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Company registration number: 08366869







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023


PEACE OF MIND CARE LIMITED






































img493d.png                        

 


PEACE OF MIND CARE LIMITED
 


 
COMPANY INFORMATION


Directors
Mrs E Kitchen 
Mr R E Kitchen 




Registered number
08366869



Registered office
St Johns Nursing Home
Rownhams Lane

Rownhams

Southampton

Hampshire

SO16 8AR




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


PEACE OF MIND CARE LIMITED
 



CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of income and retained earnings
9
Consolidated statement of financial position
10
Company statement of financial position
11 - 12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 33


 


PEACE OF MIND CARE LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
 
The directors present their strategic report as per the below.

Business review
 
During the year to 31 October 2023, the Peace of Mind Care Group continued its work to ensure the care homes were operating effectively as the economy moved out of the effects of the Covid-19 pandemic.
Demand for beds remained high and was underpinned by receiving “Good” gradings from the CQC in their visits during the period.
Turnover showed growth of 5.75% as a result of work on the estate and the conversion of double rooms into singles, whilst Gross profit margin reduced slightly to 42% (2022 – 45%).
At the end of the period, the outstanding loans had reduced to £1.9m (2022 - £2m), whilst net assets grew to £3.4m (2022 - £3.1m).
We have focussed on retaining a stable, competent well trained and motivated work force as they underpin all we do. This was reflected in a 15% pay award given to all staff to ensure we pay above the National Living Wage and remain ahead of our market and competitors.
We have further invested in green technology, through the installation of Solar Panels, helping to de risk us from future fluctuations in utility costs.

Principal risks and uncertainties
 
Inflation
Like all business in the current economic climate Peace of Mind Care Group are at risk of inflationary pressures on costs and continue to monitor these closely. 
Interest Rate
The banking facility is at a BoE base rate + 3.84% which exposes the business to interest rate risk. This is monitored and should the directors’ see opportunity to reduce this it will be investigated.
Care Quality Commission
Within the sector, the inspections and reports from the regulator are key. Through sound management and ongoing monitoring of the homes Peace of Mind Care Group look to ensure there are no risks in relation to receiving negative reports
Local Authority Risk
Across England, there are six local councils that have announced bankruptcy through section 114 notices. Where there are a number of Government funded residents in our home there is a risk that through no fault of the business, this could impact some of the operations.

Developments and Future
 
The focus over the next three years is to continue to review our stock of rooms and convert those with double occupancy into single occupancy to match the needs of the current and future residents. Outside of that, there are plans to extend St John’s Nursing Home and to develop the residential property held within Peace of Mind Care , to a 40 bed care facility.

Page 1

 


PEACE OF MIND CARE LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Financial key performance indicators
 
The main indicators that the Directors use in relation to the operations of the business are;
                2023    2022
Average weekly Turnover       £64,900 £61,370
Direct Home wages (including agency staff) as a % of Turnover    52.80%  49.91%


This report was approved by the board and signed on its behalf.



................................................
Mr R E Kitchen
Director

Date: 11 March 2024

Page 2

 


PEACE OF MIND CARE LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the year, after taxation, amounted to £236,489 (2022 - £507,092).

Dividends of £120,000 were paid during the period (2022 - £120,000).

Directors

The directors who served during the year were:

Mrs E Kitchen 
Mr R E Kitchen 

Future developments

See strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 3

 


PEACE OF MIND CARE LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
Mr R E Kitchen
Director

Date: 11 March 2024

Page 4

 


PEACE OF MIND CARE LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEACE OF MIND CARE LIMITED

Opinion


We have audited the financial statements of Peace Of Mind Care Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 October 2023 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 


PEACE OF MIND CARE LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEACE OF MIND CARE LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


PEACE OF MIND CARE LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEACE OF MIND CARE LIMITED (CONTINUED)

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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation, and general regulations such as health and safety. There are no industry specific laws and
regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement
items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading
to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that
compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Other matters 
 

The comparative figures disclosed in these financial statements are unaudited.


Page 7

 


PEACE OF MIND CARE LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEACE OF MIND CARE LIMITED (CONTINUED)

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 2006Our 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 an Auditors' report 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.





Andrew Galliers FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

11 March 2024
Page 8

 


PEACE OF MIND CARE LIMITED
 


 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
Unaudited
2022
Note
£
£

  

Turnover
 3 
3,374,840
3,191,254

Cost of sales
  
(1,928,586)
(1,742,707)

Gross profit
  
1,446,254
1,448,547

Administrative expenses
  
(924,919)
(681,746)

Other operating income
  
-
81,617

Operating profit
  
521,335
848,418

Interest payable and similar expenses
 9 
(188,239)
(219,754)

Profit before tax
  
333,096
628,664

Tax on profit
 10 
(96,607)
(121,572)

Profit after tax
  
236,489
507,092

  

  

Retained earnings at the beginning of the year
  
387,092
-

  
387,092
-

Profit for the year attributable to the owners of the parent
  
236,489
507,092

Dividends declared and paid
  
(120,000)
(120,000)

Retained earnings at the end of the year
  
503,581
387,092

  

The notes on pages 18 to 33 form part of these financial statements.

Page 9

 


PEACE OF MIND CARE LIMITED
REGISTERED NUMBER:08366869



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
Unaudited
2022
Note
£
£

Fixed assets
  

Intangible assets
  
13,266
14,923

Tangible assets
  
5,291,316
4,848,281

  
5,304,582
4,863,204

Current assets
  

Debtors: amounts falling due within one year
  
232,587
185,941

Cash at bank and in hand
 16 
388,903
546,328

  
621,490
732,269

Creditors: amounts falling due within one year
 17 
(580,609)
(480,988)

Net current assets
  
 
 
40,881
 
 
251,281

Total assets less current liabilities
  
5,345,463
5,114,485

Creditors: amounts falling due after more than one year
 18 
(1,846,579)
(2,000,000)

Provisions for liabilities
  

Deferred taxation
  
(91,660)
-

  
 
 
(91,660)
 
 
-

Net assets
  
3,407,224
3,114,485


Capital and reserves
  

Called up share capital 
 21 
200
200

Share premium account
  
2,727,193
2,727,193

Revaluation reserve
  
176,250
-

Profit and loss account
  
503,581
387,092

  
3,407,224
3,114,485


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mr R E Kitchen
Director

Date: 11 March 2024

The notes on pages 18 to 33 form part of these financial statements.

Page 10

 


PEACE OF MIND CARE LIMITED
REGISTERED NUMBER:08366869



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
Unaudited 2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
5,035,076
4,835,000

Investments
 14 
16,773
16,773

  
5,051,849
4,851,773

Current assets
  

Debtors: amounts falling due within one year
 15 
146,438
-

Cash at bank and in hand
 16 
292,776
405,893

  
439,214
405,893

Creditors: amounts falling due within one year
 17 
(157,223)
(236,823)

Net current assets
  
 
 
281,991
 
 
169,070

Total assets less current liabilities
  
5,333,840
5,020,843

  

Creditors: amounts falling due after more than one year
 18 
(1,846,578)
(2,000,000)

Provisions for liabilities
  

Deferred Taxation
  
(63,240)
-

  
 
 
(63,240)
 
 
-

Net assets
  
3,424,022
3,020,843


Capital and reserves
  

Called up share capital 
 21 
200
200

Share premium account
  
2,727,193
2,727,193

Revaluation reserve
  
176,250
-

Profit and loss account brought forward
  
293,450
-

Profit for the year
  
346,929
413,450

Other changes in the profit and loss account

  

(120,000)
(120,000)

Profit and loss account carried forward
  
520,379
293,450

  
3,424,022
3,020,843


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mr R E Kitchen
Director

Date: 11 March 2024

Page 11

 


PEACE OF MIND CARE LIMITED
REGISTERED NUMBER:08366869


    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The notes on pages 18 to 33 form part of these financial statements.

Page 12


 
PEACE OF MIND CARE LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023



Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£



At 1 November 2021
200
-
-
-
200
200



Comprehensive income for the year


Profit for the year

-
-
-
507,092
507,092
507,092



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(120,000)
(120,000)
(120,000)


Shares issued during the year
-
2,727,193
-
-
2,727,193
2,727,193





At 1 November 2022
200
2,727,193
-
387,092
3,114,485
3,114,485



Comprehensive income for the year


Profit for the year

-
-
-
236,489
236,489
236,489


Surplus on revaluation of freehold property
-
-
176,250
-
176,250
176,250



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(120,000)
(120,000)
(120,000)



At 31 October 2023
200
2,727,193
176,250
503,581
3,407,224
3,407,224



The notes on pages 18 to 33 form part of these financial statements.

Page 13

 


PEACE OF MIND CARE LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 November 2021
200
-
-
-
200


Comprehensive income for the year

Profit for the year

-
-
-
413,450
413,450


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(120,000)
(120,000)

Shares issued during the year
-
2,727,193
-
-
2,727,193



At 1 November 2022
200
2,727,193
-
293,450
3,020,843


Comprehensive income for the year

Profit for the year

-
-
-
346,929
346,929

Surplus on revaluation of freehold property
-
-
176,250
-
176,250


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(120,000)
(120,000)


At 31 October 2023
200
2,727,193
176,250
520,379
3,424,022


The notes on pages 18 to 33 form part of these financial statements.

Page 14

 


PEACE OF MIND CARE LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
Unaudited
2022
£
£

Cash flows from operating activities

Profit for the financial year
236,489
507,092

Adjustments for:

Amortisation of intangible assets
1,657
1,657

Depreciation of tangible assets
76,426
1,476

Loss on disposal of tangible assets
-
(5)

Government grants
-
(80,527)

Interest paid
188,239
219,754

Taxation charge
96,607
121,571

(Increase) in debtors
(46,645)
(185,841)

Increase in creditors
60,805
359,416

Corporation tax (paid)/received
(121,572)
-

Net cash generated from operating activities

492,006
944,593


Cash flows from investing activities

Purchase of intangible fixed assets
-
(16,580)

Purchase of tangible fixed assets
(284,461)
(4,849,756)

Sale of tangible fixed assets
-
5

Government grants received
-
80,527

Net cash from investing activities

(284,461)
(4,785,804)
Page 15

 


PEACE OF MIND CARE LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


2023
2022

£
£



Cash flows from financing activities

Issue of ordinary shares
-
2,727,293

Other new loans
-
2,000,000

Repayment of other loans
(56,731)
-

Dividends paid
(120,000)
(120,000)

Interest paid
(188,239)
(219,754)

Net cash used in financing activities
(364,970)
4,387,539

Net (decrease)/increase in cash and cash equivalents
(157,425)
546,328

Cash and cash equivalents at beginning of year
546,328
-

Cash and cash equivalents at the end of year
388,903
546,328


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
388,903
546,328

388,903
546,328


The notes on pages 18 to 33 form part of these financial statements.

Page 16

 


PEACE OF MIND CARE LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023




At 1 November 2022
Cash flows
At 31 October 2023
£

£

£

Cash at bank and in hand

546,328

(157,425)

388,903

Debt due after 1 year

(2,000,000)

153,422

(1,846,578)

Debt due within 1 year

(23,107)

(89,653)

(112,760)


(1,476,779)
(93,656)
(1,570,435)

The notes on pages 18 to 33 form part of these financial statements.

Page 17

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Peace Of Mind Care Limited is a private company limited by shares, registered in England and Wales. The
Company's Registered Office and Registered Number can be found on the Company Information Page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 January 2019.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 18

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Long-term leasehold property
-
10%
straight line
Computer equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
Unaudited
2022
£
£

Care provision
3,374,840
3,191,254

3,374,840
3,191,254


All turnover arose within the United Kingdom.


4.


Other operating income

2023
Unaudited
2022
£
£

Government grants receivable
-
80,527

Sundry income
-
1,090

-
81,617



5.


Operating profit

The operating profit is stated after charging:

2023
Unaudited 2022
£
£

Other operating lease rentals
8,977
6,317


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
Unaudited 2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22,200
-

Page 23

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Employees

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022
£
£
£
£


Wages and salaries
1,626,625
1,440,445
-
-

Social security costs
135,113
116,050
-
-

Cost of defined contribution scheme
25,259
22,090
-
-

1,786,997
1,578,585
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
92
86
2
2


8.


Directors' remuneration

2023
Unaudited 2022
£
£



Directors' remuneration
18,192
9,096

18,192
9,096


9.


Interest payable and similar expenses

2023
Unaudited
2022
£
£


Bank interest payable
188,239
219,754

188,239
219,754

Page 24

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Taxation


2023
Unaudited
2022
£
£

Corporation tax


Current tax on profits for the year
63,697
121,572


Total current tax
63,697
121,572

Deferred tax


Origination and reversal of timing differences
32,910
-

Total deferred tax
32,910
-


Tax on profit
96,607
121,572

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 22.52% (2022 - 19%). The differences are explained below:

2023
Unaudited
2022
£
£


Profit on ordinary activities before tax
333,096
628,664


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.52% (2022 - 19%)
75,013
119,446

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,130
646

Capital allowances for year in excess of depreciation
-
280

Deferred tax not recognised
1,673
-

Other timing differences leading to an increase (decrease) in taxation
449
1,200

Changes in tax rates
2,211
-

Permanent differences
14,131
-

Total tax charge for the year
96,607
121,572

Page 25

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Dividends

2023
Unaudited
2022
£
£


Dividends
120,000
120,000

120,000
120,000


12.


Intangible assets

Group and Company





Trademarks
Goodwill
Total

£
£
£



Cost


At 1 November 2022
6
16,574
16,580



At 31 October 2023

6
16,574
16,580



Amortisation


At 1 November 2022
-
1,657
1,657


Charge for the year on owned assets
-
1,657
1,657



At 31 October 2023

-
3,314
3,314



Net book value



At 31 October 2023
6
13,260
13,266



At 31 October 2022
6
14,917
14,923



Page 26

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
4,835,000
14,757
-
4,849,757


Additions
22,450
243,900
18,111
284,461


Revaluations
235,000
-
-
235,000



At 31 October 2023

5,092,450
258,657
18,111
5,369,218



Depreciation


At 1 November 2022
-
1,476
-
1,476


Charge for the year on owned assets
57,374
15,430
3,622
76,426



At 31 October 2023

57,374
16,906
3,622
77,902



Net book value



At 31 October 2023
5,035,076
241,751
14,489
5,291,316



At 31 October 2022
4,835,000
13,281
-
4,848,281




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
5,035,076
4,835,000

Long leasehold
241,751
13,281

5,276,827
4,848,281


Christie & Co undertook a formal valuation of the freehold properties 16th January 2023 and the directors consider that these valuations represent an open market value to be included in these accounts.

Page 27

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           13.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group and Company


Cost
4,857,450
4,835,000

Accumulated depreciation
193,849
96,700

Net book value
5,051,299
4,931,700

Page 28

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           13.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 November 2022
4,835,000


Additions
22,450


Revaluations
235,000



At 31 October 2023

5,092,450



Depreciation


Charge for the year on owned assets
57,374



At 31 October 2023

57,374



Net book value



At 31 October 2023
5,035,076



At 31 October 2022
4,835,000





The net book value of land and buildings may be further analysed as follows:


2023
Unaudited
2022
£
£

Freehold
5,035,076
4,835,000

5,035,076
4,835,000


Christie & Co undertook a formal valuation of the freehold properties 16th January 2023 and the directors consider that these valuations represent an open market value to be included in these accounts.

Page 29

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
16,773



At 31 October 2023
16,773





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

R & E Kitchen Care Limited
Ordinary
100%
High Peak Residential Care Limited
Ordinary
100%

The registered office for all subsidiaries is:
St Johns Nursing Home
Rownhams Lane
Rownhams
Southampton
Hampshire
SO16 8AR


15.


Debtors

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022
£
£
£
£


Trade debtors
218,062
179,671
-
-

Amounts owed by group undertakings
-
-
146,438
-

Other debtors
1,243
-
-
-

Prepayments and accrued income
13,282
6,270
-
-

232,587
185,941
146,438
-


Page 30

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

16.


Cash and cash equivalents

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022
£
£
£
£

Cash at bank and in hand
388,903
546,328
292,776
405,893

388,903
546,328
292,776
405,893



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022
£
£
£
£

Bank loans
96,691
-
96,691
-

Trade creditors
29,598
31,651
-
-

Amounts owed to group undertakings
-
-
49,867
222,037

Corporation tax
63,697
121,572
6,615
12,536

Other taxation and social security
35,668
18,638
-
-

Other creditors
56,340
80,305
1,800
-

Accruals and deferred income
298,615
228,822
2,250
2,250

580,609
480,988
157,223
236,823


The bank loans are secured against the property in which they relate by way of fixed and floating charges.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022
£
£
£
£

Bank loans
1,846,579
-
1,846,578
-

Other loans
-
2,000,000
-
2,000,000

1,846,579
2,000,000
1,846,578
2,000,000


The bank loans are secured against the property in which they relate by way of fixed and floating charges.

Other loans balance represents an agreement with a third party, lent to the directors of the business for business purposes.

Page 31

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022
£
£
£
£

Amounts falling due within one year

Bank loans
96,691
-
96,691
-

Amounts falling due 1-2 years

Bank loans
106,360
-
106,360
-

Other loans
-
2,000,000
-
2,000,000


106,360
2,000,000
106,360
2,000,000

Amounts falling due 2-5 years

Bank loans
383,096
-
383,096
-

Amounts falling due after more than 5 years

Bank loans
1,357,122
-
1,357,122
-

1,943,269
2,000,000
1,943,269
2,000,000



20.


Deferred taxation


Group



2023


£






Charged to profit or loss
91,660



At end of year
91,660

Page 32

 


PEACE OF MIND CARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
20.Deferred taxation (continued)

Company


2023


£






Charged to profit or loss
63,240



At end of year
63,240

Group
Company
2023
2023
£
£

Accelerated capital allowances
91,660
63,240

91,660
63,240


21.


Share capital

2023
Unaudited
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200

All shares hold equal voting and dividend rights.



22.


Commitments under operating leases

At 31 October 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
291,287
292,223

Later than 1 year and not later than 5 years
5,399
10,062

296,686
302,285

23.


Controlling party

There is no ultimate controlling party as the two directors have equal shareholding.

 
Page 33