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COMPANY REGISTRATION NUMBER: SC110004
R H Independent Healthcare Limited
Financial Statements
For the year ended
31 December 2023
R H Independent Healthcare Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11
R H Independent Healthcare Limited
Officers and Professional Advisers
The board of directors
A Taylor
M Cloonan
Registered office
Raywards House
Motherwell Road
Airdrie
ML6 7HP
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
R H Independent Healthcare Limited
Strategic Report
Year ended 31 December 2023
The directors present the strategic report and the financial statements for the year ended 31 December 2023. Business review R H Independent Limited owns and operates a 97 bed care home regulated by the Care Inspectorate. The Home's Care Inspectorate rating was Good throughout the period. Revenue increased in the year from 2022 £3,160,000 to £3,363,000. As part of the UK government's response to the pandemic, the company received grants totalling £4,756 (2022: £22,000), to cover the additional costs incurred in relation to PPE and increased staff costs. This translated into a loss before taxation of £379,000 (2022: £69,000 loss). Principal risks and uncertainties Management monitors risks on a weekly and monthly basis. The primary concern of the management is the quality of care. There are dedicated regional managers and Operational Directors responsible for supporting the Home in provision of high quality care services. The major financial risk to the company is the increase in its cost base, primarily relating to the Scottish Living Wage. The Company is exposed to credit risk with its customers, albeit major customers are public sector, and therefore with limited credit risk. Pricing risk is limited to the risk associated with negotiating annual price increases. Liquidity and cashflow risk could arise in the event of a downturn in trading. However, in this event, sister companies in the group can provide liquidity if required. The company is exposed to finance risk due to its exposure to third party lenders and borrowings in the Company. Staffing remains a key risk as there is a nationwide shortage of nurses and care staff. Cost inflation also remains a risk for the business. Financial and other key performance indicators The key financial and operational performance indicators monitored by management include regulatory reviews, internal quality reviews, occupancy ratios, average weekly fees and cost to revenue ratios.
This report was approved by the board of directors on 10 September 2024 and signed on behalf of the board by:
A Taylor
Director
Registered office:
Raywards House
Motherwell Road
Airdrie
ML6 7HP
R H Independent Healthcare Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
A Taylor
M Cloonan
Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
The company has chosen to include several items in the strategic report which would otherwise be required to be disclosed in the directors report. These include information on the exposure to financial risk, price risk, credit risk, liquidity risk and cash flow risk and an indication of the likely future developments in the business of the company.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 10 September 2024 and signed on behalf of the board by:
A Taylor
Director
Registered office:
Raywards House
Motherwell Road
Airdrie
ML6 7HP
R H Independent Healthcare Limited
Independent Auditor's Report to the Members of R H Independent Healthcare Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of R H Independent Healthcare Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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 company's affairs as at 31 December 2023 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, Care Home legislation and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 auditor’s report. 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
25 September 2024
R H Independent Healthcare Limited
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
3,362,761
3,160,341
Cost of sales
2,566,939
2,226,533
------------
------------
Gross profit
795,822
933,808
Administrative expenses
800,500
640,013
Other operating income
5
7,552
21,836
---------
---------
Operating profit
6
2,874
315,631
Other interest receivable and similar income
10
5,406
4,620
Interest payable and similar expenses
11
387,007
389,020
---------
---------
Loss before taxation
( 378,727)
( 68,769)
Tax on loss
12
---------
--------
Loss for the financial year and total comprehensive income
( 378,727)
( 68,769)
---------
--------
Retained earnings at the start of the year
2,447,807
2,516,576
------------
------------
Retained earnings at the end of the year
2,069,080
2,447,807
------------
------------
All the activities of the company are from continuing operations.
R H Independent Healthcare Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
13
2,808,460
2,822,070
Current assets
Debtors
14
6,562,802
6,724,971
Cash at bank and in hand
100,334
487,240
------------
------------
6,663,136
7,212,211
Creditors: amounts falling due within one year
15
7,402,416
7,567,933
------------
------------
Net current liabilities
739,280
355,722
------------
------------
Total assets less current liabilities
2,069,180
2,466,348
Creditors: amounts falling due after more than one year
16
18,441
------------
------------
Net assets
2,069,180
2,447,907
------------
------------
Capital and reserves
Called up share capital
19
85
85
Other reserves, including the fair value reserve
20
15
15
Profit and loss account
20
2,069,080
2,447,807
------------
------------
Shareholders funds
2,069,180
2,447,907
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
A Taylor
Director
Company registration number: SC110004
R H Independent Healthcare Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Raywards House, Motherwell Road, Airdrie, ML6 7HP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has made a loss during the year but does a positive balance sheet along with group support and accordingly the financial statements have been prepared on a going concern basis. The directors are satisfied that the company has group support and that group can provide that support such that it has the ability to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Browgil Limited which can be obtained from Sutherland House, 70-78 West Hendon Broadway, London, NW9 7BT. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing these financial statements, the directors have made the following judgements:- 1 Determine whether there are indicators of impairment of the tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainty:- 2 Tangible fixed assets Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
3,362,761
3,160,341
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Government grant income
4,756
21,836
Other operating income
2,796
-------
--------
7,552
21,836
-------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
201,449
141,138
(Gains)/loss on disposal of tangible assets
( 2,150)
14,998
---------
---------
7. Staff costs
The average number of persons employed by the company during the year amounted to 90 (2022: 118 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,145,815
1,853,377
Social security costs
173,268
147,244
------------
------------
2,319,083
2,000,621
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
19,722
46,925
--------
--------
9. Exceptional items
2023
2022
£
£
EFURBS interest
9,483
121,453
-------
---------
The above amount is included in interest payable and similar expenses and relates to the EFURBS liability as detailed in note 18.
10. Other interest receivable and similar income
2023
2022
£
£
Interest from group undertakings
5,406
4,620
-------
-------
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
377,524
262,646
Interest on obligations under finance leases and hire purchase contracts
4,921
Other interest payable and similar charges
9,483
121,453
---------
---------
387,007
389,020
---------
---------
12. Tax on loss
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 378,727)
( 68,769)
---------
--------
Loss on ordinary activities by rate of tax
( 73,047)
( 15,690)
Utilisation of tax losses
73,047
15,690
---------
--------
Tax on loss
---------
--------
13. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
3,505,866
648,793
23,000
4,177,659
Additions
205,033
205,033
Disposals
( 27,882)
( 27,882)
------------
---------
--------
------------
At 31 December 2023
3,505,866
825,944
23,000
4,354,810
------------
---------
--------
------------
Depreciation
At 1 January 2023
1,138,941
195,160
21,488
1,355,589
Charge for the year
49,290
150,647
1,512
201,449
Disposals
( 10,688)
( 10,688)
------------
---------
--------
------------
At 31 December 2023
1,188,231
335,119
23,000
1,546,350
------------
---------
--------
------------
Carrying amount
At 31 December 2023
2,317,635
490,825
2,808,460
------------
---------
--------
------------
At 31 December 2022
2,366,925
453,633
1,512
2,822,070
------------
---------
--------
------------
Included within land and buildings is land of £1,041,366 (2022 - £1,041,366) which is not depreciated.
14. Debtors
2023
2022
£
£
Trade debtors
357,528
362,525
Amounts owed by group undertakings
6,155,905
6,336,539
Prepayments and accrued income
49,369
25,907
------------
------------
6,562,802
6,724,971
------------
------------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,255,918
3,217,855
Trade creditors
252,597
302,027
Amounts owed to group undertakings
3,454,048
3,695,676
Accruals and deferred income
155,116
160,817
Social security and other taxes
242,397
142,386
Obligations under finance leases and hire purchase contracts
6,548
Other creditors
42,340
42,624
------------
------------
7,402,416
7,567,933
------------
------------
Bank loans are secured by a fixed and floating charge over all of the company's assets.
16. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
18,441
----
--------
17. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
6,548
Later than 1 year and not later than 5 years
16,951
----
--------
23,499
Less: future finance charges
1,490
----
--------
Present value of minimum lease payments
24,989
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18. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
4,756
21,836
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19. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
85
85
85
85
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20. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Related party transactions
The company has taken exemption under FRS102 from disclosing transactions with wholly owned members of the same group.
22. Controlling party
The company was under the control of the Trustees of the Prabhdyal Sodhi Overseas Settlement throughout the year, an entity based in Gibraltar. The immediate parent company is Browgil Limited, a company incorporated in England & Wales. The ultimate parent company is Lansbury Limited, a company incorporated in Gibraltar.