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Registration number: 06071347

JK Healthcare Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

JK Healthcare Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

JK Healthcare Limited

Company Information

Directors

R Sideras

R B Adams

Registered office

1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

Auditors

NA Associates LLP
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

 

JK Healthcare Limited

(Registration number: 06071347)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

810,616

268,182

Current assets

 

Debtors

5

894,739

1,429,212

Cash at bank and in hand

 

76,975

193,411

 

971,714

1,622,623

Creditors: Amounts falling due within one year

6

(356,214)

(203,190)

Net current assets

 

615,500

1,419,433

Total assets less current liabilities

 

1,426,116

1,687,615

Creditors: Amounts falling due after more than one year

6

(1,454,295)

(739,586)

Provisions for liabilities

-

(22,947)

Net (liabilities)/assets

 

(28,179)

925,082

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(28,279)

924,982

Shareholders' (deficit)/funds

 

(28,179)

925,082

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................
R Sideras
Director

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

These financial statements were authorised for issue by the Board on 8 February 2024.

2

Accounting policies

Summary of significant accounting policies

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Name of parent of group

These financial statements are consolidated in the financial statements of Premium Care Group Limited.

The financial statements of may be obtained from the registered office.

Going concern

The financial statements have been prepared on a going concern basis. At the year end the company had net current assets of £615,500, however the company made a loss during the year of £924,950 and had net liabilities of £28,179. The loss for the year reflects significant one-off costs incurred as part of the strategy to improve the quality of the home and services offered, by a program of refurbishment, which also had a knock-on effect of reducing turnover in the period, whilst also investing in improving technology, infrastructure, IT systems and training staff. Since completion of the works, the company returned to profitability, with current trading being exceptional with full occupancy and a waiting list of residents. In addition, since the year end the company scaled up its operations by acquiring an additional four care homes, which are operating profitably and contributing to the exceptional trading performance of all the homes operated by the company.

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Audit report

The Independent Auditor's Report was unqualified. The comparative financial statements are unaudited as the company qualified as audit exempt in the prior period.. The name of the Senior Statutory Auditor who signed the audit report on 8 February 2024 was Mr Nicholas Antoniou, who signed for and on behalf of NA Associates LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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;
and specific criteria have been met for each of the company's activities.

Government grants

Grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised as revenue in the period in which it becomes receivable.

Tax

The tax expense for the period comprises 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

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

Leasehold improvements

4% Straight line

Computer equipment

15% Reducing balance

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Fixtures and fittings

15% and 8% Reducing balance

Plant and machinery

15% Reducing balance

Motor vehicles

25% Reducing balance

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.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 in the financial statements in the reporting period in which the dividends are paid.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 33).

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 1 April 2022

147,408

370,079

-

-

Additions

222,498

332,069

5,300

51,691

At 31 March 2023

369,906

702,148

5,300

51,691

Depreciation

At 1 April 2022

-

249,305

-

-

Charge for the year

8,878

51,167

1,325

7,754

At 31 March 2023

8,878

300,472

1,325

7,754

Carrying amount

At 31 March 2023

361,028

401,676

3,975

43,937

At 31 March 2022

147,408

120,774

-

-

Total
£

Cost or valuation

At 1 April 2022

517,487

Additions

611,558

At 31 March 2023

1,129,045

Depreciation

At 1 April 2022

249,305

Charge for the year

69,124

At 31 March 2023

318,429

Carrying amount

At 31 March 2023

810,616

At 31 March 2022

268,182

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

29,366

23,575

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

514,482

-

Other debtors

 

350,891

1,405,637

 

894,739

1,429,212

Included in debtors are amounts which are due after more than one year £802,196.

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

52,930

Trade creditors

 

215,476

43,131

Taxation and social security

 

16,717

39,448

Accruals and deferred income

 

60,026

-

Other creditors

 

63,995

67,681

 

356,214

203,190

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

425,882

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,454,295

313,704

 

1,454,295

739,586

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

6

6

6

6

Ordinary B of £1 each

49

49

49

49

Ordinary C of £1 each

45

45

45

45

 

100

100

100

100

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

425,882

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

52,930

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,040,527 (2022 - £6,735).

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

Creditors includes an amount of £1,454,295 due to a related party.
Debtors includes an amount of £514,482 due from a related party.

 

JK Healthcare Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

11

Parent and ultimate parent undertaking

The company's immediate parent is Premium Care Properties Limited, incorporated in England.

 The ultimate parent is Premium Care Group Limited, incorporated in England.

  These financial statements are available upon request from registered office