REGISTERED NUMBER: SC733424 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 November 2023 |
for |
Keane Premier Holdings Ltd |
REGISTERED NUMBER: SC733424 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 November 2023 |
for |
Keane Premier Holdings Ltd |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
Keane Premier Holdings Ltd |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
T/A Accountants Plus |
Statutory Auditor |
Unit 1 Cadzow Park |
82 Muir Street |
Hamilton |
ML3 6BJ |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Group Strategic Report |
for the Year Ended 30 November 2023 |
The directors present their strategic report of the company and the group for the year ended 30 November 2023. |
REVIEW OF BUSINESS |
The company acquired the shares of Keane Premier Group Ltd on 25th July 2022. |
The comments below refer to the results for that group. |
The year to 30 November 2023 saw the group operating at pre pandemic conditions. Both the nursing homes and community care business had full access and no restrictions. |
Turnover rose by circa £3.1 million over the year which both reflects the above and the addition of the new nursing home, Ryan Meadows, in October 2022. The figures now have a full operational year included for Ryan Meadows. |
Gross margin rose from 25% to 30% driven by additional contributions from Ryan Meadows, the reduction in agency costs and operating at nearer full capacity on all homes. Keane Premier Support Services added circa £500k to turnover and efficiencies meant an increased margin also which contributed to the global. |
Overheads have risen by £900k which is an increase of 42% which is disproportionate to the increase in turnover (26%). This increase reflects the increase in sales allied to rises in energy, fuel and other utility costs. This resulted in higher than average growth in motor expenses, heat and light, and water/property rates and the company is developing a strategy to minimise and cap energy costs which is currently being implemented. Fuel costs continue to fall in line with world oil prices which relieves the pressure on the vehicles which are primarily used in Keane Premier Support Services, our community operation. The company has a project of solar panel instillation which it began during 2023 and the full effect of this will be felt in the next financial year. |
Finance costs are rising but as interest rates rise the capital balances reduce to mitigate this rise. The company redeeming circa £500k of loans which reduced company gearing and benefited cash flows and profits during the latter part of 2023. 2024 will see the full effect of these loan redemptions together with anticipated reductions in interest rates. |
The company invested in circa £270k of new furniture and fittings for all the homes which is a routine investment to ensure each home is reflective of the high environmental standards as endorsed by the Care Inspectorate. |
Gearing has risen as a result of the loan taken out on Ryan Meadows but the company's record of early repayment and cash accumulation has resulted in a Loan To Value for the bank of less than 40% which is well within the bank's LTV comfort zone (65-70%). |
With Ryan Meadows now on full stream the forecast is even stronger for the current year and results are expected to outpace the financial year being reported on. |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Group Strategic Report |
for the Year Ended 30 November 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key risks and uncertainties are as follows:- |
The Group is monitored on an ongoing basis by The Care Inspectorate who undertake both planned and random visits. The risk is that the care homes and community operation are marked down in key areas which could lead to warnings, procedural mandates for change or at worst a moratorium on the future intake of residents or the granting of more care hours in the community. The group has a strong leadership team of managers working with a general manager who monitors activity particularly in the care space. Care plans are strictly managed and checks are made randomly to ensure company policies and procedures are fully adhered to. The current Care Inspectorate grades are excellent and in the past wherever there has been a breakdown in the system and the Inspectorate raise the issue/s the company has dealt with them diligently and with due speed resulting in the main in no reduction in the grades. Where grades have been reduced in a few cases the company has invited the Inspectorate back within a short timescale to assess the changes made thus resulting in restoration of the grades. |
Energy and food costs have resulted in a challenge to the homes given the cost-of-living crisis attacking the country. This puts pressure on costs and cash flow. The company has managed to consolidate its energy usage within one supplier and negotiated a rate which while not back to pre-crisis levels is manageable and reflects a much lower increase in the cost base. Allied to this is the plan to invest in solar energy which will further reduce energy costs. Food purchasing has also been consolidated with one or two major suppliers and with more efficient purchasing the residents can have the same standard of catering they are used to without the burden of a larger than normal inflationary increase. |
The company has very little liquidity issues and has accumulated cash on a monthly basis to such an extent that one of the early loans has being reduced by a lump sum of £500k. Keane Premier Support Services (the community operation) is very much a cash generator and has grown significantly over the past 2 years. The company now operates in North Lanarkshire and this will enhance cash flow significantly thus ensuring liquidity is of the most positive nature. All bank liquidity covenants are tested quarterly and have been exceeded for the past 3 years.2024 should be no different. |
The company's HR department has been enhanced dramatically therefore utmost control is exercised over staff recruitment, contracts and any perceived grievances. The systems in place are strict and reduce the risk of a team member bringing any case against the company. |
ON BEHALF OF THE BOARD: |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Report of the Directors |
for the Year Ended 30 November 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the provision of residential care homes and care services. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £1,800 per share. |
The total distribution of dividends for the year ended 30 November 2023 will be £ 180,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
There were no political donations made nor political expenditure incurred. |
DISABLED PERSONS |
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. |
ENGAGEMENT WITH EMPLOYEES |
The group's policy is to consult and discuss with employees matters likely to affect employees' interests. |
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Report of the Directors |
for the Year Ended 30 November 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Accountants Plus (Hamilton) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Keane Premier Holdings Ltd |
Opinion |
We have audited the financial statements of Keane Premier Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 30 November 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 UK, including the FRC'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 and 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. |
Report of the Independent Auditors to the Members of |
Keane Premier Holdings Ltd |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page five, 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 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. |
Report of the Independent Auditors to the Members of |
Keane Premier Holdings Ltd |
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 a Report of the Auditors 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 financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. |
The key factors impacting the detection of irregularities are the inherent difficulty in detecting irregularities, the effectiveness of the group's controls and the nature, timing and extent of the audit procedures performed. |
We note that it can be harder to detect irregularities arising due to fraud as they may involve deliberate concealment or collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements Including, but not limited to, the Companies Act 2006 and significant regulations relating to the sector in which the company operates. |
. |
Our procedures in relation to fraud and irregularities included but were not limited to: |
-Inquiries of management whether they have knowledge of any actual, suspected or alleged fraud. |
- Gaining an understanding of the legal and regulatory framework through discussion with management and identifying how the entity ensures compliance through a review of systems. Assessing the collective ability of the audit team to identify or recognize non-compliance with laws and regulations. We identified the following as significant laws and regulations for this group - compliance with Care Inspectorate regulations including health & safety and fire regulations and the Protecting Vulnerable Groups scheme. |
-Gaining an understanding of the internal controls established to mitigate risk related to fraud. |
- Making an assessment of the susceptibility of the charity's financial statements to material misstatement. |
- Carrying out a review of accounting systems and procedure and making an assessment on the effectiveness of its control environment. |
-Identifying the principal risks where fraud could take place eg posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transaction. Discussion of these matters by the audit team. |
-Addressing the risk of fraud through management override of controls by performing journal entry testing. |
- Review of board minutes and relevant correspondence with regulators and legal advisors. |
- Agreement of the financial statement disclosures to underlying supporting documentation |
- Consideration of these matters for the company but also for the group as a whole |
The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. |
Report of the Independent Auditors to the Members of |
Keane Premier Holdings Ltd |
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK) |
In particular, the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations. |
As a result of our procedures, we did not identify any key audit matters relating to irregularities. |
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 Report of the Auditors. |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
T/A Accountants Plus |
Statutory Auditor |
Unit 1 Cadzow Park |
82 Muir Street |
Hamilton |
ML3 6BJ |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Consolidated Income Statement |
for the Year Ended 30 November 2023 |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
Notes | £ | £ |
TURNOVER | 15,182,198 | 4,405,997 |
Cost of sales | 10,585,854 | 3,228,066 |
GROSS PROFIT | 4,596,344 | 1,177,931 |
Administrative expenses | 3,545,653 | 951,186 |
1,050,691 | 226,745 |
Other operating income | 29,536 | 104,589 |
OPERATING PROFIT | 4 | 1,080,227 | 331,334 |
Interest receivable and similar income |
7,836 |
288 |
1,088,063 | 331,622 |
Interest payable and similar expenses |
5 |
272,019 |
31,441 |
PROFIT BEFORE TAXATION | 816,044 | 300,181 |
Tax on profit | 6 | 245,088 | 73,773 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 570,956 | 226,408 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 November 2023 |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 570,956 | 226,408 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
570,956 |
226,408 |
Total comprehensive income attributable to: |
Owners of the parent | 570,956 | 226,408 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Consolidated Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 2,173,465 | 2,424,509 |
Tangible assets | 10 | 5,238,864 | 4,977,358 |
Investments | 11 | - | (200 | ) |
7,412,329 | 7,401,667 |
CURRENT ASSETS |
Stocks | 12 | 32,712 | 32,712 |
Debtors | 13 | 853,038 | 986,007 |
Cash at bank and in hand | 679,818 | 577,836 |
1,565,568 | 1,596,555 |
CREDITORS |
Amounts falling due within one year | 14 | 3,383,239 | 2,914,928 |
NET CURRENT LIABILITIES | (1,817,671 | ) | (1,318,373 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,594,658 |
6,083,294 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(3,010,021 |
) |
(3,913,965 |
) |
PROVISIONS FOR LIABILITIES | 18 | (107,271 | ) | (82,919 | ) |
NET ASSETS | 2,477,366 | 2,086,410 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Consolidated Balance Sheet - continued |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 | 100 | 100 |
Share premium | 20 | 1,999,902 | 1,999,902 |
Retained earnings | 20 | 477,364 | 86,408 |
SHAREHOLDERS' FUNDS | 2,477,366 | 2,086,410 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by: |
R A Crawford-Smith - Director |
R D Crawford-Smith - Director |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Company Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
176,560 |
140,199 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 November 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | 100 | - | 1,999,902 | 2,000,002 |
Dividends | - | (140,000 | ) | - | (140,000 | ) |
Total comprehensive income | - | 226,408 | - | 226,408 |
Balance at 30 November 2022 | 100 | 86,408 | 1,999,902 | 2,086,410 |
Changes in equity |
Dividends | - | (180,000 | ) | - | (180,000 | ) |
Total comprehensive income | - | 570,956 | - | 570,956 |
Balance at 30 November 2023 | 100 | 477,364 | 1,999,902 | 2,477,366 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Company Statement of Changes in Equity |
for the Year Ended 30 November 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 November 2023 | ( |
) |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Consolidated Cash Flow Statement |
for the Year Ended 30 November 2023 |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,602,711 | 1,251,199 |
Interest paid | (272,019 | ) | (31,026 | ) |
Interest element of hire purchase payments paid |
- |
(415 |
) |
Tax paid | (102,964 | ) | - |
Net cash from operating activities | 1,227,728 | 1,219,758 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (2,453,471 | ) |
Purchase of tangible fixed assets | (503,286 | ) | (5,237,699 | ) |
Purchase of fixed asset investments | (200 | ) | - |
Sale of tangible fixed assets | 3,000 | - |
Interest received | 7,836 | 288 |
Net cash from investing activities | (492,650 | ) | (7,690,882 | ) |
Cash flows from financing activities |
New loans in year | 575,000 | 5,186,620 |
Loan repayments in year | (1,100,474 | ) | - |
Capital repayments in year | (4,706 | ) | - |
Amount introduced by directors | 180,000 | 140,000 |
Amount withdrawn by directors | (153,072 | ) | (155,662 | ) |
Share issue | - | 100 |
Grant | 9,477 | 18,000 |
Share Premium | - | 1,999,902 |
Equity dividends paid | (180,000 | ) | (140,000 | ) |
Net cash from financing activities | (673,775 | ) | 7,048,960 |
Increase in cash and cash equivalents | 61,303 | 577,836 |
Cash and cash equivalents at beginning of year |
2 |
577,836 |
- |
Cash and cash equivalents at end of year |
2 |
639,139 |
577,836 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 November 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
£ | £ |
Profit before taxation | 816,044 | 300,181 |
Depreciation charges | 492,825 | 289,302 |
Profit on disposal of fixed assets | (3,000 | ) | - |
Government grants | (9,477 | ) | (18,000 | ) |
Finance costs | 272,019 | 31,441 |
Finance income | (7,836 | ) | (288 | ) |
1,560,575 | 602,636 |
Increase in stocks | - | (32,712 | ) |
Decrease/(increase) in trade and other debtors | 108,166 | (961,103 | ) |
(Decrease)/increase in trade and other creditors | (66,030 | ) | 1,642,378 |
Cash generated from operations | 1,602,711 | 1,251,199 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 679,818 | 577,836 |
Bank overdrafts | (40,679 | ) | - |
639,139 | 577,836 |
Period ended 30 November 2022 |
30.11.22 | 24.5.22 |
£ | £ |
Cash and cash equivalents | 577,836 | - |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 November 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 577,836 | 101,982 | 679,818 |
Bank overdrafts | - | (40,679 | ) | (40,679 | ) |
577,836 | 61,303 | 639,139 |
Debt |
Finance leases | (4,706 | ) | 4,706 | - |
Debts falling due within 1 year | (1,074,388 | ) | (166,973 | ) | (1,241,361 | ) |
Debts falling due after 1 year | (2,291,224 | ) | 692,446 | (1,598,778 | ) |
(3,370,318 | ) | 530,179 | (2,840,139 | ) |
Total | (2,792,482 | ) | 591,482 | (2,201,000 | ) |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Keane Premier Holdings Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill on consolidation is being written off over a period of 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
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. |
Creditors |
Short term creditors are measured at transaction price, less any impairment. 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. |
Cash and bank balances |
Cash and bank balances are measured at the transaction price. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | EMPLOYEES AND DIRECTORS |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
£ | £ |
Wages and salaries | 9,799,998 | 2,962,101 |
Social security costs | 682,298 | 192,742 |
Other pension costs | 144,495 | 39,250 |
10,626,791 | 3,194,093 |
The average number of employees during the year was as follows: |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
Management and staff |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
£ | £ |
Directors' remuneration | 52,637 | 18,709 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
£ | £ |
Hire of plant and machinery | 26,942 | 11,296 |
Depreciation - owned assets | 241,780 | 260,341 |
Profit on disposal of fixed assets | (3,000 | ) | - |
Goodwill amortisation | 245,043 | 22,961 |
Patents and licences amortisation | 6,001 | 6,000 |
Auditors' remuneration | 19,368 | 7,070 |
Other non- audit services | 13,169 | 4,013 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
£ | £ |
Bank interest | 25,078 | 94 |
Bank loan interest | 247,798 | 30,869 |
Penalty interest & charges | 86 | 63 |
Hire purchase | (943 | ) | 415 |
272,019 | 31,441 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
£ | £ |
Current tax: |
UK corporation tax | 240,185 | 43,290 |
Prior year overprovision | (19,449 | ) | - |
Total current tax | 220,736 | 43,290 |
Deferred tax | 24,352 | 30,483 |
Tax on profit | 245,088 | 73,773 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
Period |
24.5.22 |
Year Ended | to |
30.11.23 | 30.11.22 |
£ | £ |
Ordinary shares of £1 each |
Final | 180,000 | 140,000 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
and 30 November 2023 | 2,680,037 | 59,997 | 2,740,034 |
AMORTISATION |
At 1 December 2022 | 280,526 | 34,999 | 315,525 |
Amortisation for year | 245,043 | 6,001 | 251,044 |
At 30 November 2023 | 525,569 | 41,000 | 566,569 |
NET BOOK VALUE |
At 30 November 2023 | 2,154,468 | 18,997 | 2,173,465 |
At 30 November 2022 | 2,399,511 | 24,998 | 2,424,509 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 December 2022 | 4,737,888 | 6,152 | 1,639,183 |
Additions | 260,952 | - | 214,042 |
At 30 November 2023 | 4,998,840 | 6,152 | 1,853,225 |
DEPRECIATION |
At 1 December 2022 | 234,931 | 5,831 | 1,200,410 |
Charge for year | 45,366 | 80 | 173,520 |
At 30 November 2023 | 280,297 | 5,911 | 1,373,930 |
NET BOOK VALUE |
At 30 November 2023 | 4,718,543 | 241 | 479,295 |
At 30 November 2022 | 4,502,957 | 321 | 438,773 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 | 48,865 | 85,660 | 6,517,748 |
Additions | - | 28,292 | 503,286 |
At 30 November 2023 | 48,865 | 113,952 | 7,021,034 |
DEPRECIATION |
At 1 December 2022 | 33,074 | 66,144 | 1,540,390 |
Charge for year | 4,792 | 18,022 | 241,780 |
At 30 November 2023 | 37,866 | 84,166 | 1,782,170 |
NET BOOK VALUE |
At 30 November 2023 | 10,999 | 29,786 | 5,238,864 |
At 30 November 2022 | 15,791 | 19,516 | 4,977,358 |
11. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 | (200 | ) |
Additions | 200 |
At 30 November 2023 | - |
NET BOOK VALUE |
At 30 November 2023 | - |
At 30 November 2022 | (200 | ) |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 2 Turnberry Crescent, Chapelhall, Airdrie, ML6 8HX |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Stocks | 32,712 | 32,712 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
£ | £ | £ | £ |
Trade debtors | 649,357 | 714,029 |
Other debtors | 36,400 | 43,351 |
Directors' current accounts | - | 24,803 | - | 2 |
Prepayments and accrued income | 167,281 | 203,824 |
853,038 | 986,007 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 1,282,040 |
1,074,388 |
Hire purchase contracts (see note 17) | - |
2,972 |
Trade creditors | 261,820 | 396,357 |
Amounts owed to participating interests | - | - | 168,558 | 176,724 |
Tax | 240,088 | 122,316 |
Social security and other taxes | 23,857 | 123,846 |
Other creditors | 294,726 | 219,400 |
Directors' current accounts | 11,166 | 9,041 | 180,198 | - |
Accruals and deferred income | 1,269,542 | 966,608 |
3,383,239 | 2,914,928 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.11.23 | 30.11.22 | 30.11.23 | 30.11.22 |
£ | £ | £ | £ |
Bank loans (see note 16) | 1,598,778 | 2,291,224 |
Hire purchase contracts (see note 17) | - |
1,734 |
Other creditors | 960,000 | 800,000 |
Other creditors | 451,243 | 821,007 | 451,243 | 821,007 |
3,010,021 | 3,913,965 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Amounts falling due within one year | or on demand: |
Bank overdrafts | 40,679 | - |
Bank loans | 1,241,361 | 1,074,388 |
1,282,040 | 1,074,388 |
Amounts falling due between one | and two years: |
Bank loans - 1-2 years | 132,759 | 248,621 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 1,466,019 | 2,042,603 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
30.11.23 | 30.11.22 |
£ | £ |
Net obligations repayable: |
Within one year | - | 2,972 |
Between one and five years | - | 1,734 |
- | 4,706 |
18. | PROVISIONS FOR LIABILITIES |
Group |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 107,271 | 82,919 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 December 2022 | 82,919 |
Charge to Income Statement during year | 24,352 |
Balance at 30 November 2023 | 107,271 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
20. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 December 2022 | 86,408 | 1,999,902 | 2,086,310 |
Profit for the year | 570,956 | 570,956 |
Dividends | (180,000 | ) | (180,000 | ) |
At 30 November 2023 | 477,364 | 1,999,902 | 2,477,266 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 December 2022 | 2,000,101 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 November 2023 | ( |
) | 1,996,661 |
Keane Premier Holdings Ltd (Registered number: SC733424) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 30 November 2023 and the period ended 30 November 2022: |
30.11.23 | 30.11.22 |
£ | £ |
R A Crawford-Smith |
Balance outstanding at start of year | (9,041 | ) | - |
Amounts advanced | 2,070 | - |
Amounts repaid | - | (9,041 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (6,971 | ) | (9,041 | ) |
R D Crawford-Smith |
Balance outstanding at start of year | 24,801 | - |
Amounts advanced | - | 24,801 |
Amounts repaid | (28,997 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (4,196 | ) | 24,801 |