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Registration number: 05943487

Prepared for the registrar

Premiere Healthcare Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Premiere Healthcare Limited

(Registration number: 05943487)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

687,874

677,575

Current assets

 

Stocks

5

123,788

112,630

Debtors

6

219,096

269,827

Cash at bank and in hand

 

33,357

47,968

 

376,241

430,425

Creditors: Amounts falling due within one year

7

(312,752)

(253,878)

Net current assets

 

63,489

176,547

Total assets less current liabilities

 

751,363

854,122

Creditors: Amounts falling due after more than one year

7

(59,448)

(75,743)

Deferred tax liabilities

9

(98,144)

(95,618)

Net assets

 

593,771

682,761

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

168,060

168,060

Profit and loss account

425,611

514,601

Shareholders' funds

 

593,771

682,761

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 


Ms J M Fairhurst
Director

 

Premiere Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

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

The address of its registered office is:
Unit 19 Highfield Business Park
Tewkesbury Road
Deerhurst
Gloucester
GL19 4BP

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The business is in a strong position and following the pandemic has reshaped to allow the company to continue to deliver a first class service; the company is here to support all of its customers in the years ahead. Financially the directors have reduced costs and improved efficiencies which has left the business in a much stronger place which allows the business longer term security.

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

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

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Premiere Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

20% reducing balance / 25% straight line

Cash and cash equivalents

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost (AVCO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Premiere Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Share capital

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Premiere Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 16).

 

Premiere Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

502,500

237,347

54,398

794,245

Additions

-

114,179

-

114,179

Disposals

-

(89,336)

-

(89,336)

At 31 December 2023

502,500

262,190

54,398

819,088

Depreciation

At 1 January 2023

-

113,270

3,400

116,670

Charge for the year

-

45,475

12,749

58,224

Eliminated on disposal

-

(43,680)

-

(43,680)

At 31 December 2023

-

115,065

16,149

131,214

Carrying amount

At 31 December 2023

502,500

147,125

38,249

687,874

At 31 December 2022

502,500

124,077

50,998

677,575

Included within the net book value of land and buildings above is £502,500 (2022 - £502,500) in respect of freehold land and buildings. The historic cost of the land and buildings is £334,440 (2022 - £334,440).
 

 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

123,788

112,630

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

193,895

154,255

Amounts owed by related parties

11

-

80,788

Other debtors

 

-

13,357

Prepayments

 

25,201

21,427

 

219,096

269,827

 

Premiere Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

16,929

16,783

Trade creditors

 

182,595

175,336

Amounts due to related parties

11

165

-

Social security and other taxes

 

22,495

13,040

Outstanding defined contribution pension costs

 

525

2,058

Other creditors

 

2,944

2,030

Accrued expenses

 

8,602

4,022

Corporation tax liability

78,497

40,609

 

312,752

253,878

Creditors include bank loans and overdrafts which are secured of £6,929 (2022: £6,783).

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

59,448

75,743

2023
£

2022
£

After more than five years by instalments

16,734

23,612

-

-

Creditors include bank loans and overdrafts which are secured of £44,448 (2022: £50,743).

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,929

16,783

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

59,448

75,743

 

Premiere Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

56,285

Short term timing differences

(156)

Capital gains/(losses)

42,015

98,144

2022

Liability
£

Fixed asset timing differences

53,710

Short term timing differences

(107)

Capital gains/(losses)

42,015

95,618

 

10

Financial commitments

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £60,200 (2022 - £11,246).

 

11

Related party transactions

Transactions with directors

At 31 December 2023, the company owed the directors £165 (2022 - £80,788 was owed) in the form of a directors' loan account. No Interest is charged on the balance and the loan is repayable on demand.