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REGISTERED NUMBER: 07035703 (England and Wales)















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 12,151 7,115

CURRENT ASSETS
Debtors 5 1,306,404 2,573,874
Cash at bank and in hand 18,442 179,227
1,324,846 2,753,101
CREDITORS
Amounts falling due within one year 6 263,786 2,213,505
NET CURRENT ASSETS 1,061,060 539,596
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,073,211

546,711

PROVISIONS FOR LIABILITIES 3,038 1,352
NET ASSETS 1,070,173 545,359

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,070,073 545,259
1,070,173 545,359

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

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 2 November 2023 and were signed on its behalf by:





P N Ledgard - Director


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
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on reducing balance

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 36 (2022 - 28 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 13,623 9,995 10,803 34,421
Additions 2,465 4,414 832 7,711
At 31 March 2023 16,088 14,409 11,635 42,132
DEPRECIATION
At 1 April 2022 10,043 8,772 8,491 27,306
Charge for year 1,264 722 689 2,675
At 31 March 2023 11,307 9,494 9,180 29,981
NET BOOK VALUE
At 31 March 2023 4,781 4,915 2,455 12,151
At 31 March 2022 3,580 1,223 2,312 7,115

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 332,593 2,152,319
Amounts owed by group undertakings 921,524 378,357
Other debtors 52,287 43,198
1,306,404 2,573,874

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 5,725 3,659
Taxation and social security 208,832 1,775,981
Other creditors 49,229 433,865
263,786 2,213,505

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.

Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited

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.