Lifestyle Care UK Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 06161785 (England and Wales)

Lifestyle Care UK Ltd

Audited Financial Statements

for the Period 1 January 2024 to 30 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

T K Ogunleye

Registered office:

23 Marsham Way

Gerrards Cross

South Bucks

SL9 8AB

Registered number:

06161785 (England and Wales)

Auditors:

Barlow Andrews LLP, Statutory Auditor

Carlyle House

78 Chorley New Road

Bolton

Fixed assets

Intangible assets

4

-

Tangible assets

5

9,140,370

7,473,171

9,140,370

7,473,171

Current assets

Stocks

3,500

Debtors

6

298,887

70,671

Cash at bank and in hand

244

200,523

302,631

274,694

Creditors

Amounts falling due within one year

7

1,390,741

285,430

Net current liabilities

(1,088,110

)

(10,736

)

Total assets less current liabilities

8,052,260

7,462,435

Creditors

Amounts falling due after more than one
year

8

(3,384,765

)

(2,402,638

)

Provisions for liabilities

10

(720,142

)

(702,265

)

Net assets

3,947,353

4,357,532

Capital and reserves

Called up share capital

11

400,000

Revaluation reserve

12

2,701,355

2,714,915

Capital redemption reserve

12

400,000

Retained earnings

12

445,998

842,617

Shareholders' funds

3,947,353

4,357,532

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 director and authorised for issue on 22 December 2025 and were signed by:

T K Ogunleye - Director

1.	Statutory information

Lifestyle Care UK 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.

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

Revenue from contracts for the provision of services is recognised by reference to the delivery of care to the home residents. Income which is invoiced in advance or arrears is apportioned so that only that relating to the period of the financial statements is included in turnover.

Goodwill

Goodwill has been written off in equal annual instalments over its original estimated useful economic life of 10 years.

Tangible fixed assets

Fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of

depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property - 2% Straight Line

Fixtures and fittings - 20% on reducing balance

Financial instruments

The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation

The taxation expenses represents the aggregate amount of current and deferred tax recognised in the reporting period . Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Going concern

The director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore has prepared the financial statements on the going concern basis.

3.	Employees and directors

The average number of employees during the period was 41 (2023 - 39 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2024

and 30 December 2024

338,396

Amortisation

At 1 January 2024

and 30 December 2024

338,396

Net book value

At 30 December 2024

-

At 31 December 2023

-

5.	Tangible fixed assets

Fixtures

Freehold

and

property

fittings

Totals

£

Cost or valuation

At 1 January 2024

7,524,779

323,007

7,847,786

Additions

1,605,499

91,019

1,696,518

At 30 December 2024

9,130,278

414,026

9,544,304

Depreciation

At 1 January 2024

85,183

289,432

374,615

Charge for period

13,560

15,759

29,319

At 30 December 2024

98,743

305,191

403,934

Net book value

At 30 December 2024

9,031,535

108,835

9,140,370

At 31 December 2023

7,439,596

33,575

7,473,171

Cost or valuation at 30 December 2024 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

Valuation in 2017

3,277,752

-

3,277,752

Cost

5,852,526

414,026

6,266,552

9,130,278

414,026

9,544,304

If the freehold property had not been revalued it would have been included at the following historical cost:

2024

2023

as

restated

£

Cost

5,852,526

4,247,027

Aggregate depreciation

(331,662

)

(316,369

)

Value of land in freehold land and buildings

5,520,864

3,930,658

The freehold property was valued on an open market basis on 1 September 2017 by Knight Franks .

6.

Debtors: amounts falling due within one year

2024

2023

as

restated

£

Trade debtors

178,152

53,710

Other debtors

120,735

16,961

298,887

70,671

7.

Creditors: amounts falling due within one year

2024

2023

as

restated

£

Bank loans and overdrafts

1,017,953

-

Trade creditors

140,115

58,059

Amounts owed to group undertakings

23,660

667

Taxation and social security

96,548

138,647

Other creditors

112,465

88,057

1,390,741

285,430

8.

Creditors: amounts falling due after more than one year

2024

2023

as

restated

£

Bank loans

3,384,765

2,402,638

Amounts falling due in more than five years:

Repayable by instalments

Bank loan over 5 yrs

2,801,125

1,666,638

9.	Secured debts

The following secured debts are included within creditors:

2024

2023

as

restated

£

Bank overdraft

920,543

-

Bank loan

3,482,175

2,402,638

4,402,718

2,402,638

The bank overdraft and bank loan are secured by a legal charge over the freehold land and buildings of the company and by inter company guarantees given by other companies within the group.

10.	Provisions for liabilities

2024

2023

as

restated

£

Deferred tax

720,142

702,265

Deferred

tax

£

Balance at 1 January 2024

702,265

Charge to Income Statement during period

17,877

Balance at 30 December 2024

720,142

A prior period adjustment has been undertaken to recognise additional deferred tax of £127,792. The adjustment has increased the deferred taxation provision by £127,792 and reduce brought forward reserves

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as
restated

£

400,000

Ordinary 'A' shares

1

400,000

12.

Reserves

Capital

Retained

Revaluation

redemption

earnings

reserve

Totals

£

At 1 January 2024

842,617

2,714,915

400,000

3,957,532

Profit for the period

199,127

Dividends

(609,306

)

(609,306

)

Reclassification

13,560

(13,560

)

-

At 30 December 2024

445,998

2,701,355

400,000

3,547,353

13.	Disclosure under Section 444(5B) of the Companies Act 2006

The auditor's report is qualified and includes the following:

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 December 2024 and of its profit for the period 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 qualified opinion

The company's freehold property is carried in the financial statements at a revalued amount of £9,031,535. The property was last revalued by an independent valuer in September 2017. In accordance with FRS 102, Section 17 'Property, Plant and Equipment' revalued assets should be carried at their fair value at the reporting date, with valuations performed with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value.

No updated valuation has been obtained since 2017, and we were unable to satisfy ourselves by other audit procedures as to whether the carrying value of property is materially misstated. Accordingly, the value of property, the related revaluation reserve, depreciation and any associated deferred tax may be misstated.

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to freehold property, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

The senior statutory auditor was Alison Cornes, for and on behalf of Barlow Andrews LLP, Statutory
Auditor. The date of the Audit Report was 22 December 2025.

14.	Contingent liabilities

The company is party to a cross guarantee given to its bankers in respect of loan facilities. The terms of the guarantee provide cross guarantees between Lifestyle Care UK Limited and other companies within the Zion Care Ltd group. The amount outstanding under this facility at 30 December 2024, excluding the amount included in creditors in this company, was £2,681,656.

15.	Capital commitments

2024

2023

as

restated

£

Contracted but not provided for in the

financial statements

-

700,000

16.	Related party disclosures

During the year, total dividends of £609,306 were paid to Zion Care Limited.

Creditors include £23,660 (2023 - £667) in respect of loans from other companies under the control of the director.

17.	Ultimate controlling party

The controlling party is T K Ogunleye.

The ultimate controlling party is Zion Care Limited.

The company is controlled by Mr T K Ogunleye by virtue of his 100% share holding in the holding company Zion Care Limited.

Zion Care Limited, a company incorporated in England and Wales is the holding company of Lifestyle Care UK Ltd.