Zion Care (St Albans) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06513936 (England and Wales)

Zion Care (St Albans) Limited

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:

06513936 (England and Wales)

Auditors:

Barlow Andrews LLP, Statutory Auditor

Carlyle House

78 Chorley New Road

Bolton

Fixed assets

Tangible assets

5

2,047,249

2,059,854

Current assets

Stocks

1,000

Debtors

6

302,937

183,864

Cash at bank and in hand

1,160,166

686,693

1,464,103

871,557

Creditors

Amounts falling due within one year

7

599,323

542,346

Net current assets

864,780

329,211

Total assets less current liabilities

2,912,029

2,389,065

Creditors

Amounts falling due after more than one
year

8

(18,834

)

(42,495

)

Provisions for liabilities

9

(25,141

)

(25,468

)

Net assets

2,868,054

2,321,102

Capital and reserves

Called up share capital

10

1

Revaluation reserve

11

487,179

497,910

Retained earnings

11

2,380,874

1,823,191

Shareholders' funds

2,868,054

2,321,102

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

Zion Care (St Albans) Limited 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.

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 expense represents the aggregate amount of current 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.

Current tax is measured at the amounts of tax expected to be 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 have prepared the financial statements on the going concern basis.

3.	Employees and directors

The average number of employees during the period was 41 (2023 - 35 ) .

4.	Auditors' remuneration

Period

1.1.24

to

Year Ended

30.12.24

31.12.23

as restated

£

Fees payable to the company's auditors for the audit of the company's
financial statements

9,000

8,040

5.	Tangible fixed assets

Fixtures

Freehold

and

property

fittings

Totals

£

Cost or valuation

At 1 January 2024

and 30 December 2024

2,118,275

119,442

2,237,717

Depreciation

At 1 January 2024

64,956

112,907

177,863

Charge for period

11,298

1,307

12,605

At 30 December 2024

76,254

114,214

190,468

Net book value

At 30 December 2024

2,042,021

5,228

2,047,249

At 31 December 2023

2,053,319

6,535

2,059,854

Cost or valuation at 30 December 2024 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

Valuation in 2016

502,226

-

502,226

Cost

1,616,049

119,442

1,735,491

2,118,275

119,442

2,237,717

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

as restated

£

Cost

1,616,049

Aggregate depreciation

145,195

136,439

Value of land in freehold land and buildings

1,470,854

1,479,609

The freehold property was valued on an open market basis on 20 October 2016 by Knight Frank LLP .

The fair value of the company's property has been arrived at based on a previous third party valuation.

Depreciation on the property is calculated to write down the revalued amount to its estimated residual value over its useful economic life. The residual value is based on management’s estimate of the property’s value at the end of its useful life, taking into account its location and condition.

6.

Debtors: amounts falling due within one year

2024

2023

as restated

£

Trade debtors

231,219

165,267

Amounts owed by group undertakings

1,134

8,079

Other debtors

70,584

10,518

302,937

183,864

7.

Creditors: amounts falling due within one year

2024

2023

as restated

£

Bank loan

10,040

9,460

Trade creditors

56,440

38,213

Amounts owed to group undertakings

305

6,677

Taxation and social security

301,061

223,531

Other creditors

231,477

264,465

599,323

542,346

8.

Creditors: amounts falling due after more than one year

2024

2023

as restated

£

Bank loan

18,834

42,495

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

9.	Provisions for liabilities

2024

2023

as restated

£

Deferred tax

25,141

25,468

Deferred

tax

£

Balance at 1 January 2024

25,468

Credit to Income Statement during period

(327

)

Balance at 30 December 2024

25,141

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

1

Ordinary shares.

1

11.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

At 1 January 2024

1,823,191

497,910

2,321,101

Profit for the period

737,721

Dividends

(190,769

)

(190,769

)

Reclassification

10,731

(10,731

)

-

At 30 December 2024

2,380,874

487,179

2,868,053

12.	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 £2,042,021. The property was last revalued by an independent valuer in October 2016. 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 2016, 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.

13.	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 Zion Care (St Albans) 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 £8,215,666

14.	Related party disclosures

During the year, total dividends of £190,769 were paid to Zion Care Limited.

Creditors include £305 (2023 £6,677 in respect of loans from other companies under the control of the director, Debtors include £1,722 (2023 £8,079) in respect of loans to other companies under the control of the director.

15.	Ultimate controlling party

The controlling party is T K Ogunleye.

The ultimate controlling party is Zion Care Limited.

The company is controlled by its director Mr T K Ogunleye by virtue of his 100% share holding and directorships in the holding company, Zion Care Limited

Zion Care Limited, a company incorporated in England and Wales, is the holding company of Zion Care (St Albans) Limited.