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Registered number: 13189135







JASMINE CARE GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
JASMINE CARE GROUP LIMITED
 

COMPANY INFORMATION


Directors
Zyrieda Denning 
QAGDORM6 LTD (resigned 17 May 2024)




Registered number
13189135



Registered office
The Old Rectory
Church Street

Weybridge

Surrey

KT13 8DE




Independent auditor
TWP Accounting LLP

The Old Rectory

Church Street

Surrey

KT13 8DE





 
JASMINE CARE GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Consolidated Profit and Loss Account
8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 32


 
JASMINE CARE GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

Introduction
 
We aim to present a balanced and comprehensive review of the development and performance of the group during the period and its position at the period end. Our review is consistent with the size and non-complex nature of the group and is written in the context of the risks and uncertainties we face.

Business review
 
As a provider of nursing and residential homes for the elderly, the group continues to strive to provide excellent
affordable care in homely surroundings. 

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being:
• Occupancy levels;
• Turnover;
• Gross margin.
Sales have increased by 21% when compared to the previous year. Florence Care Reading Limited has improved performance as a result of a change in management and a good CQC report from the new manager in 2021. This has since led to an increase in average occupancy levels. Gross profit and margins have increased to £1,998,440 (40%) in 2024 compared to £1,800,776 (42%) in 2023, which was mostly caused by the increases in occupancy levels and the block bed contracts from local councils. MH Hants Limited has improved performance as a result of the additional 30 bed building was rented by MH Hants Limited, with the first residents moving in during July 2023.
 

Other key performance indicators
 
The care home consistently strives to maintain high quality standards. Following considerable financial and time investment,we have achieved good in the overall rating from the Care Quality Commission (CQC), accross all three of our homes.
As for many businesses of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.


This report was approved by the board on 29 January 2025 and signed on its behalf.



Zyrieda Denning
Director

Page 1

 
JASMINE CARE GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors present their report and the financial statements for the period ended 30 April 2024.

Results and dividends

The profit for the period, after taxation and minority interests, amounted to £567,945 (2023 - loss £402,204).

The total distribution of dividends to the owners of the company for the year are £nil (2023 - £nil).

Directors

The directors who served during the period were:

Zyrieda Denning 
QAGDORM6 LTD (resigned 17 May 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 2

 
JASMINE CARE GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Post balance sheet events

Florence Care Reading Limited
The company has accepted a resolution proposal from His Majesty's Revenue & Customs for the use of a pension obligation arrangement. The company confirms the amount of £518,000 currently included in creditors due after more than one year reversed in the accounting period end of 30 April 2025, with £480,000 being treated as chargeable income for the purposes of corporation tax.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 January 2025 and signed on its behalf.
 





................................................
Zyrieda Denning
Director

Page 3

 
JASMINE CARE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JASMINE CARE GROUP LIMITED
 

Qualified opinion


We have audited the financial statements of JASMINE CARE GROUP LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit 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.


Basis for qualified opinion


The audit evidence available to us in respect of the defined benefit pension scheme liability was limited. This has consequently led to a lack of sufficient appropriate evidence available to support any movement during the year in the related liability and associated disclosures for the year ended 30 April 2024. We were unable to satisfy ourselves by alternative means concerning the recognition of the movements in the present value of the defined benefit obligations for the year ended 30 April 2024, which is included in the statement of comprehensive income and Note 24, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount are necessary.


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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 qualified 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 or 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.


Page 4

 
JASMINE CARE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JASMINE CARE GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The director is responsible for the other information contained within the Annual Report.  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. 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 course of 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the recognition of the movements in the present value of the defined benefit obligations for the year ended 30 April 2024.  We have concluded that where the other information refers to the defined benefit pension scheme balance, may be materially misstated for the same reason.


Opinion on other matters prescribed by the Companies Act 2006
 

Except for the possible effects of the matter described in the basis of qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

Except for the matter described in the basis for qualified opinion section of our report, 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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.



Arising solely from the limitation on scope of our work related to defined benefit obligation, referred to above, we have not obtained all the information and explanations that we considered necessary for the purpose of our audit, and we were unable to determine whether adequate accounting records have been kept. 


Page 5

 
JASMINE CARE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JASMINE CARE GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

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, and for such internal control as the directors determine is 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.


Auditor's 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 an Auditor's Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management, those charged with governance and the entity’s professional advisors around actual and potential litigation and claims.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
Review of after year end information to ensure expenditure has been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 


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 Auditor's Report.


Page 6

 
JASMINE CARE GROUP LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JASMINE CARE GROUP LIMITED (CONTINUED)


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 2006Our 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 Auditor's 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.





Philip Munk FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Surrey
KT13 8DE

29 January 2025
Page 7

 
JASMINE CARE GROUP LIMITED
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,285,564
10,134,366

Cost of sales
  
(7,886,389)
(6,633,451)

Gross profit
  
4,399,175
3,500,915

Administrative expenses
  
(3,266,305)
(3,800,696)

Other operating income
 5 
27,477
27,842

Operating profit/(loss)
 6 
1,160,347
(271,939)

Interest receivable and similar income
 10 
1,031
25,605

Interest payable and similar expenses
 11 
(2,320)
(731)

Profit/(loss) before tax
  
1,159,058
(247,065)

Tax on profit/(loss)
 12 
(478,884)
(234,616)

Profit/(loss) for the financial period
  
680,174
(481,681)

Profit/(loss) for the period attributable to:
  

Non-controlling interests
  
112,229
(79,477)

Owners of the parent
  
567,945
(402,204)

  
680,174
(481,681)

There are no items of other comprehensive income for 2024 or 2023 other than the profit/(loss) for the period

The notes on pages 16 to 32 form part of these financial statements.

Page 8

 
JASMINE CARE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024

2024
2023
£
£


Profit/(loss) for the financial period
  
680,174
(481,681)

Total comprehensive income for the period
  
680,174
(481,681)

Profit/(loss) for the period attributable to:
  


Non-controlling interest
  
112,229
(79,477)

Owners of the parent Company
  
567,945
(402,204)

  
680,174
(481,681)

Total comprehensive income attributable to:
  


Non-controlling interest
  
112,229
(79,477)

Owners of the parent Company
  
567,945
(402,204)

  
680,174
(481,681)

The notes on pages 16 to 32 form part of these financial statements.

Page 9

 
JASMINE CARE GROUP LIMITED
REGISTERED NUMBER: 13189135

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
4,554,138
5,342,923

Tangible assets
 14 
8,182,662
8,047,695

  
12,736,800
13,390,618

Current assets
  

Debtors: amounts falling due within one year
 16 
2,919,405
3,043,364

Cash at bank and in hand
 17 
306,952
353

  
3,226,357
3,043,717

Creditors: amounts falling due within one year
 18 
(4,266,496)
(5,426,086)

Net current liabilities
  
 
 
(1,040,139)
 
 
(2,382,369)

Total assets less current liabilities
  
11,696,661
11,008,249

Creditors: amounts falling due after more than one year
 19 
(10,542,000)
(10,542,000)

Provisions for liabilities
  

Deferred taxation
 20 
(121,238)
(113,000)

  
 
 
(121,238)
 
 
(113,000)

Net assets
  
1,033,423
353,249


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
(47,668)
(615,613)

Equity attributable to owners of the parent Company
  
(47,568)
(615,513)

Non-controlling interests
  
1,080,991
968,762

  
1,033,423
353,249


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.




Zyrieda Denning
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
JASMINE CARE GROUP LIMITED
REGISTERED NUMBER: 13189135

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
12,024,000
12,024,000

  
12,024,000
12,024,000

Current assets
  

Debtors: amounts falling due within one year
 16 
100
100

  
100
100

Creditors: amounts falling due within one year
 18 
(2,004,800)
(2,004,800)

Net current liabilities
  
 
 
(2,004,700)
 
 
(2,004,700)

Total assets less current liabilities
  
10,019,300
10,019,300

  

Creditors: amounts falling due after more than one year
 19 
(10,024,000)
(10,024,000)

  

Net liabilities
  
(4,700)
(4,700)


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account brought forward
  
(4,800)
(4,800)

Profit and loss account carried forward
  
(4,800)
(4,800)

  
(4,700)
(4,700)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.


Zyrieda Denning
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
JASMINE CARE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 May 2022
100
(213,409)
(213,309)
1,048,239
834,930


Comprehensive income for the year

Loss for the year
-
(402,204)
(402,204)
-
(402,204)


Contributions by and distributions to owners

Contriubtion to Non-controlling interest
-
-
-
(79,477)
(79,477)



At 1 May 2023
100
(615,613)
(615,513)
968,762
353,249


Comprehensive income for the period

Profit for the period
-
567,945
567,945
-
567,945


Contributions by and distributions to owners

Contriubtion to Non-controlling interest
-
-
-
112,229
112,229


At 30 April 2024
100
(47,668)
(47,568)
1,080,991
1,033,423


The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
JASMINE CARE GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
100
(4,800)
(4,700)



At 1 May 2023
100
(4,800)
(4,700)


At 30 April 2024
100
(4,800)
(4,700)


The notes on pages 16 to 32 form part of these financial statements.

Page 13

 
JASMINE CARE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial period
680,174
(481,681)

Adjustments for:

Amortisation of intangible assets
788,785
801,340

Depreciation of tangible assets
229,458
229,586

Loss on disposal of tangible assets
10,403
4,225

Interest paid
2,320
731

Interest received
(1,031)
(25,605)

Taxation charge
478,884
234,616

Decrease/(increase) in debtors
123,959
(2,398,808)

(Decrease)/increase in creditors
(782,423)
1,385,523

Corporation tax payable
(543,694)
(428,094)

Net cash generated from operating activities

986,835
(678,167)


Cash flows from investing activities

Purchase of tangible fixed assets
(374,827)
(414,766)

Interest received
1,031
25,605

Net cash from investing activities

(373,796)
(389,161)

Cash flows from financing activities

Repayment of loan notes
-
(500,000)

Interest paid
(2,320)
(731)

Net cash used in financing activities
(2,320)
(500,731)

Net increase/(decrease) in cash and cash equivalents
610,719
(1,568,059)

Cash and cash equivalents at beginning of period
(303,767)
1,264,292

Cash and cash equivalents at the end of period
306,952
(303,767)


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
306,952
353

Bank overdrafts
-
(304,120)

306,952
(303,767)


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
JASMINE CARE GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

353

306,599

306,952

Bank overdrafts

(304,120)

304,120

-

Debt due after 1 year

(10,024,000)

-

(10,024,000)

Debt due within 1 year

(1,828,735)

808,410

(1,020,325)


(12,156,502)
1,419,129
(10,737,373)

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

Jasmine Care Group Limited is a private company limited by shares incorporated in England and Wales. The nature of the company's operations and principal activity is a holding company. The address of registered office is given in the company's information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 March 2021.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of nursing and residential care home services supplied during the period, exclusive of Value Added Tax and trade discounts.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 16

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Defined benefit scheme
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.
Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.

Page 17

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 18

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducoing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
20%
straight line
Motor vehicles
-
15%
reducing balance
Equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

A contingent liability is disclosed where the existence of the obligations will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability.

 
2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial  assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

  
2.17

Trust

The Group has created a trust whose beneficiaries will include employees of the Group and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.
Where assets are held in the trust and these are considered by the Group to be in respect of services already provided by employees to the Group, the Group will account for these as assets of the Group until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefit from these assets. The value transferred will be charged in the Group’s profit and loss account for the year to which it relates.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.


4.


Turnover

The whole of the turnover is attributable to services provided in respect of nursing and residential care for
the elderly.

All turnover arose within the United Kingdom.

Page 20

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

5.


Other operating income

2024
2023
£
£

Government grants
27,435
27,842

Sundry income
42
-

27,477
27,842


The government grants are related to the release of Ring Fenced government grants relating to the purchase of qualifying tangible fixed assets.


6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation of tangible fixed assets
229,458
229,586

Amortisation
788,785
801,340

Other operating lease rentals
240,000
-

Auditors remuneration
38,160
34,392

Loss/(profit) on disposal of fixed assets
10,430
4,225

Contribution to the Trust
-
500,000

Defined contribution pension costs
134,978
111,181


7.


Auditor's remuneration

During the period, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Auditor's remuneration
38,160
34,392

Fees payable to the Company's auditor in respect of:

2024
2023
        £
        £
All other services

4,234

11,125
 

4,234

11,125
 

Page 21

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
6,735,117
6,431,272

Social security costs
613,440
509,632

Cost of defined contribution scheme
134,978
111,181

7,483,535
7,052,085


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Care home staff
249
220

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
382,832
1,028,592

382,832
1,028,592


The highest paid director received remuneration of £382,832 (2023 - £1,028,592).


10.


Interest receivable

2024
2023
£
£


Interest on director's loan account
1,031
25,605

1,031
25,605

Page 22

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
2,320
731

2,320
731


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
468,626
259,463

Adjustments in respect of previous periods
2,020
(48,753)


470,646
210,710


Total current tax
470,646
210,710

Deferred tax


Origination and reversal of timing differences
8,238
23,906

Total deferred tax
8,238
23,906


Taxation on profit on ordinary activities
478,884
234,616
Page 23

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,159,058
(247,065)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
289,765
(61,766)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
197,196
200,335

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,753
188,866

Capital allowances for period/year in excess of depreciation
18,587
4,061

Adjustments to tax charge in respect of prior periods
2,020
(48,753)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
47
-

Short-term timing difference leading to an increase (decrease) in taxation
8,237
23,906

Other timing differences leading to an increase (decrease) in taxation
(51,721)
-

Change in tax rates
-
(72,033)

Total tax charge for the period/year
478,884
234,616


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 May 2023
8,305,911



At 30 April 2024

8,305,911



Amortisation


At 1 May 2023
2,962,988


Charge for the period on owned assets
788,785



At 30 April 2024

3,751,773



Net book value



At 30 April 2024
4,554,138



At 30 April 2023
5,342,923



Page 25

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

14.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Motor vehicles
Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
8,863,971
49,406
39,940
821,584
9,774,901


Additions
225,530
-
-
149,297
374,827


Disposals
-
-
-
(122,296)
(122,296)



At 30 April 2024

9,089,501
49,406
39,940
848,585
10,027,432



Depreciation


At 1 May 2023
1,147,145
49,406
10,234
520,421
1,727,206


Charge for the period on owned assets
117,606
-
4,456
107,396
229,458


Disposals
-
-
-
(111,894)
(111,894)



At 30 April 2024

1,264,751
49,406
14,690
515,923
1,844,770



Net book value



At 30 April 2024
7,824,750
-
25,250
332,662
8,182,662



At 30 April 2023
7,716,826
-
29,706
301,163
8,047,695




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
7,824,750
7,716,827

7,824,750
7,716,827


Included in freehold property above, is freehold land at cost £2,521,000 ( 2023 - £2,521,000), which is not depreciated. 

Page 26

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
12,024,000



At 30 April 2024
12,024,000





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Jasmine Care Holdings Limited
England
Ordinary
83.5%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Florence Care Reading Limited
England
Ordinary
83.5%
MH Hants Limited
England
Ordinary
83.5%
Orangery Care Ltd
England
Ordinary
83.5%

The above subsidiaries provide residential and nursing care home services for the elderly and are included in the group financial statements. 

Page 27

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
422,584
314,505
-
-

Other debtors
2,448,390
2,712,182
100
100

Prepayments and accrued income
48,431
16,677
-
-

2,919,405
3,043,364
100
100



17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
306,952
353

Less: bank overdrafts
-
(304,120)

306,952
(303,767)



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Loan notes
1,000,000
1,000,000
1,000,000
1,000,000

Bank overdrafts
-
304,120
-
-

Trade creditors
245,611
242,313
-
-

Other taxation and social security
670,932
401,742
-
-

Other creditors
1,639,522
3,105,792
1,000,000
1,000,000

Accruals and deferred income
710,431
372,119
4,800
4,800

4,266,496
5,426,086
2,004,800
2,004,800


The bank overdrafts are secured by fixed and floating charges on the group's tangible fixed assets.
Included with other creditors is a balance of £20,235 (2023 - £828,735) owned by the group to the director.

Page 28

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Loan notes
10,024,000
10,024,000
10,024,000
10,024,000

Pension scheme Liability
518,000
518,000
-
-

10,542,000
10,542,000
10,024,000
10,024,000



The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Repayable by instalments
6,024,000
6,024,000
6,024,000
6,024,000




20.


Deferred taxation


Group



2024


£






At beginning of year
(113,000)


Charged to profit or loss
(8,238)



At end of year
(121,238)

Company


2024





At beginning of year
-


Charged to profit or loss
-



At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(121,238)
(113,000)

(121,238)
(113,000)

Page 29

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



22.


Reserves

Profit and loss account

The profit and loss account represents profits and losses net of adjustments and dividends.


23.


Contingent liabilities

Florence Care Reading Limited
The company received enquiries into the use of a tax scheme in the tax year 2014/15. In January 2019 HM Revenue and Customs have issued the company with Regulation 80 Tax and National Insurance Determinations, which the company is appealing against on the grounds that the company has taken advice and believes the demands to be wrong in law. In May 2024, the company has provided HM Courts & Tribunal service with a notice to appeal and the first tier tribunal is to take place in 2025 before any final decision is made.

Page 30

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

24.


Pension commitments

Florence Care Reading Limited
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,600 (2023 - £42,547). Contributions totalling £10,915 (2023 - £8,970) were payable to the fund at the balance sheet date.
MH Hants Limited
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £38,343 (2023 - £30,362). Contributions totalling £8,354 (2023 - £6,710) were payable to the fund at the balance sheet date.
Orangery Care Ltd 
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,035 (2023 - £38,272). Contributions totalling £7,652 (2023 - £6,854) were payable to the fund at the balance sheet date.

Florence Care Reading Limited - Employer Pension Obligations
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £518,000 (2023 - £518,000) was on 30 April 2024. During the year the expense incurred was £nil (2023 - £nil).
The principal assumptions used are:
- Discount rate – 3.1%
- Inflation RPI – 4.3%
- Inflation CPI – 3.4%
- Pre and Post Retirement mortality – S3PMA tables with improvements in the CMI 2020 model and a long term rate of improvement of 1%.
                                                                                    
           2024              2023
Present value of defined benefit obligations                          £518,000          £518,000
Fair value of scheme assets
Liability recognised in the balance sheet                               £518,000          £518,000
Movements in the present value of the defined benefit obligations were as follows:

2024
2022
        £
        £
At the beginning of the year

518,000

518,000

Current Service Cost

-

-

Interest cost

-

-

Actuarial losses

-

-


518,000

518,000



25.


Commitments under operating leases

The group has an annual operating lease commitment of £240,000, for land and buildings on a rolling
agreement basis.

Page 31

 
JASMINE CARE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

26.


Transactions with directors

Florence Care Reading Limited
At the beginning of the period the company owed £828,735 to Z Denning, the director. During the period advances totalling £1,209,465 were made to the director and total repayments of £401,055 were received from the director. The interest on the balances due by the company is charged at the rate of 2% was £nil. At the end of the period the balance due to the director was £20,235, and is included within other creditors at the balance sheet date.
Z Denning, has provided a limited guarantee of £425,000 to the company's bankers.


27.


Related party transactions

Jasmine Care Group limited has a year end 30 April 2023 and acquired 83.5% of the ordinary share in Jasmine Care Holdings Limited group from Z Denning, the director on 2 March 2021 for £12,024,000 loan notes. At the balance sheet date, the balance due to Z Denning was £11,024,000.
The Jasmine Care Holdings Limited Trust (the Trust) has lent Jasmine Care Group Limited £1,000,000 at  30 April 2024 on interest free terms and loan is repayable on demand.
Florence Care Reading Limited
During the year, the company made a contribution of £nil (2023 – £500,000) to the Jasmine Care Holdings Limited Trust (the Trust), the ultimate controlling party of the company.
Orangery Care Ltd
During the year the company paid rent of £Nil (2023 - £Nil) to the director Z Denning in respect of the care home out of which the company operates.
MH Hants Limited
An amount of £2,387,630 has been loaned to ZYD Care Ltd, a connected company. The loan is free from interest and repayable on demand. At the balance sheet date, the balance due from ZYD Care Ltd is £2,387,630.
The company has an annual operating lease commitment at fair market rate of £240,000, for land and buildings on a rolling agreement basis with ZYD Care Ltd, a connected company.


28.


Post balance sheet events

Florence Care Reading Limited
The company has accepted a resolution proposal from His Majesty's Revenue & Customs for the use of a pension obligation arrangement. The company confirms the amount of £518,000 currently included in creditors due after more than one year reversed in the accounting period end of 30 April 2025, with £480,000 being treated as chargeable income for the purposes of corporation tax.
 


29.


Controlling party

The ultimate controlling party at the balance sheet date is Qubic Trustees Ltd in its capacity as trustee of The Jasmine Care Holdings Limited Trust (the Trust) by virtue of its majority shareholding of the Group’s ultimate parent undertaking.
Qubic Trustees Ltd is registered in England and Wales and its registered office is St Ann's Quay, 118 Quayside, Newcastle Upon Tyne, United Kingdom, NE1 3BD.
The ultimate controlling party changed on 17 May 2024, after which date the ultimate controlling party undertaking is Alpine Skin Clinic SA, a company incorporated in Switzerland.

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