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REGISTERED NUMBER: 01816375 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PRIORY COURT DEVELOPMENTS LIMITED

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


PRIORY COURT DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs V Suresparan
Mr N B Suresparan



SECRETARY: Mr N B Suresparan



REGISTERED OFFICE: 1st Floor, 44-50 The Broadway
Southall
Middlesex
UB1 1QB



REGISTERED NUMBER: 01816375 (England and Wales)



SENIOR STATUTORY AUDITOR: S Paramaguru



AUDITORS: Param & Company Ltd
Chartered Certified Accountants
Statutory Auditors
1st Floor
44 - 50 The Broadway
Southall
Middlesex
UB1 1QB

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
This year council tax increase includes the maximum 2.99% uplift in the general council tax elements and further 2% rise in the ring fenced adult social care precept.

The Company experienced a challenging year, adapting to the operational restrictions and limitations imposed as a
result of the Covid-19 pandemic in the previous year. Operating in the health sector as care homes, the Company continued to trade throughout and an increase in demand as it ensured a continuation of key services to its customers. The Company has delivered a satisfactory result for the current year. Please see further information
regarding the performance of the Company in the year in the Financial key performance indicators section below.

The cost for provision of care has continued to rise with minimum wage legislation and extra regulatory requirements, in order to attract and retain quality staff at all levels. Nursing shortage is acute nationally and has a bearing on wage costs. The company policy has been to continually invest in the fabric of the building, purchase new equipment and invest in staff training to improve standards of care.

The directors are very pleased with the progress that the company has made this year. All of the care homes run by the company are operating at near maximum capacity, with an average occupancy rate of 85% .

Other Key performance indicators measured by the company include the wages to turnover rate, which is 59% (2022, 72%) and the Gross Profit Margin, which is 28% (2022, 14%).


Food costs

The third largest cost for care home operators is the food bill, which consumes around 3% (2022 - 4%). In comparison to last year's reporting, cost has came down significantly which held the company to reduce the losses.

STRATEGY
The board will continue to keep costs under control and develop existing income streams. New opportunities will continue to be sought where these will make a return for the company.


PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Despite funding increases, and increase in the elderly population the sector faces financial strains and is also faced with a constant barrage of regulatory charges.

The majority of placements are from local councils which makes them a bulk purchaser of our services and therefore weakens our position with fee negotiations. This is balanced by an ever greater demand for beds and the pressure on the councils to vacate hospital beds. Increasing nursing homes are looking after very heavily dependent residents or residents who require short term care and this increases the risk of accidents and potential claims.

Priory Court Developments Ltd, like all businesses, faces a number of operating risks and uncertainties. The most fundamental issues faced by the company are:
- meeting bank covenants of the parent company.
- maximising occupancy levels;
- complying with the stringent regulations of the Care Quality Commission under which Care Homes operate;
- achieving quality standards; and
- attracting and retaining high quality qualified and other staff.

The cost for provision of care has continued to rise with minimum wage legislation and extra regulatory requirements, Inorder to attract and retain quality staff at all levels. Nursing shortage is acute nationally and has a bearing on wage costs. The company policy has been to continually invest in the fabric of the building, purchase new equipment and invest in staff training to improve standards of care.

Company monitor the performance on monthly and quarterly basis in order to achieve the required covenants for the banks. The required quality control to satisfy the CQC is monitored by the company management on a regular basis.

Risk of business interruption:
The recent interruption caused by the COVID-19 pandemic has also provided the company with a present and future risk to consider. The company has taken all steps possible to ensure the safety of our employees whilst working hard to develop processes that ensure the business has the financial resilience to prosper through this difficult period. At present we continue to follow government guidelines and operate cautiously in the wake of an ever evolving economic landscape. The group's financial performance will inevitably be impacted by the crisis during 2020 and beyond. Despite the challenges the company has faced throughout the COVID-19 pandemic, we feel we are in a good position to maximise the opportunity that will inevitably materialise through the growth of the economy.

CONCLUSION
Priory Court Developments Ltd is considered to have sufficient financial resources, as a consequence the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

ON BEHALF OF THE BOARD:





Mr N B Suresparan - Director


23 September 2024

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Residential care home with nursing facilities.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs V Suresparan
Mr N B Suresparan

POLITICAL DONATIONS AND EXPENDITURE
No Political Donations and Expenditure.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of 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 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 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.

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 company'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 company's auditors are aware of that information.

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Param & Company Ltd, will be proposed for re-appointed in accordance with the companies Act 2006, s.485.

ON BEHALF OF THE BOARD:





Mr N B Suresparan - Director


23 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRIORY COURT DEVELOPMENTS LIMITED

Opinion
We have audited the financial statements of Priory Court Developments Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2023 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRIORY COURT DEVELOPMENTS LIMITED


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 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, 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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRIORY COURT DEVELOPMENTS LIMITED


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 the audit was considered capable of detecting irregularities including fraud

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 care home sector.

* 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, taxation legislation and data protection, anti-bribery, employment, environmental 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 2 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;

*enquiring of management as to actual and potential litigation and claims; and

*reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRIORY COURT DEVELOPMENTS LIMITED

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 enquiry 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 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.




S Paramaguru (Senior Statutory Auditor)
for and on behalf of Param & Company Ltd
Chartered Certified Accountants
Statutory Auditors
1st Floor
44 - 50 The Broadway
Southall
Middlesex
UB1 1QB

25 September 2024

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 7,633,823 4,872,181

Cost of sales 5,474,145 4,197,151
GROSS PROFIT 2,159,678 675,030

Administrative expenses 1,544,940 1,185,166
OPERATING PROFIT/(LOSS) 4 614,738 (510,136 )

Interest receivable and similar income 14,000 31,365
628,738 (478,771 )

Interest payable and similar expenses 5 577,343 271,564
PROFIT/(LOSS) BEFORE TAXATION 51,395 (750,335 )

Tax on profit/(loss) 6 48,511 50,452
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

2,884

(800,787

)

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 2,884 (800,787 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,884

(800,787

)

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 7,568,136 7,232,324

CURRENT ASSETS
Stocks 8 5,500 5,320
Debtors 9 2,177,578 1,691,642
Cash at bank and in hand 79,602 83,972
2,262,680 1,780,934
CREDITORS
Amounts falling due within one year 10 2,906,545 1,911,432
NET CURRENT LIABILITIES (643,865 ) (130,498 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,924,271

7,101,826

CREDITORS
Amounts falling due after more than one
year

11

(5,771,050

)

(6,000,000

)

PROVISIONS FOR LIABILITIES 14 (119,286 ) (70,775 )
NET ASSETS 1,033,935 1,031,051

CAPITAL AND RESERVES
Called up share capital 15 50,100 50,100
Share premium 16 197,664 197,664
Revaluation reserve 16 443,003 443,003
Retained earnings 16 343,168 340,284
SHAREHOLDERS' FUNDS 1,033,935 1,031,051

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

BALANCE SHEET - continued
31 DECEMBER 2023



The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr N B Suresparan - Director


PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 50,100 1,141,071 197,664 443,003 1,831,838

Changes in equity
Total comprehensive income - (800,787 ) - - (800,787 )
Balance at 31 December 2022 50,100 340,284 197,664 443,003 1,031,051

Changes in equity
Total comprehensive income - 2,884 - - 2,884
Balance at 31 December 2023 50,100 343,168 197,664 443,003 1,033,935

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 743,227 (754,031 )
Interest paid (577,343 ) (271,564 )
Tax paid - (51,390 )
Net cash from operating activities 165,884 (1,076,985 )

Cash flows from investing activities
Purchase of tangible fixed assets (487,495 ) (6,565,510 )
Interest received 14,000 31,365
Net cash from investing activities (473,495 ) (6,534,145 )

Cash flows from financing activities
New loans in year - 6,038,543
Loan repayments in year (122,893 ) (212,433 )
Capital repayments in year - (13,644 )
Amount received from (paid) to grp/assoc 426,134 1,767,045
Net cash from financing activities 303,241 7,579,511

Decrease in cash and cash equivalents (4,370 ) (31,619 )
Cash and cash equivalents at beginning of
year

2

83,972

115,591

Cash and cash equivalents at end of year 2 79,602 83,972

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2023 2022
£    £   
Profit/(loss) before taxation 51,395 (750,335 )
Depreciation charges 151,683 84,734
Finance costs 577,343 271,564
Finance income (14,000 ) (31,365 )
766,421 (425,402 )
Increase in stocks (180 ) (4,240 )
Increase in trade and other debtors (289,926 ) (796,658 )
Increase in trade and other creditors 266,912 472,269
Cash generated from operations 743,227 (754,031 )

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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 79,602 83,972
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 83,972 115,591


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 83,972 (4,370 ) 79,602
83,972 (4,370 ) 79,602
Debt
Debts falling due within 1 year (38,543 ) (106,057 ) (144,600 )
Debts falling due after 1 year (6,000,000 ) 228,950 (5,771,050 )
(6,038,543 ) 122,893 (5,915,650 )
Total (5,954,571 ) 118,523 (5,836,048 )

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Priory Court Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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, net of discounts and value added taxes.

Turnover represents net invoiced care home fees and is recognised per night that a room is occupied.

Turnover is deferred where amounts have been invoiced, but these relate to services to be provided in future periods.
Turnover is accrued where amounts have yet to be invoiced, but where the services have been provided in the period to date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost

Freehold premises are stated at cost in the balance sheet.
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred 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 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.


PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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 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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,055,413 3,263,553
Social security costs 334,283 242,800
Other pension costs 93,838 69,963
4,483,534 3,576,316

The average number of employees during the year was as follows:
2023 2022

Administration 1 1
Care Staff 246 203
247 204

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 7,967 1,344
Depreciation - owned assets 151,683 84,735
Auditors' remuneration 8,400 6,500

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 577,343 271,564

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 48,511 50,452
Tax on profit/(loss) 48,511 50,452

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit/(loss) before tax 51,395 (750,335 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

12,088

(142,564

)

Effects of:
Expenses not deductible for tax purposes 1,302 1,321
Capital allowances in excess of depreciation (79,022 ) (25,132 )
Utilisation of tax losses (3,293 ) -
Deferred tax 48,511 50,452
Group relief 68,925 44,872
Unutilisation of tax losses - 121,503
Total tax charge 48,511 50,452

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 7,048,706 44,169 625,245 7,718,120
Additions - 106,156 381,339 487,495
At 31 December 2023 7,048,706 150,325 1,006,584 8,205,615
DEPRECIATION
At 1 January 2023 82,842 26,635 376,319 485,796
Charge for year 26,302 19,833 105,548 151,683
At 31 December 2023 109,144 46,468 481,867 637,479
NET BOOK VALUE
At 31 December 2023 6,939,562 103,857 524,717 7,568,136
At 31 December 2022 6,965,864 17,534 248,926 7,232,324

8. STOCKS
2023 2022
£    £   
Finished goods 5,500 5,320

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,151,566 904,271
Amounts owed by group undertakings - 58,527
Amounts owed by associates 756,053 501,516
Other debtors 200,162 156,137
Tax 358 358
Prepayments and accrued income 69,439 70,833
2,177,578 1,691,642

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 12) 144,600 38,543
Trade creditors 197,612 92,547
Amounts owed to group undertakings 1,216,712 587,409
Amounts owed to associates 597,339 604,498
Social security and other taxes 69,996 132,505
Pension contributions 8,293 19,929
Other creditors 1,570 -
Netpay control account 22,461 18,899
Accruals and deferred income 647,962 417,102
2,906,545 1,911,432

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 12) 5,771,050 6,000,000

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 144,600 38,543

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,771,050 6,000,000

13. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 5,915,650 6,038,543

Included within bank loans and overdrafts are bank loans totalling £5.9m (2022 , £6m) which are secured by first legal charge over the freehold properties and a debenture over all of the group's assets and undertaking. The loan is repayable by instalments over its remaining life with interest charged at base rate plus 4.3%.

A guarantee (provided for under the RLS) from the Secretary of State for Business, Energy & Industrial Strategy (BEIS) for 80% of the Borrower's post-recovery liabilities up to the Loan Amount to the Lender under this letter (the "RLS Guarantee").

A cross guarantee between the Borrower, Ultimate Care Limited, Byron Lodge (West Melton) Limited, KPS Care Limited, and Esteem Care Limited.

A first debenture from KPS Care Limited over all of its assets and undertaking.

A first debenture from Esteem Care Limited over all of its assets and undertaking.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 119,286 70,775

Deferred
tax
£   
Balance at 1 January 2023 70,775
Provided during year 48,511
Balance at 31 December 2023 119,286

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,100 Ordinary 1 50,100 50,100

16. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 340,284 197,664 443,003 980,951
Profit for the year 2,884 2,884
At 31 December 2023 343,168 197,664 443,003 983,835

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

17. RELATED PARTY DISCLOSURES

The parent company is Ultimate Care Ltd, 1st Floor, 44/50 The Broadway, Southall, Middlesex, UB1 1QB,
a company registered in England & Wales (Company Reg : 05893709).
Accounts present information about the company as an individual undertaking and not about its group.
Group accounts are prepared by Ultimate Care Ltd, the parent undertaking.

The directors consider Ultimate Care Ltd to be the ultimate parent company.



Ultimate Care Ltd 2023 2022
A company in which Mr & Mrs Suresparan are Directors £ £
Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (1,018,315 ) (587,409 )
====== ======
Byron (West Melton) Ltd
A company in which Mr & Mrs Suresparan are Directors
Amount due from / (to) related party is interest free & unsecured Loans.
Amount due from / (to) related party at the balance sheet date (198,397 ) 58,527
====== ======
Esteem Care Ltd
A company in which Mr & Mrs Suresparan are Directors
Amount due from (to) related party is interest free & unsecured Loans.
Amount due from / (to) related party at the balance sheet date 267,735 46,472
====== ======

Tudor Bank Ltd
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (140,385 ) (98,194 )
====== ======

JSS Holdings Ltd
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (8,394 ) (394 )
====== ======

Europe Care Holdings Ltd
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (18,824 ) (27,364 )
====== ======








PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

Woolton Grange Ltd
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (87,934 ) (49,566 )
====== ======

KPS Care Ltd
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date 233,551 233,551
====== ======



KPS One Care Ltd
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date 14,806 14,806
====== ======

Ayrus Ltd
A company in which Mr & Mrs Suresparan are Directors
Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (54,104 ) (69,885 )
===== =====

Mahogany House (Newtown) Ltd
A company in which Mr & Mrs Suresparan are Directors.
Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (30,143 ) (5,890 )
===== =====

BBA Care Ltd
A company in which Mr Suresparan is a Director.
Amount due from / (to) related party is interest free & unsecured Loans.
Amount due from / (to) related party at the balance sheet date 6,989 6,989
===== =====

Daleside Nursing Home Limited
A company in which Mr & Mrs Suresparan are Directors.
Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (220,785 ) (178,152 )
====== =====

Riversdale (Northwest) Limited
A company in which Mr & Mrs Suresparan are Directors.
Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date 17,276 4,698
====== ======

PRIORY COURT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 01816375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

LBT Holdings Limited
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date 195,000 195,000
======== ========


Flight Care Limited
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date (36,770 ) (175,053 )
======== =====


The Dales Care (Northwest) Limited
A company in which Mr & Mrs Suresparan are Directors and
shareholders.

Amount due from / (to) related party is interest free & unsecured
Loans.

Amount due from / (to) related party at the balance sheet date 19,746 -
======== ========




18. ULTIMATE CONTROLLING PARTY

The controlling party are Mr N B Suresparan and Mrs V Suresparan.