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Kingsley Healthcare (Bournemouth Property) Limited

Annual Report and Consolidated Financial Statements
Year Ended 30 September 2024

Registration number: 10489964

 

Kingsley Healthcare (Bournemouth Property) Limited

Contents

Strategic Report

1 to 6

Directors' Report

7 to 8

Statement of Directors' Responsibilities

9

Independent Auditor's Report

10 to 14

Consolidated Profit and Loss Account

15

Consolidated Statement of Comprehensive Income

16

Consolidated Balance Sheet

17

Balance Sheet

18

Consolidated Statement of Changes in Equity

19

Statement of Changes in Equity

20

Consolidated Statement of Cash Flows

21

Notes to the Financial Statements

22 to 42

 

Kingsley Healthcare (Bournemouth Property) Limited

Strategic Report

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 Kingsley Healthcare (Bournemouth Property) Limited operating group whilst references to the “Company” will refer to Kingsley Healthcare (Bournemouth Property) itself.

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 (Bournemouth Property) Limited

Strategic Report

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 (Bournemouth Property) Limited Group

The Group operates one care facility in the South of England, providing high quality residential & nursing care.

Principal activity

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

Fair review of the business

When analysing Kingsley Healthcare (Bournemouth Property) 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.

Group turnover for the year was £3.2m. In comparison to the revenue results achieved last year, the Group has seen a healthy increase of £0.2m or 6%. The incremental revenue uplift can be attributed to increased occupancy in our mature homes and the achievement of higher average weekly fees.

Average occupancy across the Group’s homes during the year was 96% (2023: 91%), which is a notable and rewarding reflection of the ongoing market support for Kingsley’s service proposition.

The average weekly fees charges have increased compared to the prior year. The improvement has been driven by the Group ensuring that its income base moves upwards in line with its increasing cost bases. Kingsley has been working diligently to align its fees to its cost of care model, liaising with families and commissioning bodies to ensure the fees being paid appropriately reflect the costs being incurred in the delivery of its top-class services. Fostering even stronger relationships with the Clinical Commissioning Groups local to its residential and nursing care facilities has also served the Group well during the year. Feedback confirms that Kingsley’s weekly fees remain attractive to these commissioners.

 

Kingsley Healthcare (Bournemouth Property) Limited

Strategic Report

Year Ended 30 September 2024

Group EBITDA for the year was £1,105,435 (2023: £1,193,672). Net Profit Before Tax, meanwhile, decreased to £272,535 (2023: £457,824). 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 Group’s performance for the year was highly positive, particularly when viewed against the challenging economic backdrop.

We have seen improved cashflow generation which has enabled us to continually invest in the home and also to explore inorganic opportunities. The Group also remains financially agile with a strong balance sheet, which is a very good position to be in. The strength of the Group 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 Group’s Fixed Assets amount to £11.4 whilst Net Debt totals £7.6m, excluding intercompany debt.

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

Key performance indicators

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

 

2024

2023

Average Occupancy

96%

91%

Turnover

£3,193,852

£3,017,427

EBITDA

£1,105,435

£1,193,672

Net Profit Before Tax

£272,535

£457,825

Section 172(1) Statement

The Directors of the Company and Group 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.

 

Kingsley Healthcare (Bournemouth Property) Limited

Strategic Report

Year Ended 30 September 2024

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 Group 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.

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.

 

Kingsley Healthcare (Bournemouth Property) Limited

Strategic Report

Year Ended 30 September 2024

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.

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.

 

Kingsley Healthcare (Bournemouth Property) Limited

Strategic Report

Year Ended 30 September 2024

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.

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

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

 

Kingsley Healthcare (Bournemouth Property) Limited

Directors' Report

Year Ended 30 September 2024

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

Directors of the group

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

Mr V Thayanandarajah

Mr E D Thayan

Mr C D Thayan

Mrs S C Thayanandarajah

Mr I Jarvis (appointed 2 May 2024)

Financial instruments

Objectives and policies

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

The Group’s capital expenditure and working capital requirements are funded by a blend of secured term loans and overdraft facilities, which are secured against the Group’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 Group’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 Group that it has been able to maintain a strong negotiating position in this context. They are also confident that the Group’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 Group’s diversification of its service offering across a range of geographical locations nationally provides fundamental protection against price risk in relation to its fixed asset investment portfolio. The recent appointment of a dedicated Credit Controller, meanwhile, has bolstered the Group’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 Group’s cash flow position and mitigate any risk in this critical operating space.

 

Kingsley Healthcare (Bournemouth Property) Limited

Directors' Report

Year Ended 30 September 2024

Future developments

This area of the Group’s activities has been analysed in some detail within the body of the Strategic Report, which can be found above.

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

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 group’s future developments;
• Information on the group's engagement with employees and stakeholders;
• Details of the group’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 group’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 (Bournemouth Property) 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 group and the company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Kingsley Healthcare (Bournemouth Property) Limited

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

Opinion

We have audited the financial statements of Kingsley Healthcare (Bournemouth Property) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 30 September 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 auditor 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 and parent 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.

 

Kingsley Healthcare (Bournemouth Property) Limited

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

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.

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 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.

 

Kingsley Healthcare (Bournemouth Property) Limited

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

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 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.

Auditor’s 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 (Bournemouth Property) Limited

Independent Auditor's Report to the Members of Kingsley Healthcare (Bournemouth Property) 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 group operates in the health and adult social care sector which is regulated by the Care Quality Commission (CQC). The regulator sets out a constantly evolving list of regulations that all care homes must follow such as compliance with keys laws and regulations including Health and Safety, Manual Handling and Food Hygiene regulations. CQC carry out routine inspections to ensure care homes are following these regulations and have the power to bring legal proceedings against any home that does not comply.

We also considered those laws and regulations 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;
- Review of latest CQC reports; and
- Review of the homes Food Hygiene rating.

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:
- Used data analytics to test journal entries throughout the year and yearend adjustments, for appropriateness;
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates; and
- 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 (Bournemouth Property) Limited

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

Consolidated Profit and Loss Account

Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

3,193,852

3,017,427

Cost of sales

 

(2,075,244)

(1,785,737)

Gross profit

 

1,118,608

1,231,690

Administrative expenses

 

(304,728)

(325,048)

Other operating income

4

5,000

-

Operating profit

5

818,880

906,642

Other interest receivable and similar income

8

10,094

5,007

Interest payable and similar expenses

9

(556,439)

(453,824)

   

(546,345)

(448,817)

Profit before tax

 

272,535

457,825

Tax on profit

10

(135,070)

(89,108)

Profit for the financial year

 

137,465

368,717

Profit/(loss) attributable to:

 

Owners of the company

 

137,465

368,717

The above results were derived from continuing operations.

 

Kingsley Healthcare (Bournemouth Property) Limited

Consolidated Statement of Comprehensive Income

Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

137,465

368,717

Surplus on property, plant and equipment revaluation

-

1,835,823

Deferred tax on unrealised gains

56,743

(175,195)

56,743

1,660,628

Total comprehensive income for the year

194,208

2,029,345

Total comprehensive income attributable to:

Owners of the company

194,208

2,029,345

 

Kingsley Healthcare (Bournemouth Property) Limited

Consolidated Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

11,401,818

11,570,000

Current assets

 

Stocks

13

5,112

3,380

Debtors (including £192,080 due after more than one year (2023 - £6,737))

14

333,168

142,700

Cash at bank and in hand

 

184,709

165,114

 

522,989

311,194

Creditors: Amounts falling due within one year

16

(403,854)

(5,932,621)

Net current assets/(liabilities)

 

119,135

(5,621,427)

Total assets less current liabilities

 

11,520,953

5,948,573

Creditors: Amounts falling due after more than one year

16

(7,782,155)

(1,982,395)

Provisions for liabilities

19

(1,854,892)

(1,896,480)

Net assets

 

1,883,906

2,069,698

Capital and reserves

 

Called up share capital

21

2

2

Revaluation reserve

1,692,767

1,660,628

Profit and loss account

191,137

409,068

Equity attributable to owners of the company

 

1,883,906

2,069,698

Shareholders' funds

 

1,883,906

2,069,698

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: 10489964

 

Kingsley Healthcare (Bournemouth Property) Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

11,121,700

11,348,672

Investments

12

2

2

 

11,121,702

11,348,674

Current assets

 

Debtors including £190,000 due after more than one year (2023 - £nil))

14

190,000

-

Cash at bank and in hand

 

28,402

52,971

 

218,402

52,971

Creditors: Amounts falling due within one year

16

(230)

(5,502,327)

Net current assets/(liabilities)

 

218,172

(5,449,356)

Total assets less current liabilities

 

11,339,874

5,899,318

Creditors: Amounts falling due after more than one year

16

(7,753,138)

(2,181,557)

Provisions for liabilities

19

(1,790,549)

(1,841,704)

Net assets

 

1,796,187

1,876,057

Capital and reserves

 

Called up share capital

21

2

2

Revaluation reserve

1,692,767

1,660,628

Profit and loss account

103,418

215,427

Shareholders' funds

 

1,796,187

1,876,057

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £243,387 (2023 - profit of £732,634).

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: 10489964

 

Kingsley Healthcare (Bournemouth Property) Limited

Consolidated Statement of Changes in Equity

Year Ended 30 September 2024

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 October 2023

2

1,660,628

409,068

2,069,698

Profit for the year

-

-

137,465

137,465

Other comprehensive income

-

56,743

-

56,743

Total comprehensive income

-

56,743

137,465

194,208

Dividends

-

-

(380,000)

(380,000)

Transfers

-

(24,604)

24,604

-

At 30 September 2024

2

1,692,767

191,137

1,883,906

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 October 2022

2

-

800,351

800,353

Profit for the year

-

-

368,717

368,717

Other comprehensive income

-

1,660,628

-

1,660,628

Total comprehensive income

-

1,660,628

368,717

2,029,345

Dividends

-

-

(760,000)

(760,000)

At 30 September 2023

2

1,660,628

409,068

2,069,698

 

Kingsley Healthcare (Bournemouth Property) Limited

Statement of Changes in Equity

Year Ended 30 September 2024

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 October 2023

2

1,660,628

215,427

1,876,057

Profit for the year

-

-

243,387

243,387

Other comprehensive income

-

56,743

-

56,743

Total comprehensive income

-

56,743

243,387

300,130

Dividends

-

-

(380,000)

(380,000)

Transfers

-

(24,604)

24,604

-

At 30 September 2024

2

1,692,767

103,418

1,796,187

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 October 2022

2

-

242,793

242,795

Profit for the year

-

-

732,634

732,634

Other comprehensive income

-

1,660,628

-

1,660,628

Total comprehensive income

-

1,660,628

732,634

2,393,262

Dividends

-

-

(760,000)

(760,000)

At 30 September 2023

2

1,660,628

215,427

1,876,057

 

Kingsley Healthcare (Bournemouth Property) Limited

Consolidated Statement of Cash Flows

Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

137,465

368,717

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

286,555

282,091

Finance income

8

(10,094)

(5,007)

Finance costs

9

556,439

453,824

Corporation tax expense

10

135,070

89,108

 

1,105,435

1,188,733

Working capital adjustments

 

Increase in stocks

13

(1,732)

(1,979)

(Increase)/decrease in debtors

14

(211,611)

23,639

(Decrease)/increase in creditors

16

(39,824)

124,736

Cash generated from operations

 

852,268

1,335,129

Corporation taxes paid

 

(119,915)

(115,523)

Net cash flow from operating activities

 

732,353

1,219,606

Cash flows from investing activities

 

Interest received

10,094

5,007

Acquisitions of tangible assets

(119,883)

(171,048)

Proceeds from sale of tangible assets

 

1,510

-

Net cash flows from investing activities

 

(108,279)

(166,041)

Cash flows from financing activities

 

Interest paid

9

(556,439)

(453,824)

Repayment of bank borrowing

 

(5,467,800)

(157,600)

Advances from intercompany loans

 

5,799,760

225,807

Dividends paid

(380,000)

(760,000)

Net cash flows from financing activities

 

(604,479)

(1,145,617)

Net increase/(decrease) in cash and cash equivalents

 

19,595

(92,052)

Cash and cash equivalents at 1 October

 

165,114

257,166

Cash and cash equivalents at 30 September

 

184,709

165,114

 

Kingsley Healthcare (Bournemouth Property) 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 principal place of business is:
Branksome Heights Residential Care Home
44 Branksome Wood Road
Bournemouth
BH4 9LA
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 were 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.

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.

The presentational currency is pounds sterling, £. This is the functional currency of the group because this is the currency of the primary economic enviroment in which the company operates. These financial statements are rounded to the nearest pound.

Summary of disclosure exemptions for parent company

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 FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its cash flows are included in the consolidated financial statements of the group. 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 Kingsley Healthcare (Bournemouth Property) Limited group.

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Key accounting judgements and sources of estimation uncertainty

In the application of the group'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.

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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 £11,289,713 (2023 - £11,477,786).

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 14 and 16.

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 group 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 £11,289,713 (2023 - £11,477,786).

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 group 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 14 and 16.

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 £1,657,975 (2023 - £1,714,718).

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

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Revenue recognition

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

Government grants

COVID-19 related grants do not have any imposed specified future performance-related conditions on the company, and therefore are recognised when the grant proceeds are received or receivable. The grant agreements do include specific criteria on what these funds can be spent on and therefore spending is monitored closely by management.

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:

Asset class

Depreciation method and rate

Freehold land

Not depreciated

Freehold buildings

2% straight line

Fixtures, fittings and equipment

20% - 100% straight line

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.

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 Property) 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 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 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

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Care services

3,193,852

3,017,427

The analysis of the group's revenue for the year by market is as follows:

2024
£

2023
£

UK

3,193,852

3,017,427

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Other operating income

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

2024
£

2023
£

Government grants

5,000

-

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

286,555

282,023

Amortisation expense

-

68

Operating lease expense - plant and machinery

1,422

2,207

Operating lease expense - other

13,533

8,718

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,573,152

1,222,167

Social security costs

141,185

105,349

Pension costs, defined contribution scheme

27,638

24,021

1,741,975

1,351,537

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration staff

4

4

Nursing staff

54

49

58

53

7

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

2,499

1,386

Audit of the financial statements of subsidiaries of the company pursuant to legislation

6,969

6,353

9,468

7,739


 

8

Other interest receivable and similar income

2024
£

2023
£

Interest on loans to entities under common control

10,094

5,007

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

252,281

349,725

Interest on loans from entities under common control

304,158

104,099

556,439

453,824

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

10

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

104,390

115,523

UK corporation tax adjustment to prior periods

15,525

(52,202)

119,915

63,321

Deferred taxation

Arising from origination and reversal of timing differences

15,155

25,787

Tax expense in the income statement

135,070

89,108

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower 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

272,535

457,825

Corporation tax at standard rate

68,134

100,767

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

15,525

(52,202)

Tax increase from effect of capital allowances and depreciation

-

37,478

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

51,411

-

Deferred tax expense from unrecognised tax loss or credit

-

94,785

Deferred tax expense from unrecognised temporary difference from a prior period

-

59,432

Deferred tax expense relating to changes in tax rates or laws

-

24,043

Tax decrease from effect of indexation allowance on capital gains

-

(175,195)

Total tax charge

135,070

89,108

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

183,874

Deferred tax on revalued properties

-

1,657,975

Other short term timing differences

643

-

643

1,841,849

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

168,634

Deferred tax on revalued properties

-

1,714,718

Other short term timing differences

558

-

558

1,883,352

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

132,574

Deferred tax on revalued properties

-

1,657,975

-

1,790,549

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

126,986

Deferred tax on revalued properties

-

1,714,718

-

1,841,704

Tax relating to items recognised in other comprehensive income or equity - group

2024
£

2023
£

Deferred tax increase/(Decrease) related to items recognised as items of other comprehensive income

(56,743)

175,195

Tax relating to items recognised in other comprehensive income or equity - company

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

2024
£

2023
£

Deferred tax increase/(Decrease) related to items recognised as items of other comprehensive income

(56,743)

175,195

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

11

Tangible assets

Group

Land and buildings
£

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

11,486,903

164,010

11,650,913

Additions

42,513

77,370

119,883

Disposals

-

(38,380)

(38,380)

At 30 September 2024

11,529,416

203,000

11,732,416

Depreciation

At 1 October 2023

9,117

71,796

80,913

Charge for the year

230,586

55,969

286,555

Eliminated on disposal

-

(36,870)

(36,870)

At 30 September 2024

239,703

90,895

330,598

Carrying amount

At 30 September 2024

11,289,713

112,105

11,401,818

At 30 September 2023

11,477,786

92,214

11,570,000

Included within the net book value of land and buildings above is £11,289,713 (2023 - £11,477,786) in respect of freehold land and buildings.
 

Revaluation

The fair value of the group'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 £3,878,007 (2023 - £3,966,843). 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.

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Furniture, fittings and equipment

103,893

94,158

   

Restriction on title and pledged as security

Freehold land and buildings with a carrying amount of £11,289,713 (2023 - £11,477,786) has been pledged as security for the loans and borrowings included in creditors: amounts due within and after one year.

Company

Land and buildings
£

Total
£

Cost or valuation

At 1 October 2023

11,348,672

11,348,672

At 30 September 2024

11,348,672

11,348,672

Depreciation

At 1 October 2023

-

-

Charge for the year

226,972

226,972

At 30 September 2024

226,972

226,972

Carrying amount

At 30 September 2024

11,121,700

11,121,700

At 30 September 2023

11,348,672

11,348,672

Included within the net book value of land and buildings above is £11,121,700 (2023 - £11,348,672) in respect of freehold land and buildings.
 

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 £3,878,007 (2023 - £3,966,843). 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.

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Restriction on title and pledged as security

Freehold land and buildings with a carrying amount of £11,121,700 (2023 - £11,348,672) has been pledged as security for the loans and borrowings included in creditors: amounts due within and after one year.

12

Investments

Company

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 October 2023

2

Provision

Carrying amount

At 30 September 2024

2

At 30 September 2023

2

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

Kingsley Healthcare (Bournemouth) Limited

Kingsley House, Clapham Road South, Lowestoft, Suffolk, NR32 1QS

Ordinary

100%

100%

Subsidiary undertakings

Kingsley Healthcare (Bournemouth) Limited

The principal activity of Kingsley Healthcare (Bournemouth) Limited is that of residential care for the elderly.

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

5,112

3,380

-

-

14

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

99,056

37,274

-

-

Amounts due from group undertakings

24

190,000

3,630

190,000

-

Other debtors

 

22,316

72,436

-

-

Prepayments

 

11,366

10,647

-

-

Accrued income

 

10,430

18,713

-

-

   

333,168

142,700

190,000

-

Less non-current portion

 

(192,080)

(6,737)

(190,000)

-

 

141,088

135,963

-

-

Details of non-current trade and other debtors

Group

£190,000 (2023 - £3,630) 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.

Company

£190,000 (2023 - £Nil) of amounts owed from group undertakings is classified as non current.

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

8

13

-

-

Cash at bank

184,701

165,101

28,402

52,971

184,709

165,114

28,402

52,971

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

17

-

5,467,800

-

5,467,800

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

-

-

Accruals

 

316,711

323,469

230

34,527

 

403,854

5,932,621

230

5,502,327

Due after one year

 

Amounts owed to group

17

446,623

305,523

2,116,459

2,181,557

Amounts owed to connected companies

 

7,335,532

1,676,872

5,636,679

-

 

7,782,155

1,982,395

7,753,138

2,181,557

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

17

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Amounts owed to group

446,623

305,523

2,116,459

2,181,557

Amounts owed to connected companies

7,335,532

1,676,872

5,636,679

-

7,782,155

1,982,395

7,753,138

2,181,557

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

-

5,467,800

-

5,467,800

The bank loan is denominated in pounds sterling, £, with a nominal interest rate of 2.20% above SONIA, and the final instalment was paid on 14 May 2024. The carrying amount at year end is £Nil (2023 - £5,467,800).

The bank loans are secured by a charge over the freehold properties. A debenture over the whole assets of the group is also in place.

18

Analysis of changes in net debt

At 1 October 2023

Cash flow

Other non cash changes

At 30 September 2024

£

£

£

£

Cash at bank and on hand

165,114

19,595

-

184,709

Bank overdrafts

-

-

-

-

Cash and cash equivalents

165,114

19,595

-

184,709

Bank borrowings

(5,467,800)

5,720,081

(252,281)

-

Group and connected company borrowings

(1,982,395)

(5,799,760)

-

(7,782,155)

Net debt

(7,285,081)

(60,084)

(252,281)

(7,597,446)

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

19

Provisions for liabilities

Group

Deferred tax
£

Other provisions
£

Total
£

At 1 October 2023

1,882,794

13,686

1,896,480

Increase (decrease) in existing provisions

(41,588)

-

(41,588)

At 30 September 2024

1,841,206

13,686

1,854,892

Company

Deferred tax
£

Total
£

At 1 October 2023

1,841,704

1,841,704

Increase (decrease) in existing provisions

(51,155)

(51,155)

At 30 September 2024

1,790,549

1,790,549

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £27,638 (2023 - £24,021).

Contributions totalling £6,900 (2023 - £5,203) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Share Capital of £1 each

2

2

2

2

         
 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

22

Dividends

Interim dividends paid

   

2024
£

 

2023
£

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

 

380,000

 

760,000

         

23

Financial commitments, guarantees and contingencies

The group 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:

Other related parties £48,363,396 (2023 - £34,872,312)

Included within the group tangible fixed assets NBV of £11,401,818 is £103,893 (2023 - £93,367) relating to assets held under hire purchase agreements payable by entities 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).

24

Related party transactions

Group

The group has taken advantage of the exemption provided by FRS102 to not disclose transactions entered into 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 common control

During the year the group entered into various transactions, in the ordinary course of business. Transactions entered into, and trading balances outstanding at the year end, are as shown below. Purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest bearing and cash settled.
 

Expenditure with and payables to related parties

2024

Entities under common control
£

Rendering of services

6,650

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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.

Loans from related parties

2024

Entities under common control
£

At start of period

1,676,872

Advanced

6,166,832

Repaid

(508,172)

At end of period

7,335,532

 

Kingsley Healthcare (Bournemouth Property) Limited

Notes to the Financial Statements

Year Ended 30 September 2024

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.

Company

The group has taken advantage of the exemption provided by FRS102 to not disclose transactions entered into 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.

Loans from related parties

2024

Entities under common control
£

Advanced

5,636,679

At end of period

5,636,679

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.

25

Parent and ultimate parent undertaking

The company's immediate parent is Serendip Investment Holding (Jersey) Limited, incorporated in Jersey.