Kumari Care Limited Company accounts

Kumari Care Limited Company accounts

KUMARI CARE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03423397
Kumari Care Limited
Financial Statements
30 April 2023
Kumari Care Limited
Financial Statements
Year ended 30th April 2023
Contents
Pages
Strategic report
1 to 2
Director's report
3 to 4
Independent auditor's report to the member
5 to 9
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13 to 19
Kumari Care Limited
Strategic Report
Year ended 30th April 2023
The director presents her strategic report for the year ended 30 April 2023. Fair review of the business During the year the company continued to provide high quality home care services mainly via local authorities but also directly with private individuals. The director is pleased with the result for the year despite reductions in turnover, gross profit margin and net profit compared with the previous year, which were due to ongoing difficulties recruiting and maintaining staff. A summary of the results for the three most recent years is shown below which shows a continued increase in the company's net assets. 2023 2022 2021 Turnover £1,615,703 £1,917,541 £1,952,289 Gross profit margin 27,31% 30.1% 30.11% Profit before tax £318,987 £450,406 £496,444 Net assets £6,158,364 £5,949,464 £5,631,771 The director's aim continues to be to maintain current contracts with local authorities and to ensure that work is only taken on providing the company's high quality services can be maintained. Principal risks and uncertainties Operating risks The operating risks for the business are considered to be the funding available to local authorities to pay for home care services, the renewal of contracts with local authorities, the competition from other local home care providers and ensuring high quality staff can be recruited and maintained. Interest rate risks The company does not have any borrowings so is not exposed to interest rate increases. The company has large cash reserves so any reductions in interest rates will give rise to less interest being received although this will not have a material impact on the company's results. Liquidity risks The company has significant cash reserves which are sufficient to finance the business' operations and meet the company's working capital requirements. Surplus funds are invested to maximise potential returns. Trade debtors are managed in respect of cash flow risk by monitoring amounts owed and ensuring all outstanding debts are pursued. Creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
This report was approved by the board of directors on 25th January 2024 and signed on behalf of the board by:
Mrs S. Kumari-Chaston
Director
Registered office:
2 Chesterfield Buildings
Westbourne Place
Clifton
Bristol
BS8 1RU
Kumari Care Limited
Director's Report
Year ended 30th April 2023
The director presents her report and the financial statements of the company for the year ended 30 April 2023 .
Director
The director who served the company during the year was as follows:
Mrs S. Kumari-Chaston
Dividends
Particulars of dividends paid are detailed in note 11 to the financial statements.
Disclosure of information in the strategic report
The director has set out her fair review of the business, the principal risks and uncertainties and the future development of the business in the Strategic Report.
Director's responsibilities statement
The director is responsible for preparing the strategic report, 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 she 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; - 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 them to ensure that the financial statements comply with the Companies Act 2006. She 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 25 January 2024 and signed on behalf of the board by:
Mrs S. Kumari-Chaston
Director
Registered office:
2 Chesterfield Buildings
Westbourne Place
Clifton
Bristol
BS8 1RU
Kumari Care Limited
Independent Auditor's Report to the Member of Kumari Care Limited
Year ended 30th April 2023
Opinion
We have audited the financial statements of Kumari Care Limited (the 'company') for the year ended 30th April 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 30th April 2023 and of its profit for the year 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 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have 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 strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which 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 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.
Responsibilities of the director
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements 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 directors. - Conclude on the appropriateness of the directors' 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 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.
Auditor's responsibilities for the audit of the financial statements
Extent to which the audit was considered capable of detecting irregularities, including fraud 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: - We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and employment legislation. - We enquired of the director, reviewed correspondence with the CQC and HMRC and reviewed director meeting minutes for evidence of non-compliance with relevant laws and regulations. - We gained an understanding of the systems and controls that the director has in place to prevent and detect fraud. - The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: overpayment of wages or suppliers. - We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. - We enquired of the director about actual and potential litigation and claims. - We performed analytical procedures to identify any unusual items that might indicate risks of material misstatement due to fraud. - We tested the wages system on a sample basis. - In addressing the risk of fraud due to management override of internal controls we reviewed the appropriateness of journal entries made during the year and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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 them in an auditor's 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.
Mrs Caroline Jay
(Senior Statutory Auditor)
For and on behalf of
Jay & Jay Partnership Limited
Chartered Certified Accountants & statutory auditor
2 Chesterfield Buildings
Westbourne Place
Clifton
Bristol
BS8 1RU
26 January 2024
Kumari Care Limited
Statement of Income and Retained Earnings
Year ended 30th April 2023
2023
2022
Note
£
£
Turnover
4
1,615,703
1,917,542
Cost of sales
1,174,408
1,340,558
------------
------------
Gross profit
441,295
576,984
Administrative expenses
217,816
268,081
Other operating income
5
42,923
88,454
---------
---------
Operating profit
6
266,402
397,357
Other interest receivable and similar income
9
52,585
53,049
---------
---------
Profit before taxation
318,987
450,406
Tax on profit
10
62,837
85,563
---------
---------
Profit for the financial year and total comprehensive income
256,150
364,843
---------
---------
Dividends paid and payable
11
( 47,250)
( 47,250)
Retained earnings at the start of the year
5,949,364
5,631,771
------------
------------
Retained earnings at the end of the year
6,158,264
5,949,364
------------
------------
All the activities of the company are from continuing operations.
Kumari Care Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
12
8,313
8,919
Current assets
Debtors
13
5,603,046
4,145,109
Cash at bank and in hand
659,719
1,946,874
------------
------------
6,262,765
6,091,983
Creditors: amounts falling due within one year
14
112,714
151,438
------------
------------
Net current assets
6,150,051
5,940,545
------------
------------
Total assets less current liabilities
6,158,364
5,949,464
------------
------------
Net assets
6,158,364
5,949,464
------------
------------
Capital and reserves
Called up share capital
17
100
100
Profit and loss account
18
6,158,264
5,949,364
------------
------------
Shareholder funds
6,158,364
5,949,464
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 25 January 2024 , and are signed on behalf of the board by:
Mrs S. Kumari-Chaston
Director
Company registration number: 03423397
Kumari Care Limited
Statement of Cash Flows
Year ended 30th April 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
256,150
364,843
Adjustments for:
Depreciation of tangible assets
1,521
1,649
Government grant income
( 42,923)
( 88,454)
Other interest receivable and similar income
( 52,585)
( 53,049)
Tax on profit
62,837
85,563
Accrued (income)/expenses
( 1,955)
5,348
Changes in:
Trade and other debtors
( 1,457,532)
( 160,014)
Trade and other creditors
( 14,043)
( 4,883)
------------
---------
Cash generated from operations
( 1,248,530)
151,003
Interest received
52,180
53,049
Tax paid
( 85,563)
( 94,566)
------------
---------
Net cash (used in)/from operating activities
( 1,281,913)
109,486
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 915)
( 1,243)
------------
---------
Net cash used in investing activities
( 915)
( 1,243)
------------
---------
Cash flows from financing activities
Government grant income
42,923
88,454
Dividends paid
( 47,250)
( 47,250)
------------
---------
Net cash (used in)/from financing activities
( 4,327)
41,204
------------
---------
Net (decrease)/increase in cash and cash equivalents
( 1,287,155)
149,447
Cash and cash equivalents at beginning of year
1,946,874
1,797,427
------------
------------
Cash and cash equivalents at end of year
659,719
1,946,874
------------
------------
Kumari Care Limited
Notes to the Financial Statements
Year ended 30th April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. There have been no changes made during the year to the useful lives of fixed assets. Impairment of assets Management review fixed assets on a regular basis for impairment and have concluded that no impairment charge is required.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates defined contribution pension schemes for certain of its employees. The assets of the schemes are held separately from those of the company in an independently administered fund. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
1,615,703
1,917,542
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Government grant income
42,923
88,454
--------
--------
6. Operating profit
Operating profit or loss is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
1,521
1,649
Impairment of trade debtors
35
42,144
-------
--------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
4,200
4,440
-------
-------
8. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2023
2022
No.
No.
Number of directors
1
1
Number of care staff, care managers, care co-ordinators & administrative staff
65
76
----
----
66
77
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,171,219
1,326,373
Social security costs
94,341
103,824
Other pension costs
19,792
20,740
------------
------------
1,285,352
1,450,937
------------
------------
9. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
4,917
5,786
Interest receivable on advance to director
47,668
47,263
--------
--------
52,585
53,049
--------
--------
10. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
62,837
85,563
--------
--------
Tax on profit
62,837
85,563
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 19.49 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
318,987
450,406
---------
---------
Profit on ordinary activities by rate of tax
62,181
85,577
Effect of expenses not deductible for tax purposes
659
308
Effect of capital allowances and depreciation
( 3)
( 322)
---------
---------
Tax on profit
62,837
85,563
---------
---------
11. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
47,250
47,250
--------
--------
12. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st May 2022
30,972
11,045
40,790
82,807
Additions
–
–
915
915
--------
--------
--------
--------
At 30th April 2023
30,972
11,045
41,705
83,722
--------
--------
--------
--------
Depreciation
At 1st May 2022
29,260
10,579
34,049
73,888
Charge for the year
256
116
1,149
1,521
--------
--------
--------
--------
At 30th April 2023
29,516
10,695
35,198
75,409
--------
--------
--------
--------
Carrying amount
At 30th April 2023
1,456
350
6,507
8,313
--------
--------
--------
--------
At 30th April 2022
1,712
466
6,741
8,919
--------
--------
--------
--------
13. Debtors
2023
2022
£
£
Trade debtors
111,105
156,208
Prepayments and accrued income
3,642
3,237
Director's loan account
2,363,138
2,363,125
Other debtors
3,125,161
1,622,539
------------
------------
5,603,046
4,145,109
------------
------------
14. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
891
7,481
Accruals and deferred income
32,071
34,026
Corporation tax
62,837
85,563
Social security and other taxes
13,383
20,780
Other creditors
3,532
3,588
---------
---------
112,714
151,438
---------
---------
15. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 19,792 (2022: £ 20,740 ).
16. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
42,923
88,454
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--------
17. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
The shares are Ordinary voting shares, entitled to receive dividends and a distribution on winding up .
18. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
19. Analysis of changes in net debt
At 1 May 2022
Cash flows
At 30 Apr 2023
£
£
£
Cash at bank and in hand
1,946,874
(1,287,155)
659,719
------------
------------
---------
20. Director's advances, credits and guarantees
At 30 April 2023 the Director, Mrs S Kumari-Chaston owed the company £2,363,138 (2022 - £2,363,125). The company charged interest at 2% per annum, increasing to 2.25% with effect from 6 April 2023, on this loan which is repayable on demand .
Kumari Care Limited
Notes to the Financial Statements (continued)
Year ended 30th April 2023
21. Related party transactions
The director, Mrs Kumari-Chaston, is a trustee of the Kumari Care Ltd Retirement Benefits Scheme. This scheme is run for the benefit of Mrs Kumari-Chaston. The company operates from a property that is owned by the Kumari Care Ltd Retirement Benefits Scheme. During the year Kumari Care Ltd paid rent totalling £30,000 (2022 - £30,000). The company has paid costs on behalf of the Kumari Care Ltd Retirement Benefits Scheme which have not been repaid. As at 30 April 2023 the company was owed £832 (2022 - £876) by the pension scheme which is interest free and repayable on demand. The company has loaned funds to Kumari Properties Bath Limited. The director, Mrs Kumari-Chaston, is the sole director and shareholder of Kumari Properties Bath Limited. As at 30 April 2023 the company was owed £2,533,541 (2022 - £1,030,790) by Kumari Properties Bath Ltd. All loans are interest free and repayable in full within 7 days upon written notice by Kumari Care Ltd.