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Registered number: 07742862










PARK VISTA CARE HOMES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PARK VISTA CARE HOMES LIMITED
REGISTERED NUMBER:07742862

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,171,136
2,041,453

Investments
 5 
54,616
21,319

  
2,225,752
2,062,772

Current assets
  

Debtors: amounts falling due within one year
 6 
302,145
297,736

Bank and cash balances
  
529,488
397,622

  
831,633
695,358

Creditors: amounts falling due within one year
 7 
(929,260)
(935,685)

Net current liabilities
  
 
 
(97,627)
 
 
(240,327)

Total assets less current liabilities
  
2,128,125
1,822,445

Creditors: amounts falling due after more than one year
 8 
(1,177,941)
(1,197,926)

Provisions for liabilities
  

Deferred tax
  
(46,886)
(8,622)

  
 
 
(46,886)
 
 
(8,622)

Net assets
  
903,298
615,897


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
903,296
615,895

  
903,298
615,897


Page 1

 
PARK VISTA CARE HOMES LIMITED
REGISTERED NUMBER:07742862
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr Ajay Marjara
Director

Date: 7 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Park Vista Care Homes Limited ("the company") is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information.
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
15% on reducing balance
Motor vehicles
-
25% on reducing balance
Fixtures and fittings
-
15% on reducing balance
Computer equipment
-
25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 55 (2023 - 53).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2023
1,986,725
65,546
151,086
23,304
2,226,661


Additions
31,524
2,352
159,348
-
193,224



At 31 March 2024

2,018,249
67,898
310,434
23,304
2,419,885



Depreciation


At 1 April 2023
29,801
46,413
95,248
13,746
185,208


Charge for the year on owned assets
40,148
2,958
18,046
2,389
63,541



At 31 March 2024

69,949
49,371
113,294
16,135
248,749



Net book value



At 31 March 2024
1,948,300
18,527
197,140
7,169
2,171,136



At 31 March 2023
1,956,924
19,133
55,838
9,558
2,041,453


5.


Fixed asset investments





Listed investments

£



Valuation


At 1 April 2023
21,319


Revaluations
33,297



At 31 March 2024
54,616




Page 7

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
87,289
143,265

Other debtors
123,451
66,726

Prepayments and accrued income
91,405
87,745

302,145
297,736



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
27,292
34,599

Other loans
10,388
-

Trade creditors
174,712
186,079

Corporation tax
52,017
71,658

Other taxation and social security
45,400
40,277

Other creditors
601,522
589,926

Accruals and deferred income
17,929
13,146

929,260
935,685


Bank loans totalling £27,292 (2023: £34,599) falling due within one year are secured against the assets of the company.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,177,941
1,197,926

1,177,941
1,197,926


Bank loans totalling £1,177,941 (2023: £1,197,926) falling due after more than one year are secured against the assets of the company.

Page 8

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within 1 year

Bank loans
27,292
34,599

Other loans
10,388
-

Amounts falling due 1-2 years

Bank loans
27,292
34,599

Amounts falling due 2-5 years

Bank loans
81,876
103,796

Amounts falling due after more than 5 years

Bank loans
1,068,773
1,059,531

1,215,621
1,232,525



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £5,001 (2023: £4,636) were payable to the fund at the balance sheet date and are included within other creditors. 


11.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
25,705
25,061

Later than 1 year and not later than 5 years
43,603
-

Later than 5 years
26,304
-

95,612
25,061

Page 9

 
PARK VISTA CARE HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Related party transactions

Included within other debtors is a balance owed from Lavender House Care Home LLP, a limited liability partnership with members in common with the directors and shareholders of Park Vista Care Homes Limited, totalling £94,856 (2023: £54,856).
Also included within other debtors is a balance owed by Peterborough Care Limited, a company with directors and shareholders in common, totalling £12,289 (2023: £8,160).
Also included within other debtors is a balance owed by Peterborough Property Investments Limited, a company with directors and shareholders in common, totalling £7,000 (2023: £nil)
Also included within other debtors is a balance owed by Kuni Coffee Peterborough Limited, a company with directors and shareholders of whom are close family members of the directors and shareholders in this company, totalling £6,026.
Included within other creditors is a balance owed to Pride Care Homes Peterborough Limited, a company with directors and shareholders in common, totalling £328,600 (2023: £328,600).
Also included within other creditors is a balance owed to Thorpe Wood Care Homes Limited, a company with directors and shareholders in common, totalling £174,641 (2023: £174,606).
All balances are unsecured, interest free and repayable on demand.

 
Page 10