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REGISTERED NUMBER: 03676932 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Pilgrims Way Limited

Pilgrims Way Limited (Registered number: 03676932)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Pilgrims Way Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: S D Yadave
S D Yadave
R D Yadave
D L Yadave





SECRETARY: S D Yadave





REGISTERED OFFICE: 10 Bower Mount Road
Maidstone
Kent
ME16 8AU





REGISTERED NUMBER: 03676932 (England and Wales)






Pilgrims Way Limited (Registered number: 03676932)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 983,643 1,057,198
Investments 5 - 1,100,000
983,643 2,157,198

CURRENT ASSETS
Debtors 6 237,013 226,908
Cash at bank and in hand 554,485 1,008,398
791,498 1,235,306
CREDITORS
Amounts falling due within one year 7 648,958 668,248
NET CURRENT ASSETS 142,540 567,058
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,126,183

2,724,256

PROVISIONS FOR LIABILITIES 9 67,539 58,522
NET ASSETS 1,058,644 2,665,734

CAPITAL AND RESERVES
Called up share capital 10 50,003 50,003
Retained earnings 11 1,008,641 2,615,731
SHAREHOLDERS' FUNDS 1,058,644 2,665,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2024 and were signed on its behalf by:





D L Yadave - Director


Pilgrims Way Limited (Registered number: 03676932)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Pilgrims Way Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents fees receivable and these are not subject to Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 36 ) .

Pilgrims Way Limited (Registered number: 03676932)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings Totals
£    £    £    £   
COST
At 1 February 2023 1,143,451 135,737 1,013,767 2,292,955
Additions 716,920 - 22,650 739,570
Transfer to Holding Company (1,143,451 ) (135,737 ) - (1,279,188 )
At 31 January 2024 716,920 - 1,036,417 1,753,337
DEPRECIATION
At 1 February 2023 517,464 12,537 705,756 1,235,757
Charge for year 14,338 - 49,600 63,938
Transfer to Holding Company (517,464 ) (12,537 ) - (530,001 )
At 31 January 2024 14,338 - 755,356 769,694
NET BOOK VALUE
At 31 January 2024 702,582 - 281,061 983,643
At 31 January 2023 625,987 123,200 308,011 1,057,198

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.1.24 31.1.23
£    £   
Investments 1,100,000 1,100,000
Transfer to Holding Company (1,100,000 ) -
- 1,100,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 219,863 203,652
Other debtors 17,150 23,256
237,013 226,908

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 412,290 426,308
Taxation and social security 139,222 196,817
Other creditors 97,446 45,123
648,958 668,248

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.24 31.1.23
£    £   
Between one and five years 275,000 -

Pilgrims Way Limited (Registered number: 03676932)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 67,539 58,522

Deferred
tax
£   
Balance at 1 February 2023 58,522
Provided during year 9,017
Balance at 31 January 2024 67,539

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
50,000 Ordinary £1 50,000 50,000
1 Ordinary Class "B" £1 1 1
1 Ordinary Class "C" £1 1 1
1 Ordinary Class "D" £1 1 1
50,003 50,003

11. RESERVES
Retained
earnings
£   

At 1 February 2023 2,615,731
Profit for the year 339,907
Dividends (1,946,997 )
At 31 January 2024 1,008,641

12. RELATED PARTY DISCLOSURES

During the year, Mr D Yadave, being a director of the company, sold a freehold property owned by him to the company for £675,000.

Following completion of the transfer of the property, Pilgrims Way Nursing Home, 10 Bower Mount Road, Maidstone, Kent, ME16 8AU, pursuant to the distribution in specie, the property was was leased by Pilgrims Way Holdings Limited to the company at a commencing annual rent of £275,000.

13. ULTIMATE PARENT COMPANY

Pilgrims Way Holdings Limited (Incorporated in England & Wales - Registration Number: 10886862) is regarded by the directors as being the company's ultimate parent company.