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Kingsley Healthcare (DS) Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 09803771

 

Kingsley Healthcare (DS) Limited

Contents

Strategic Report

1 to 6

Directors' Report

7 to 8

Statement of Directors' Responsibilities

9

Independent Auditor's Report

10 to 13

Profit and Loss Account

14

Statement of Comprehensive Income

15

Balance Sheet

16

Statement of Changes in Equity

17

Notes to the Financial Statements

18 to 29

 

Kingsley Healthcare (DS) Limited

Strategic Report for the Year Ended 30 September 2024

The Directors present their report for the year ended 30 September 2024.

The Kingsley Healthcare Group (“Kingsley”) can be defined as the ten operating groups headed by the following companies: Peacock Holdings (2015) Limited; KCH (UK) Holdings Limited; Regal Healthcare Holdings Limited; Althea Healthcare Holdings Limited; Timperley Holdings Limited; Hestia Healthcare Holdings Limited; Partington Healthcare Holdings Limited; Kingsley Healthcare (OLH) Limited; Kingsley Healthcare (Bournemouth Property) Limited and Kingsley (KMT) Limited. All of these operating groups under the Kingsley umbrella are affected by similar factors and, therefore, the same strategies, which are covered in this Strategic Report, apply to each of them. For the purpose of these specific financial statements, meanwhile, references to the “Group” will refer to the KCH (UK) Holdings Limited operating group whilst references to the “Company” will refer to Kingsley Healthcare (DS) Limited

Kingsley Healthcare

Kingsley Healthcare, a nationally recognised, family-run provider of residential and nursing care, proudly reports a year of continued progress and resilience, underpinned by strong trading performance, robust cash generation and a clear strategic vision. Kingsley Healthcare continues to be a leader in the adult social care sector through its long-term investment approach, people-first culture and sustained operational excellence.

As the UK’s first major care operator to achieve B Corp certification and having been named Residential Care Provider of the Year – 2024 by Health Investor, we remain steadfast in our commitment to delivering high-quality, person-centred care and driving meaningful social and environmental impact across our operations.

Strategic Focus and Business Performance

Our strategy centres on harnessing the strength of our balance sheet and the depth of our talent to drive both organic and inorganic growth. Mature homes within the Kingsley portfolio continue to deliver strong revenue growth and profitability, with overall trading performance aligned to expectations.

Significant cash generation during the period enabled Kingsley to secure additional banking facilities, enhancing our financial flexibility to support further investment in services, property, technology and people. These developments reaffirm our long-term commitment to creating value for all stakeholders.

Operational Developments and Investments:

We continue to make targeted investments to future-proof the business, including:

Expansion into new geographic hubs, supported by robust infrastructure and internal capabilities.

Investment in digital transformation, covering call centre operations, integrated finance systems, cyber security and IT infrastructure.

Enhancements to core care platforms — including care planning, medication management and governance systems.

Implementation of a comprehensive CRM solution to strengthen sales, client engagement and operational efficiency.

 

Kingsley Healthcare (DS) Limited

Strategic Report for the Year Ended 30 September 2024

Sustainability and Corporate Responsibility

Kingsley’s recognition as a B Corp certified organisation marks a milestone in our sustainability journey. We have embedded sustainability into all areas of our service delivery, focusing on community wellbeing, environmental stewardship and responsible governance.

People and Culture

Our people remain at the heart of our success. We have invested substantially in training and development through the Kingsley Academy, ensuring every one of our front line colleagues is equipped to deliver high-quality, compassionate care.

We are proud to be a Real Living Wage Employer, with low staff turnover rates in the sector. Independent platforms such as Glassdoor and Indeed consistently rank Kingsley as one of the top employers in healthcare for workplace wellbeing.

We have increased our use of social media as a platform to showcase the outstanding care and community engagement within our homes. This not only bolsters staff recognition and morale, but also strengthens our brand as an employer and helps families stay connected with daily life within our services.

Kingsley Healthcare (DS) Limited

Principal activity

The principal activity of the company is that of a property holding company.

Fair review of the business

When analysing Kingsley Healthcare (DS) Limited’s trading results for the financial year to 30 September 2024, the Company’s board is pleased with its performance when compared to previous years.

Company turnover for the year was £1.5m. In comparison to the revenue results achieved last year, the Company has seen a healthy increase of £0.08m or 6%. The incremental revenue uplift can be attributed to increased rental charges.

Company EBITDA for the year was £1,481,233 (2023: £1,373,971). Net Profit Before Tax, meanwhile, decreased to £501,175 (2023: £622,645). This decrease was expected due to the Group’s continued investment in its infrastructure and logistics functions. In light of this, the directors believe the Company’s performance for the year was highly positive, particularly when viewed against the challenging economic backdrop.

We have seen improved cashflow generation, especially from the mature homes, which has enabled us to continually invest in our portfolio and also to explore inorganic opportunities. The Company also remains financially agile with a strong balance sheet, which is a very good position to be in. The strength of the Company has also been consistently underpinned by the shareholders and has drawn further support from our bankers Coutts & Co., with whom the Group has renewed its loan facilities during the financial year.

The Company’s Fixed Assets amount to £23.7m whilst Net Debt totals £0.08m, excluding intercompany debt.

This places the Company in a very strong position within its industry in the post-pandemic era.

 

Kingsley Healthcare (DS) Limited

Strategic Report for the Year Ended 30 September 2024

Key performance indicators

In keeping with previous year-end reporting, the trading Company has measured its success during the 2024 financial year against three key performance indicators. These benchmarks are centred on results in the areas of turnover, EBITDA and net profit.

 

2024

2023

Turnover

£1,481,714

£1,397,000

EBITDA

£1,481,233

£1,373,971

Net Profit Before Tax

£501,175

£622,645

Section 172(1) Statement

The Directors of the Company are required to act in accordance with the duties prescribed under Section 172 of the Companies Act 2006, which demands they should carry out their duties in a way they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole while having regard to the interests of the Company’s other stakeholders. The Company includes among its other primary stakeholders its staff, its service users and their families, its suppliers, its financing partners, the relevant industry regulators and the communities the Company serves. It is these parties that either impact the Group’s strategy materially or are themselves impacted by it directly. As a responsible business building long-term shareholder value, we listen to our stakeholders regularly to help us guide our strategy and to ensure we continue to operate in a way that delivers the best care we are able to provide to our residents.

Section 172 requires each director of a company, when making decisions regarding the like of the Company’s trading strategy and operational objectives, to ensure that such decisions are made considering the possible long-term consequences associated with them. For its part, and in pursuit of the realisation of its ‘Vision 2025’ strategy during the year, the Board has regularly monitored progress against its targets and modified its ambitions to ensure predicted outcomes result in the ongoing sustainability of the business. The board of the Company consistently maintains a long-term outlook in relation to its future activities through many different aspects of the business, whether it is the investment in current and future facilities, staff recruitment and retention or compliance and risk management, Kingsley has ensured the long-term effect is incorporated with every decision.

The Board recognises the importance of the responsibilities incumbent upon it under Section 172 and believes it has made all material decisions during the course of the year in a manner that reflects its proper consideration of these duties. In doing so, the Board has consistently behaved responsibly towards its shareholders to ensure they are treated fairly and equally.

The Company maintains open and regular communication with its financing partners, providing detailed management accounts and long-term financial models to ensure transparency and alignment.

The Company places utmost importance on the dignity, independence, and well-being of its service users. Central to all Company endeavours are the quality of daily experiences for these stakeholders. The Directors emphasize the crucial role of maintaining good governance across the organisation's activities, ensuring consistency for all involved parties. Setting itself apart from competitors, the Company upholds high standards of integrity and business conduct, driven by values of kindness, compassion and empathy.

The Company has maintained a steady supply of essential operational materials by fostering strong, long-term partnerships with trusted suppliers. Many of these suppliers have prioritised their longstanding relationship with Kingsley over new business opportunities, offering key advantages such as stable pricing and access to warehouse facilities. As supply chain pressures continue into 2025, we remain committed to strengthening these invaluable relationships.

 

Kingsley Healthcare (DS) Limited

Strategic Report for the Year Ended 30 September 2024

Understanding that our homes are often central to their communities, Kingsley takes its responsibilities seriously. Our senior leadership team actively champions initiatives that support the well-being of the towns and villages we serve. Beyond our dedication to responsible energy management and efficiency, we have expanded our efforts with new community-focused initiatives across our locations.

Our people are at the heart of everything we do. We deeply value each colleague’s contribution to upholding Kingsley’s values and driving our success. To reflect our commitment, we have conducted a thorough review of our benefits package, ensuring we remain the leading employer in adult social care across all our home locations.

In 2024, Kingsley reaffirmed its commitment as a Real Living Wage employer. We believe that fair pay not only acknowledges our employees' dedication but also strengthens retention and attracts top talent. In an industry where rising living costs and workforce shortages present challenges, it is crucial to demonstrate our unwavering support for our team. Beyond ensuring the Real Living Wage as a baseline, we provide additional resources, including financial guidance, well-being programs, mental health support, and nutrition counselling, ensuring our people feel valued, supported and empowered.

Kingsley proactively continues to invest in new platforms to support its staff with their career and personal progression. Since the year end, one of the most notable achievements has been the successful implementation of Workday, a comprehensive financial accounting and reporting system. While this transition demanded considerable effort and resources, the results are clear and we now enjoy faster, more streamlined processes that enable our leadership team to focus on delivering innovative care. With integrated AI and machine learning capabilities, these systems offer data-driven insights that will help Kingsley further enhance its efficiency and service quality.

As a leading national provider of residential, nursing, and specialist care services, we have an inherent duty to be a dependable support system for those who rely on us—our residents, colleagues, and partners alike. We take this responsibility seriously and our stakeholder management approach is built on fostering strong, mutually beneficial relationships grounded in integrity, compassion and kindness. These core values are woven into every aspect of our organisation, setting Kingsley apart as the trusted and respected provider it is today.

Looking ahead, we are confident that the financial year ending 30 September 2024 has been tremendously positive, marked by our continued commitment to delivering exceptional care while advancing the aspirations of our stakeholders. The Board remains focused on making strategic, long-term investment decisions that prioritise the well-being of all those we serve.

Environmental, Social & Governance (ESG)

As noted above, achieving B Corp certification represents a key milestone in our sustainability journey. We have integrated sustainability across all aspects of our service delivery framework, with a focus on community wellbeing, environmental responsibility and strong governance.

Principal risks and uncertainties

Sector and Market Risk

The UK care sector benefits from favourable demographic trends but faces constraints in capacity due to rising building costs and planning limitations. We have proactively invested in our property portfolio to ensure that our homes remain modern, efficient and aligned with evolving customer expectations.

There remains a strong demand for high quality care from self-funding clients, complemented by stable relationships with local commissioning bodies, supported by transparent cost of care models.

 

Kingsley Healthcare (DS) Limited

Strategic Report for the Year Ended 30 September 2024

Operational and Regulatory Risk

The care sector is subject to extensive regulatory oversight, which means non-compliance can lead to both reputational damage, limitations on admissions and even the closure of services.

Our compliance teams work in close coordination with our operational teams to ensure all regulatory standards are met and our governance framework remains strong. Where improvements are required, comprehensive action plans are put in place.

People Risk

Sector-wide workforce shortages, high turnover and reliance on agency staff can impact the quality of care and operational continuity.

Our strategic focus on staff retention, remuneration and wellbeing mitigates the wider sector challenge of staffing shortages. Immigration changes present only a limited risk, given our strong domestic workforce and low reliance on overseas recruitment.

Financial and Funding Risk

Exposure to interest rate volatility, funding constraints or regional property value fluctuations could impact our financial performance and growth plans.

We maintain strong relationships with our banking partners and have once again secured long-term facilities, during the year, that support both ongoing operations and future expansion. Our advisory committee is constantly monitoring interest rate volatility, bond rates and hedging movements. We are pleased that, given the strength of our balance sheet, these are managed in a sensible manner. Our diversified property portfolio mitigates location-specific risks.

Going Concern

The Directors have reviewed the Group’s trading projections, cash flow forecasts and financial plans for the foreseeable future and confirm that the Group has significant resources that are more than adequate to allow it to meet its obligations for a period of twelve months from the signing of these accounts. With a robust balance sheet, growing revenues and resolute banking support, the Directors are confident in the Group’s ongoing viability.

As such, the Directors consider it appropriate to prepare these financial statements on a going concern basis.

We remain confident in the strength and resilience of our business model. Meanwhile, our continued investment in infrastructure, digital systems, talent and real property positions Kingsley Healthcare for sustained growth and leadership in the care sector.

The Directors are cautiously optimistic about the sector’s long-term prospects and have confidence in Kingsley’s unique ability, as a family-owned operator, to respond with agility and purpose to emerging opportunities.

We will continue to invest in our services, expand our reach and enrich the lives of those we serve, being always guided by our core values of integrity, kindness, compassion and empathy.

 

Kingsley Healthcare (DS) Limited

Strategic Report for the Year Ended 30 September 2024

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

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

 

Kingsley Healthcare (DS) Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr V Thayanandarajah

Mrs S C Thayanandarajah

Mr C D Thayan

Mr E D Thayan

Mr I S Jarvis

Mr M Malik

Financial instruments

Objectives and policies

The directors make use of a range of financial resources to further the operation and development of the Company’s business. Secured senior debt facilities are provided, on an approximately equal basis, by three well established and highly regarded banks. The Company continues to believe that its working partnership with these institutions appropriately diversifies its counterparty risk and the failure of one or other of the Company’s banking partners is deemed to be very unlikely.

The Company’s capital expenditure and working capital requirements are funded by a blend of secured term loans and overdraft facilities, which are secured against the Company’s property assets.

The directors monitor debt servicing capability and covenant compliance on an ongoing basis, utilising three-year financial forecasts to ensure adequacy in these areas. Certain of the Company’s future development projects, including several that have been recently initiated, will feature funding arrangements with a prominent real estate investment trust that specialises in providing sustainable support for operators in the healthcare sector. The directors recognise that it is largely down to the financial strength and historic performance of the Company that it has been able to maintain a strong negotiating position in this context. They are also confident that the Company’s relationship with its funding partners continues to be stable and productive.

Price risk, credit risk, liquidity risk and cash flow risk

The directors believe that the Company’s diversification of its service offering across a range of geographical locations nationally provides fundamental protection against price risk in relation to itsfixed asset investment portfolio. The recent appointment of a dedicated Credit Controller, meanwhile, has bolstered the Company’s capability in the area of debt collection and income management across both the privately-funded and local authority-funded market segments. Bad debts remain at minimal levels and electronic fee processing provides for efficient and timely settlement of issued invoices. Management accounting information is carefully collated and delivered to the board on a monthly basis, which allows the directors to accurately monitor the Company’s cash flow position and mitigate any risk in this critical operating space.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

 

Kingsley Healthcare (DS) Limited

Directors' Report for the Year Ended 30 September 2024

Disclosure Requirements

In accordance with Section 414C(11) of the Companies Act 2006, the directors have chosen to include certain disclosures in the Strategic Report that would otherwise be required in the Directors’ Report. These include:
• An indication of the company’s future developments;
• Information on the company’s engagement with employees and stakeholders;
• Details of the company’s environmental, social, and governance (ESG) initiatives, including its B Corp certification.
The directors believe that including this information in the Strategic Report provides a more cohesive and comprehensive overview of the company’s strategy, performance, and impact.

Reappointment of auditors

The auditors PKF Francis Clark are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

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

 

Kingsley Healthcare (DS) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Kingsley Healthcare (DS) Limited

Independent Auditor's Report to the Members of Kingsley Healthcare (DS) Limited

Opinion

We have audited the financial statements of Kingsley Healthcare (DS) Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Statement of 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 30 September 2024 and of its 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 auditor 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Kingsley Healthcare (DS) Limited

Independent Auditor's Report to the Members of Kingsley Healthcare (DS) Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 9, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor Responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Kingsley Healthcare (DS) Limited

Independent Auditor's Report to the Members of Kingsley Healthcare (DS) Limited

As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company and the sector in which it operates to identify the key laws and regulations affecting the company.

The key laws and regulations we identified were those that have a direct impact on the preparation of the financial statements, primarily the Companies Act 2006, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.

We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company's ability to continue trading and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management and those charged with governance regarding their knowledge of any
non-compliance with laws and regulations that could affect the financial statements;

As part of our enquiries, we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.

We also evaluated the risk of fraud through management override including that arising from management's incentives. The key risk we identified was fraudulent financial reporting to meet the companies bank loan covenants.

In response to the identified risk, as part of our audit work we:
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
- Reviewed the basis of costs recharged between group companies making sure that there is a clear justification. We challenged management and assessed the reasonableness of all recharges.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Kingsley Healthcare (DS) Limited

Independent Auditor's Report to the Members of Kingsley Healthcare (DS) 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

27 June 2025

 

Kingsley Healthcare (DS) Limited

Profit and Loss Account

Year Ended 30 September 2024

Note

2024
£

Restated

2023
£

Turnover

3

1,481,714

1,397,000

Gross profit

 

1,481,714

1,397,000

Administrative expenses

 

(383,338)

(210,155)

Operating profit

5

1,098,376

1,186,845

Other interest receivable and similar income

8

413

7,365

Interest payable and similar expenses

9

(597,614)

(571,565)

   

(597,201)

(564,200)

Profit before tax

 

501,175

622,645

Tax on profit

10

(210,934)

(177,750)

Profit for the financial year

 

290,241

444,895

The above results were derived from continuing operations.

 

Kingsley Healthcare (DS) Limited

Statement of Comprehensive Income

Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

290,241

444,895

Surplus on property, plant and equipment revaluation

-

10,532,715

Deferred tax on revalued assets

95,714

(2,546,168)

95,714

7,986,547

Total comprehensive income for the year

385,955

8,431,442

 

Kingsley Healthcare (DS) Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

18,759,971

19,142,828

Investments

12

4,941,859

4,941,859

 

23,701,830

24,084,687

Current assets

 

Debtors (including £nil due after more than one year (2023 - £225,528))

13

30,960

249,269

Cash at bank and in hand

 

-

26,254

 

30,960

275,523

Creditors: Amounts falling due within one year

15

(335,799)

(5,809,638)

Net current liabilities

 

(304,839)

(5,534,115)

Total assets less current liabilities

 

23,396,991

18,550,572

Creditors: Amounts falling due after more than one year

15

(6,851,390)

(2,288,593)

Provisions for liabilities

17

(3,489,709)

(3,592,042)

Net assets

 

13,055,892

12,669,937

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

7,886,530

7,986,547

Profit and loss account

5,169,361

4,683,389

Shareholders' funds

 

13,055,892

12,669,937

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

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

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

 
     

Company Registration Number: 09803771

 

Kingsley Healthcare (DS) Limited

Statement of Changes in Equity

Year Ended 30 September 2024

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 October 2023

1

7,986,547

4,683,389

12,669,937

Profit for the year

-

-

290,241

290,241

Other comprehensive income

-

95,714

-

95,714

Total comprehensive income

-

95,714

290,241

385,955

Transfer of realised profits

-

(195,731)

195,731

-

At 30 September 2024

1

7,886,530

5,169,361

13,055,892

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 October 2022

1

-

4,238,494

4,238,495

Profit for the year

-

-

444,895

444,895

Other comprehensive income

-

7,986,547

-

7,986,547

Total comprehensive income

-

7,986,547

444,895

8,431,442

At 30 September 2023

1

7,986,547

4,683,389

12,669,937

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The business address is the same as the registered office address, although the entity operates care homes across various locations in England.

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

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

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There are no material departures from FRS102.

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.

Further information about the trading situation of the company can be found in the group accounts.

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Summary of disclosure exemptions

FRS 102 grants a qualifying entity exemptions from the full requirements of FRS102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.

The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its ultimate parent company, KCH (UK) Holdings Limited, included the company's cash flows in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the KCH (UK) Holdings Limited group.

Name of parent of group

These financial statements are consolidated in the financial statements of KCH (UK) Holdings Limited.

The financial statements of KCH (UK) Holdings Limited may be obtained from Companies House.

Group accounts not prepared

The financial statements contain information about Kingsley Healthcare (DS) Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, KCH (UK) Holdings Limited, a company incorporated in England and Wales
.

Prior period errors

The prior period adjustment is classification only due to the change in principal activity resulting in rental income being recognised in turnover rather than other operating income.

 

Kingsley Healthcare (DS) 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 judgements that have a significant impact on the financial statements are described below:

Existing use value
The Existing Use Value of each property is driven by current trading performance using EBITDA as the key parameter. Management have reviewed the EBITDA used in the original valuation against current year trade and budgeted results and concluded that it is still reflective of Existing Use Value. The carrying value of land and buildings is £18,759,971 (2023 - £19,142,828).

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. The carrying value of amounts owed to/from group companies and entities under common control can be found in note 12 and 14.

Property valuations
The business invests in care homes and, in common with standard industry practice, has adopted a policy under FRS 102 of carrying these assets at Existing Use Value, which is considered by the directors to approximate to Fair Value as set out below. This is due to the expectation that a care home is the main value generating purpose of each site. Valuations are performed by professional valuation experts on a routine basis as required based on a multiple of earnings. The earnings used vary depending on the performance of the business with the multiples applied varying depending on factors such as the location, condition and market position of the asset. Given the variability of these factors the fair value of these assets is a judgemental estimate which will fluctuate over time. In an arm's length sale between willing parties the best price would still be Existing use value rather than Open Market Value. These assets are used through the group for trading purposes; they are not held by the company for their investment potential and no rent is charged. Consequently, they are not classed as investment properties under FRS 102. The carrying value of land and buildings is £18,759,971 (2023 - £19,142,828).

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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 12 and 14.

Deferred tax on revalued land and buildings
Deferred tax on revalued land and buildings is estimated by comparing the indexed cost to the net book value of the revalued asset and then using the expected future tax rate to estimate the future tax liability. The carrying value of the deferred tax liability is £3,477,909 (2023 - £3,573,624).

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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

Freehold land and buildings are stated in the balance sheet at valuation. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

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:

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Asset class

Depreciation method and rate

Freehold buildings

2% straight line

Freehold land

No depreciation

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans;
• Loans with group companies 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 the 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 companies 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 companies 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

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rental income

1,481,714

1,397,000

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

1,481,714

1,397,000

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

382,857

187,126

6

Staff costs

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

7

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

1,847

1,271


 

8

Other interest receivable and similar income

2024
£

2023
£

Interest on loans to entities under common control

413

7,365

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

254,898

366,861

Interest on loans from entities under common control

342,716

204,704

597,614

571,565

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

217,973

164,876

UK corporation tax adjustment to prior periods

(420)

-

217,553

164,876

Deferred taxation

Arising from origination and reversal of timing differences

(6,619)

12,874

Tax expense in the income statement

210,934

177,750

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 22.01%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

501,175

622,645

Corporation tax at standard rate

125,294

137,044

Decrease in UK and foreign current tax from adjustment for prior periods

(420)

-

Tax increase from effect of capital allowances and depreciation

-

39,177

Effect of expense not deductible in determining taxable profit (tax loss)

86,060

-

Deferred tax expense relating to changes in tax rates or laws

-

306,232

Tax decrease from effect of indexation allowance on capital gains

-

(304,703)

Total tax charge

210,934

177,750

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation

-

11,800

Deferred tax on revalued properties

-

3,477,909

-

3,489,709

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation

-

18,418

Deferred tax on revalued properties

-

3,573,624

-

3,592,042

11

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 October 2023

19,142,828

19,142,828

At 30 September 2024

19,142,828

19,142,828

Depreciation

Charge for the year

382,857

382,857

At 30 September 2024

382,857

382,857

Carrying amount

At 30 September 2024

18,759,971

18,759,971

At 30 September 2023

19,142,828

19,142,828

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Revaluation

The fair value of the company's freehold property was revalued on 24 October 2023 by an independent valuer. The basis of this valuation was at existing use value, which is considered by the Directors to approximate to fair value The name and qualification of the independent valuer are Colliers International, Chartered Surveyors who are external to the company. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,757,160 (2023 - £1,787,318). The Directors have assessed that the existing use value calculated by the independent valuer in the latest valuation described above continues to be an accurate fair value of the freehold properties as at 30 September 2024.

Included within the net book value of land and buildings above is £18,759,971 (2023 - £19,142,828) in respect of freehold land and buildings.
 

12

Investments

2024
£

2023
£

Investments in subsidiaries

4,941,859

4,941,859

Subsidiaries

£

Cost or valuation

At 1 October 2023

8,570,184

Provision

At 1 October 2023

3,628,325

Carrying amount

At 30 September 2024

4,941,859

At 30 September 2023

4,941,859

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Redwalls Care Services Limited

Kingsley House, Clapham Road South, Lowestoft, Suffolk, NR21 1QS

England and Wales

Ordinary

100%

100%

Drew Care Limited

Kingsley House, Clapham Road South, Lowestoft, Suffolk, NR21 1QS

England and Wales

Ordinary

100%

100%

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Subsidiary undertakings

Redwalls Care Services Limited

The principal activity of Redwalls Care Services Limited is residential care services.

Drew Care Limited

The principal activity of Drew Care Limited is residential care services.

13

Debtors

Note

2024
£

2023
£

Amounts due from group undertakings

19

-

225,528

Prepayments

 

30,960

23,741

   

30,960

249,269

Less non-current portion

 

-

(225,528)

 

30,960

23,741

Details of trade and other debtors

£Nil (2023 - £225,528) of amounts owed from group undertakings is classified as non current.

14

Cash and cash equivalents

2024
£

2023
£

Cash at bank

-

26,254

Bank overdrafts

(84,710)

-

Cash and cash equivalents in statement of cash flows

(84,710)

26,254

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

84,710

5,587,700

Accruals

 

-

37,083

Corporation tax

10

251,089

184,855

 

335,799

5,809,638

Due after one year

 

Amounts owed to group undertakings

 

6,851,390

2,288,593

 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

16

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

5,587,700

Bank overdrafts

84,710

-

84,710

5,587,700

Bank borrowings

The bank loans is denominated in pounds sterling, £, with a nominal interest rate of 2.35% above base rate %, and the final instalment was paid on 14 May 2024. The carrying amount at year end is £Nil (2023 - £5,587,700).

The bank loan is secured by a charge over the freehold properties owned by the company. A debenture over the whole assets of the company is also in place.

17

Provisions for liabilities

Deferred tax
£

At 1 October 2023

3,592,042

Increase (decrease) in existing provisions

(102,333)

At 30 September 2024

3,489,709

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Shares of £1 each

1

1

1

1

       
 

Kingsley Healthcare (DS) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

19

Related party transactions

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.
 

Loans to related parties

2023

Entities under common control
£

Advanced

19,780

Repaid

(19,780)

At end of period

-

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.

20

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is KCH (UK) Holdings Limited, incorporated in England and Wales.

The address of KCH (UK) Holdings Limited is:
Kingsley House
Clapham Road South
Lowestoft
Suffolk
NR32 1QS