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Kingsley Healthcare (Bournemouth) Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 10490102

 

Kingsley Healthcare (Bournemouth) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 10

 

Kingsley Healthcare (Bournemouth) Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

280,118

221,328

Current assets

 

Stocks

5

5,112

3,380

Debtors (including £2,093,162 due after more than one year (2023 - £1,992,723))

6

2,234,250

2,128,686

Cash at bank and in hand

 

156,307

112,143

 

2,395,669

2,244,209

Creditors: Amounts falling due within one year

7

(403,624)

(430,294)

Net current assets

 

1,992,045

1,813,915

Total assets less current liabilities

 

2,272,163

2,035,243

Creditors: Amounts falling due after more than one year

7

(2,120,099)

(1,786,824)

Provisions for liabilities

(64,343)

(54,776)

Net assets

 

87,721

193,643

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

87,719

193,641

Shareholders' funds

 

87,721

193,643

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 June 2025 and signed on its behalf by:
 

.........................................
Mr V Thayanandarajah
Director

.........................................
Mr I Jarvis
Director

 
     

Company Registration Number: 10490102

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS
United Kingdom

The business address is the same as the registered office address, although the entity operates a care home in Bournemouth, England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Group recharges
Cost re-allocations are required in order to fairly reflect the cost of management services borne by group companies and entities under common control. These are based on judgemental estimates of the proportion of management time spent in areas of the business which are different from where the payroll cost is originally processed, and where joint contracts of employment are in place.

Intercompany loan interest
The business trades as part of a group. In addition to recharges of central costs and other trading settlements, management charges are raised to reflect the cost of funding arranged at a group level. Significant balances with group and other connected parties arise, these balances are due after more than one year. The lending company charges interest on these loans using a market rate for an equivalent third party loan.

The carrying value of amounts owed to/from group companies and entities under common control can be found in note 6 and 7.

Management are required to make estimates as to the outflow of economic benefits which will be required to settle an obligation in making provisions.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company's activities.

Income relates to monies received for the provision of care home services and is recognised on a straight line basis over the period of residence.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line

Furniture, fittings and equipment

20-100% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans with group and entities under common control; and
• Cash and bank balances.

All financial instruments are classified as basic.


 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when a company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are
cancelled.

Except for loans with group and entities under common control, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans with group and entities under common control are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 58 (2023 - 53).

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

138,231

164,010

302,241

Additions

42,513

77,370

119,883

Disposals

-

(38,380)

(38,380)

At 30 September 2024

180,744

203,000

383,744

Depreciation

At 1 October 2023

9,117

71,796

80,913

Charge for the year

3,614

55,969

59,583

Eliminated on disposal

-

(36,870)

(36,870)

At 30 September 2024

12,731

90,895

103,626

Carrying amount

At 30 September 2024

168,013

112,105

280,118

At 30 September 2023

129,114

92,214

221,328

Included within the net book value of land and buildings above is £168,013 (2023 - £129,114) in respect of leasehold land and buildings.

5

Stocks

2024
£

2023
£

Other inventories

5,112

3,380

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

6

Debtors

2024
 £

2023
 £

Trade debtors

99,056

37,274

Amounts due from group undertakings

2,091,082

1,989,616

Other debtors

22,316

72,436

Prepayments and accrued income

21,796

29,360

 

2,234,250

2,128,686

Less non-current portion

(2,093,162)

(1,992,723)

141,088

135,963

Details of non-current trade and other debtors

£2,091,082 (2023 - £1,989,616) of amounts due from group undertakings is classified as non current.

£2,080 (2023 - £3,107) of amounts owed from connected companies, included in other debtors, is classified as non current.

7

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

21,828

60,148

Social security and other taxes

38,721

31,208

Outstanding defined contribution pension costs

6,900

5,203

Other creditors

19,694

44,793

Accrued expenses

316,481

288,942

403,624

430,294

Due after one year

Amounts owed to group undertakings

421,246

109,952

Amounts owed to connected parties

1,698,853

1,676,872

2,120,099

1,786,824

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Share Capital of £1 each

2

2

2

2

       

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £190,000 (2023 - £380,000) per each Ordinary share capital

 

380,000

 

760,000

         

10

Financial commitments, guarantees and contingencies

The company is party to a cross guarantee with related parties in favour of Coutts & Co. The bank borrowings are secured by a charge over the freehold properties owned by the related parties.

The bank borrowing of the companies at the balance sheet date amounted to:

Parent company and fellow subsidiaries £Nil (2023 - £5,467,800)
Other related parties £48,363,396 (2023 - £34,872,312)

Included within the tangible fixed assets NBV of £280,118 is £103,893 (2023 - £93,367) relating to assets held under hire purchase agreements payable by Kingsley Care Homes Limited, a company
under common control. The depreciation charged to the financial statements in the year in respect of such assets amounted to £11,993 (2023 - £7,244).

11

Related party transactions

The company has taken advantage of the exemption provided by FRS 102 to not disclose transactions entered in to between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Summary of transactions with other related parties

During the year the company entered into various transactions with entities under common control. Transactions entered into, and trading balances outstanding at the year end, are as shown below. Outstanding balances with entities are unsecured, interest bearing and cash settled.
 

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Expenditure with and payables to related parties

2024

Entities under common control
£

Rendering of services

6,650

2023

Entities under common control
£

Rendering of services

2,400

Loans to related parties

2024

Entities under common control
£

At start of period

3,107

Advanced

68,336

Repaid

(69,363)

At end of period

2,080

2023

Entities under common control
£

At start of period

2,119

Advanced

150,119

Repaid

(149,131)

At end of period

3,107

Terms of loans to related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amounts are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

 

Kingsley Healthcare (Bournemouth) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Loans from related parties

2024

Entities under common control
£

At start of period

1,676,872

Advanced

530,153

Repaid

(508,172)

At end of period

1,698,853

2023

Entities under common control
£

At start of period

1,566,588

Advanced

136,263

Repaid

(25,979)

At end of period

1,676,872

Terms of loans from related parties

The loans have a 366 day notice period for repayment. Interest is charged on these balances and the amounts are presented in other creditors falling due after more than one year and other debtors receivable after more than one year.

12

Parent and ultimate parent undertaking

The company's immediate parent is Kingsley Healthcare (Bournemouth Property) Limited, incorporated in England and Wales.

 The ultimate controlling parties are Serendip Investment Holding (Jersey) Limited, incorporated in Jersey.

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was James Barrett, who signed for and on behalf of PKF Francis Clark on 27 June 2025.