Registration number:
JK Healthcare Limited
for the Year Ended 31 March 2023
JK Healthcare Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
JK Healthcare Limited
Company Information
Directors |
R Sideras R B Adams |
Registered office |
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Auditors |
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JK Healthcare Limited
(Registration number: 06071347)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(28,279) |
924,982 |
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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
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JK Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
JK Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
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Cost or valuation |
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At 1 April 2022 |
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- |
- |
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Additions |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
- |
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- |
- |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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- |
- |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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JK Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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Included in debtors are amounts which are due after more than one year £802,196.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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6 |
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6 |
Ordinary B of £1 each |
49 |
49 |
49 |
49 |
Ordinary C of £1 each |
45 |
45 |
45 |
45 |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
- |
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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 £
JK Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from registered office