Zion Care (St Albans) Limited 31/12/2022 iXBRL

ZION CARE (ST ALBANS) LIMITED - Company Information

0 31/12/2022 2022-12-31 false false false false true false false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06513936 2022-01-01 2022-12-31 06513936 2022-12-31 06513936 2021-12-31 06513936 2021-01-01 2021-12-31 06513936 2021-12-31 06513936 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06513936 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 06513936 bus:RegisteredOffice 2022-01-01 2022-12-31 06513936 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06513936 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 06513936 bus:Director1 2022-01-01 2022-12-31 06513936 bus:CompanySecretary1 2022-01-01 2022-12-31 06513936 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 06513936 core:FurnitureFittingsToolsEquipment 2021-12-31 06513936 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 06513936 core:FurnitureFittingsToolsEquipment 2022-12-31 06513936 core:WithinOneYear 2022-12-31 06513936 core:WithinOneYear 2021-12-31 06513936 core:AfterOneYear 2022-12-31 06513936 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 06513936 core:UKTax 2022-01-01 2022-12-31 06513936 core:UKTax 2021-01-01 2021-12-31 06513936 core:RetainedEarningsAccumulatedLosses 2021-12-31 06513936 core:RetainedEarningsAccumulatedLosses 2020-12-31 06513936 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-12-31 06513936 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2021-12-31 06513936 core:ShareCapital 2022-12-31 06513936 core:ShareCapital 2021-12-31 06513936 core:RevaluationReserve 2022-12-31 06513936 core:RevaluationReserve 2021-12-31 06513936 core:RetainedEarningsAccumulatedLosses 2022-12-31 06513936 core:RetainedEarningsAccumulatedLosses 2021-12-31 06513936 bus:OrdinaryShareClass1 core:ShareCapital 2022-12-31 06513936 bus:OrdinaryShareClass1 core:ShareCapital 2021-12-31 06513936 core:BetweenOneFiveYears 2021-12-31 06513936 core:DeferredTaxation 2022-01-01 2022-12-31 06513936 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06513936 core:AcceleratedTaxDepreciationDeferredTax 2021-12-31 06513936 core:RevaluationPropertyPlantEquipmentDeferredTax 2022-12-31 06513936 core:RevaluationPropertyPlantEquipmentDeferredTax 2021-12-31 06513936 core:FurnitureFittingsToolsEquipment 2021-12-31 06513936 core:DeferredTaxation 2021-12-31 06513936 core:DeferredTaxation 2022-12-31 06513936 bus:LeadAgentIfApplicable 2021-01-01 2021-12-31 06513936 bus:SmallEntities 2022-01-01 2022-12-31 06513936 bus:Audited 2022-01-01 2022-12-31 06513936 bus:FullAccounts 2022-01-01 2022-12-31 06513936 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06513936 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06513936 core:WithinOneYear 2022-01-01 2022-12-31 06513936 core:AllAssociates 2022-01-01 2022-12-31

Company registration number: 06513936

Zion Care (St Albans) Limited

Audited financial statements

31 December 2022

Zion Care (St Albans) Limited

Contents

Directors and other information

Director's responsibilities statement

Independent auditor's report to the member

Statement of comprehensive income

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 2022

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. He is 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

Independent auditor's report to the member of

Zion Care (St Albans) Limited

Year ended 31 December 2022

Opinion

We have audited the financial statements of Zion Care (St Albans) Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2022 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.

Basis for opinion

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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the director's report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to him in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.

Raymond Hamer FCCA (Senior Statutory Auditor)

For and on behalf of

LBH Accountancy Services Limited

Accountants and Registered Auditors

Craven House

32 Lee Lane

Horwich

Bolton

BL6 7BY

25 September 2023

Zion Care (St Albans) Limited

Statement of comprehensive income

Year ended 31 December 2022

		2022	2021
	Note	£	£


Turnover		1,770,426	1,692,384
Cost of sales		( 65,368)	( 48,963)
		_______	_______
Gross profit		1,705,058	1,643,421

Administrative expenses		( 1,598,334)	( 1,519,047)
Other operating income		23,366	65,456
		_______	_______
Operating profit		130,090	189,830

Interest payable and similar expenses	6	( 3,604)	( 308)
Profit before taxation	7	126,486	189,522

Tax on profit	8	( 23,552)	( 40,013)
		_______	_______
Profit for the financial year		102,934	149,509
		_______	_______

Dividends declared and paid or payable during the year		( 125,367)	( 81,000)
Retained earnings at the start of the year		1,519,064	1,431,066
Reclassification from revaluation reserve		10,731	19,490
Retained earnings at the end of the year		1,507,362	1,519,065
		_______	_______
		_______	_______

Zion Care (St Albans) Limited

Statement of financial position

31 December 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	9	2,072,785		1,907,284
		_______		_______
			2,072,785		1,907,284

Current assets
Stocks		1,000		1,000
Debtors	10	154,618		94,299
Cash at bank and in hand		186,222		371,452
		_______		_______
		341,840		466,751
Creditors: amounts falling due
within one year	11	( 320,370)		( 309,210)
		_______		_______
Net current assets			21,470		157,541
			_______		_______
Total assets less current liabilities			2,094,255		2,064,825

Creditors: amounts falling due
after more than one year	12		( 52,375)		-

Provisions for liabilities	13		( 25,876)		( 26,387)

			_______		_______
Net assets			2,016,004		2,038,438
			_______		_______

Capital and reserves
Called up share capital	15		1		1
Revaluation reserve			508,641		519,372
Profit and loss account			1,507,362		1,519,065
			_______		_______
Shareholder funds			2,016,004		2,038,438
			_______		_______

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:

Timothy Ogunleye

Director

Company registration number: 06513936

Zion Care (St Albans) Limited

Notes to the financial statements

Year ended 31 December 2022

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 tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income. 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 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, based 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
Fixtures & 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 estimated cost.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with not future related costs are recognised in income in the period in which it becomes receivable.

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 comprehensive income.

Defined contribution plans

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

4. Auditors remuneration

	2022	2021
	£	£
Fees payable for the audit of the financial statements	7,560	7,080
	_______	_______

5. Staff costs

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

	2022	2021
Nursing and care staff	37	46
	_______	_______

The aggregate payroll costs incurred during the year were:

	2022	2021
	£	£
Wages and salaries	1,375,526	1,312,605
Other pension costs	14,409	14,426
	_______	_______
	1,389,935	1,327,031
	_______	_______

6. Interest payable and similar expenses

	2022	2021
	£	£
Bank loan	3,604	308
	_______	_______

7. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2022	2021
	£	£
Depreciation of tangible assets	12,774	13,284
	_______	_______

8. Tax on profit

Major components of tax expense

	2022	2021
	£	£
Current tax:
UK current tax expense	25,380	38,533
Adjustments in respect of previous periods	( 1,317)	-
	_______	_______

Deferred tax:
Origination and reversal of timing differences	( 511)	1,480
	_______	_______
Tax on profit	23,552	40,013
	_______	_______

9. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost or valuation
At 1 January 2022	1,940,000	119,442	2,059,442
Additions	178,275	-	178,275
	_______	_______	_______
At 31 December 2022	2,118,275	119,442	2,237,717
	_______	_______	_______
Depreciation
At 1 January 2022	42,927	109,231	152,158
Charge for the year	10,732	2,042	12,774
	_______	_______	_______
At 31 December 2022	53,659	111,273	164,932
	_______	_______	_______
Carrying amount
At 31 December 2022	2,064,616	8,169	2,072,785
	_______	_______	_______
At 31 December 2021	1,897,073	10,211	1,907,284
	_______	_______	_______

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 2022
Aggregate cost	1,616,049	1,616,049
Aggregate depreciation	(127,684)	(127,684)
	_______	_______
Carrying amount	1,488,365	1,488,365
	_______	_______

At 31 December 2021
Aggregate cost	1,437,773	1,437,773
Aggregate depreciation	(118,928)	(118,928)
	_______	_______
Carrying amount	1,318,845	1,318,845
	_______	_______

One of the company's property's was 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.

10. Debtors

	2022	2021
	£	£
Trade debtors	143,066	88,985
Other debtors	11,552	5,314
	_______	_______
	154,618	94,299
	_______	_______

11. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loan	9,460	67,582
Trade creditors	92,128	37,867
Corporation tax	63,320	73,589
Social security and other taxes	44,824	46,615
Other creditors	110,638	83,557
	_______	_______
	320,370	309,210
	_______	_______

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.

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

	2022	2021
	£	£
Bank loans and overdrafts	52,375	-
	_______	_______

13. Provisions

	Deferred tax (note 14)	Total
	£	£
At 1 January 2022	26,387	26,387
Charges against provisions	( 511)	( 511)
	_______	_______
At 31 December 2022	25,876	25,876
	_______	_______

14. Deferred tax

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

	2022	2021
	£	£
Included in provisions (note 13)	25,876	26,387
	_______	_______

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

	2022	2021
	£	£
Accelerated capital allowances	2,042	2,553
Revaluation of tangible assets	23,834	23,834
	_______	_______
	25,876	26,387
	_______	_______

15. Called up share capital

Issued, called up and fully paid

	2022		2021
	No	£	No	£
Ordinary shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______

16. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	5,112	5,112
Later than 1 year and not later than 5 years	-	5,112
	_______	_______
	5,112	10,224
	_______	_______

17. Related party transactions

Other debtors includes £2,242 (2021 - £296) in respect of loans to companies under the effective control of its director. Creditors includes £8,803 (2021 - £3,805), in respect of loans made by the companies under the effective control of Mr T K Ogunleye.

18. Controlling party

The company is controlled by its director Mr T K Ogunleye by virtue of his and his immediate family's 100% share holding and directorships in the holding company, Zion Care Limited.

19. Ultimate parent undertaking

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

20. Provisions available for Small Entities

In common with many other businesses of our size and nature we use our auditors to prepare payroll and submit returns to the tax authorities and assist with the preparation of the financial statements.

21. Financial viability

As referred to in the director's report the care sector, within which the company operates, has experienced an unanticipated and unprecedented traumatic trading environment since the beginning of the pandemic in March 2020. The company and the group of which it is a member have sufficient financial resources to enable it to continue to trade for a period of at least twelve months from the date when the financial statements are authorised for issue.