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REGISTERED NUMBER: 02711769 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

PORTHIA GROUP LIMITED

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Profit and loss account 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


PORTHIA GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022







DIRECTOR: Mrs A Ellsmore





SECRETARY: I N Jarvis





REGISTERED OFFICE: Godrevy House
Trewidden Road
ST IVES
Cornwall
TR26 2BX





REGISTERED NUMBER: 02711769 (England and Wales)





AUDITORS: Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022

The director presents her strategic report of the company and the group for the year ended 31 October 2022.

REVIEW OF BUSINESS
During the year, the group consisted of the group company and its subsidiaries Cornwallis Care Services Limited and Porthia Education Limited.

Porthia Group Ltd's income relies, in the main, on the properties owned and let to Cornwallis Care Services Limited. These rentals were increased during the year.

Property valuations have been undertaken by the directors for the purposes of the financial reports this year, and it is the director's intention to provide up to date RICS commercial valuations in the 2023 accounts. In the meantime, apart from the expansion and additional beds/leasehold improvements to Francis Bolitho and normal asset additions noted in the 31 October 2022 records, there have been no other material additions.

The income and profits of the Porthia Group Limited entity were as follows:

2022 2021
£ £

Income 2,922,593 1,960,735
Profit 2,271,369 1,408,081


Cornwallis Care Services Ltd

In this period, the difficult and ongoing situation within the NHS, in terms of bed admissions and bed blocking remained prevalent.

Demand for care beds in the community remained high and in the last 18 months the number of care homes closing has led to reduced capacity within the local market.

Severe pressures within the labour market for care staff generally meant that labour costs increased alongside the need to provide agency staff at higher cost.

This was combated somewhat by the setting up of Cornwallis Xtra, an in-house agency model with a more flexible employment contract. Labour numbers were also supplemented by contracting with overseas staff on longer term contracts.

Social changes to work patterns, post Covid, meant that there was an increasing requirement to provide the more balanced home/work arrangement in recruitment practices in order to accommodate this.

Because of the changes in bed demand, changes were made at Karenza to transition from nursing to residential dementia care provision. Additional bed capacity at Francis Bolitho also had a positive effect on income.

Profits for the year appear much reduced but that needs to be reviewed against the 2021/22 backdated rental increase of £900,000 that was paid to Porthia Group in this trading period.

Looking forward the likely profit return in year end 22/23 should be in the region of £1.5m.

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022

This will be achieved due to the increased bed capacity and the subsequent increase in income. Alongside this, particular attention has been made to increase permanent staff numbers thus reducing the need for and cost of agency staff.

The income and profits of Cornwallis Care Services Limited were as follows:

2022 2021
£ £

Turnover 17,157,749 14,899,666
Profit 173,408 440,819

ON BEHALF OF THE BOARD:





Mrs A Ellsmore - Director


25 October 2023

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2022

The director presents her report with the financial statements of the company and the group for the year ended 31 October 2022.

DIVIDENDS
Dividends of £101,040 were paid during the year. No final dividend will be paid. The total amount distributed will be £101,040.

DIRECTOR
Mrs A Ellsmore held office during the whole of the period from 1 November 2021 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Lang Bennetts Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs A Ellsmore - Director


25 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORTHIA GROUP LIMITED

Opinion
We have audited the financial statements of Porthia Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2022 which comprise the Consolidated Profit and loss account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 October 2022 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORTHIA GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 director
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to laws and regulations surrounding the provision of care services, employment matters, and the built environment.

We assessed the risks of material misstatement in respect of fraud as follows:

- we made enquiries of the directors and management of any non-compliance of laws and regulations, potential litigation and claims or any knowledge of actual, suspected or alleged fraud.
- we reviewed regulatory compliance including reports produced by the Care Quality Commission.
- we reviewed payroll records, testing pay and deductions and discussed the procedure for the calculation of furlough claims and tested samples within our audit work.
- we considered the risk of fraud through management override.

Based on the results of our risk assessment, we designed our audit procedures to identify and to address material misstatements in relation to fraud, as follows:

- we reviewed legal fees to identify any potential non-compliance with laws and regulations.
- we reviewed material manual journal entries for evidence of management override or fraud.
- we reviewed information in relation to key operating compliance matters including the quality of care.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PORTHIA GROUP LIMITED


Use of our report
This report is made solely to the company's members, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr J Pearce (Senior Statutory Auditor)
for and on behalf of Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

25 October 2023

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2022

2022 2021
Notes £    £   

TURNOVER 17,157,749 14,899,666

Cost of sales 11,894,433 10,672,679
GROSS PROFIT 5,263,316 4,226,987

Administrative expenses 3,247,187 3,260,049
2,016,129 966,938

Other operating income 414,710 671,433
OPERATING PROFIT 4 2,430,839 1,638,371


Interest payable and similar expenses 5 194,804 204,676
PROFIT BEFORE TAXATION 2,236,035 1,433,695

Tax on profit 6 363,970 291,990
PROFIT FOR THE FINANCIAL YEAR 1,872,065 1,141,705
Profit attributable to:
Owners of the parent 1,872,065 1,141,705

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 1,872,065 1,141,705


OTHER COMPREHENSIVE INCOME
Revaluation of property 16,549,734 -
Income tax relating to other comprehensive
income

(3,736,895

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

12,812,839

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

14,684,904

1,141,705

Total comprehensive income attributable to:
Owners of the parent 14,684,904 1,141,705

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 4,500 5,500
Tangible assets 10 39,493,312 21,649,749
Investments 11 - -
Investment property 12 - -
39,497,812 21,655,249

CURRENT ASSETS
Stocks 13 13,500 13,500
Debtors 14 1,742,398 1,034,478
Cash at bank and in hand 1,025,717 1,089,967
2,781,615 2,137,945
CREDITORS
Amounts falling due within one year 15 4,699,897 4,156,878
NET CURRENT LIABILITIES (1,918,282 ) (2,018,933 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,579,530

19,636,316

CREDITORS
Amounts falling due after more than one
year

16

(5,921,241

)

(6,350,329

)

PROVISIONS FOR LIABILITIES 19 (5,340,288 ) (1,551,850 )
NET ASSETS 26,318,001 11,734,137

CAPITAL AND RESERVES
Called up share capital 20 100 100
Revaluation reserve 21 19,498,685 6,817,555
Retained earnings 21 6,819,216 4,916,482
SHAREHOLDERS' FUNDS 26,318,001 11,734,137

The financial statements were approved by the director and authorised for issue on 25 October 2023 and were signed by:





Mrs A Ellsmore - Director


PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

COMPANY BALANCE SHEET
31 OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 929,833 929,833
Investment property 12 38,086,576 21,369,462
39,016,409 22,299,295

CURRENT ASSETS
Debtors 14 380,068 15,278
Cash at bank 180,227 225,236
560,295 240,514
CREDITORS
Amounts falling due within one year 15 2,913,123 2,772,663
NET CURRENT LIABILITIES (2,352,828 ) (2,532,149 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,663,581

19,767,146

CREDITORS
Amounts falling due after more than one
year

16

(5,921,241

)

(6,350,329

)

PROVISIONS FOR LIABILITIES 19 (5,062,239 ) (1,325,600 )
NET ASSETS 25,680,101 12,091,217

CAPITAL AND RESERVES
Called up share capital 20 100 100
Fair value reserve 18,355,153 6,867,308
Retained earnings 7,324,848 5,223,809
SHAREHOLDERS' FUNDS 25,680,101 12,091,217

Company's profit for the financial year 13,689,924 1,408,081

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 25 October 2023 and were signed by:





Mrs A Ellsmore - Director


PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 November 2020 100 3,744,108 6,976,399 10,720,607

Changes in equity
Dividends - (101,040 ) - (101,040 )
Total comprehensive income - 1,273,414 (158,844 ) 1,114,570
Balance at 31 October 2021 100 4,916,482 6,817,555 11,734,137

Changes in equity
Dividends - (101,040 ) - (101,040 )
Total comprehensive income - 2,003,774 12,681,130 14,684,904
Balance at 31 October 2022 100 6,819,216 19,498,685 26,318,001

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 November 2020 100 3,889,633 6,894,443 10,784,176

Changes in equity
Dividends - (101,040 ) - (101,040 )
Total comprehensive income - 1,435,216 (27,135 ) 1,408,081
Balance at 31 October 2021 100 5,223,809 6,867,308 12,091,217

Changes in equity
Dividends - (101,040 ) - (101,040 )
Total comprehensive income - 2,202,079 11,487,845 13,689,924
Balance at 31 October 2022 100 7,324,848 18,355,153 25,680,101

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,774,970 1,393,450
Interest paid (194,804 ) (204,676 )
Government grants 402,082 659,698
Tax paid (216,713 ) (182,884 )
Net cash from operating activities 2,765,535 1,665,588

Cash flows from investing activities
Purchase of tangible fixed assets (1,914,619 ) (2,365,752 )
Net cash from investing activities (1,914,619 ) (2,365,752 )

Cash flows from financing activities
New loans in year - 707,000
Loan repayments in year (417,153 ) (401,583 )
Amount withdrawn by former director (170,597 ) (397,924 )
Movement on inter-company balances (226,376 ) 209,986
Equity dividends paid (101,040 ) (101,040 )
Net cash from financing activities (915,166 ) 16,439

Decrease in cash and cash equivalents (64,250 ) (683,725 )
Cash and cash equivalents at beginning of
year

2

1,089,967

1,773,692

Cash and cash equivalents at end of year 2 1,025,717 1,089,967

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 2,236,035 1,433,695
Depreciation charges 621,790 561,237
Government grants (402,338 ) (659,954 )
Finance costs 194,804 204,676
2,650,291 1,539,654
Increase in trade and other debtors (342,082 ) (870,332 )
Increase in trade and other creditors 466,761 724,128
Cash generated from operations 2,774,970 1,393,450

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2022
31/10/22 1/11/21
£    £   
Cash and cash equivalents 1,025,717 1,089,967
Year ended 31 October 2021
31/10/21 1/11/20
£    £   
Cash and cash equivalents 1,089,967 1,773,692


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/11/21 Cash flow At 31/10/22
£    £    £   
Net cash
Cash at bank and in hand 1,089,967 (64,250 ) 1,025,717
1,089,967 (64,250 ) 1,025,717
Debt
Debts falling due within 1 year (416,176 ) (11,934 ) (428,110 )
Debts falling due after 1 year (6,350,329 ) 429,088 (5,921,241 )
(6,766,505 ) 417,154 (6,349,351 )
Total (5,676,538 ) 352,904 (5,323,634 )

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1. STATUTORY INFORMATION

Porthia Group 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 General 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" 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. Where care home income straddles the year end, revenue is recognised on a time apportioned basis.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 8,823,260 8,574,617
Social security costs 641,759 522,375
Other pension costs 157,570 144,758
9,622,589 9,241,750

The average number of employees during the year was as follows:
2022 2021

Head office and maintenance 14 16
Care homes 428 439
Nursery 18 17
460 472

2022 2021
£    £   
Director's remuneration 65,314 41,538

4. OPERATING PROFIT

The operating profit is stated after charging:

2022 2021
£    £   
Hire of plant and machinery 103,660 74,719
Other operating leases 1,060 7,170
Depreciation - owned assets 620,790 560,237
Goodwill amortisation 1,000 1,000
Auditors' remuneration 15,070 13,100

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest - 2
Bank loan interest 193,988 202,946
Corporation tax interest 816 1,728
194,804 204,676

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 312,171 189,252

Deferred tax 51,799 102,738
Tax on profit 363,970 291,990

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 2,236,035 1,433,695
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

424,847

272,402

Effects of:
Expenses not deductible for tax purposes 919 -
Capital allowances in excess of depreciation (113,761 ) (81,755 )
Adjustments arising on consolidation 166 (1,395 )
Deferred tax 51,799 102,738
Total tax charge 363,970 291,990

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Revaluation of property 16,549,734 (3,736,895 ) 12,812,839


PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

6. TAXATION - continued
2021
Gross Tax Net
£    £    £   
Revaluation of tangible fixed assets
Deferred tax impact of revaluation (27,135 ) - (27,135 )
(27,135 ) - (27,135 )

7. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2022 2021
£    £   
Ordinary shares of £1 each
Interim 101,040 101,040

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2021
and 31 October 2022 20,000
AMORTISATION
At 1 November 2021 14,500
Amortisation for year 1,000
At 31 October 2022 15,500
NET BOOK VALUE
At 31 October 2022 4,500
At 31 October 2021 5,500

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Long and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 November 2021 19,116,462 2,544,750 2,126,500 15,073 23,802,785
Additions 1,486,374 27,379 400,866 - 1,914,619
Revaluations 14,733,740 491,000 - - 15,224,740
At 31 October 2022 35,336,576 3,063,129 2,527,366 15,073 40,942,144
DEPRECIATION
At 1 November 2021 844,327 196,279 1,103,043 9,387 2,153,036
Charge for year 336,367 69,925 213,645 853 620,790
Revaluation adjustments (1,180,694 ) (144,300 ) - - (1,324,994 )
At 31 October 2022 - 121,904 1,316,688 10,240 1,448,832
NET BOOK VALUE
At 31 October 2022 35,336,576 2,941,225 1,210,678 4,833 39,493,312
At 31 October 2021 18,272,135 2,348,471 1,023,457 5,686 21,649,749

Included in cost or valuation of land and buildings is freehold land of £7,846,000 (2021 - £4,067,500) which is not depreciated.

Cost or valuation at 31 October 2022 is represented by:

Fixtures
Freehold Long and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
Valuation in 2012 (858,844 ) (193,000 ) - - (1,051,844 )
Valuation in 2014 97 34,500 - - 34,597
Valuation in 2015 - 4,427 - - 4,427
Valuation in 2016 1,546,472 616,877 - - 2,163,349
Valuation in 2019 5,136,602 79,357 - - 5,215,959
Valuation in 2022 14,733,741 491,000 - - 15,224,741
Cost 14,778,508 2,029,968 2,527,366 15,073 19,350,915
35,336,576 3,063,129 2,527,366 15,073 40,942,144

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

10. TANGIBLE FIXED ASSETS - continued

Group

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

2022 2021
£    £   
Cost 14,551,038 13,058,665
Aggregate depreciation 2,221,975 1,981,137

Value of land in freehold land and buildings 2,845,805 2,845,805

Land and buildings were valued on an open market basis on 31 October 2022 by the directors .

Information on annual valuation adjustments is only provided for the last 10 years.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2021
and 31 October 2022 929,833
NET BOOK VALUE
At 31 October 2022 929,833
At 31 October 2021 929,833

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Porthia Education Limited
Registered office:
Nature of business: Educational support services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (8,308 ) (7,433 )
Loss for the year (875 ) (631 )

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

11. FIXED ASSET INVESTMENTS - continued

Cornwallis Care Services Ltd
Registered office:
Nature of business: Care services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,576,140 1,532,732
Profit for the year 173,408 440,819

Bolitho School Penzance Limited, a subsidiary of Porthia Education Limited, was placed into a Creditors Voluntary Liquidation on 14 September 2016. Accordingly the company is excluded from the consolidation.


12. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 November 2021 21,369,462
Additions 1,492,374
Revaluations 15,224,740
At 31 October 2022 38,086,576
NET BOOK VALUE
At 31 October 2022 38,086,576
At 31 October 2021 21,369,462

Included in fair value of investment property is freehold land of £ 7,846,000 (2021 - £ 4,234,500 ) which is not depreciated.

Fair value at 31 October 2022 is represented by:
£   
Valuation in 2011 1,771,505
Valuation in 2012 (1,068,676 )
Valuation in 2014 34,597
Valuation in 2016 2,163,349
Valuation in 2019 5,215,958
Valuation in 2022 15,224,741
Cost 14,745,102
38,086,576

If Investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 14,745,102 13,252,729

Investment property was valued on an open market basis basis on 31 October 2022 by the directors .

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

13. STOCKS

Group
2022 2021
£    £   
Stocks 13,500 13,500

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 907,910 730,712 134 1,293
Amounts owed by group undertakings - - 7,643 6,933
Other debtors 834,488 303,766 372,291 7,052
1,742,398 1,034,478 380,068 15,278

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 17) 428,110 416,176 428,110 416,176
Trade creditors 858,178 843,447 37,571 66,028
Amounts owed to group undertakings - - 936,667 782,281
Tax 419,335 323,877 419,335 259,125
Social security and other taxes 316,428 146,780 2,103 2,028
Other creditors 1,985,446 1,541,166 1,063,591 1,094,725
Accruals and deferred income 692,400 885,432 25,746 152,300
4,699,897 4,156,878 2,913,123 2,772,663

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans (see note 17) 5,921,241 6,350,329 5,921,241 6,350,329

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 428,110 416,176 428,110 416,176
Amounts falling due between one and two years:
Bank loans - 1-2 years 440,754 427,132 440,754 427,132
Amounts falling due between two and five years:
Bank loans - 2-5 years 5,480,487 5,923,197 5,480,487 5,923,197

The company has two loan facilities, one for £6.7m and carries a fixed interest rate of 2.962% for a period of 5 years until January 2025 with a 15 year repayment profile. The second loan is for £707,000 with a fixed interest rate of 2.680% with a 5 year term until November 2025 also with a 15 year repayment profile.

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans 6,349,351 6,766,505 6,349,351 6,766,505

Bank loans are secured on the various properties owned by the group. Hire purchase liabilities were secured on the assets to which they related.

19. PROVISIONS FOR LIABILITIES

Group Company
2022 2021 2022 2021
£    £    £    £   
Deferred tax 5,334,656 1,545,962 5,056,607 1,319,712

Other provisions 5,632 5,888 5,632 5,888

Aggregate amounts 5,340,288 1,551,850 5,062,239 1,325,600

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 November 2021 1,545,962 6,144
Credit to Profit and loss account during year - (256 )
Deferred tax on revalued
tangible fixed assets 3,565,775 -
Accelerated capital allowances 222,919 -
Balance at 31 October 2022 5,334,656 5,888

Company
Deferred Other
tax provisions
£    £   
Balance at 1 November 2021 1,319,712 5,888
Credit to Profit and loss account during year - (256 )
Deferred tax on revaluation of
investment property 3,565,775 -
Accelerated capital allowances 171,120 -
Balance at 31 October 2022 5,056,607 5,632

The other provision represents a government grant received in 2008 for the building of the extension at Trecarrel. It is being released to the profit and loss account over a period of 50 years in line with the depreciation of this extension.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2021 4,916,482 6,817,555 11,734,037
Profit for the year 1,872,065 1,872,065
Dividends (101,040 ) (101,040 )
Revaluation - 16,549,734 16,549,734
Transfer to profit and loss
account 131,709 (131,709 ) -
Deferred tax on revaluation - (3,736,895 ) (3,736,895 )
At 31 October 2022 6,819,216 19,498,685 26,317,901

PORTHIA GROUP LIMITED (REGISTERED NUMBER: 02711769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

21. RESERVES - continued

Company
Fair
value
reserve
£   
At 1 November 2021 6,867,308
Revaluation 15,224,740
Deferred tax on revaluation (3,736,895 )

At 31 October 2022 18,355,153


22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Mr D B Ellsmore, a director until 29 April 2020 was owed £425,221 (2021: £595,818) by the group at the end of the year .

The group has provided security for a loan made to Mr Ellsmore, by way of a charge over one of its properties. Mr Ellsmore lent the loan proceeds to the group and the amount loaned is included in the figure above.

Porthia Group Limited had the following balances with companies in which a director has a significant or controlling interest:

2022 2021
Debtor / (Creditor) £    £

Porthminster Beach View Limited 372,291 -
Porthia Properties 68 -
Porthia Limited (324,845 ) (333,325 )
Porthia Homes Limited (290,526 ) (136,064 )

During the year the group purchased goods and services from Porthia Homes Limited to the net value of £1,420,145 (2021: £1,147,588).

A net amount of £8,480 (2021: £9,202) was also recharged to Porthia Limited during the year. An amount of £1,918 was charged to Porthia Properties (2021: £432 was charged by Porthia Properties).

During the year the company purchased services in which the child of key management was a director. These services totalled £61,514 (2021: £Nil). At the year end the amount owed was £19,770 (2021: £Nil).

During the year, a total of key management personnel compensation of £ 158,877 (2021 - £ 128,088 ) was paid.

Key management personnel comprises of the directors of the group and subsidiary companies.

23. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr and Mrs Ellsmore who together own 89% of the shares.