Zion Care (St Albans) Limited 31/12/2018 iXBRL

ZION CARE (ST ALBANS) LIMITED - Company Information

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Company registration number: 06513936

Zion Care (St Albans) Limited

Audited filleted financial statements

31 December 2018

Zion Care (St Albans) Limited

Contents

Directors and other information

Director's responsibilities statement

Statement of financial position

Notes to the financial statements

Zion Care (St Albans) Limited

Directors and other information


	Director	Timothy Ogunleye


	Secretary	Omobonuola Ogunleye


	Company number	06513936


	Registered office	23 Marsham Way
		Gerrards Cross
		South Bucks
		SL9 8AB


	Business address	St Albans Nursing Home
		Clarence Avenue
		Knott End
		Poulton Le Fylde
		FY6 0AH


	Auditor	LBH Accountancy Services Limited
		Craven House
		32 Lee Lane
		Horwich
		Bolton
		BL6 7BY




	Bankers	The Royal Bank of Scotland
		41 Cornmarket
		Derby
		DE1 2DG

Zion Care (St Albans) Limited

Director's responsibilities statement

Year ended 31 December 2018

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Zion Care (St Albans) Limited

Statement of financial position

31 December 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	8	1,946,218		1,961,188
		_______		_______
			1,946,218		1,961,188

Current assets
Stocks		1,000		1,000
Debtors	9	77,718		82,932
Cash at bank and in hand		276,108		271,768
		_______		_______
		354,826		355,700
Creditors: amounts falling due
within one year	10	( 265,430)		( 285,227)
		_______		_______
Net current assets			89,396		70,473
			_______		_______
Total assets less current liabilities			2,035,614		2,031,661

Creditors: amounts falling due
after more than one year	11		( 255,496)		( 383,687)

Provisions for liabilities	12		( 19,324)		( 19,688)

			_______		_______
Net assets			1,760,794		1,628,286
			_______		_______

Capital and reserves
Called up share capital	14		1		1
Non distributable reserve			566,042		568,018
Profit and loss account			1,194,751		1,060,267
			_______		_______
Shareholder funds			1,760,794		1,628,286
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved and authorised for issue on 11 September 2019 , and are signed by:

Timothy Ogunleye

Director

Company registration number: 06513936

Zion Care (St Albans) Limited

Notes to the financial statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Marsham Way, Gerrards Cross, South Bucks, SL9 8AB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis as modified to include the revaluation of certain fixed assets.

Turnover

Turnover is measured at the fair value of residential nursing home fees receivable by the company during the year.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income,.

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 is recognised in respect of all timing differences that have originated but not yet reserved at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at tax rates that are expected to apply in the periods which timing differences reverse, base on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost or valuation less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Fixture and fittings	-	20 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Stocks

Stocks are measured at cost.

Defined contribution plans

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

4. Auditors remuneration

	2018	2017
	£	£
Fees payable for the audit of the financial statements	6,720	5,880
	_______	_______

5. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2018	2017
Nursing and care staff	51	48
	_______	_______

The aggregate payroll costs incurred during the year were:

	2018	2017
	£	£
Wages and salaries	934,221	715,963
Other pension costs	6,419	3,102
	_______	_______
	940,640	719,065
	_______	_______

6. Interest payable and similar expenses

	2018	2017
	£	£
Bank loan	9,260	10,027
	_______	_______

7. Tax on profit

Major components of tax expense

	2018	2017
	£	£
Current tax:
UK current tax expense	31,561	36,218
	_______	_______

Deferred tax:
Origination and reversal of timing differences	( 364)	1,171
	_______	_______
Tax on profit	31,197	37,389
	_______	_______

8. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost or valuation
At 1 January 2018 and 31 December 2018	1,940,000	116,679	2,056,679
	_______	_______	_______
Depreciation
At 1 January 2018	-	95,492	95,492
Charge for the year	10,732	4,237	14,969
	_______	_______	_______
At 31 December 2018	10,732	99,729	110,461
	_______	_______	_______
Carrying amount
At 31 December 2018	1,929,268	16,950	1,946,218
	_______	_______	_______
At 31 December 2017	1,940,000	21,187	1,961,187
	_______	_______	_______

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold property	Total
	£	£
At 31 December 2018
Aggregate cost	1,437,773	1,437,773
Aggregate depreciation	(92,662)	(92,662)
	_______	_______
Carrying amount	1,345,111	1,345,111
	_______	_______

At 31 December 2017
Aggregate cost	1,437,773	1,437,773
Aggregate depreciation	(83,907)	(83,907)
	_______	_______
Carrying amount	1,353,866	1,353,866
	_______	_______

The Freehold Land and Buildings were revalued during the year ended 31st December 2016 by Mr K Cole MRICS of Messrs Knight Frank LLP at an amount of £1,940,000.

9. Debtors

	2018	2017
	£	£
Trade debtors	69,462	76,003
Other debtors	8,256	6,929
	_______	_______
	77,718	82,932
	_______	_______

10. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loan	127,361	124,847
Trade creditors	37,041	31,848
Corporation tax	31,561	71,104
Social security and other taxes	10,156	8,726
Other creditors	59,311	48,702
	_______	_______
	265,430	285,227
	_______	_______

11. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loan	255,496	383,687
	_______	_______

The bank loan is secured by a legal charge over the freehold property of the company and by inter company guarantees given by other companies within the Group.

12. Provisions

	Deferred tax (note 13)	Total
	£	£
At 1 January 2018	19,688	19,688
Charges against provisions	( 364)	( 364)
	_______	_______
At 31 December 2018	19,324	19,324
	_______	_______

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions (note 12)	19,324	19,688
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	1,210	1,574
Revaluation of tangible assets	18,114	18,114
	_______	_______
	19,324	19,688
	_______	_______

14. Called up share capital

Issued, called up and fully paid

	2018		2017
	No	£	No	£
Ordinary shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______

15. Summary audit opinion

The auditor's report for the year dated 11 September 2019 was unqualified.

The senior statutory auditor was Raymond Hamer FCCA for and on behalf of LBH Accountancy Services Limited

16. Related party transactions

Creditors includes £10,091 (2017 - £9,512) in respect of loans made by the companies under the effective control of Mr T K Ogunleye.

17. Controlling party

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

18. Ultimate parent undertaking

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