Kingsley Buckingham Lodge Limited 13012064 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is residential care activities for the elderly and disabled. Digita Accounts Production Advanced 6.30.9574.0 true false true 13012064 2023-10-01 2024-09-30 13012064 2024-09-30 13012064 bus:OrdinaryShareClass1 2024-09-30 13012064 core:RetainedEarningsAccumulatedLosses 2024-09-30 13012064 core:ShareCapital 2024-09-30 13012064 core:FinanceLeases core:Non-currentFinancialInstruments 2024-09-30 13012064 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-30 13012064 core:CurrentFinancialInstruments 2024-09-30 13012064 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 13012064 core:Non-currentFinancialInstruments 2024-09-30 13012064 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 13012064 core:Non-currentFinancialInstruments core:Secured 2024-09-30 13012064 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 13012064 core:FurnitureFittingsToolsEquipment 2024-09-30 13012064 core:LandBuildings 2024-09-30 13012064 core:OtherRelatedParties 2024-09-30 13012064 bus:SmallEntities 2023-10-01 2024-09-30 13012064 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 13012064 bus:FilletedAccounts 2023-10-01 2024-09-30 13012064 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 13012064 bus:RegisteredOffice 2023-10-01 2024-09-30 13012064 bus:Director1 2023-10-01 2024-09-30 13012064 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 13012064 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 13012064 core:ComputerSoftware 2023-10-01 2024-09-30 13012064 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 13012064 core:Buildings 2023-10-01 2024-09-30 13012064 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 13012064 core:Land 2023-10-01 2024-09-30 13012064 core:LandBuildings 2023-10-01 2024-09-30 13012064 core:OtherRelatedParties 2023-10-01 2024-09-30 13012064 1 2023-10-01 2024-09-30 13012064 countries:EnglandWales 2023-10-01 2024-09-30 13012064 2023-09-30 13012064 core:FurnitureFittingsToolsEquipment 2023-09-30 13012064 core:LandBuildings 2023-09-30 13012064 core:OtherRelatedParties 2023-09-30 13012064 2022-10-01 2023-09-30 13012064 2023-09-30 13012064 bus:OrdinaryShareClass1 2023-09-30 13012064 core:RetainedEarningsAccumulatedLosses 2023-09-30 13012064 core:ShareCapital 2023-09-30 13012064 core:FinanceLeases core:Non-currentFinancialInstruments 2023-09-30 13012064 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 13012064 core:CurrentFinancialInstruments 2023-09-30 13012064 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 13012064 core:Non-currentFinancialInstruments 2023-09-30 13012064 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 13012064 core:Non-currentFinancialInstruments core:Secured 2023-09-30 13012064 core:FurnitureFittingsToolsEquipment 2023-09-30 13012064 core:LandBuildings 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Kingsley Buckingham Lodge Limited
Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 13012064

Kingsley Buckingham Lodge Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 12

Kingsley Buckingham Lodge Limited

Balance Sheet

30 September 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 4 | 910 | -
Tangible assets | 5 | 5,866,095 | 260,138
|  | 5,867,005 | 260,138
Current assets |  |  |
Stocks | 6 | 4,234 | 2,123
Debtors | 7 | 2,805,994 | 439,178
Cash at bank and in hand |  | 126,936 | 235,846
|  | 2,937,164 | 677,147
Creditors: Amounts falling due within one year | 8 | (639,397) | (901,567)
Net current assets/(liabilities) |  | 2,297,767 | (224,420)
Total assets less current liabilities |  | 8,164,772 | 35,718
Creditors: Amounts falling due after more than one year | 8 | (8,430,566) | -
Net (liabilities)/assets |  | (265,794) | 35,718
Capital and reserves |  |  |
Called up share capital | 10 | 100 | 100
Profit and loss account |  | (265,894) | 35,618
Shareholder's (deficit)/funds |  | (265,794) | 35,718

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Kingsley Buckingham Lodge Limited

Balance Sheet

30 September 2024

Approved and authorised by the Board on 17 September 2025 and signed on its behalf by:

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

Company Registration Number: 13012064

Kingsley Buckingham Lodge Limited

Notes to the Unaudited 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
NR32 1QS
United Kingdom

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

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Going concern

At the year-end, the company held a healthy cash balance of £126,936, providing a strong foundation for its ongoing operations. While the company reported net liabilities of £265,794 (2023: net assets of £35,718) and a net loss of £301,512 (2023: profit of £415,377), these figures primarily reflect the impact of recognising a finance leased asset, which resulted in non-cash charges including interest of £446,063 and depreciation of £668,639. See note 9.
Despite these accounting adjustments, the directors remain confident in the company’s financial resilience. With continued support from the parent company and their own commitment, they believe the company has sufficient working capital to meet its obligations and continue trading for the foreseeable future.
Accordingly, the financial statements have been prepared on a going concern basis, and no adjustments have been made that would be necessary if the company were unable to continue as a going concern.

Kingsley Buckingham Lodge Limited

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

Tax

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

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

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.

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:
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 7 and 8.

Kingsley Buckingham Lodge Limited

Notes to the Unaudited 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 7 and 8.
Finance lease liability
The finance liability in note 9 of £6,939,529 (2023 - £nil) is calculated based on discounting future minimum lease payments over the term of the lease using the company's obtainable borrowing rate. A finance charge is then accounted for to unwind this discount each year.

Tangible assets

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

Depreciation

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

Asset class | Depreciation method and rate
Leasehold land | Not depreciated
Leasehold property | Over the life of the lease
Furniture, fittings & equipment | 20% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Software | 20% straight line

Stocks

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

Kingsley Buckingham Lodge Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Kingsley Buckingham Lodge Limited

Notes to the Unaudited 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 connected companies; 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 connected companies, 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 connected companies are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 85 (2023 - 85).

Kingsley Buckingham Lodge Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

4 | Intangible assets

| Software £ | Total £
Cost or valuation
Additions acquired separately | 1,138 | 1,138
At 30 September 2024 | 1,138 | 1,138
Amortisation
Amortisation charge | 228 | 228
At 30 September 2024 | 228 | 228
Carrying amount
At 30 September 2024 | 910 | 910

5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 October 2023 | 190,688 | 118,082 | 308,770
Additions | 6,268,947 | 53,219 | 6,322,166
Disposals | - | (10,942) | (10,942)
At 30 September 2024 | 6,459,635 | 160,359 | 6,619,994
Depreciation
At 1 October 2023 | 5,773 | 42,859 | 48,632
Charge for the year | 673,201 | 43,008 | 716,209
Eliminated on disposal | - | (10,942) | (10,942)
At 30 September 2024 | 678,974 | 74,925 | 753,899
Carrying amount
At 30 September 2024 | 5,780,661 | 85,434 | 5,866,095
At 30 September 2023 | 184,915 | 75,223 | 260,138

Included within the net book value of land and buildings above is £188,603 (2023 - £164,236) in respect of freehold land and buildings and £5,592,058 (2023 - £20,679) in respect of long leasehold land and buildings.

Kingsley Buckingham Lodge Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

6 | Stocks

| 2024 £ | 2023 £
Other inventories | 4,234 | 2,123

7 | Debtors

| 2024 £ | 2023 £
Trade debtors | 50,609 | -
Amounts owed by group undertakings | 691,324 | -
Prepayments | 21,368 | 109,746
Other debtors | 2,042,693 | 329,432
| 2,805,994 | 439,178
Less non-current portion | (2,706,757) | (330,766)
| 99,237 | 108,412

Details of non-current trade and other debtors

£2,015,433 (2023 -£330,766) of amounts owed by entities under common control is classified as non current.

£691,324 (2023 -£Nil) of amounts owed by group undertakings is classified as non current.

Kingsley Buckingham Lodge Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

8 | Creditors

| 2024 £ | 2023 £
Due within one year |  |
Loans and borrowings | 53,904 | -
Trade creditors | 34,836 | -
Taxation and social security | 170,081 | 36,716
Accruals and deferred income | 184,964 | 837,587
Other creditors | 195,612 | 27,264
| 639,397 | 901,567

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 9 | 8,430,566 | -

9 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Finance lease liabilities | 6,885,625 | -
Amounts owed to connected companies | 267,369 | -
Amounts owed to group undertakings | 1,277,572 | -
| 8,430,566 | -

Current loans and borrowings

| 2024 £ | 2023 £
Finance lease liabilities | 53,904 | -

Other borrowings
Finance lease liabilities are denominated in pounds sterling, £, with a nominal interest rate of 5.08%, and the final instalment is due on 17 December 2055. The carrying amount at year end is £6,939,529 (2023 - £nil).

Kingsley Buckingham Lodge Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

10 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary share capital of £1 each | 100 | 100 | 100 | 100

11 | Related party transactions

The company 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 to related parties

2024 | Other related parties £ | Total £
At start of period | 910,529 | 910,529
Advanced | 3,252,709 | 3,252,709
Repaid | (2,147,805) | (2,147,805)
At end of period | 2,015,433 | 2,015,433

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 | Other related parties £ | Total £
At start of period | 4,312 | 4,312
Advanced | 904,503 | 904,503
Repaid | (641,446) | (641,446)
At end of period | 267,369 | 267,369

Kingsley Buckingham Lodge Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

12 | Parent and ultimate parent undertaking

The company's immediate parent is Kingsley (KMT) Limited, incorporated in England and Wales .
These financial statements are available upon request from Kingsley House, Clapham Road South, Lowestoft, England, NR32 1QS