REGISTERED NUMBER: 07880980 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 DECEMBER 2024

FOR

GOLDEN AGE CARE LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Accountants' Report

12

DIRECTORS:

G Tesler

A Tesler

SECRETARY:

A Tesler

REGISTERED OFFICE:

155a Clapton Common

London

E5 9AE

REGISTERED NUMBER:

07880980 (England and Wales)

ACCOUNTANTS:

MGR Paris Limited

Chartered Accountants

55 Loudoun Road

St John's Wood

London

NW8 0DL

FIXED ASSETS

Intangible assets

4

-

47,000

Tangible assets

5

1,255,056

1,580,861

1,255,056

1,627,861

CURRENT ASSETS

Debtors

6

2,540

-

Cash at bank and in hand

17,723

19,057

20,263

19,057

CREDITORS

Amounts falling due within one year

7

(1,392,262

)

(1,126,287

)

NET CURRENT LIABILITIES

(1,371,999

)

(1,107,230

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(116,943

)

520,631

CREDITORS

Amounts falling due after more than one year

8

(1,039,416

)

(1,138,147

)

NET LIABILITIES

(1,156,359

)

(617,516

)

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

(1,156,361

)

(617,518

)

SHAREHOLDERS' FUNDS

(1,156,359

)

(617,516

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

G Tesler - Director

1.	STATUTORY INFORMATION

Golden Age Care Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents gross fees received from residents.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost and 25% Straight line

Plant and machinery

-

10% on cost

Computer equipment

-

25% on reducing balance and not provided

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Interest payable

Interest payable is charged to the profit and loss account on an accruals basis.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Section 12 ' Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and where material the changes in fair value are recognised in the Statement of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair value cannot be measured reliably are measured at cost less impairment

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt instrument to the net carrying amount on initial recognition

Impairment of financial assets

Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest .

Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Company will continue its operations for the foreseeable future. As of the date of these financial statements, the Company has incurred losses and has negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern.

However, the directors have undertaken to provide financial support to the Company for at least the next twelve months from the date of these financial statements. This support may include additional capital contributions and/or the provision of loans to ensure that the Company can meet its obligations as they fall due. The directors are confident that this financial backing will enable the Company to continue its operations and implement its business plans.

Therefore, the financial statements do not include any adjustments that would be necessary if the Company were unable to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 29 December 2023

and 28 December 2024

235,000

AMORTISATION

At 29 December 2023

188,000

Amortisation for year

11,750

Impairments

35,250

At 28 December 2024

235,000

NET BOOK VALUE

At 28 December 2024

-

At 28 December 2023

47,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 29 December 2023

1,931,644

655,731

30,133

8,897

2,626,405

Additions

-

2,300

527

-

2,827

Disposals

-

(642,829

)

(19,572

)

(5,387

)

(667,788

)

At 28 December 2024

1,931,644

15,202

11,088

3,510

1,961,444

DEPRECIATION

At 29 December 2023

356,049

655,112

25,550

8,833

1,045,544

Charge for year

30,872

530

2,443

64

33,909

Eliminated on disposal

-

(642,829

)

(19,572

)

(5,387

)

(667,788

)

Charge written back

(40,111

)

-

-

-

(40,111

)

Revaluation adjustments

334,834

-

-

-

334,834

At 28 December 2024

681,644

12,813

8,421

3,510

706,388

NET BOOK VALUE

At 28 December 2024

1,250,000

2,389

2,667

-

1,255,056

At 28 December 2023

1,575,595

619

4,583

64

1,580,861

Cost or valuation at 28 December 2024 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Cost

1,931,644

15,202

11,088

3,510

1,961,444

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.12.24

28.12.23

£

£

Trade debtors

1,540

-

Other debtors

1,000

-

2,540

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.12.24

28.12.23

£

£

Bank loans and overdrafts (see note 9)

78,523

78,523

Trade creditors

21,775

23,137

Taxation and social security

331,861

237,387

Other creditors

960,103

787,240

1,392,262

1,126,287

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.12.24

28.12.23

£

£

Bank loans (see note 9)

1,039,416

1,138,147

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

555,589

644,320

9.

LOANS

An analysis of the maturity of loans is given below:

28.12.24

28.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

78,523

78,523

Amounts falling due between one and two years:

Bank loans - 1-2 years

141,213

151,213

Amounts falling due between two and five years:

Bank loans - 2-5 years

342,614

342,614

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

555,589

644,320

10.	SECURED DEBTS

The following secured debts are included within creditors:

28.12.24

28.12.23

£

£

Bank loans

1,117,939

1,216,670

The bank loans are secured by way of a fixed charge over the assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.12.24

28.12.23

value:

£

£

2

Ordinary

1

2

2

12.

RESERVES

Retained

earnings

£

At 29 December 2023

(617,518

)

Deficit for the year

(538,843

)

At 28 December 2024

(1,156,361

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 28 December 2024 and the period ended 28 December 2023:

28.12.24

28.12.23

£

£

G Tesler

Balance outstanding at start of year

(407,215

)

(396,975

)

Amounts advanced

23,083

1,949

Amounts repaid

(260,033

)

(12,189

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(644,165

)

(407,215

)

14.	RELATED PARTY DISCLOSURES

Jonathan Tesler

A related party to a shareholder

28.12.24

28.12.23

£

£

Amount due to related party at the balance sheet date

235,969

200,969

Omega Financial Consultants Limited

A company under mutual control

28.12.24

28.12.23

£

£

Amount due to related party at the balance sheet date

99,500

91,000

Stone House Care Home Limited

A company under mutual control

28.12.24

28.12.23

£

£

Amount due to related party at the balance sheet date

13,328

113,445

Silverpath Estates Limited

A company under mutual control

28.12.24

28.12.23

£

£

Amount due to related party at the balance sheet date

18,000

3,000

Bridgehill Limited

A company under the control of a related party.

28.12.24

28.12.23

£

£

Amount due to related party at the balance sheet date

21,519

19,019

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Golden Age Care Ltd for the year ended 28 December 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Golden Age Care Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Golden Age Care Ltd and state those matters that we have agreed to state to the Board of Directors of Golden Age Care Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Golden Age Care Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Golden Age Care Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Golden Age Care Ltd. You consider that Golden Age Care Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Golden Age Care Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MGR Paris Limited

Chartered Accountants

55 Loudoun Road

St John's Wood

London

NW8 0DL

27 October 2025