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Registration number: 13727976

Premium Care Properties Limited

Filleted Financial Statements

for the Period from 8 November 2021 to 31 March 2023

 

Premium Care Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Premium Care Properties Limited

Company Information

Directors

R Sideras

R B Adams

Registered office

1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

Auditors

NA Associates LLP
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

 

Premium Care Properties Limited

(Registration number: 13727976)
Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Investments

4

1,563,327

Current assets

 

Debtors

873

Cash at bank and in hand

 

100

 

973

Creditors: Amounts falling due within one year

5

(88,037)

Net current liabilities

 

(87,064)

Total assets less current liabilities

 

1,476,263

Creditors: Amounts falling due after more than one year

5

(1,489,186)

Net liabilities

 

(12,923)

Capital and reserves

 

Called up share capital

100

Retained earnings

(13,023)

Shareholders' deficit

 

(12,923)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................
R Sideras
Director

 

Premium Care Properties Limited

Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

These financial statements were authorised for issue by the Board on 8 February 2024.

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Name of parent of group

These financial statements are consolidated in the financial statements of Premium Care Group Limited.

The financial statements of may be obtained from the registered office.

Group accounts not prepared

The company has not prepared consolidated accounts as it is included in the consolidated accounts of its ultimate parent undertaking.

 

Premium Care Properties Limited

Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023

Going concern


The financial statements have been prepared on a going concern basis which is dependent upon the continuing financial support of group companies.

The company acquired a care home operating subsidiary during the period. The subsidiary has invested significant sums to upgrade, repair and modernise the care home with the strategy to improve profitability and maximise returns for the group during the period. The subsidiary made a loss in the period under review as a result of the investment, however since the year end the results have significantly improved with exceptional occupancy levels, increasing revenues and profits which the group expects to continue. Since the year end the subsidiary has added a further four care homes, scaling up its operations and profitability.

The company has made a loss in the period and has net liabilities due to admin costs, which have to date been funded by financial support from creditors including group companies. It is anticipated that the company will report profits and a positive net asset position in the near future by the receipt of dividends from the subsidiary. The directors therefore consider the going concern basis to be appropriate.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 8 February 2024 was Mr Nicholas Antoniou, who signed for and on behalf of NA Associates LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Premium Care Properties Limited

Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investments

2023
£

Investments in subsidiaries

1,563,327

Subsidiaries

£

Cost or valuation

Additions

1,563,327

Carrying amount

At 31 March 2023

1,563,327

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

Subsidiary undertakings

JK Healthcare Limited

England

Ordinary shares

100%

Subsidiary undertakings

JK Healthcare Limited

The principal activity of JK Healthcare Limited is operating care homes for the elderly.

 

Premium Care Properties Limited

Notes to the Financial Statements for the Period from 8 November 2021 to 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Accruals and deferred income

7,293

Other creditors

80,744

88,037

Creditors: amounts falling due after more than one year

2023
£

Due after one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,489,186

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,040,527.

7

Related party transactions

Summary of transactions with entities with joint control or significant interest

Creditors includes an amount of £1,489,186 due to a related party.
 

8

Parent and ultimate parent undertaking

The ultimate parent is Premium Care Group Limited, incorporated in England.

  These financial statements are available upon request from the registered office