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REGISTERED NUMBER: 05655549 (England and Wales)
























Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

ADONAI HOLDINGS LIMITED

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)






Contents of the Consolidated Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


ADONAI HOLDINGS LIMITED

Company Information
for the year ended 31 December 2023







DIRECTORS: B Oozageer
R Oozageer





SECRETARY: R Oozageer





REGISTERED OFFICE: 32 Furlong Way
Great Amwell
Ware
Hertfordshire
SG12 9TF





REGISTERED NUMBER: 05655549 (England and Wales)





AUDITORS: Trevor Jones & Partners Ltd
Statutory Auditor
Unit 14
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Group Strategic Report
for the year ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
Over the past fiscal year, Adonai Holdings Limited has witnessed significant financial growth and operational achievements. The turnover has shown a notable increase from £5.3m to £6.6m, representing an enhancement that aligns with our broad strategic objectives and market dynamics. This increase in turnover underscores the group’s robust and commendable operational performance.

A noteworthy highlight is our unwavering commitment to excellence within the care sector, driven by strategic decisions that are not solely revenue-oriented but focused on delivering quality care. The directors are confident that the current structure and strategic approach provide a formidable platform that supports not only compliance with regulatory standards but also fosters potential for sustained growth.

Financially, the group's health continues its upward trajectory. This year saw an impressive surge in shareholder funds by £865,547, reaching a commendable total of £10,333,328. This considerable augmentation in shareholder funds underscores the group’s solid financial foundation and reinforces the belief in its sustainable future.

The financial statements reflect a strong balance sheet with total assets less current liabilities amounting to £11,562,925, up from £11,094,186 the previous year. This solid financial position provides a stable base for future business ventures and expansions.

The group also reported a net profit increase to £1,119,547 from £856,154 the previous year, reflecting effective cost management and revenue growth.

In conclusion, while there are challenges mirrored by the turnover figures, the directors remain optimistic. The strategic foundation of Adonai Holdings is robust; the commitment to quality care is steadfast, and the financial indicators, especially shareholder funds, demonstrate the potential for future growth

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk is the continued adherence to the regulations within the care sector. Any significant breaches of such regulations could lead to a care home closure.

ON BEHALF OF THE BOARD:





B Oozageer - Director


16 September 2024

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of care homes.

DIVIDENDS
An interim dividend of £234.00 per share was paid on 31 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 234,000 .

FUTURE DEVELOPMENTS
The group's aim is to continue to provide a strong platform to allow for sustained growth whilst adhering to the required regulations within the care sector.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

B Oozageer
R Oozageer

FINANCIAL INSTRUMENTS
The company's and the group's principal financial instruments comprise the bank, bank loans and trade debtors. The main purpose of these instruments is to finance the company and the group's operations.

In respect of bank balances, the liquidity risk is managed by maintaining a cash balance throughout the year

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts
presented in the balance sheet are net of allowances for doubtful debtors.

The liquidity risk in respect of the bank loans is managed by ensuring that there are sufficient funds to meet the repayments.

The company and the group operate in a highly regulated environment particularly in relation to the Care Quality Commission standards. The company and the group have established an effective system of internal control to ensure compliance with all legal and regulatory requirements.

DISCLOSURE IN THE STRATEGIC REPORT
Where the group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 it must be stated in the directors' report that it has done so. This includes information that would have been included in the business review and the principal risks and uncertainties.


ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Report of the Directors
for the year ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Trevor Jones & Partners Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B Oozageer - Director


16 September 2024

Report of the Independent Auditors to the Members of
Adonai Holdings Limited

Opinion
We have audited the financial statements of Adonai Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Adonai Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Adonai Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations;

We identified the laws and regulations applicable to the company through discussions with directors and other management;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013), and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;

Tested journal entries to identify unusual transactions;

Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation;

Enquiring of management as to actual and potential litigation and claims; and


Report of the Independent Auditors to the Members of
Adonai Holdings Limited

Reviewing correspondence with HMRC.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
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 a Report of the Auditors 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.




Christopher James Whale (Senior Statutory Auditor)
for and on behalf of Trevor Jones & Partners Ltd
Statutory Auditor
Unit 14
Hoddesdon Enterprise Centre
Pindar Road
Hoddesdon
Hertfordshire
EN11 0FJ

16 September 2024

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Consolidated Income Statement
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 6,646,385 5,303,715

Cost of sales 3,643,418 2,999,566
GROSS PROFIT 3,002,967 2,304,149

Administrative expenses 1,434,124 1,170,932
1,568,843 1,133,217

Other operating income 5,529 7,787
OPERATING PROFIT 4 1,574,372 1,141,004

Interest receivable and similar income 15,595 749
1,589,967 1,141,753

Interest payable and similar expenses 5 96,961 68,472
PROFIT BEFORE TAXATION 1,493,006 1,073,281

Tax on profit 6 373,459 217,127
PROFIT FOR THE FINANCIAL YEAR 1,119,547 856,154
Profit attributable to:
Owners of the parent 1,119,547 856,154

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Consolidated Other Comprehensive Income
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,119,547 856,154


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,119,547

856,154

Total comprehensive income attributable to:
Owners of the parent 1,119,547 856,154

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 2,853,252 2,415,852
Tangible assets 10 4,378,479 4,477,242
Investments 11 1,254,679 1,722,179
8,486,410 8,615,273

CURRENT ASSETS
Debtors 12 1,663,721 433,710
Cash at bank and in hand 2,592,487 2,956,971
4,256,208 3,390,681
CREDITORS
Amounts falling due within one year 13 1,179,693 911,768
NET CURRENT ASSETS 3,076,515 2,478,913
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,562,925

11,094,186

CREDITORS
Amounts falling due after more than one year 14 1,229,597 1,646,405
NET ASSETS 10,333,328 9,447,781

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Revaluation reserve 17 632,000 632,000
Other reserves 17 35,000 35,000
Retained earnings 17 9,665,328 8,779,781
SHAREHOLDERS' FUNDS 10,333,328 9,447,781

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





B Oozageer - Director


ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 604,979 604,979
Investments 11 2,659,463 2,659,463
3,264,442 3,264,442

CURRENT ASSETS
Cash at bank 1,737 3,265

CREDITORS
Amounts falling due within one year 13 2,313,649 1,870,915
NET CURRENT LIABILITIES (2,311,912 ) (1,867,650 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

952,530

1,396,792

CREDITORS
Amounts falling due after more than one year 14 1,000,814 1,387,307
NET (LIABILITIES)/ASSETS (48,284 ) 9,485

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Retained earnings (49,284 ) 8,485
SHAREHOLDERS' FUNDS (48,284 ) 9,485

Company's profit for the financial year 176,231 212,800

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





B Oozageer - Director


ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 1,000 8,176,127 632,000 35,000 8,844,127

Changes in equity
Dividends - (252,500 ) - - (252,500 )
Total comprehensive income - 856,154 - - 856,154
Balance at 31 December 2022 1,000 8,779,781 632,000 35,000 9,447,781

Changes in equity
Dividends - (234,000 ) - - (234,000 )
Total comprehensive income - 1,119,547 - - 1,119,547
Balance at 31 December 2023 1,000 9,665,328 632,000 35,000 10,333,328

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Company Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 48,185 49,185

Changes in equity
Dividends - (252,500 ) (252,500 )
Total comprehensive income - 212,800 212,800
Balance at 31 December 2022 1,000 8,485 9,485

Changes in equity
Dividends - (234,000 ) (234,000 )
Total comprehensive income - 176,231 176,231
Balance at 31 December 2023 1,000 (49,284 ) (48,284 )

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Consolidated Cash Flow Statement
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,697,510 1,064,654
Interest paid (96,961 ) (67,780 )
Interest element of hire purchase or finance
lease rental payments paid

-

(692

)
Tax paid (191,728 ) (212,255 )
Net cash from operating activities 1,408,821 783,927

Cash flows from investing activities
Purchase of tangible fixed assets (19,921 ) (35,288 )
Sale of tangible fixed assets - 1,133
Interest received 15,595 749
Net cash from investing activities (4,326 ) (33,406 )

Cash flows from financing activities
Capital repayments in year (433,523 ) (347,418 )
Amount withdrawn by directors (1,101,456 ) (18,650 )
Equity dividends paid (234,000 ) (252,500 )
Net cash from financing activities (1,768,979 ) (618,568 )

(Decrease)/increase in cash and cash equivalents (364,484 ) 131,953
Cash and cash equivalents at beginning of
year

2

2,956,971

2,825,018

Cash and cash equivalents at end of year 2 2,592,487 2,956,971

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,493,006 1,073,281
Depreciation charges 148,684 143,701
Profit on disposal of fixed assets - (184 )
Finance costs 96,961 68,472
Finance income (15,595 ) (749 )
1,723,056 1,284,521
Increase in trade and other debtors (170,175 ) (160,025 )
Increase/(decrease) in trade and other creditors 144,629 (59,842 )
Cash generated from operations 1,697,510 1,064,654

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,592,487 2,956,971
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,956,971 2,825,018


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,956,971 (364,484 ) 2,592,487
2,956,971 (364,484 ) 2,592,487
Debt
Debts falling due within 1 year (363,207 ) 16,815 (346,392 )
Debts falling due after 1 year (1,646,405 ) 416,808 (1,229,597 )
(2,009,612 ) 433,623 (1,575,989 )
Total 947,359 69,139 1,016,498

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Adonai Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the accounts of Adonai Holdings Limited and all of its subsidiary undertakings made up to 31 December 2021; the group statement of comprehensive income includes the results of all subsidiary undertakings for the period.

Turnover and profits arising on trading between group companies are excluded.

Where the group has an investment in an entity which is sufficient to give the group a participating interest, and over which it is in a position to exercise significant influence, the entity is treated as an associated undertaking and is accounted for using the equity method of accounting.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(ii) Useful economic life of intangible fixed asset
The annual amortisation charge for the intangible fixed asset is sensitive to changes in the estimated useful economic life and residual value of the asset. The useful economic life and residual value is re-assessed annually. It is amended when necessary to reflect current estimates, based on utilisation of the asset.

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts.

Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Reducing balance over 3 years

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 year 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,385,959 2,796,134
Other pension costs 97,009 141,668
3,482,968 2,937,802

The average number of employees during the year was as follows:
2023 2022

Direct 129 125
Directors 2 2
131 127

The average number of employees by undertakings that were proportionately consolidated during the year was 131 (2022 - 127 ) .

2023 2022
£    £   
Directors' remuneration 18,365 17,628
Directors' pension contributions to money purchase schemes 60,000 104,632

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 69,578 52,543
Depreciation - owned assets 118,684 113,701
Profit on disposal of fixed assets - (184 )
Goodwill amortisation 30,000 30,000
Auditors' remuneration 20,820 17,700

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 94,604 65,663
Bank loan interest 2,357 2,117
Hire purchase - 692
96,961 68,472

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 373,459 217,127
Tax on profit 373,459 217,127

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 234,000 252,500

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023 3,120,357
Additions 467,400
At 31 December 2023 3,587,757
AMORTISATION
At 1 January 2023 704,505
Amortisation for year 30,000
At 31 December 2023 734,505
NET BOOK VALUE
At 31 December 2023 2,853,252
At 31 December 2022 2,415,852

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 4,923,945 22,377 1,149,904
Additions - - 17,521
At 31 December 2023 4,923,945 22,377 1,167,425
DEPRECIATION
At 1 January 2023 871,700 1,908 769,919
Charge for year 54,984 192 57,828
At 31 December 2023 926,684 2,100 827,747
NET BOOK VALUE
At 31 December 2023 3,997,261 20,277 339,678
At 31 December 2022 4,052,245 20,469 379,985

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 107,932 12,384 6,216,542
Additions 2,400 - 19,921
At 31 December 2023 110,332 12,384 6,236,463
DEPRECIATION
At 1 January 2023 85,264 10,509 1,739,300
Charge for year 5,672 8 118,684
At 31 December 2023 90,936 10,517 1,857,984
NET BOOK VALUE
At 31 December 2023 19,396 1,867 4,378,479
At 31 December 2022 22,668 1,875 4,477,242

Company
Freehold
property
£   
COST
At 1 January 2023
and 31 December 2023 604,979
NET BOOK VALUE
At 31 December 2023 604,979
At 31 December 2022 604,979

11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 1,254,679
NET BOOK VALUE
At 31 December 2023 1,254,679
At 31 December 2022 1,254,679

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,659,463
NET BOOK VALUE
At 31 December 2023 2,659,463
At 31 December 2022 2,659,463

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Genesis Residential Homes Ltd
Registered office: England
Nature of business: Care home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 714,811 695,619
Profit for the year 31,192 50,206

Hatherley Care Home Limited
Registered office: England
Nature of business: Care home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,740,394 4,437,718
Profit for the year 367,676 320,529

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Rosewood & Brook House Ltd
Registered office: England
Nature of business: Care Home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,026,456 1,005,190
Profit for the year 21,266 47,858

Belmont Grange Ltd
Registered office: England
Nature of business: Care Home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,256,575 1,083,839
Profit for the year 239,836 216,690

Deverill Holdings Limited
Registered office: England
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
Preference 100.00
2023 2022
£    £   
Aggregate capital and reserves 542,490 542,490
Profit for the year 62,000 63,500

Deverill Estates Limited
Registered office: England
Nature of business: Care home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,732,546 2,349,459
Profit for the year 445,087 260,570

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Genesis Residential Home (Spalding) Limited
Registered office: England
Nature of business: Care Home
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 164,952 120,693
Profit for the year 72,259 47,978


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 317,004 121,262
Other debtors 1,312,554 247,343
Tax - 42,399
Prepayments and accrued income 34,163 22,706
1,663,721 433,710

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 346,392 363,207 303,000 303,000
Trade creditors 14,842 13,714 - -
Amounts owed to group undertakings - - 1,851,343 1,424,609
Tax 432,599 293,267 - -
Social security and other taxes 106,768 69,933 - -
Other creditors 219,030 129,093 159,306 143,306
Directors' current accounts 2,898 2,119 - -
Accrued expenses 57,164 40,435 - -
1,179,693 911,768 2,313,649 1,870,915

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 15) 1,229,597 1,646,405 1,000,814 1,387,307

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 346,392 363,207 303,000 303,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 228,783 259,098 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,000,814 1,387,307 1,000,814 1,387,307

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

17. RESERVES

Group
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 8,779,781 632,000 35,000 9,446,781
Profit for the year 1,119,547 1,119,547
Dividends (234,000 ) (234,000 )
At 31 December 2023 9,665,328 632,000 35,000 10,332,328


18. RELATED PARTY DISCLOSURES

During the year, total dividends of £234,000 were paid to the directors .

ADONAI HOLDINGS LIMITED (REGISTERED NUMBER: 05655549)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

18. RELATED PARTY DISCLOSURES - continued

During the period, Adonai Holdings Limited engaged in intercompany transactions with its subsidiaries as follows:

Adonai Holdings Limited had the following year-end balances with its subsidiaries:
Deverill Estates Limited is owed £2,129,582 from Adonai Holdings Limited .
Genesis Residential Homes Ltd owed Adonai Holdings Limited £24,838.
Rosewood and Brookhouse Ltd is owed £357,837 from Adonai Holdings Limited .
Belmont Grange Ltd owed Adonai Holdings Limited £366,713.
Genesis Residential Home (Spalding) Limited had a credit balance of £40,000 with Adonai Holdings
Limited.
Deverill Holdings Limited owed Adonai Holdings Limited £246,925.
Hatherley Care Home Limited is owed £2,400 from Adonai Holdings Limited

The movements during the year between Adonai Holdings Limited and its subsidiaries included:

A further transfer of £320,692 from Deverill Estates Limited to Adonai Holdings Limited.
A further transfer of 106,042 from Rosewood and Brookhouse Ltd to Adonai Holdings Limited.


These transactions are eliminated on consolidation and are disclosed in line with financial reporting requirements governing related party disclosures.