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COMPANY REGISTRATION NUMBER: 11852527
Principle Care Homes (GU51) Limited
Filleted Unaudited Financial Statements
31 March 2024
Principle Care Homes (GU51) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
6,759,241
5,591,072
Investments
5
100
100
------------
------------
6,759,341
5,591,172
Current assets
Debtors
6
148,506
175,170
Cash at bank and in hand
15,730
141,807
---------
---------
164,236
316,977
Creditors: amounts falling due within one year
7
2,237,493
666,451
------------
---------
Net current liabilities
2,073,257
349,474
------------
------------
Total assets less current liabilities
4,686,084
5,241,698
Creditors: amounts falling due after more than one year
8
6,121,157
6,121,157
------------
------------
Net liabilities
( 1,435,073)
( 879,459)
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 1,435,075)
( 879,461)
------------
---------
Shareholders deficit
( 1,435,073)
( 879,459)
------------
---------
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 (GU51) Limited
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:
Mr A Goyal
Director
Company registration number: 11852527
Principle Care Homes (GU51) Limited
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
5,582,073
8,999
5,591,072
Additions
1,168,169
1,168,169
------------
-------
------------
At 31 March 2024
6,750,242
8,999
6,759,241
------------
-------
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
-------
------------
Carrying amount
At 31 March 2024
6,750,242
8,999
6,759,241
------------
-------
------------
At 31 March 2023
5,582,073
8,999
5,591,072
------------
-------
------------
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
100
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
100
----
At 31 March 2023
100
----
The company owns 100 Ordinary shares in Principle Care Homes (Fleet) Limited, a company registered in England. This represents 100% of the issued share capital. The company has been dormant since incorporation.
Subsidiaries, associates and other investments
On 26 November 2020 the company formed a subsidiary Principle Care Homes Fleet Limited which has an allotted share capital of 100 ordinary £1 shares which are wholly owned by Principle Care Homes (GU51) Limited .
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings
13,699
Prepayments and accrued income
119,690
159,586
Other debtors
28,816
1,885
---------
---------
148,506
175,170
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,621
4,505
Amounts owed to group undertakings
861,128
8,691
Accruals and deferred income
962,744
253,255
Other creditors
400,000
400,000
------------
---------
2,237,493
666,451
------------
---------
Other creditors due within one year relate to loans from a company connected to the directors. The finance provided is interest free and repayable on demand.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,121,157
6,121,157
------------
------------
Other creditors relate to loans repayable within five years.
9. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
10,300,000
11,500,000
-------------
-------------
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.
11. Controlling party
The company is wholly owned by Principle Care Homes Holdings Limited a company registered in England.