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REGISTERED NUMBER: 01826681 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Kenjaro Investments Limited

Kenjaro Investments Limited (Registered number: 01826681)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Independent Auditors' Report 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Kenjaro Investments Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr M M Rajan
Mrs Z M Rajan
Mr Y Rajan





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





REGISTERED NUMBER: 01826681 (England and Wales)





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

Kenjaro Investments Limited (Registered number: 01826681)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

FAIR REVIEW OF BUSINESS
The results for the year and the financial position of the group at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

The group and its subsidiaries provides CQC regulated nursing care home services across its five care homes with a capacity of catering for 169 residents.

During the period under review, the group moved the trade and assets of one of its care home's Offington Park into
another group company. Additionally, the group acquired a new care home (Durban House) under J Sai Country Home Limited.

The group recognises the challenges that the elderly may encounter, and the group seeks to assist the residents by providing them with the highest level of support within a comfortable environment, with access to specialist care facilities for complex needs including dementia, alzheimer's etc.

As the government continues to raise standards of care across the sector, the group continues to adapt and respond to these changes and adjust its day to day operational practices to ensure compliance at all times.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's activities expose it to a number of operational and financial risks. The principal risks include:

Quality of service
Failure to provide a high quality of service to the residents in our care would cause severe damage to the group'sbrand and its ability to attract new residents. Staff induction and training programmes are in place to ensure they allhave an understanding of regulatory requirements and quality standards. The group also operates in robust levels of performance monitoring with reporting to senior management and directors of any potential issues.

Recruitment
Our services rely on the capable skills and expertise of the team we employ. Shortage of appropriate staff is apotential risk to the business, especially with the prevalent national shortage of qualified staff. In order to mitigate this risk, the group has a proactive Human Resources and Recruitment team, which is always on the lookout for suitable skilled candidates.

Government action
Failure to anticipate or respond to changes in government policy or regulation could negatively impact the group’sperformance. Regular intelligence gathering by senior management on proposed legislative and regulatory changestakes place and is cascaded down to teams during regular meetings.

DEVELOPMENT AND PERFORMANCE
The group is actively seeking opportunities to acquire further care homes that meet the group's profile as well as maintaining its current care homes at their current standards.The group has earmarked Cash in excess of its working capital requirements to fund these future acquisitions.


Kenjaro Investments Limited (Registered number: 01826681)

Group Strategic Report
for the Year Ended 31 March 2024

KEY PERFORMANCE INDICATORS
The Key Performance indicators used by the directors to assess the performance of the group are as follows:-


Particulars 31.3.24 31.3.23
£    £   
Turnover 11,018,301 9,539,652
Operating profit 2,605,190 3,721,713

ON BEHALF OF THE BOARD:





Mr M M Rajan - Director


26 March 2025

Kenjaro Investments Limited (Registered number: 01826681)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company and group continued to be that of care home.

DIVIDENDS
Ordinary dividends were paid amounting to £463,350. The directors do not recommend payment of a further dividend.

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

Mr M M Rajan
Mrs Z M Rajan
Mr Y Rajan

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

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

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

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

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

Kenjaro Investments Limited (Registered number: 01826681)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
TC Group are deemed to be reappointed under section 487(2) of the Companies Act 2006..

ON BEHALF OF THE BOARD:




Mr M M Rajan - Director


26 March 2025

Independent Auditors' Report to the Members of
Kenjaro Investments Limited

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

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

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

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

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

Other information
The 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Kenjaro Investments Limited


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

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

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

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

Independent Auditors' Report to the Members of
Kenjaro Investments 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 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 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 Auditors' Report.

Independent Auditors' Report to the Members of
Kenjaro Investments 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 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.




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

Kenjaro Investments Limited (Registered number: 01826681)

Consolidated Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 4 11,018,301 9,539,652

Cost of sales (6,216,148 ) (4,784,168 )
GROSS PROFIT 4,802,153 4,755,484

Administrative expenses (2,285,369 ) (1,127,050 )
2,516,784 3,628,434

Other operating income 5 88,406 93,279
OPERATING PROFIT 7 2,605,190 3,721,713

Interest receivable and similar income 9 272,010 81,946
2,877,200 3,803,659

Interest payable and similar expenses 10 (2,492 ) (29,967 )
PROFIT BEFORE TAXATION 2,874,708 3,773,692

Tax on profit 11 (737,794 ) (779,864 )
PROFIT FOR THE FINANCIAL YEAR 2,136,914 2,993,828
Profit attributable to:
Owners of the parent 2,044,414 2,834,249
Non-controlling interests 92,500 159,579
2,136,914 2,993,828

Kenjaro Investments Limited (Registered number: 01826681)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 2,136,914 2,993,828


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,136,914

2,993,828

Total comprehensive income attributable to:
Owners of the parent 2,044,414 2,834,249
Non-controlling interests 92,500 159,579
2,136,914 2,993,828

Kenjaro Investments Limited (Registered number: 01826681)

Consolidated Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 14 (54,223 ) -
Tangible assets 15 9,143,347 5,211,339
Investments 16 - -
Investment property 17 566,176 -
9,655,300 5,211,339

CURRENT ASSETS
Debtors 18 3,189,499 3,117,378
Cash at bank and in hand 19 5,298,111 7,580,673
8,487,610 10,698,051
CREDITORS
Amounts falling due within one year 20 (1,840,392 ) (1,433,675 )
NET CURRENT ASSETS 6,647,218 9,264,376
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,302,518

14,475,715

PROVISIONS FOR LIABILITIES 21 (393,723 ) (210,484 )
NET ASSETS 15,908,795 14,265,231

CAPITAL AND RESERVES
Called up share capital 22 216,100 216,100
Retained earnings 23 15,274,314 13,693,250
SHAREHOLDERS' FUNDS 15,490,414 13,909,350

NON-CONTROLLING INTERESTS 418,381 355,881
TOTAL EQUITY 15,908,795 14,265,231

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


Kenjaro Investments Limited (Registered number: 01826681)

Company Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 14 - -
Tangible assets 15 - -
Investments 16 5,290,555 1,172,942
Investment property 17 - -
5,290,555 1,172,942

CURRENT ASSETS
Debtors 18 3,219,921 11,665,347
Cash at bank 19 5,107,272 30
8,327,193 11,665,377
CREDITORS
Amounts falling due within one year 20 (1,185,270 ) (295,455 )
NET CURRENT ASSETS 7,141,923 11,369,922
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,432,478

12,542,864

CAPITAL AND RESERVES
Called up share capital 22 216,100 216,100
Retained earnings 23 12,216,378 12,326,764
SHAREHOLDERS' FUNDS 12,432,478 12,542,864

Company's profit for the financial year 352,964 10,247,819

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


Kenjaro Investments Limited (Registered number: 01826681)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 April 2022 216,100 11,267,051 11,483,151 226,302 11,709,453

Changes in equity
Dividends - (408,050 ) (408,050 ) (30,000 ) (438,050 )
Total comprehensive income - 2,834,249 2,834,249 159,579 2,993,828
Balance at 31 March 2023 216,100 13,693,250 13,909,350 355,881 14,265,231

Changes in equity
Dividends - (463,350 ) (463,350 ) (30,000 ) (493,350 )
Total comprehensive income - 2,044,414 2,044,414 92,500 2,136,914
Balance at 31 March 2024 216,100 15,274,314 15,490,414 418,381 15,908,795

Kenjaro Investments Limited (Registered number: 01826681)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 216,100 2,486,995 2,703,095

Changes in equity
Dividends - (408,050 ) (408,050 )
Total comprehensive income - 10,247,819 10,247,819
Balance at 31 March 2023 216,100 12,326,764 12,542,864

Changes in equity
Dividends - (463,350 ) (463,350 )
Total comprehensive income - 352,964 352,964
Balance at 31 March 2024 216,100 12,216,378 12,432,478

Kenjaro Investments Limited (Registered number: 01826681)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,821,440 3,222,941
Interest paid (2,492 ) (29,967 )
Tax paid (493,771 ) (533,499 )
Net cash from operating activities 2,325,177 2,659,475

Cash flows from investing activities
Purchase of intangible fixed assets 61,384 -
Purchase of tangible fixed assets (4,768,227 ) (256,436 )
Purchase of investment property (566,176 ) -
Sale of fixed asset investments - (18,420 )
Sale of investment property - 30,000
Net working capital on acquisition 882,709 -
Interest received 272,010 81,946
Net cash from investing activities (4,118,300 ) (162,910 )

Cash flows from financing activities
Amount introduced by directors 31,500 -
Amount withdrawn by directors (27,589 ) -
Equity dividends paid (463,350 ) (408,050 )
Dividends paid to minority interests (30,000 ) (30,000 )
Net cash from financing activities (489,439 ) (438,050 )

(Decrease)/increase in cash and cash equivalents (2,282,562 ) 2,058,515
Cash and cash equivalents at beginning of
year

2

7,580,673

5,522,158

Cash and cash equivalents at end of year 2 5,298,111 7,580,673

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 2,874,708 3,773,692
Depreciation charges 124,399 50,231
Loss on disposal of fixed assets - 48,420
Finance costs 2,492 29,967
Finance income (272,010 ) (81,946 )
2,729,589 3,820,364
Increase in trade and other debtors (72,121 ) (691,702 )
Increase in trade and other creditors 163,972 94,279
Cash generated from operations 2,821,440 3,222,941

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 5,298,111 7,580,673
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 7,580,673 5,522,158


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 7,580,673 (2,282,562 ) 5,298,111
7,580,673 (2,282,562 ) 5,298,111
Total 7,580,673 (2,282,562 ) 5,298,111

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus cost directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Kenjaro Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 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.

Intangible fixed asset- goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 equipment 5% - 25% Reducing balance basis
Fixtures and fittings5% Reducing balance basis
Motor vehicles 25% - 33% Reducing balance basis

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 recognised in the profit and loss account.

The residual value of the freehold property is not less than its carrying value, Consequently, no depreciation has been provided in respect of Freehold building in some of the group entities. The costs for maintenance and upkeeping the property are expensed in the profit and loss account in the year they are incurred.

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, 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.

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

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.

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.

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.

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.

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 group 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 group.


Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases
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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’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.

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 11,018,301 9,539,652
11,018,301 9,539,652

5. OTHER OPERATING INCOME
31.3.24 31.3.23
£    £   
Rents received 88,406 50,387
Government grants receivable - 3,920
Other coronavirus funding - 37,028
Coronavirus job retention - 832
Insurance claims receivable - 1,112
88,406 93,279

6. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 4,808,865 3,233,396
Social security costs 374,728 287,630
Other pension costs 63,256 32,841
5,246,849 3,553,867

The average number of employees during the year was as follows:
31.3.24 31.3.23

Management and Directors 7 7
Care workers and support staff 236 119
243 126

31.3.24 31.3.23
£    £   
Directors' remuneration 39,718 38,453

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

7. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Hire of plant and machinery 2,884 2,379
Depreciation - owned assets 836,219 50,231
Loss on disposal of fixed assets - 48,420
Goodwill amortisation (7,161 ) -

8. AUDITORS' REMUNERATION
31.3.24 31.3.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

28,800

18,000
Total audit fees 28,800 18,000

9. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.24 31.3.23
£    £   
Deposit account interest 272,010 81,946

10. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Interest payable 2,492 29,967

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 732,605 732,420

Deferred tax 5,189 47,444
Tax on profit 737,794 779,864

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. TAXATION - continued

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

31.3.24 31.3.23
£    £   
Profit before tax 2,874,708 3,773,692
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

718,677

717,001

Effects of:
Expenses not deductible for tax purposes 269 -
Depreciation in excess of capital allowances 13,659 15,419
Deferred tax 5,189 47,444
Total tax charge 737,794 779,864

12. INDIVIDUAL INCOME STATEMENT

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


13. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of £1 each
Interim 463,350 408,050

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

14. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023 460,001
Additions (61,384 )
At 31 March 2024 398,617
AMORTISATION
At 1 April 2023 460,001
Amortisation for year (7,161 )
At 31 March 2024 452,840
NET BOOK VALUE
At 31 March 2024 (54,223 )
At 31 March 2023 -

15. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 4,625,270 1,624,879 315,700 80,700 6,646,549
Additions 3,959,418 792,035 16,774 - 4,768,227
At 31 March 2024 8,584,688 2,416,914 332,474 80,700 11,414,776
DEPRECIATION
At 1 April 2023 310,107 788,265 266,222 70,616 1,435,210
Charge for year 119,714 710,961 2,966 2,578 836,219
At 31 March 2024 429,821 1,499,226 269,188 73,194 2,271,429
NET BOOK VALUE
At 31 March 2024 8,154,867 917,688 63,286 7,506 9,143,347
At 31 March 2023 4,315,163 836,614 49,478 10,084 5,211,339

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

16. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023 1,172,942
Additions 4,117,613
At 31 March 2024 5,290,555
NET BOOK VALUE
At 31 March 2024 5,290,555
At 31 March 2023 1,172,942

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

Subsidiaries

Claremont Care Services Limited
Registered office: 3rd Floor, Warrengate Nursing Home 2 The Warren, Kingswood, Surrey,England, KT20 6NN
Nature of business: Operation of Care Home
%
Class of shares: holding
Ordinary shares 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,952,107 875,874
Profit for the year 1,076,233 1,337,279

Kenjaro Finance Trading Company Limited
Registered office: 3rd Floor, Warrengate Nursing Home 2 The Warren, Kingswood, Surrey,England, KT20 6NN
Nature of business: Provision of finance
%
Class of shares: holding
Ordinary shares 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 916,213 892,215
Profit/(loss) for the year 23,998 (9,575 )

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

16. FIXED ASSET INVESTMENTS - continued

Buckland Rest Homes Limited
Registered office: 3rd Floor, Warrengate Nursing Home 2 The Warren, Kingswood, Surrey,England, KT20 6NN
Nature of business: Operation of Care Home
%
Class of shares: holding
Ordinary shares 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 422,456 412,918
Profit for the year 9,538 247,922

Woodean Limited
Registered office: 3rd Floor, Warrengate Nursing Home 2 The Warren, Kingswood, Surrey, England, KT20 6NN
Nature of business: Operation of Care Home
%
Class of shares: holding
Ordinary shares 87.50
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,074,304 714,302
Profit for the year 740,002 1,276,633

Offington Park Ltd
Registered office: 3rd Floor, Warrengate Nursing Home 2 The Warren, Kingswood, Surrey, England, KT20 6NN
Nature of business: Operation of Care Home
%
Class of shares: holding
Ordinary shares 100.00
31.3.24
£   
Aggregate capital and reserves 214,194
Profit for the year 214,094

J Sai Country Home Limited
Registered office: 3rd Floor, Warrengate Nursing Home 2 The Warren, Kingswood, Surrey, England, KT20 6NN
Nature of business: Operation of Care Home
%
Class of shares: holding
Ordinary shares 100.00
31.3.24 31.12.22
£    £   
Aggregate capital and reserves 4,241,820 15,169,349
(Loss)/profit for the period/year (2,907,743 ) 1,126,406


Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 566,176
At 31 March 2024 566,176
NET BOOK VALUE
At 31 March 2024 566,176

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

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 1,300,863 1,051,630 - -
Amounts owed by group undertakings - - 3,183,221 11,665,347
Amounts owed by participating interests 1,746,228 1,737,533 - -
Other debtors 60,359 61,201 36,700 -
Prepayments and accrued income 82,049 267,014 - -
3,189,499 3,117,378 3,219,921 11,665,347

19. CASH AT BANK AND IN HAND

The company has earmarked cash in excess of its working capital requirements to fund future acquisitions of care homes that meet the company's profile.

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade creditors 529,278 435,588 - -
Amounts owed to group undertakings - - 932,044 -
Tax 796,196 557,362 (583 ) 31,248
Social security and other taxes 117,948 65,480 - -
Other creditors 103,619 63,511 - -
Directors' current accounts 251,218 247,307 249,009 247,407
Accruals and deferred income 42,133 64,427 4,800 16,800
1,840,392 1,433,675 1,185,270 295,455

Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

21. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 393,723 210,484

Group
Deferred
tax
£   
Balance at 1 April 2023 210,484
Charge to Income Statement during year 5,189
Acquisition of subsidiary 178,050
Balance at 31 March 2024 393,723

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
216,100 Ordinary £1 216,100 216,100

23. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 13,693,250
Profit for the year 2,044,414
Dividends (463,350 )
At 31 March 2024 15,274,314

Company
Retained
earnings
£   

At 1 April 2023 12,326,764
Profit for the year 352,964
Dividends (463,350 )
At 31 March 2024 12,216,378


Kenjaro Investments Limited (Registered number: 01826681)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

24. RELATED PARTY DISCLOSURES

Group:
Included within other debtors is an amount of £1,746,228 (2023: £1,737,533) owed by companies in which the directors have an interest.

Company:
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Included within other debtors is an amount of £3,183,221 (2023: £11,665,347) owed by companies in which the directors have an interest.

Included within other creditors is an amount of £932,044 (2023: £Nil) owed to companies in which the directors have an interest.

During the year, the company received dividends of £350,000 (2023: £10,106,250) from its subsidiary undertakings.

25. ULTIMATE CONTROLLING PARTY

In the opinion of the directors, the group is controlled by the Rajan Family by virtue of holding the entire issued share capital of Kenjaro Investments Limited.