REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PROMEDICA24 UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PROMEDICA24 UK LIMITED |
PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PROMEDICA24 UK LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
ABRIDGED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Promedica24 UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate as the parent company will continue to support the company in the future. As the company has now ceased to trade, and there is significant uncertainty over the recoverability of debtors the company would be unable to continue in existence without the ongoing support of the parent company. It is therefore considered that there is a material uncertainty over whether the going concern basis is appropriate in the long term. |
Turnover |
Turnover is measured at the fair value of care services provided during the year, net of value added tax and adjusted for accrued and deferred income. |
The company provides varying levels of ongoing live-in care services and raises invoices for these services based on pre agreed weekly rates. As such, fair value reflects amounts invoiced during the year plus amounts expected to be recovered from clients in respect of services provided at the balance sheet date which has not yet been invoiced to clients. |
Intragroup recharges |
Turnover represents the sale of management and advisory services, excluding value added tax, during the year. |
Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Improvements to property | - | 20% on cost |
Fixtures and fittings | - | 25% on cost |
Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
Consideration is given to whether deferred tax should be provided in respect of material timing differences which have not reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits |
Current tax assets and liabilities are not discounted and are 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
We have not been able to obtain sufficient, appropriate evidence to allow us to determine whether or not the debtors are recoverable. As such, we have been unable to determine whether the financial statements show a true and fair view of the company's position. |
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 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 qualified opinion. |
for and on behalf of |
PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
7. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
At the balance sheet date, the amounts due from group companies amounted to £453,922 (2022 - £552,495), and amounts owed to group companies amounted to £40,247 (2022 - £48,516). These amounts are included in 'Amounts due from group undertakings' and 'Amounts due to group undertakings'. |
8. | ULTIMATE PARENT UNDERTAKING |
The ultimate parent undertaking is PineBridge New Europe Partners II-A, L.P., a company registered in the state of Cayman Islands. The parent's business and mailing address is 399 Park Avenue, 4th Floor, New York, NY, 10022. |
9. | MATERIAL UNCERTAINTY OVER GOING CONCERN |
The company has now ceased to trade, and there is significant uncertainty over the recoverability of the remaining debtors. The company is entirely reliant upon the support of the parent company and other group entities and would be unable to continue in existence without this support. It is therefore considered that there is a material uncertainty over whether the going concern basis is appropriate in the long term. |