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Registered number: 04334712









Nicholas James Care Homes Ltd









Annual report and financial statements

For the Year Ended 30 April 2024

 
Nicholas James Care Homes Ltd
 
 
Company Information


Directors
Kanagaratnam Rajakanthan 
Dr. Charles Nicholas Rajakanthan 
Alexandra Thurlby 




Registered number
04334712



Registered office
30 Station Road
Orpington

Kent

BR6 0SA




Independent auditors
Mantax Lynton
Chartered Accountants & Statutory Auditors

2nd Floor Equitable House

7 General Gordon Square

London

SE18 6FH




Bankers
Coutts & Co

WC2R OQS





Santander Bank PLC

Boote, Merseyside

K30 4GB





 
Nicholas James Care Homes Ltd
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
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 - 37


 
Nicholas James Care Homes Ltd
 
 
Group strategic report
For the Year Ended 30 April 2024

Introduction
 
The director presents the strategic report for the year ended 30 April 2024.

Business review
 
The Principal activity of the group during the year continued to be the operation, managing and administering nursing homes for the elderly.
Turnover of the group has increased from £14.4 million in 2023 to £15.8 million in the current year. The operating profit has increased from £3.3 million in 2023 to £4.1 million in the current year. 
Despite difficult trading conditions due to rising costs and shortage of skilled staff in healthcare sector, the group turnover and profitability has improved from last year and the directors are pleased with the results. Due to cost control measures in place, the directors believe that turnover and operating profits of the group will be steady for the foreseeable future. Net assets of the group has increased from £22.2 million in 2023 to £24.6 million in the current year. 
This year the group has focused on consolidating its operations and enhancing its attention on monitoring the quality of care delivered. Internal policies, procedures and systems were enhanced and strengthened in line with the demands of the marketplace. The directors are pleased with the results of the group and believe the turnover and operating profits will be steady for the foreseeable future.
Principal risks include non-compliance with regulation, fee income not rising in line with the cost of providing care, lack of nursing resources and general increase in costs.
The group is investing in training in order to improve the employees' skill and enhance the customer service. The key to our success is our highly motivated, trained and dedicated staff team. We continue working as a team, supporting and training on each other to ensure that our resident's needs are met within a safe environment.
To keep in step with the world around us, we believe it is important to provide access to new technology. All our houses are equipped with wireless broadband and computer for use by staffs and residents.

Page 1

 
Nicholas James Care Homes Ltd
 

Group strategic report (continued)
For the Year Ended 30 April 2024

Principal risks and uncertainties
 
The group's activities expose it to a number of financial risks.
Interest rate risk
The group has bank loans and is therefore exposed to interest rate fluctuation on borrowings.
Credit risk
The group's principal financial assets are bank balance, trade and other receivables. The group's  credit risk is primarily attributable to its trade receivables. The amounts presented in the financial statements are net of allowances for doubtful receivables.
It is group policy to ensure that where a resident is privately funded, the immediate next of kin are required to sign the resident's contract. Where a resident's property is being sold to pay for their care fees the company may require them to accept a charge on the property to secure any debt for care fees. The credit risk is liquid funds are limited because the counter parties are banks which are supported and underwritten by the UK government. The company has no significant concentration of credit risk, with exposure spread over a large number of counter parties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations the group manages its cash flow from operations.
Insurance risk
The group is exposed to potential claims from employees and from residents and their next of kin. In order to protect the company from these risks, the Board has put in place a comprehensive cover with reputable insurers.
Employees
The group is an equal opportunities employer and gives full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. Where people become disabled during the course of their employment, every effort is made to retain their services and to provide retraining, if necessary. All employees are eligible for consideration for appropriate training, career development and promotional opportunities: disabled employees are not treated differently in this respect. The company has established the practice of keeping employees informed of maters affecting them as employees and of the financial and economic factors affecting the performance of the company.
 


This report was approved by the board on 30 January 2025 and signed on its behalf.






Kanagaratnam Rajakanthan
Director

Page 2

 
Nicholas James Care Homes Ltd
 
 
 
Directors' report
For the Year Ended 30 April 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £2,320,764 (2023 - £2,174,113).

The company has paid interim dividends of £20,000 (2023: £4,000).

Directors

The directors who served during the year were:

Kanagaratnam Rajakanthan 
Dr. Charles Nicholas Rajakanthan 
Alexandra Thurlby 

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Page 3

 
Nicholas James Care Homes Ltd
 
 
 
Directors' report (continued)
For the Year Ended 30 April 2024

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMantax Lyntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 January 2025 and signed on its behalf.
 





Kanagaratnam Rajakanthan
Director

Page 4

 
Nicholas James Care Homes Ltd
 
 
 
Independent auditors' report to the members of Nicholas James Care Homes Ltd
 

Opinion


We have audited the financial statements of Nicholas James Care Homes Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, 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).


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 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 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 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 5

 
Nicholas James Care Homes Ltd
 
 
 
Independent auditors' report to the members of Nicholas James Care Homes Ltd (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year 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
 

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:


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 Directors' responsibilities statement set out on page 3, 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.


Page 6

 
Nicholas James Care Homes Ltd
 
 
 
Independent auditors' report to the members of Nicholas James Care Homes Ltd (continued)


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 an Auditors' 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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the CQC regulations, Companies Act 2006, FRS 102 and relevant taxation legislation.
 
We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
 
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
 
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.


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 Auditors' report.


Page 7

 
Nicholas James Care Homes Ltd
 
 
 
Independent auditors' report to the members of Nicholas James Care Homes Ltd (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 Auditors' 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.





Janak Raj Pokhrel (Senior statutory auditor)
  
for and on behalf of
Mantax Lynton
 
Chartered Accountants & Statutory Auditors
  
2nd Floor Equitable House
7 General Gordon Square
London
SE18 6FH

30 January 2025
Page 8

 
Nicholas James Care Homes Ltd
 
 
Consolidated statement of comprehensive income
For the Year Ended 30 April 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,827,389
14,466,851

Cost of sales
  
(8,190,125)
(7,874,640)

Gross profit
  
7,637,264
6,592,211

Administrative expenses
  
(3,535,089)
(3,502,662)

Other operating income
 6 
-
216,148

Operating profit
 5 
4,102,175
3,305,697

Interest receivable and similar income
 10 
29,051
28,069

Interest payable and similar expenses
 11 
(778,085)
(535,463)

Profit before tax
  
3,353,141
2,798,303

Tax on profit
 12 
(1,032,377)
(624,190)

Profit for the financial year
  
2,320,764
2,174,113

Other comprehensive income for the year
  

Revaluation gain on investment property
  
96,560
-

Other comprehensive income for the year
  
96,560
-

Total comprehensive income for the year
  
2,417,324
2,174,113

Profit for the year attributable to:
  

Owners of the parent company
  
(2,320,764)
(2,174,113)

  
(2,320,764)
(2,174,113)

The notes on pages 16 to 37 form part of these financial statements.

Page 9

 
Nicholas James Care Homes Ltd
Registered number: 04334712

Consolidated statement of financial position
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
19,085,286
28,260,102

Investment property
  
9,350,000
-

  
28,435,286
28,260,102

Current assets
  

Debtors
 18 
8,914,145
6,126,781

Cash at bank and in hand
 19 
2,231,449
2,567,453

  
11,145,594
8,694,234

Creditors: amounts falling due within one year
 20 
(3,916,117)
(3,386,495)

Net current assets
  
 
 
7,229,477
 
 
5,307,739

Total assets less current liabilities
  
35,664,763
33,567,841

Creditors: amounts falling due after more than one year
 21 
(9,490,000)
(9,980,000)

Provisions for liabilities
  

Deferred tax
 23 
(1,507,499)
(1,317,901)

  
 
 
(1,507,499)
 
 
(1,317,901)

Net assets
  
24,667,264
22,269,940


Capital and reserves
  

Called up share capital 
 24 
4
4

Revaluation reserve
 25 
6,967,518
7,204,700

Investment property reserve
 25 
96,560
-

Profit and loss account
 25 
17,603,182
15,065,236

  
24,667,264
22,269,940


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.



Kanagaratnam Rajakanthan
Director

The notes on pages 16 to 37 form part of these financial statements.

Page 10

 
Nicholas James Care Homes Ltd
Registered number: 04334712

Company statement of financial position
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
12,411,430
12,578,809

Investments
 16 
10,076,620
10,076,620

  
22,488,050
22,655,429

Current assets
  

Debtors
 18 
8,110,532
5,219,707

Cash at bank and in hand
 19 
2,001,889
1,951,455

  
10,112,421
7,171,162

Creditors: amounts falling due within one year
 20 
(2,903,802)
(1,936,998)

Net current assets
  
 
 
7,208,619
 
 
5,234,164

Total assets less current liabilities
  
29,696,669
27,889,593

  

Creditors: amounts falling due after more than one year
 21 
(9,490,000)
(9,980,000)

Provisions for liabilities
  

Deferred taxation
 23 
(1,181,612)
(973,214)

  
 
 
(1,181,612)
 
 
(973,214)

Net assets excluding pension asset
  
19,025,057
16,936,379

Net assets
  
19,025,057
16,936,379


Capital and reserves
  

Called up share capital 
 24 
4
4

Revaluation reserve
 25 
4,751,959
4,861,313

Profit and loss account
 25 
14,273,094
12,075,062

  
19,025,057
16,936,379


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.


Kanagaratnam Rajakanthan
Director

The notes on pages 16 to 37 form part of these financial statements.

Page 11

 
Nicholas James Care Homes Ltd
 

Consolidated statement of changes in equity
For the Year Ended 30 April 2024


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
4
7,441,882
-
12,657,941
20,099,827


Comprehensive income

Profit for the year
-
-
-
2,174,113
2,174,113

Transferred from Revaluation reserve
-
-
-
237,182
237,182

Transferred to P & L reserve
-
(237,182)
-
-
(237,182)
Total comprehensive income for the year
-
(237,182)
-
2,411,295
2,174,113


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(4,000)
(4,000)



At 1 May 2023
4
7,204,700
-
15,065,236
22,269,940


Comprehensive income

Profit for the year

-
-
-
2,320,764
2,320,764

Transferred from Revaluation reserve
-
-
-
237,182
237,182

Transferred to P & L reserve
-
(237,182)
-
-
(237,182)

Revaluation gain
-
-
96,560
-
96,560


Other comprehensive income
-
(237,182)
96,560
237,182
96,560


Total comprehensive income for the year
-
(237,182)
96,560
2,557,946
2,417,324


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(20,000)
(20,000)


At 30 April 2024
4
6,967,518
96,560
17,603,182
24,667,264


The notes on pages 16 to 37 form part of these financial statements.

Page 12

 
Nicholas James Care Homes Ltd
 

Company statement of changes in equity
For the Year Ended 30 April 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
4
4,970,667
10,188,188
15,158,859


Comprehensive income for the year

Profit for the year

-
-
1,781,520
1,781,520

Transferred from revaluation reserve
-
-
109,354
109,354

Transferred to Profit and loss account
-
(109,354)
-
(109,354)


Other comprehensive income for the year
-
(109,354)
109,354
-


Total comprehensive income for the year
-
(109,354)
1,890,874
1,781,520


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,000)
(4,000)


Total transactions with owners
-
-
(4,000)
(4,000)



At 1 May 2023
4
4,861,313
12,075,062
16,936,379


Comprehensive income for the year

Profit for the year

-
-
2,108,678
2,108,678

Transferred from revaluation reserve
-
-
109,354
109,354

Transferred to Profit and loss account
-
(109,354)
-
(109,354)


Other comprehensive income for the year
-
(109,354)
109,354
-


Total comprehensive income for the year
-
(109,354)
2,218,032
2,108,678


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(20,000)
(20,000)


Total transactions with owners
-
-
(20,000)
(20,000)


At 30 April 2024
4
4,751,959
14,273,094
19,025,057


The notes on pages 16 to 37 form part of these financial statements.

Page 13

 
Nicholas James Care Homes Ltd
 

Consolidated statement of cash flows
For the Year Ended 30 April 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,320,764
2,174,113

Adjustments for:

Depreciation of tangible assets
495,791
500,897

Interest paid
778,085
535,463

Interest received
(29,051)
-

Taxation charge
1,032,377
624,190

(Increase) in debtors
(2,381,562)
(212,660)

(Increase) in amounts owed by joint ventures
(373,490)
(371,618)

Increase/(decrease) in creditors
375,476
(870,986)

Corporation tax (paid)
(660,945)
(539,422)

Net cash generated from operating activities

1,557,445
1,839,977


Cash flows from investing activities

Purchase of tangible fixed assets
(115,776)
(55,379)

Purchase of investment properties
(458,639)
-

Interest received
29,051
-

Net cash from investing activities

(545,364)
(55,379)

Cash flows from financing activities

Repayment of loans
(490,000)
(562,500)

Dividends paid
(80,000)
(4,000)

Interest paid
(778,085)
(535,463)

Net cash used in financing activities
(1,348,085)
(1,101,963)

Net (decrease)/increase in cash and cash equivalents
(336,004)
682,635

Cash and cash equivalents at beginning of year
2,567,453
1,884,818

Cash and cash equivalents at the end of year
2,231,449
2,567,453


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,231,449
2,567,453

2,231,449
2,567,453


The notes on pages 16 to 37 form part of these financial statements.

Page 14

 
Nicholas James Care Homes Ltd
 

Consolidated Analysis of Net Debt
For the Year Ended 30 April 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

2,567,453

(336,004)

2,231,449

Debt due after 1 year

(9,980,000)

490,000

(9,490,000)

Debt due within 1 year

(579,062)

6,254

(572,808)


(7,991,609)
160,250
(7,831,359)

The notes on pages 16 to 37 form part of these financial statements.

Page 15

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

1.


General information

Nicholas James Care Homes Ltd is a company limited by shares incorporated in England and Wales. The company's registration number and address of the registered office is given in the company information page of these financial statements.
The principal activities of the company in the year under review was that of Residential nursing care facilities.

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 Statement of comprehensive income 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 Statement of financial position, the acquire'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 statement of comprehensive income 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.

Page 16

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

 
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 statement of comprehensive income 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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.9

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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.


 
2.11

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.

Page 18

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.12

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Computer
-
25% straight line

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.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 19

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 20

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised. 

Page 21

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of "Residential Care"
15,827,389
14,466,851

15,827,389
14,466,851


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
31,800
31,800


6.


Other operating income

2024
2023
£
£

Government grants receivable
-
132,799

Sundry income
-
83,349

-
216,148





7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,791
19,800

Page 22

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

8.


Employees

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


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


Wages and salaries
7,029,026
6,320,132
3,827,959
3,481,399

Social security costs
547,619
495,167
287,270
265,987

Cost of defined contribution scheme
97,640
113,622
47,970
58,892

7,674,285
6,928,921
4,163,199
3,806,278


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Manager and Admin
14
14
10
10



Care workers
325
312
180
169

339
326
190
179


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
180,097
108,522

Group contributions to defined contribution pension schemes
2,580
2,815

182,677
111,337


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
29,051
28,069

29,051
28,069

Page 23

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
773,168
535,463

Other interest payable
4,917
-

778,085
535,463


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
927,273
624,190

Adjustments in respect of previous periods
(92,888)
-


834,385
624,190


Total current tax
834,385
624,190

Deferred tax


Origination and reversal of timing differences
197,992
-

Total deferred tax
197,992
-


Tax on profit
1,032,377
624,190
Page 24

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024
 
12.Taxation (continued)


Factors affecting tax charge for the 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 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,353,141
2,798,303


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
838,285
545,669

Effects of:


Capital allowances for year in excess of depreciation
90,551
78,615

Adjustments to tax charge in respect of prior periods
(92,888)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(1,563)
-

Short term timing difference leading to an increase (decrease) in taxation
197,992
-

Other differences leadingto an increase (decrease) in tax
-
(94)

Total tax charge for the year
1,032,377
624,190


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




13.


Dividends

2024
2023
£
£


Interim dividends
20,000
4,000

20,000
4,000

Page 25

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 May 2023
4,630,144



At 30 April 2024

4,630,144



Amortisation


At 1 May 2023
4,630,144



At 30 April 2024

4,630,144



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 26

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024
 
           14.Intangible assets (continued)

Company




Goodwill

£



Cost


At 1 May 2023
1,259,666



At 30 April 2024

1,259,666



Amortisation


At 1 May 2023
1,259,666



At 30 April 2024

1,259,666



Net book value



At 30 April 2024
-



At 30 April 2023
-

Page 27
 


 
Nicholas James Care Homes Ltd


 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024


15.


Tangible fixed assets


Group







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
37,042,503
585,582
36,358
1,479,022
80,775
39,224,240


Additions
-
32,916
69,108
13,752
-
115,776


Transferred to Investment Property
(8,794,801)
-
-
-
-
(8,794,801)



At 30 April 2024

28,247,702
618,498
105,466
1,492,774
80,775
30,545,215



Depreciation


At 1 May 2023
8,883,102
545,936
36,358
1,427,656
71,086
10,964,138


Charge for the year on owned assets
446,477
15,507
12,663
18,343
2,801
495,791



At 30 April 2024

9,329,579
561,443
49,021
1,445,999
73,887
11,459,929



Net book value



At 30 April 2024
18,918,123
57,055
56,445
46,775
6,888
19,085,286



At 30 April 2023
28,159,401
39,646
-
51,366
9,689
28,260,102

Page 28

 


 
Nicholas James Care Homes Ltd


 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024


Company







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£

Cost or valuation


At 1 May 2023
17,771,478
107,828
36,358
287,818
31,768
18,235,250


Additions
-
31,629
69,108
9,693
-
110,430



At 30 April 2024

17,771,478
139,457
105,466
297,511
31,768
18,345,680



Depreciation


At 1 May 2023
5,252,365
87,273
36,358
254,835
25,610
5,656,441


Charge for the year on owned assets
236,953
14,242
12,663
11,942
2,009
277,809



At 30 April 2024

5,489,318
101,515
49,021
266,777
27,619
5,934,250



Net book value



At 30 April 2024
12,282,160
37,942
56,445
30,734
4,149
12,411,430



At 30 April 2023
12,519,113
20,555
-
32,983
6,158
12,578,809






Page 29
 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
10,076,620



At 30 April 2024
10,076,620





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Bureaucom Limited
United Kingdom
Ordinary
100%
Uniquehelp Limited
United Kingdom
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Bureaucom Limited
2,084,493
501,125

Uniquehelp Limited
13,634,334
1,309,859

Page 30

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

17.


Investment property

Group


Freehold investment property

£



Valuation


Additions at cost
458,639


Surplus on revaluation
96,560


Transferred from Tangible Fixed Assets
8,794,801



At 30 April 2024
9,350,000

The 2024 valuations were made by the directors,, on an open market value for existing use basis.

During the year, construction of Beacon Hill Apartments has been completed which was included in Freehold property cost B/F. The management has decided to let out the property instead of carrying out existing residential care business and the total cost of the property (Beacon Hill Lodge) has been transferred to investment property. There were no outstanding capital commitments at the year end.

2024
2023
£
£

Revaluation reserves


Net surplus during the year
96,560
-

At 30 April 2024
96,560
-



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
9,253,440
-

9,253,440
-

The 2024 valuations were made by the directors,, on an open market value for existing use basis.

Page 31

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

18.


Debtors

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

Due after more than one year

Deferred tax asset
-
8,394
-
8,394

Due within one year

Trade debtors
902,830
1,247,798
458,439
604,541

Amounts owed by group undertakings
-
-
-
80,000

Amounts owed by connected companies
4,797,049
4,423,559
4,797,049
4,423,559

Other debtors
2,938,456
253,074
2,753,456
64,077

Prepayments and accrued income
275,810
193,956
101,588
39,136

8,914,145
6,126,781
8,110,532
5,219,707



19.


Cash and cash equivalents

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

Cash at bank and in hand
2,231,449
2,567,453
2,001,889
1,951,455

2,231,449
2,567,453
2,001,889
1,951,455


Page 32

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

20.


Creditors: Amounts falling due within one year

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

Bank loans
520,000
520,000
520,000
520,000

Trade creditors
1,468,283
1,057,266
714,473
498,442

Amounts owed to group undertakings
-
-
572,294
-

Corporation tax
511,245
357,099
143,257
-

Other taxation and social security
155,281
184,591
104,901
117,595

Other creditors
940,355
968,084
636,422
570,239

Accruals and deferred income
320,953
299,455
212,455
230,722

3,916,117
3,386,495
2,903,802
1,936,998



21.


Creditors: Amounts falling due after more than one year

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

Bank loans
9,490,000
9,980,000
9,490,000
9,980,000

9,490,000
9,980,000
9,490,000
9,980,000




Page 33

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

22.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
520,000
520,000
520,000
520,000


520,000
520,000
520,000
520,000

Amounts falling due 1-2 years

Bank loans
520,000
520,000
520,000
520,000


520,000
520,000
520,000
520,000

Amounts falling due 2-5 years

Bank loans
1,560,000
1,560,000
1,560,000
1,560,000


1,560,000
1,560,000
1,560,000
1,560,000

Amounts falling due after more than 5 years

Bank loans
7,410,000
7,900,000
7,410,000
7,900,000

7,410,000
7,900,000
7,410,000
7,900,000

10,010,000
10,500,000
10,010,000
10,500,000


Coutts & Co holds a legal and inter-company guarantee among group companies. Coutts & Co holds a legal mortgage charge dated 27 January 2017 over all freehold properties of the group.
Coutts & Co holds a debenture dated 27 January 2017 given by the company and subsidiaries incorporating a fixed and floating charge over all current and future assets of the group. Bank loans carry interest at variable rate, currently at @2.25% p.a. over SONIA

Page 34

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
(1,309,507)


Credited to profit or loss during the year
(197,992)



At end of year
(1,507,499)

Company


2024


£






At beginning of year
(964,820)


Charged to profit or loss
(216,792)



At end of year
(1,181,612)

The deferred tax balance is made up as follows:

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

Accelerated capital allowances
-
8,394
-
8,394

Revaluation gain on freehold properties
(1,507,499)
(1,317,901)
(1,181,612)
(973,214)

(1,507,499)
(1,309,507)
(1,181,612)
(964,820)

Comprising:

Asset - due after one year
-
8,394
-
8,394

Liability
(1,507,499)
(1,317,901)
(1,181,612)
(973,214)

(1,507,499)
(1,309,507)
(1,181,612)
(964,820)


Page 35

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4 (2023 - 4) Ordinary Shares shares of £1.00 each
4
4



25.


Reserves

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. This is non-distributable reserve.

Investment property revaluation reserve

This reserve represents the cumulative gain on revaluation of investment properties and is non-distributable reserve.

Profit and loss account

This reserve records retained earnings and accumulated losses and  is distributable reserve.


26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £97,640 (2023: £113,622). Contributions totaling £52,808 (2023: £59,062) were payable to the fund at balance sheet date.


27.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.

Page 36

 
Nicholas James Care Homes Ltd
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

28.


Related party transactions

The group has taken advantage of the exemption available under FRS102 for Related Party disclosure, not to disclose any transactions and balances between the group companies that have been eliminated on consolidation. 
During the year, the group advanced £3,839,576 (2023: £1,700,618) to companies under common control and received £3,466,086 (2023: £1,329,000). Amount owed by the connected companies at the year end was £4,797,049 (2023: £4,423,559) which is included in debtors. These advances are interest free, unsecured and repayable on demand.
During the year, the group provided interest free unsecured advances totaling £2,422,316 (2023: £15,885) to the directors of the Company which is included in other debtors. This amount has been repaid in full after the year end.
Dividends of £20,000 (2023: £4,000) were paid to the directors during the year. 


29.


Controlling party

The group is under the control of Mr K Rajakanthan, and Mrs D C Rajakanthan, by virtue of their shareholdings.
Mr K Rajakanthan is the managing director and majority shareholder in the company which is the ultimate parent company in the group.

 
Page 37