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Company Registration Number: 8325107
PRIMUS HEALTHCARE LIMITED
Unaudited Filleted Financial Statements
31 March 2023
PRIMUS HEALTHCARE LIMITED
Contents
Balance Sheet
Notes To The Financial Statements
PRIMUS HEALTHCARE LIMITED
Balance Sheet
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,292,278 1,329,452
_________ _________
1,292,278 1,329,452
Current assets
Debtors 7 110,734 82,479
Cash at bank and in hand 65,773 62,134
_________ _________
176,507 144,613
Creditors: amounts falling due
within one year 8 ( 1,137,152) ( 961,498)
_________ _________
Net current liabilities ( 960,645) ( 816,885)
_________ _________
Total assets less current liabilities 331,633 512,567
Creditors: amounts falling due
after more than one year 9 ( 956,491) ( 1,041,512)
_________ _________
Net liabilities ( 624,858) ( 528,945)
_________ _________
Capital and reserves
Called up share capital 11 101 101
Profit and loss account ( 624,959) ( 529,046)
_________ _________
Shareholders deficit ( 624,858) ( 528,945)
_________ _________
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 May 2023 , and are signed on behalf of the board by:
............................
Mr C. Goel
Director
Company Registration Number: 8325107
PRIMUS HEALTHCARE LIMITED
Notes To The Financial Statements
Year Ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is CHP, Clifton House, Four Elms Road, Cardiff, CF24 1LE.
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 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.
Going concern
The balance sheet at 31 March 2023 shows a considerable deficiency of assets. There are various extenuating circumstances which have contributed to this situation: - the company's care home was closed for over six months in the 2015/16 year for extension and refurbishment, during which time the full complement of staff had to be retained, and since its re-opening the company for several years found itself unable to charge full nursing home fees to many of its residents. After subsequent profitable years, the company has more recently been seriously affected by the Covid pandemici, with curtailed turnover and staffing costs necessarily increased. The director is confident that the worst of these problems are now past, and that the balance sheet deficit will be gradually eliminated. Meanwhile the connected party has indicated that it will not seek repayment of its loan to the company, which totalled £962,698, until such time as the company has sufficient funds so to do. In view of these factors, therefore, these financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 15% (Computer equipment 50%) 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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance 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. 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 no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments applying to the company are basic as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 44 (2022: 42 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023 150,000
_________
Amortisation
At 1 April 2022 and 31 March 2023 150,000
_________
Carrying amount
At 31 March 2023 -
_________
At 31 March 2022 -
_________
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 1,466,547 322,572 1,789,119
Additions - 10,386 10,386
Disposals - ( 9,221) ( 9,221)
_________ _________ _________
At 31 March 2023 1,466,547 323,737 1,790,284
_________ _________ _________
Depreciation
At 1 April 2022 239,586 220,081 459,667
Charge for the year 29,331 16,482 45,813
Disposals - ( 7,474) ( 7,474)
_________ _________ _________
At 31 March 2023 268,917 229,089 498,006
_________ _________ _________
Carrying amount
At 31 March 2023 1,197,630 94,648 1,292,278
_________ _________ _________
At 31 March 2022 1,226,961 102,491 1,329,452
_________ _________ _________
7. Debtors
2023 2022
£ £
Trade debtors 19,430 7,475
Deferred tax asset (note 10) 91,304 73,959
Other debtors - 1,045
_________ _________
110,734 82,479
_________ _________
The director is satisfied that the circumstances which have given rise to the heavy losses recorded in this and other recent accounting years have now been rectified, and fully expect that these losses will be readily absorbed by future profits. In his opinion, therefore, the inclusion of the resulting deferred tax asset, as above, in these financial statements remains valid.
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 85,021 85,021
Trade creditors 24,260 17,846
Social security and other taxes 6,730 8,864
Other creditors 1,021,141 849,767
_________ _________
1,137,152 961,498
_________ _________
Bank borrowings are secured by a legal charge over the company's freehold property.
Other creditors include an amount of £962,698 (31 March 2022 - £755,440) due to a connected company.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 956,491 1,041,512
_________ _________
Bank borrowings are secured by a legal charge over the company's freehold property.
Included within creditors: amounts falling due after more than one year is an amount of £ 616,405 (2022 £ 701,426 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above liabilitiy represents a bank loan which is repayable by monthly instalments of £7,085, and which carries interest at 2.5% above base lending rate.
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023 2022
£ £
Included in debtors (note 7) 91,304 73,959
_________ _________
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances ( 36,382) ( 37,393)
Unused tax losses 97,363 73,959
_________ _________
60,981 36,566
_________ _________
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
Ordinary "A" shares of £ 1.00 each 1 1 1 1
_________ _________ _________ _________
101 101 101 101
_________ _________ _________ _________
12. Contingent assets and liabilities
A cross-guarantee arrangement exists between the company and Far Fillimore Care Homes Ltd, which shares common control, in respect of each company's bank borrowings. The amount so guaranteed by Primus Healthcare Ltd at 31 March 2023 amounted to £2,685,917.
13. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr C. Goel ( 1,045) - 1,045 -
_________ _________ _________ _________
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr C. Goel 302 ( 1,347) - ( 1,045)
_________ _________ _________ _________
14. Controlling party
The company is controlled by its director, Mr C. Goel , who holds 69% of the issued share capital.