Company registration number 02305533 (England and Wales)
PLANSHORE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PLANSHORE LIMITED
COMPANY INFORMATION
Directors
Mr J Patel
Mrs D Patel
Secretary
Mrs D Patel
Company number
02305533
Registered office
9 Spareleaze Hill
Loughton
Essex
IG10 1BS
Auditor
Alwyns LLP
Crown House
151 High Road
Loughton
Essex
IG10 4LG
PLANSHORE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
PLANSHORE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the Annual Report for the year ended 30 April 2024.

Review of the business

The principal activity of the company continued to be that of the running of a care home.

 

Turnover increased 19.5% from last year.

 

“Our care your happiness” remains the company’s overriding motto. Continued focus on customers’ needs is followed up by the highest quality of care and support across all activities. As always, the structure and scope of this care quality is constantly monitored by the company’s governance teams and home managers. Keeping in mind its corporate responsibility and sustainability, the company’s indicators have generally remained over and above regulatory, local authority, and NHS requirements.

 

As part of the Abbey Total Care Group the company continues to enjoy the support of specialists within the management team, from in-house trainers, experts in Care Quality Commission matters, Local Authority contracts experts and Environmental Health experts. Associate Medical Consultants and GPs are also playing a significant role in providing more specialist resident care, and in liaising with NHS Clinical Commissioning Groups and local hospitals.

 

The company’s home continues to be regulated by the Care Quality Commission. The Care Quality Commission is responsible for making sure care homes and care services in England provide people with safe, effective, compassionate and high quality care. The company endeavours to ensure it is fully compliant with all required health and safety regulations, labour, and employment laws.

 

The company’s Key Performance Indicators of occupancy rates, and average fee per bed are continually reviewed.

 

During the year the movement of these KPI’s were as follows:-

 

Occupancy rate         –    risen by 2.8% compared to the previous year.

Average fee per bed     –    risen by 12.9% compared to previous year.

 

 

Principal risks

The company monitors and understands prevailing risk for its business and its balance sheet, and by assessing how they interact. By understanding these risks, it seeks appropriate opportunities for risk diversification and management. Local authorities and the NHS continue to restrict annual fee increments and have also lengthened payment periods. The group, of which the company is a member, manages cashflow on a group basis and ensures all of its members have adequate cash resources to deal with this. The company is confident of maintaining its growth momentum well into the foreseeable future.

 

The care market remains challenging, and the ravaging effects of the pandemic are not yet over. The recruitment of healthcare workers is an ongoing sector-wide issue, with rising inflation resulting in increasing costs for the businesses. The war in Ukraine also has some consequences, chiefly the rising food cost. The company is in a good position to adapt to the changing circumstances, keeping in mind their customers, the need for growth, and sustainability.

On behalf of the board

Mr J Patel
Director
14 January 2025
PLANSHORE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Patel
Mrs D Patel
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Financial instruments
The financial instruments are managed on a unified basis with Abbey Total Care Group together known as (the group).
Treasury operations and financial instruments:

The group's principal financial instruments are credit facilities and loans, the main purpose of which is to finance the group's operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.

 

The group continues to enjoy term and revolving development facilities which were increased during the year. These facilities have aided greatly in developing agreed projects, and made possible suitable acquisitions of peripheral properties that may fit into the Group’s expansion plans.

Liquidity risk:

Liquidity risk is addressed by holding adequate liquid assets and through appropriate controls. The group continually reviews the residual risks arising and has mitigating actions in place to reduce the levels of these risks. Added to the liquid assets, a portion of the bank facility always remains undrawn to overcome unforeseen eventualities.

Interest rate risk:

The group is exposed to fair value interest rate risk on its borrowings and cashflow interest rate risk on bank overdrafts and loans. The risk has been partially mitigated with an interest rate cap over more than 50% of its bank debt. The group ensures sufficient cash resources are always maintained to mitigate its exposure to excessive interest rate increases.

Credit risk:

Investments of cash surpluses and borrowings are made through banks which must fulfil credit rating criteria approved by the Board. All service users enter into formal agreements with the group which clearly stipulate payment terms. The directors regularly review trade debtors and pursue any outstanding debts on a timely basis. Where appropriate, provisions are made for doubtful debts.

PLANSHORE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Auditor

The auditor, Alwyns LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J Patel
Director
14 January 2025
PLANSHORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLANSHORE LIMITED
- 4 -
Opinion

We have audited the financial statements of Planshore Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

PLANSHORE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLANSHORE LIMITED
- 5 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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 our procedures are capable of detecting irregularities, including fraud, is detailed below.

Audit procedures undertaken in responses to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claim; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As stated above, there is an unavoidable risk that material misstatements my not be detected, even though the audit have been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PLANSHORE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLANSHORE LIMITED
- 6 -

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 an auditor's report 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.

David Stanley
Senior Statutory Auditor
For and on behalf of Alwyns LLP
14 January 2025
Chartered Accountants
Statutory Auditor
Crown House
151 High Road
Loughton
Essex
IG10 4LG
PLANSHORE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
5,546,699
4,641,550
Cost of sales
(2,804,122)
(2,490,305)
Gross profit
2,742,577
2,151,245
Administrative expenses
(637,893)
(396,715)
Other operating income
2,200
26,872
Operating profit
4
2,106,884
1,781,402
Interest payable and similar expenses
6
(97,050)
(92,492)
Profit before taxation
2,009,834
1,688,910
Tax on profit
7
(310,000)
(241,573)
Profit for the financial year
1,699,834
1,447,337

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PLANSHORE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
£
£
Profit for the year
1,699,834
1,447,337
Other comprehensive income
Revaluation of tangible fixed assets
-
0
236,160
Tax relating to other comprehensive income
-
0
(59,040)
Total other comprehensive income for the year
-
0
177,120
Total comprehensive income for the year
1,699,834
1,624,457
PLANSHORE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
12,488,129
12,000,000
Current assets
Debtors
9
9,913,724
10,569,415
Cash at bank and in hand
122,793
662,231
10,036,517
11,231,646
Creditors: amounts falling due within one year
10
(937,085)
(3,343,919)
Net current assets
9,099,432
7,887,727
Total assets less current liabilities
21,587,561
19,887,727
Provisions for liabilities
Deferred tax liability
11
1,570,692
1,570,692
(1,570,692)
(1,570,692)
Net assets
20,016,869
18,317,035
Capital and reserves
Called up share capital
13
100
100
Revaluation reserve
7,003,666
7,003,666
Profit and loss reserves
13,013,103
11,313,269
Total equity
20,016,869
18,317,035

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Mr J Patel
Director
Company registration number 02305533 (England and Wales)
PLANSHORE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
100
6,826,546
9,865,932
16,692,578
Year ended 30 April 2023:
Profit
-
-
1,447,337
1,447,337
Other comprehensive income:
Revaluation of tangible fixed assets
-
236,160
-
236,160
Tax relating to other comprehensive income
-
(59,040)
-
0
(59,040)
Total comprehensive income
-
177,120
1,447,337
1,624,457
Balance at 30 April 2023
100
7,003,666
11,313,269
18,317,035
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
1,699,834
1,699,834
Balance at 30 April 2024
100
7,003,666
13,013,103
20,016,869
PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Planshore Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Spareleaze Hill, Loughton, Essex, IG10 1BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest whole pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Abbey Total Care Group Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents amounts receivable for services provided.
1.4
Tangible fixed assets

Tangible fixed assets other than freehold land and buildings are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Freehold land and buildings are stated at valuation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Equipment (short life)
Over a period of 3 years
Fixtures, fittings & equipment
25% reducing balance
Integral features
10% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately through the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period to which they relate.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements and estimation uncertainty

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets (note 8)

Freehold land and buildings are reflected at fair value based upon a valuation from qualified surveyors. Calculation of the valuation requires judgements to be made and estimates based on information at the time of the valuation including the competitive and economic environment.

Trade debtors (note 9)

At each reporting date the company assesses whether there is any indication of the non recovery of trade debts. If any such indication exists a provision is recognised based on the director's estimate of amounts recoverable.

PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
3
Turnover and other revenue

The total turnover of the company for the year has been derived from its principal activity of the operation of a care home which is wholly undertaken in the United Kingdom.

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(26,872)
Fees payable to the company's auditor for the audit of the company's financial statements
5,078
4,800
Depreciation of owned tangible fixed assets
25,061
20,990

The directors received no remuneration or accrued pension benefits from the company in either year.

5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Resident welfare
74
68
Administration
9
9
Total
83
77

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,263,433
1,996,590
Social security costs
203,711
195,515
Pension costs
44,662
38,101
2,511,806
2,230,206
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
97,050
92,492
PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
310,000
243,664
Adjustments in respect of prior periods
-
0
(2,091)
Total current tax
310,000
241,573

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,009,834
1,688,910
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
502,459
329,337
Group relief
(187,677)
(74,521)
Under/(over) provided in prior years
-
0
(2,091)
Timing differences of capital allowances and depreciation
(4,782)
(8,594)
Enhanced capital allowances
-
0
(2,558)
Taxation charge for the year
310,000
241,573

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
59,040
PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
8
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost or valuation
At 1 May 2023
11,925,821
802,633
12,728,454
Additions
476,141
37,049
513,190
At 30 April 2024
12,401,962
839,682
13,241,644
Depreciation and impairment
At 1 May 2023
-
0
728,454
728,454
Depreciation charged in the year
-
0
25,061
25,061
At 30 April 2024
-
0
753,515
753,515
Carrying amount
At 30 April 2024
12,401,962
86,167
12,488,129
At 30 April 2023
11,925,821
74,179
12,000,000

Land and buildings were revalued during the prior year based on a valuation concluded on 24 May 2023 by Knight Frank LLP, independent valuers not connected with the company, on the basis of market value as defined in the publication RICS Valuation - Global Standards, which incorporate the International Valuation Standards and the RICS UK National Supplement.

If freehold land and buildings were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
3,827,604
3,351,463
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
690,862
706,112
Amounts owed by group undertakings
9,170,486
9,768,570
Other debtors
31,646
54,062
Prepayments and accrued income
20,730
40,671
9,913,724
10,569,415
PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
523,319
341,749
Amounts owed to group undertakings
-
0
2,293,747
Corporation tax
(15,336)
83,664
Other taxation and social security
104,872
71,258
Other creditors
240,433
339,631
Accruals and deferred income
83,797
213,870
937,085
3,343,919
11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluation of freehold properties
1,570,692
1,570,692
There were no deferred tax movements in the year.
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,662
38,101

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
14
Financial commitments, guarantees and contingent liabilities

At the balance sheet date there were contingent liabilities in respect of a debenture and unlimited intercompany guarantees to secure the group's bank loan and overdraft facilities of £38,981,408 by first legal charge over the assets of the company.

PLANSHORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
15
Related party transactions

During the year the company entered into transactions with related parties as follows:

2024
2023
£
£
Company with common directors and under common control
Repairs and maintenance expenses
215,424
100,584
At the year end the following balances were outstanding:
2023
2023
£
£
Amounts owed to company with common directors and under common control
42,878
(32,881)
16
Ultimate controlling party

The immediate and ultimate parent company in both years was Abbey Total Care Group Ltd, which owns 99% of the share capital.

 

The ultimate controlling party in both years was Mr J M Patel, by virtue of his 100% shareholding in the parent company.

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