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REGISTERED NUMBER: 03863548 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Period 1 January 2023 to 31 March 2024

for

J Sai Country Home Limited

J Sai Country Home Limited (Registered number: 03863548)






Contents of the Financial Statements
for the Period 1 January 2023 to 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


J Sai Country Home Limited

Company Information
for the Period 1 January 2023 to 31 March 2024







DIRECTORS: Mr M M Rajan
Mr Y Rajan





REGISTERED OFFICE: 3rd Floor Warrengate Nursing Home
2 The Warren
Kingswood
Surrey
KT20 6PQ





REGISTERED NUMBER: 03863548 (England and Wales)





AUDITORS: TC Group
Statutory Auditor
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

J Sai Country Home Limited (Registered number: 03863548)

Strategic Report
for the Period 1 January 2023 to 31 March 2024

The directors present their strategic report for the period 1 January 2023 to 31 March 2024.

REVIEW OF BUSINESS
The company continued its trade as that of provision of care to elderly. During the period to 31 March 2024, the company had undergone a restructuring resulting in one of its Homes (Millway) to be demerged into a separate entity. The company's revenue for the period is £5,459,833 (2022: £6,421,322) and the EBITDA for the period is £1,093,766 (2022: £1,682,802). The decline in the company's revenue/EBITDA is as a result of demerger of Millway Homes.

As at 31 March 2024 the company had net assets of £4,243,255 (2022: £15,169,349). The decline in Net assets is due to restructuring the company underwent during the year that resulted in one of its Homes being demerged into a separate entity.

The directors are committed to providing the highest quality of care over a long period of time and consider continuing investments in property, equipment and staff as important. Measurements of performance and risk, including but limited to key performance indicators, are also an important factor in managing the business. A number of these measurements and indicators such as the average weekly fee received from each resident, the average occupancy rates per room and the ratio of qualified levels of staff per resident are used to monitor and improve the business and its future position. The directors regularly review these indicators and many other risks in order that they can be mitigated as much as possible.

The external environment is expected to remain competitive but stable. The directors have been encouraged by the performance of the Company, positioning it well for the future and expect the general level of activity to increase in the forthcoming year.


J Sai Country Home Limited (Registered number: 03863548)

Strategic Report
for the Period 1 January 2023 to 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to a variety of risks that could affect the performance of the business. The board of directors and senior management are responsible for maintaining a risk management programme that seeks to identify, manage and mitigate business risk.

COMMERCIAL AND OPERATIONAL
The directors consider a constructive relationship with the Care Quality Commission is important to the reputation of the company. Maintaining positive staff morale is also considered important as this is the best way to oversee a culture with high regard for health and safety and.high quality care provision. A majority of residents in the care homes are funded privately but some are funded by the public sector.

FINANCIAL INSTRUMENTS
The directors frequently monitor the company's trading results and financial position.

CASHFLOW RISK
The company prepares a 12 month cash flow forecast which is regularly updated to ensure the company can always meet its future obligations as they fall due. The company is exposed to the usual cashflow risks associated with selling on credit and manages this through credit control procedures.

CREDIT RISK
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the statement of financial position are net of allowances for doubtful debts, estimated by the company's management based on prior experience and their assessment of the current economic climate.

LIQUIDITY RISK
Liquidity risk is monitored and the company utilises its cash reserves as well as the debt financing held by its parent undertaking to ensure that it has sufficient funds available for its operations.

PRICE RISK
The price paid per room by each resident is a matter of negotiation and we employ members of staff and a management team who have had specific experience of these negotiations throughout their career.

ON BEHALF OF THE BOARD:





Mr M M Rajan - Director


26 March 2025

J Sai Country Home Limited (Registered number: 03863548)

Report of the Directors
for the Period 1 January 2023 to 31 March 2024

The directors present their report with the financial statements of the company for the period 1 January 2023 to 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of residential nursing home.

DIVIDENDS
No dividends will be distributed for the period ended 31 March 2024.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

Mr C I Saunders - resigned 31 May 2023
Mr R H P Adams-Mercer - resigned 4 September 2023
Mr G A W Owston - resigned 4 September 2023
Mr G A D Whittaker - resigned 4 September 2023
Mr M M Rajan - appointed 4 September 2023
Mr Y Rajan - appointed 4 September 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

J Sai Country Home Limited (Registered number: 03863548)

Report of the Directors
for the Period 1 January 2023 to 31 March 2024


AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr M M Rajan - Director


26 March 2025

Report of the Independent Auditors to the Members of
J Sai Country Home Limited

Opinion
We have audited the financial statements of J Sai Country Home Limited (the 'company') for the period ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss 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 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

We have nothing to report in this regard.

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

Report of the Independent Auditors to the Members of
J Sai Country Home Limited


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
J Sai Country Home Limited


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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Report of the Independent Auditors to the Members of
J Sai Country Home Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sadikali Premji FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditor
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

26 March 2025

J Sai Country Home Limited (Registered number: 03863548)

Income Statement
for the Period 1 January 2023 to 31 March 2024

Period
1.1.23
to Year Ended
31.3.24 31.12.22
Notes £    £   

TURNOVER 5,459,833 6,421,322

Cost of sales (3,157,248 ) (3,931,371 )
GROSS PROFIT 2,302,585 2,489,951

Administrative expenses (5,000,631 ) (1,236,470 )
(2,698,046 ) 1,253,481

Other operating income 4 8,603 75,623
OPERATING (LOSS)/PROFIT 6 (2,689,443 ) 1,329,104


Interest payable and similar expenses 8 (119 ) -
(LOSS)/PROFIT BEFORE TAXATION (2,689,562 ) 1,329,104

Tax on (loss)/profit 9 (218,181 ) (202,698 )
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(2,907,743

)

1,126,406

J Sai Country Home Limited (Registered number: 03863548)

Other Comprehensive Income
for the Period 1 January 2023 to 31 March 2024

Period
1.1.23
to Year Ended
31.3.24 31.12.22
Notes £    £   

(LOSS)/PROFIT FOR THE PERIOD (2,907,743 ) 1,126,406


OTHER COMPREHENSIVE INCOME
Demerger (9,495,465 ) 5,013,000
Income tax relating to other comprehensive
income

1,496,845

(805,428

)
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME
TAX


(7,998,620


)


4,207,572
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(10,906,363

)

5,333,978

J Sai Country Home Limited (Registered number: 03863548)

Balance Sheet
31 March 2024

31.3.24 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 10 3,955,530 13,758,471
Investment property 11 566,176 566,176
4,521,706 14,324,647

CURRENT ASSETS
Stocks 12 - 20,000
Debtors 13 558,776 2,955,902
Cash at bank and in hand 33,465 225,558
592,241 3,201,460
CREDITORS
Amounts falling due within one year 14 (694,077 ) (689,180 )
NET CURRENT (LIABILITIES)/ASSETS (101,836 ) 2,512,280
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,419,870

16,836,927

PROVISIONS FOR LIABILITIES 15 (178,050 ) (1,667,578 )
NET ASSETS 4,241,820 15,169,349

CAPITAL AND RESERVES
Called up share capital 16 1 28,484
Revaluation reserve 17 1,387,110 6,261,572
Other reserves 17 - 3,127,826
Retained earnings 17 2,854,709 5,751,467
SHAREHOLDERS' FUNDS 4,241,820 15,169,349

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





Mr M M Rajan - Director


J Sai Country Home Limited (Registered number: 03863548)

Statement of Changes in Equity
for the Period 1 January 2023 to 31 March 2024

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 28,484 4,571,061 2,108,000 3,127,826 9,835,371

Changes in equity
Transfers - 54,000 (54,000 ) - -
Total comprehensive income - 1,126,406 4,207,572 - 5,333,978
Balance at 31 December 2022 28,484 5,751,467 6,261,572 3,127,826 15,169,349

Changes in equity
Reduction in share capital (28,483 ) - - - (28,483 )
Transfers - 10,985 (10,985 ) - -
Total comprehensive income - (2,907,743 ) (4,863,477 ) (3,127,826 ) (10,899,046 )
Balance at 31 March 2024 1 2,854,709 1,387,110 - 4,241,820

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements
for the Period 1 January 2023 to 31 March 2024

1. STATUTORY INFORMATION

J Sai Country Home Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets, other than freehold land and buildings, are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Freehold land and buildings are recognised under the revaluation model.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Freehold buildings2-10% per annum
Plant and machinery20 -25% per annum and 25% reducing balance
Motor vehicles25% reducing balance


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents
Cash and cash equivalents are basic financial asset and include cash in hand, deposits held at call with bank, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Hire purchase and leasing commitments
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount
of the leased asset and recognised on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4. OTHER OPERATING INCOME
Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
Rents received 8,603 -
Government grants - 75,623
8,603 75,623

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

5. EMPLOYEES AND DIRECTORS
Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
Wages and salaries 2,814,426 3,619,183
Social security costs 222,724 -
Other pension costs 50,387 -
3,087,537 3,619,183

The average number of employees during the period was as follows:
Period
1.1.23
to Year Ended
31.3.24 31.12.22

Management and directors 2 -
Care workers and support staff 96 139
98 139

Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
Directors' remuneration - -

Remuneration for directors in the current period is met by other entities within the group.

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
Hire of plant and machinery 3,271 -
Depreciation - owned assets 322,702 327,921
Auditors' remuneration 6,400 -

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

7. EXCEPTIONAL ITEMS
Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
Exceptional items (3,469,110 ) (101,400 )

Exceptional costs include transfer of revaluation, profit and loss and other reserves upon re-organisation prior to transfer of ownership of the company to Kenjaro Investments Limited.

Prior year costs related to salary and related costs of additional employees who were recruited to cover employees who were unable to work during the Covid-19 pandemic. These employee costs would not have been incurred if the Covid-19 pandemic did not occur and additional safeguarding of patients was required.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
Interest payable 119 -

9. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
Current tax:
UK corporation tax 210,864 202,698

Deferred tax 7,317 -
Tax on (loss)/profit 218,181 202,698

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.1.23
to Year Ended
31.3.24 31.12.22
£    £   
(Loss)/profit before tax (2,689,562 ) 1,329,104
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(672,391

)

252,530

Effects of:
Expenses not deductible for tax purposes 849,171 21,000
Income not taxable for tax purposes - (3,000 )
Depreciation in excess of capital allowances 51,165 -
Group relief - (87,832 )
Deferred tax 7,317 12,000
Remeasurement of deferred tax for changes in tax rates - 8,000
Changes in corporation tax rate (17,081 ) -
Total tax charge 218,181 202,698

Tax effects relating to effects of other comprehensive income

1.1.23 to 31.3.24
Gross Tax Net
£    £    £   
Demerger (9,495,465 ) 1,496,845 (7,998,620 )

31.12.22
Gross Tax Net
£    £    £   
Gains on property revaluation 5,013,000 (805,428 ) 4,207,572

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

10. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 13,390,000 1,627,437 15,017,437
Additions 9,417 87,555 96,972
Disposals (9,440,000 ) (929,445 ) (10,369,445 )
At 31 March 2024 3,959,417 785,547 4,744,964
DEPRECIATION
At 1 January 2023 - 1,258,966 1,258,966
Charge for period 229,797 92,905 322,702
Eliminated on disposal (110,083 ) (682,151 ) (792,234 )
At 31 March 2024 119,714 669,720 789,434
NET BOOK VALUE
At 31 March 2024 3,839,703 115,827 3,955,530
At 31 December 2022 13,390,000 368,471 13,758,471

Cost or valuation at 31 March 2024 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2022 659,112 - 659,112
Cost 3,300,305 785,547 4,085,852
3,959,417 785,547 4,744,964

Land and buildings with a carrying amount of £3,839,703 (2022: £13,390,000) are held at valuation on the basis of third party valuation by Chartered Surveyors in accordance with the Guidance notes of the Royal Institute of Chartered Surveyors.

If freehold land and buildings had not been revalued they would have been included at the following historic cost:

31.3.2431.12.22
£   £   

Cost3,300,3057,050,000
Accumulated depreciation(630,429)(1,166,000)
2,669,8765,884,000

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 March 2024 566,176
NET BOOK VALUE
At 31 March 2024 566,176
At 31 December 2022 566,176

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the Director. The valuation was made on an open market value basis by reference to rental yields and market conditions.

12. STOCKS
31.3.24 31.12.22
£    £   
Stocks - 20,000

In the opinion of the directors, there is no material difference between the balance sheet value of stocks and their replacement cost.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.12.22
£    £   
Trade debtors 514,123 120,264
Amounts owed by group undertakings 29,660 -
Other debtors 7,260 2,738,237
Prepayments and accrued income 7,733 97,401
558,776 2,955,902

No interest is levied in relation to the intercompany debtors. There are no set terms for when repayment is due.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.12.22
£    £   
Trade creditors 57,391 130,629
Amounts owed to group undertakings 371,994 -
Tax 217,338 156,251
Social security and other taxes 28,786 79,936
Other creditors 6,883 1,592
Directors' current accounts 2,409 -
Accruals and deferred income 9,276 320,772
694,077 689,180

No interest is levied in relation to the intercompany creditors. There are no set terms for when repayment is due.

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

15. PROVISIONS FOR LIABILITIES
31.3.24 31.12.22
£    £   
Deferred tax 178,050 1,667,578

Deferred
tax
£   
Balance at 1 January 2023 1,667,578
Charge to Income Statement during period 7,317
Demerger (1,496,845 )
Balance at 31 March 2024 178,050

The deferred tax liability relating to accelerated capital allowances on fixed assets is expected to reverse over the next 5 - 10 years.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.12.22
value: £    £   
1 A Ordinary £1 1 21,084
NIL B Ordinary £1 - 400
NIL C Ordinary £1 - 7,000
1 28,484

During the period, the company underwent restructuring which resulted in reduction of its share capital.

17. RESERVES
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 5,751,467 6,261,572 3,127,826 15,140,865
Deficit for the period (2,907,743 ) (2,907,743 )
Demerger - (4,863,477 ) (3,127,826 ) (7,991,303 )
Transfers 10,985 (10,985 ) - -
At 31 March 2024 2,854,709 1,387,110 - 4,241,819

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

J Sai Country Home Limited (Registered number: 03863548)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

18. RELATED PARTY DISCLOSURES - continued

Included within debtors is an amount of £29,660 (2022: £Nil) owed by companies in which the directors have an interest.

Also, included within creditors is an amount of £371,994 (2022: £Nil) owed to companies in which the directors have an interest.

19. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Kenjaro Investments Limited, a company incorporated in England and Wales under company registration number 01826681.

The directors consider the ultimate controlling party to be the Rajan Family by virtue of holding the entire issued share capital of Kenjaro Investments Limited.