St Joseph Care Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 09107498 (England and Wales)

St Joseph Care 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:

09107498 (England and Wales)

Auditors:

Barlow Andrews LLP, Statutory Auditor

Carlyle House

78 Chorley New Road

Bolton

Fixed assets

Tangible assets

5

3,045,478

3,057,555

Current assets

Stocks

1,000

Debtors

6

169,963

167,657

Cash at bank and in hand

746,109

741,471

917,072

910,128

Creditors

Amounts falling due within one year

7

581,419

483,472

Net current assets

335,653

426,656

Total assets less current liabilities

3,381,131

3,484,211

Creditors

Amounts falling due after more than one
year

8

(834,800

)

(1,123,598

)

Provisions for liabilities

10

(107,063

)

(105,899

)

Net assets

2,439,268

2,254,714

Capital and reserves

Called up share capital

11

1

Revaluation reserve

12

411,207

422,909

Retained earnings

12

2,028,060

1,831,804

Shareholders' funds

2,439,268

2,254,714

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

St Joseph 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.

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 financial statements is included in turnover.

Tangible fixed assets

Tangible assets are initially recorded at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold property - 2% Straight Line

Fixtures and fittings - 20% on reducing balance

Motor vehicles - 25% 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 costs 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

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.

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 79 (2023 - 77 ) .

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

7,920

Total audit fees

9,000

7,920

5.	Tangible fixed assets

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

Cost or valuation

At 1 January 2024

3,050,000

242,936

900

3,293,836

Additions

-

15,720

-

15,720

At 30 December 2024

3,050,000

258,656

900

3,309,556

Depreciation

At 1 January 2024

70,212

165,533

536

236,281

Charge for period

11,702

16,004

91

27,797

At 30 December 2024

81,914

181,537

627

264,078

Net book value

At 30 December 2024

2,968,086

77,119

273

3,045,478

At 31 December 2023

2,979,788

77,403

364

3,057,555

Cost or valuation at 30 December 2024 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

Valuation in 2018

573,025

-

573,025

Cost

2,476,975

258,656

900

2,736,531

3,050,000

258,656

900

3,309,556

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

2024

2023

as

restated

£

Cost

2,476,975

Aggregate depreciation

81,914

70,212

Value of land in freehold land and buildings

2,395,061

2,406,763

The freehold property was valued on an open market basis on 1 May 2018 by Knight Frank LLP .

6.

Debtors: amounts falling due within one year

2024

2023

as

restated

£

Trade debtors

147,853

142,779

Sundry Debtors

293

-

Prepayments

21,817

24,878

169,963

167,657

7.

Creditors: amounts falling due within one year

2024

2023

as

restated

£

Bank loans and overdrafts

268,035

149,519

Trade creditors

40,279

53,474

Amounts owed to group undertakings

7,994

7,927

Taxation and social security

145,384

161,354

Other creditors

119,727

111,198

581,419

483,472

8.

Creditors: amounts falling due after more than one year

2024

2023

as

restated

£

Bank loans

834,800

1,123,598

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

384,701

9.	Secured debts

The following secured debts are included within creditors:

2024

2023

as

restated

£

Bank loans

1,102,835

1,273,117

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 other companies within the group.

10.	Provisions for liabilities

2024

2023

as

restated

£

Deferred tax

107,063

105,899

Deferred

tax

£

Balance at 1 January 2024

105,899

Provided during period

1,164

Balance at 30 December 2024

107,063

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as
restated

£

100

Ordinary

1

12.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

At 1 January 2024

1,831,804

422,909

2,254,713

Profit for the period

367,029

Dividends

(182,475

)

(182,475

)

Reclassification

11,702

(11,702

)

-

At 30 December 2024

2,028,060

411,207

2,439,267

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; - 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 £2,968,086. The property was last revalued by an independent valuer in May 2018. 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 2018, 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 St Joseph Care Ltd, 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 £6,727,648.

15.	Related party disclosures

During the year, total dividends of £182,475 were paid to Zion Care Limited.

Creditors include £7,994 (2023 - £7,927 in respect of loans from other companies under the control of the director.

16.	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% shareholding in the holding company, Zion Care Limited.

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