose registered office is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD. Consolidated financial statements can be obtained at Companies House, Crown Way, Cardiff, CF14 3UZ.