Zion Care (St Albans) Limited 31/12/2017 iXBRL

ZION CARE (ST ALBANS) LIMITED - Company Information

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Company registration number: 06513936

Zion Care (St Albans) Limited

Audited financial statements

31 December 2017

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 2017

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 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	8	1,961,188		1,380,375
		_______		_______
			1,961,188		1,380,375

Current assets
Stocks		1,000		1,000
Debtors	9	82,932		100,385
Cash at bank and in hand		271,768		452,360
		_______		_______
		355,700		553,745
Creditors: amounts falling due
within one year	10	( 285,227)		( 279,121)
		_______		_______
Net current assets			70,473		274,624
			_______		_______
Total assets less current liabilities			2,031,661		1,654,999

Creditors: amounts falling due
after more than one year	11		( 383,687)		( 511,087)

Provisions for liabilities	12		( 19,688)		( 404)

			_______		_______
Net assets			1,628,286		1,143,508
			_______		_______

Capital and reserves
Called up share capital	14		1		1
Non distributable reserve			568,018		-
Profit and loss account			1,060,267		1,143,507
			_______		_______
Shareholder funds			1,628,286		1,143,508
			_______		_______

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 income and retained earnings has not been delivered.

These financial statements were approved and authorised for issue on 18 September 2018 , 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 2017

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 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 the 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

	2017	2016
	£	£
Fees payable for the audit of the financial statements	5,880	5,880
	_______	_______

5. Staff costs

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

	2017	2016
Nursing and care staff	48	48
	_______	_______

The aggregate payroll costs incurred during the year were:

	2017	2016
	£	£
Wages and salaries	715,963	630,359
Other pension costs	3,102	2,780
	_______	_______
	719,065	633,139
	_______	_______

6. Interest payable and similar expenses

	2017	2016
	£	£
Bank loan	10,027	13,186
	_______	_______

7. Tax on profit

Major components of tax expense

	2017	2016
	£	£
Current tax:
UK current tax expense	36,218	62,161
	_______	_______

Deferred tax:
Origination and reversal of timing differences	1,171	( 197)
	_______	_______
Tax on profit	37,389	61,964
	_______	_______

8. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost or valuation
At 1 January 2017	1,437,773	108,771	1,546,544
Additions	-	7,908	7,908
Revaluation	502,227	-	502,227
	_______	_______	_______
At 31 December 2017	1,940,000	116,679	2,056,679
	_______	_______	_______
Depreciation
At 1 January 2017	75,151	91,018	166,169
Charge for the year	8,755	4,473	13,228
Revaluations	( 83,906)	-	( 83,906)
	_______	_______	_______
At 31 December 2017	-	95,491	95,491
	_______	_______	_______
Carrying amount
At 31 December 2017	1,940,000	21,188	1,961,188
	_______	_______	_______
At 31 December 2016	1,362,622	17,753	1,380,375
	_______	_______	_______

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

At 31 December 2016
Aggregate cost	1,437,773	1,437,773
Aggregate depreciation	(75,151)	(75,151)
	_______	_______
Carrying amount	1,362,622	1,362,622
	_______	_______

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

	2017	2016
	£	£
Trade debtors	63,681	90,260
Other debtors	19,251	10,125
	_______	_______
	82,932	100,385
	_______	_______

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loan	124,847	122,349
Trade creditors	31,848	28,846
Corporation tax	71,104	62,161
Social security and other taxes	8,726	10,621
Other creditors	48,702	55,144
	_______	_______
	285,227	279,121
	_______	_______

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

	2017	2016
	£	£
Bank loan	383,687	511,087
	_______	_______

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 2017	403	403
Additions	19,285	19,285
	_______	_______
At 31 December 2017	19,688	19,688
	_______	_______

13. Deferred tax

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

	2017	2016
	£	£
Included in provisions (note 12)	19,688	404
	_______	_______

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

	2017	2016
	£	£
Accelerated capital allowances	1,574	404
Revaluation of intangible assets	18,114	-
	_______	_______
	19,688	404
	_______	_______

14. Called up share capital

Issued, called up and fully paid

	2017		2016
	No	£	No	£
Ordinary shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______

15. Summary audit opinion

The auditor's report for the year dated 18 September 2018 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 £9,512 (2016 - £17,094) 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.