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REGISTERED NUMBER: SC616532 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2023

for

Keane Premier Group Ltd

Keane Premier Group Ltd (Registered number: SC616532)






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 13

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 Group Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr R A Crawford-Smith
Ms L M Smith
Mr J Smith
Mr R D Crawford-Smith





REGISTERED OFFICE: 2 Turnberry Crescent
Chapelhall
Airdrie
ML6 8HX





REGISTERED NUMBER: SC616532 (Scotland)





AUDITORS: Accountants Plus (Hamilton) Ltd
T/A Accountants Plus
Statutory Auditor
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

Keane Premier Group Ltd (Registered number: SC616532)

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 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 Group Ltd (Registered number: SC616532)

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:





Mr R A Crawford-Smith - Director


28 August 2024

Keane Premier Group Ltd (Registered number: SC616532)

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 ACTIVITIES
The principal activities of the group in the year under review were those 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 £900 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.

Mr R A Crawford-Smith
Ms L M Smith
Mr J Smith
Mr R D Crawford-Smith

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations made or political expenditure incurred during the current or previous year.

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 Group Ltd (Registered number: SC616532)

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 or she ought to have taken as a director in order to make himself or herself 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:





Mr R A Crawford-Smith - Director


28 August 2024

Report of the Independent Auditors to the Members of
Keane Premier Group Ltd

Opinion
We have audited the financial statements of Keane Premier Group 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 Group 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 Group 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 Group 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.




Bryan J T Wood (Senior Statutory Auditor)
for and on behalf of Accountants Plus (Hamilton) Ltd
T/A Accountants Plus
Statutory Auditor
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

28 August 2024

Keane Premier Group Ltd (Registered number: SC616532)

Consolidated Income Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

TURNOVER 3 15,182,198 12,084,355

Cost of sales 10,585,854 8,878,396
GROSS PROFIT 4,596,344 3,205,959

Administrative expenses 3,320,131 2,590,056
1,276,213 615,903

Other operating income 29,536 295,933
OPERATING PROFIT 5 1,305,749 911,836

Interest receivable and similar
income

7,836

815
1,313,585 912,651

Interest payable and similar
expenses

6

272,019

88,960
PROFIT BEFORE TAXATION 1,041,566 823,691

Tax on profit 7 245,088 205,407
PROFIT FOR THE FINANCIAL YEAR 796,478 618,284
Profit attributable to:
Owners of the parent 796,478 618,284

Keane Premier Group Ltd (Registered number: SC616532)

Consolidated Other Comprehensive Income
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

PROFIT FOR THE YEAR 796,478 618,284


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

796,478
Prior year adjustment (542,978 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

75,306

Total comprehensive income attributable to:
Owners of the parent 796,478 75,306

Keane Premier Group Ltd (Registered number: SC616532)

Consolidated Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 174,731 203,693
Tangible assets 11 5,238,864 4,977,358
Investments 12 - -
5,413,595 5,181,051

CURRENT ASSETS
Stocks 13 32,712 32,712
Debtors 14 1,190,628 1,162,730
Cash at bank and in hand 679,818 577,836
1,903,158 1,773,278
CREDITORS
Amounts falling due within one year 15 3,128,633 2,712,859
NET CURRENT LIABILITIES (1,225,475 ) (939,581 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,188,120

4,241,470

CREDITORS
Amounts falling due after more than
one year

16

(1,598,778

)

(2,292,958

)

PROVISIONS FOR LIABILITIES 20 (107,271 ) (82,919 )
NET ASSETS 2,482,071 1,865,593

CAPITAL AND RESERVES
Called up share capital 21 200 200
Retained earnings 22 2,481,871 1,865,393
SHAREHOLDERS' FUNDS 2,482,071 1,865,593

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:



Mr R A Crawford-Smith - Director



Mr R D Crawford-Smith - Director


Keane Premier Group Ltd (Registered number: SC616532)

Company Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 653,751 669,593
Investments 12 400 400
654,151 669,993

CURRENT ASSETS
Debtors 14 169,033 153,993
Cash at bank and in hand 196 314
169,229 154,307
CREDITORS
Amounts falling due within one year 15 3,423,816 2,113,351
NET CURRENT LIABILITIES (3,254,587 ) (1,959,044 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,600,436

)

(1,289,051

)

CREDITORS
Amounts falling due after more than
one year

16

-

(495,000

)

PROVISIONS FOR LIABILITIES 20 - (2,249 )
NET LIABILITIES (2,600,436 ) (1,786,300 )

Keane Premier Group Ltd (Registered number: SC616532)

Company Balance Sheet - continued
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 21 200 200
Retained earnings 22 (2,600,636 ) (1,786,500 )
SHAREHOLDERS' FUNDS (2,600,436 ) (1,786,300 )

Company's loss for the financial year (634,136 ) (387,699 )


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:




Mr R A Crawford-Smith - Director



Mr R D Crawford-Smith - Director


Keane Premier Group Ltd (Registered number: SC616532)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 200 1,955,087 1,955,287
Prior year adjustment - (542,978 ) (542,978 )
As restated 200 1,412,109 1,412,309

Changes in equity
Dividends - (165,000 ) (165,000 )
Total comprehensive income - 618,284 618,284
Balance at 30 November 2022 200 1,865,393 1,865,593

Changes in equity
Dividends - (180,000 ) (180,000 )
Total comprehensive income - 796,478 796,478
Balance at 30 November 2023 200 2,481,871 2,482,071

Keane Premier Group Ltd (Registered number: SC616532)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 200 (1,209,569 ) (1,209,369 )
Prior year adjustment - (24,232 ) (24,232 )
As restated 200 (1,233,801 ) (1,233,601 )

Changes in equity
Dividends - (165,000 ) (165,000 )
Total comprehensive income - (387,699 ) (387,699 )
Balance at 30 November 2022 200 (1,786,500 ) (1,786,300 )

Changes in equity
Dividends - (180,000 ) (180,000 )
Total comprehensive income - (634,136 ) (634,136 )
Balance at 30 November 2023 200 (2,600,636 ) (2,600,436 )

Keane Premier Group Ltd (Registered number: SC616532)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,779,059 901,002
Interest paid (272,019 ) (87,787 )
Interest element of hire purchase
payments paid

-

(1,173

)
Tax paid (102,964 ) (130,927 )
Net cash from operating activities 1,404,076 681,115

Cash flows from investing activities
Purchase of tangible fixed assets (503,286 ) (1,716,635 )
Sale of tangible fixed assets 3,000 -
Interest received 7,836 815
Net cash from investing activities (492,450 ) (1,715,820 )

Cash flows from financing activities
New loans in year 575,000 900,262
Loan repayments in year (1,100,473 ) -
Capital repayments in year (4,706 ) (2,971 )
Amount introduced by directors 168,493 318,993
Amount withdrawn by directors (318,114 ) (338,404 )
Equity dividends paid (180,000 ) (165,000 )
Grant 9,477 50,931
Net cash from financing activities (850,323 ) 763,811

Increase/(decrease) in cash and cash equivalents 61,303 (270,894 )
Cash and cash equivalents at
beginning of year

2

577,836

848,730

Cash and cash equivalents at end
of year

2

639,139

577,836

Keane Premier Group Ltd (Registered number: SC616532)

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
30.11.23 30.11.22
£    £   
Profit before taxation 1,041,566 823,691
Depreciation charges 270,742 289,216
Profit on disposal of fixed assets (3,000 ) -
Government grants (9,477 ) (50,931 )
Finance costs 272,019 88,960
Finance income (7,836 ) (815 )
1,564,014 1,150,121
Increase in stocks - (30,104 )
Decrease/(increase) in trade and other debtors 112,680 (677,489 )
Increase in trade and other creditors 102,365 458,474
Cash generated from operations 1,779,059 901,002

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
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 577,836 848,730


Keane Premier Group Ltd (Registered number: SC616532)

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 Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Keane Premier Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty 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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on 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 Group Ltd (Registered number: SC616532)

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 Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

30.11.23 30.11.22
£    £   
Rendering of services 15,182,198 12,084,355
15,182,198 12,084,355

4. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
£    £   
Wages and salaries 9,799,998 8,230,378
Social security costs 682,298 536,765
Other pension costs 144,495 110,709
10,626,791 8,877,852

The average number of employees during the year was as follows:
30.11.23 30.11.22

Management and staff 570 457

30.11.23 30.11.22
£    £   
Directors' remuneration 52,637 52,937

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.23 30.11.22
£    £   
Hire of plant and machinery 26,942 31,962
Depreciation - owned assets 241,780 260,341
Profit on disposal of fixed assets (3,000 ) -
Goodwill amortisation 22,961 22,961
Patents and licences amortisation 6,001 5,999
Auditors' remuneration 17,078 15,548
Other non- audit services 12,019 9,954

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£    £   
Bank interest 25,078 268
Bank loan interest 247,798 87,342
Penalty interest & charges 86 177
Hire purchase (943 ) 1,173
272,019 88,960

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
£    £   
Current tax:
UK corporation tax 240,185 122,488
Prior Year under/(over)
provision (19,449 ) -
Total current tax 220,736 122,488

Deferred tax 24,352 82,919
Tax on profit 245,088 205,407

8. 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.


9. DIVIDENDS
30.11.23 30.11.22
£    £   
Ordinary shares of £1 each
Final 180,000 165,000

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 459,220 59,997 519,217
AMORTISATION
At 1 December 2022 280,526 34,998 315,524
Amortisation for year 22,961 6,001 28,962
At 30 November 2023 303,487 40,999 344,486
NET BOOK VALUE
At 30 November 2023 155,733 18,998 174,731
At 30 November 2022 178,694 24,999 203,693

11. 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 Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

11. 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

Company
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 December 2022
and 30 November 2023 684,556 60,000 11,988 756,544
DEPRECIATION
At 1 December 2022 23,960 53,750 9,241 86,951
Charge for year 6,845 6,250 2,747 15,842
At 30 November 2023 30,805 60,000 11,988 102,793
NET BOOK VALUE
At 30 November 2023 653,751 - - 653,751
At 30 November 2022 660,596 6,250 2,747 669,593

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 400
NET BOOK VALUE
At 30 November 2023 400
At 30 November 2022 400

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Keane Premier Support Services Ltd
Registered office: 2 Turnberry Crescent, Chapelhall, Airdrie, ML6 8HX
Nature of business: Provision of care services
%
Class of shares: holding
Ordinary 100.00

The company's registered number is SC452606. The company is exempt from the requirements of the Companies Act relating to the audit of individual accounts by virtue of Section 479A.

Keane Premier Healthcare Glasgow Ltd
Registered office: 2 Turnberry Crescent, Chapelhall, Airdrie, ML6 8HX
Nature of business: Operation of care homes for the elderly
%
Class of shares: holding
Ordinary 100.00

The company's registered number is SC605463. The company is exempt from the requirements of the Companies Act relating to the audit of individual accounts by virtue of Section 479A.

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS - continued

Keane Premier Healthcare Ltd
Registered office: 2 Turnberry Crescent, Chapelhall, Airdrie, ML6 8HX
Nature of business: Operation of care homes for the elderly
%
Class of shares: holding
Ordinary 100.00

The company's registered number is SC334210. The company is exempt from the requirements of the Companies Act relating to the audit of individual accounts by virtue of Section 479A.


13. STOCKS

Group
30.11.23 30.11.22
£    £   
Stocks 32,712 32,712

14. 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 - -
Amounts owed by participating interests 168,558 176,724 - 153,993
Other debtors 36,400 39,700 - -
Directors' current accounts 169,032 28,453 169,033 -
Prepayments and accrued income 167,281 203,824 - -
1,190,628 1,162,730 169,033 153,993

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

15. 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 17)
1,282,040

1,074,388

495,000

90,000
Hire purchase contracts (see note 18)
-

2,972

-

-
Trade creditors 261,820 396,356 4,512 4,513
Amounts owed to participating interests - 1 2,854,369 1,644,455
Tax 240,088 122,316 - -
Social security and other taxes 23,857 123,846 5,673 9,202
Other creditors 54,726 19,400 4,385 2,407
Directors' current accounts - 9,042 1 318,793
Accruals and deferred income 1,266,102 964,538 59,876 43,981
3,128,633 2,712,859 3,423,816 2,113,351

16. 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 17) 1,598,778 2,291,224 - 495,000
Hire purchase contracts (see note 18)
-

1,734

-

-
1,598,778 2,292,958 - 495,000

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 40,679 - - -
Bank loans 1,241,361 1,074,388 495,000 90,000
1,282,040 1,074,388 495,000 90,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 132,759 248,621 - 90,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,466,019 2,042,603 - 405,000

18. 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

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Bank loans 2,840,139 3,365,612 495,000 585,000
Hire purchase contracts - 4,706 - -
2,840,139 3,370,318 495,000 585,000

Hire purchase contracts are secured on the assets to which they relate.

Bank loans are secured by Standard Securities and Floating Charges in favour of Barclays Bank PLC.

20. PROVISIONS FOR LIABILITIES

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Deferred tax 107,271 82,919 - 2,249

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

Company
Deferred
tax
£   
Balance at 1 December 2022 2,249
Credit to Income Statement during year (2,249 )
Balance at 30 November 2023 -

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
200 Ordinary £1 200 200

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

22. RESERVES

Group
Retained
earnings
£   

At 1 December 2022 1,865,393
Profit for the year 796,478
Dividends (180,000 )
At 30 November 2023 2,481,871

Company
Retained
earnings
£   

At 1 December 2022 (1,786,500 )
Deficit for the year (634,136 )
Dividends (180,000 )
At 30 November 2023 (2,600,636 )


23. ULTIMATE PARENT COMPANY

Keane Premier Holdings Limited is regarded by the directors as being the company's ultimate parent company.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
R A Crawford-Smith
Balance outstanding at start of year (9,042 ) 50
Amounts advanced 92,171 79,477
Amounts repaid - (88,569 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 83,129 (9,042 )

Keane Premier Group Ltd (Registered number: SC616532)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Ms L M Smith
Balance outstanding at start of year - 50
Amounts advanced - 160,069
Amounts repaid - (160,119 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

J Smith
Balance outstanding at start of year 3,651 50
Amounts advanced - 22,475
Amounts repaid (3,651 ) (18,874 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,651

R D Crawford-Smith
Balance outstanding at start of year 24,801 50
Amounts advanced 61,102 101,346
Amounts repaid - (76,595 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 85,903 24,801

The above balances are interest free and have no fixed repayment terms.

25. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 55,539 (2022 - £ 56,814 ) was paid.