REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PREMIER CARE MANAGEMENT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
PREMIER CARE MANAGEMENT LIMITED |
PREMIER CARE MANAGEMENT LIMITED (REGISTERED NUMBER: 07035703) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
PREMIER CARE MANAGEMENT LIMITED (REGISTERED NUMBER: 07035703) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PREMIER CARE MANAGEMENT LIMITED (REGISTERED NUMBER: 07035703) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Premier Care Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07035703 and registered office address is 1 Grantham Lane, Kingswood, Bristol, BS15 1EU. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
Related party exemption |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
Provisions |
A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Depreciation |
Depreciation is provided over the estimated useful life of the asset. The directors make estimates as to the length of those useful lives. |
Trade debtors recoverability |
Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
PREMIER CARE MANAGEMENT LIMITED (REGISTERED NUMBER: 07035703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets, which include trade debtors, other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities, including trade creditors, other creditors, and amounts owed to group undertakings, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
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. |
PREMIER CARE MANAGEMENT LIMITED (REGISTERED NUMBER: 07035703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At 31 March 2023 the company had a profit for the financial year of £684,814 (2022: £70,034) and net assets of £1,070,173 (2022: £545,359). |
The directors have reviewed the working capital requirements for the group of companies headed up by Tristone Capital Ltd for the next twelve months and consider that the group companies have sufficient working capital to enable this company to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2023. |
Restatement of prior year profit and loss account |
The company has restated its 2022 comparatives for cost of sales and administrative expenses, in order to realign the results with their business plan. The restatement moves costs of £674,063 from administrative expenses to cost of sales. The overall operating profit remains unchanged from the prior year reported financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
PREMIER CARE MANAGEMENT LIMITED (REGISTERED NUMBER: 07035703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included within Trade debtors are £nil (2022: £2,152,319) of debts due from local authorities in respect of historic VAT liabilities. |
Amounts owed by group undertakings are repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Included within the Taxation and social security balance are historic VAT liabilities of £nil (2022: £1,761,999). The company had entered into time to pay arrangements with HMRC in respect of these historic liabilities, which have now been fully settled. |
Amounts owed to group undertakings are repayable on demand. |
7. | LEASING AGREEMENTS |
At 31 March 2023 the company had entered into leasing arrangements and had minimum lease payments under non-cancellable operating leases falling due within one year of £227,040 (2022: £212,100), and between one and five years of £293,115 (2022: £424,200). |
8. | SECURED DEBTS |
The company along with its immediate parent company, Tristone PCM Holdings Limited and it's fellow subsidiary companies Tristone PW Holdings Limited, Procare Wales Limited, Bangor Centre for Developmental Disabilities Limited, Tristone SSS Holdings Limited, Sportfit Support Services Limited, Roundhouse Care Holdings Limited, Tristone NS Holdings Ltd, K Bond Healthcare Ltd, Tristone BL Holdings Ltd and Beyond Limits (Plymouth) Ltd and intermediary parent company THL Investments Limited entered into guarantees in the form of a fixed and floating charges to secure the borrowings of their parent company, Tristone Healthcare Limited. At 31 March 2023, the amount outstanding in respect of these guarantees was £17,599,000 (2022: £12,099,000). The beneficiary of the securities are Duke Royalty UK Limited. At 31st March 2023, the company was due £420,000 (2022: £nil) from Tristone Healthcare Limited. |
PREMIER CARE MANAGEMENT LIMITED (REGISTERED NUMBER: 07035703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURE |
At the balance sheet date, amounts included within other debtors £514,477 (2022: £378,357) were owed from the immediate parent company. No interest has been charged in respect of this loan, which is repayable on demand. |
At the balance sheet date, amounts included within other debtors £420,000 (2022: £nil) were owed from the parent company. No interest has been charged in respect of this loan, which is repayable on demand. |
At 31 March 2023 the company owed £2,107 to Dimensions Care Limited, a company connected to Yannis Loucopoulos, a director and shareholder of Tristone Capital Ltd. |
11. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Tristone PCM Holdings Limited and its ultimate parent company is Tristone Capital Ltd, whose registered office is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD. Consolidated financial statements can be obtained at Companies House, Crown Way, Cardiff, CF14 3UZ. |