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REGISTERED NUMBER: 05373144 (England and Wales)

Zion Care Homes Limited

Audited Financial Statements

for the Period 1 January 2024 to 30 December 2024

| Zion Care Homes Limited (Registered number: 05373144) |

Contents of the 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 |

| Zion Care Homes Limited |

Company Information

for the Period 1 January 2024 to 30 December 2024

| Director: | T K Ogunleye

| Registered office: | 23 Marsham Way

| Gerrards Cross

| South Bucks

| SL9 8AB

| Registered number: | 05373144 (England and Wales)

| Auditors: | Barlow Andrews LLP, Statutory Auditor

| Carlyle House

| 78 Chorley New Road

| Bolton

| Zion Care Homes Limited (Registered number: 05373144) |

Statement of Financial Position

30 December 2024

| 2024 | 2023 |

| as restated |

| Notes | £ | £ | £ | £ |

Fixed assets

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 2,955,041 |  | 2,971,407 |  |

2,955,041 |  | 2,971,407 |  |

Current assets

Stocks | 1,000 |  | 1,000 |  |

Debtors | 6 | 326,484 |  | 192,890 |  |

Cash at bank and in hand | 46,561 |  | 87,281 |  |

374,045 |  | 281,171 |  |

Creditors

Amounts falling due within one year | 7 | 362,617 |  | 259,134 |  |

Net current assets | 11,428 |  | 22,037 |  |

Total assets less current liabilities | 2,966,469 |  | 2,993,444 |  |

Creditors

Amounts falling due after more than one year | 8 | (306,637 | ) | (404,600 | ) |

Provisions for liabilities | 9 | (346,300 | ) | (346,537 | ) |

Net assets | 2,313,532 |  | 2,242,307 |  |

Capital and reserves

Called up share capital | 10 | 100 |  | 100 |  |

Revaluation reserve | 11 | 1,437,662 |  | 1,452,136 |  |

Retained earnings | 11 | 875,770 |  | 790,071 |  |

Shareholders' funds | 2,313,532 |  | 2,242,307 |  |

| Zion Care Homes Limited (Registered number: 05373144) |

Statement of Financial Position - continued

30 December 2024

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 20 February 2026 and were signed by:

T K Ogunleye - Director

| Zion Care Homes Limited (Registered number: 05373144) |

Notes to the Financial Statements

for the Period 1 January 2024 to 30 December 2024

1. | Statutory information

| Zion Care Homes 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.

| 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

| 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.

| Zion Care Homes Limited (Registered number: 05373144) |

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

2. | Accounting policies - continued

| 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.

| 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.

| 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 45 (2023 - 47 ) .

4. | Intangible fixed assets

| Goodwill

£ |

| Cost

| At 1 January 2024

| and 30 December 2024 | 678,400 |  |

| Amortisation

| At 1 January 2024

| and 30 December 2024 | 678,400 |  |

| Net book value

| At 30 December 2024 | - |  |

| At 31 December 2023 | - |  |

| Zion Care Homes Limited (Registered number: 05373144) |

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

5. | Tangible fixed assets

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| Cost or valuation

| At 1 January 2024

| and 30 December 2024 | 3,050,000 |  | 116,895 |  | 3,166,895 |  |

| Depreciation

| At 1 January 2024 | 86,842 |  | 108,646 |  | 195,488 |  |

| Charge for period | 14,474 |  | 1,892 |  | 16,366 |  |

| At 30 December 2024 | 101,316 |  | 110,538 |  | 211,854 |  |

| Net book value

| At 30 December 2024 | 2,948,684 |  | 6,357 |  | 2,955,041 |  |

| At 31 December 2023 | 2,963,158 |  | 8,249 |  | 2,971,407 |  |

| Cost or valuation at 30 December 2024 is represented by:

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| Valuation in 2016 | 3,050,000 |  | - |  | 3,050,000 |  |

| Cost | - |  | 116,895 |  | 116,895 |  |

3,050,000 |  | 116,895 |  | 3,166,895 |  |

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

2024 | 2023 |

| as | restated |

£ | £ |

| Cost | 1,182,590 |  | 1,182,590 |  |

| Aggregate depreciation | 133,427 |  | 125,618 |  |

| Value of land in freehold land and buildings | 1,049,163 |  | 1,056,972 |  |

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

| Zion Care Homes Limited (Registered number: 05373144) |

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

6. | Debtors: amounts falling due within one year |

2024 | 2023 |

| as | restated |

£ | £ |

| Trade debtors | 128,023 |  | (7,993 | ) |

| Amounts owed by group undertakings | 180,853 |  | 184,408 |  |

| Other debtors | 17,608 |  | 16,475 |  |

326,484 |  | 192,890 |  |

7. | Creditors: amounts falling due within one year |

2024 | 2023 |

| as | restated |

£ | £ |

| Bank loans and overdrafts | 73,304 |  | 49,000 |  |

| Trade creditors | 14,334 |  | 21,963 |  |

| Amounts owed to group undertakings | 63 |  | 70 |  |

| Taxation and social security | 122,101 |  | 132,049 |  |

| Other creditors | 152,815 |  | 56,052 |  |

362,617 |  | 259,134 |  |

8. | Creditors: amounts falling due after more than one year |

2024 | 2023 |

| as | restated |

£ | £ |

| Bank loan | 306,637 |  | 404,600 |  |

| The bank loan is repayable by monthly instalments until 31 December 2029.

| The bank loan is secured by a first legal charge over the freehold land and buildings of the company and by inter company guarantee given by the other companies in the group.

9. | Provisions for liabilities

2024 | 2023 |

| as | restated |

£ | £ |

| Deferred tax | 346,300 |  | 346,537 |  |

| Zion Care Homes Limited (Registered number: 05373144) |

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

9. | Provisions for liabilities - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 346,537 |  |

| Credit to Income Statement during period | (237 | ) |

| Balance at 30 December 2024 | 346,300 |  |

10. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: |  | as restated |

£ | £ |

| 100 | Ordinary shares. | 1 | 100 |  | 100 |  |

11. | Reserves

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 790,071 |  | 1,452,136 |  | 2,242,207 |  |

| Profit for the period | 299,740 |  | 299,740 |  |

| Dividends | (228,515 | ) | (228,515 | ) |

| Reclassification | 14,474 |  | (14,474 | ) | - |  |

| At 30 December 2024 | 875,770 |  | 1,437,662 |  | 2,313,432 |  |

| Zion Care Homes Limited (Registered number: 05373144) |

Notes to the Financial Statements - continued

for the Period 1 January 2024 to 30 December 2024

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

| 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 Auditors' 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 opinion.

| The company's property was revalued in October 2016. Except for the financial effect of any adjustments to the carrying value to reflect the current market value of the property the effects of which are impractical to quantify.

| In our opinion the financial statements:

| - Give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year 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.

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 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 £6,750,994.

14. | Related party disclosures

| During the year, total dividends of £228,515 were paid to Zion Care Limited.

| Creditors include £63 (2023 £70) in respect of loans from other companies under the control of the director. Debtors include £180,853 (2023 £184,408) in respect of a loan 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 directorship in the holding company Zion Care Limited.

| Zion Care Limited, a company incorporated in England and Wales, is the holding company of Zion Care Homes Limited.