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COMPANY REGISTRATION NUMBER: 12677564
Principle Care Homes Holdings Ltd
Filleted Unaudited Financial Statements
31 March 2024
Principle Care Homes Holdings Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
6,738
8,263
Investments
6
99
99
-------
-------
6,837
8,362
Current assets
Debtors
7
3,894,001
1,691,043
Cash at bank and in hand
392,791
18,417
------------
------------
4,286,792
1,709,460
Creditors: amounts falling due within one year
8
5,275,180
2,377,570
------------
------------
Net current liabilities
988,388
668,110
---------
---------
Total assets less current liabilities
( 981,551)
( 659,748)
---------
---------
Net liabilities
( 981,551)
( 659,748)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 981,651)
( 659,848)
---------
---------
Shareholders deficit
( 981,551)
( 659,748)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Principle Care Homes Holdings Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 December 2024 , and are signed on behalf of the board by:
A Goyal
Director
Company registration number: 12677564
Principle Care Homes Holdings Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Kingfisher House, Woodbrook Crescent, Radford Way, Billericay, CM12 0EQ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this period.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
4,746
9,570
14,316
Additions
2,731
2,731
-------
--------
--------
At 31 March 2024
4,746
12,301
17,047
-------
--------
--------
Depreciation
At 1 April 2023
1,363
4,690
6,053
Charge for the year
952
3,304
4,256
-------
--------
--------
At 31 March 2024
2,315
7,994
10,309
-------
--------
--------
Carrying amount
At 31 March 2024
2,431
4,307
6,738
-------
--------
--------
At 31 March 2023
3,383
4,880
8,263
-------
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
99
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
99
----
At 31 March 2023
99
----
Subsidiaries, associates and other investments
Principle Care Homes (GU51) Limited was incorporated on 28 February 2019 and 100% of the issued shares acquired on 2 November 2020 in exchange for 98 Ordinary shares at £1 each. Principle Care Homes (CM1) Limited was incorporated on 1 July 2020 with 50% of the issued shares held by Principle Care Homes Holdings Limited and 50% held by First Chelmsford Care Limited.
7. Debtors
2024
2023
£
£
Trade debtors
6,756
Amounts owed by group undertakings
3,892,498
1,683,349
Prepayments and accrued income
1,488
922
Other debtors
15
16
------------
------------
3,894,001
1,691,043
------------
------------
Loans totalling £3,892,498 (2023 - £1,683,349) from group companies are interest free and repayable on demand .
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,970
5,263
Amounts owed to group undertakings
15,252
Accruals and deferred income
69,098
3,300
Social security and other taxes
3,241
8,437
Other creditors
5,197,871
2,345,318
------------
------------
5,275,180
2,377,570
------------
------------
Other creditors include £5,196,117 (2023 £2,343,709) repayable to individuals and companies connected to the directors. Interest is being charged on the new loan of £2,772,192 during the year at 2.25% over the base rate. The remaining existing loans are interest free and repayable on demand.
9. Charges on assets
The bank holds a fixed charge on the company shares.
10. Events after the end of the reporting period
Since the year end the Principle Care Home Group has been acquired by the Hallmark Care Homes group of companies.