Company registration number 06443661 (England and Wales)
TRANSCARE 28 LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
TRANSCARE 28 LTD
COMPANY INFORMATION
Director
Mr D W Parkin
Company number
06443661
Registered office
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
Auditor
PKF Smith Cooper Audit Limited
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
Head office
Lydford Road
Meadow Land Industrial Estate
Alfreton
Derbyshire
DE55 7RQ
TRANSCARE 28 LTD
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
TRANSCARE 28 LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Review of the business

The Company has achieved turnover of £10,733,636 for the year ended 30 April 2024 (2023: £20,388,407). The Company generated a profit before tax of £1,122,128 (2023: £2,780,130) and continues to maintain a strong workforce employing 65 (2023: 67). The Company has net assets of £2,797,373 (2023: £2,953,535) and net current assets of £1,753,371 (2023: £2,192,211) highlighting the financial performance in the year and the strong brand of the Company overall.

Principal risks and uncertainties

The Company has considered the principal risks and uncertainties to which it is exposed, and this is taken into account when making key strategic decision.

 

The main risks to the Company include liquidity risk and credit risk.

 

Liquidity risk

Management regularly monitor the cashflow position of the business to ensure that there is good headroom on upcoming payments due to creditors as appropriate.

 

Credit risk

The Company monitors its debtors closely and pursues these before becoming overdue to ensure that the risk of incurring bad debts are limited where appropriate. The Company has a diverse customer base which ensures that credit risk is reduced where possible.

Key performance indicators

The key performance indicator for the Company is turnover.

 

There are no non-financial performance indicators that the director deems to be key.

On behalf of the board

Mr D W Parkin
Director
27 January 2025
TRANSCARE 28 LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of mechanical engineering.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £997,460. The director does not recommend payment of a further dividend. (2023 dividends: £1,459,628).

Director

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

Mr D W Parkin
Future developments

There are no significant future developments anticipated in the Company.

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.

 

Auditors

Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D W Parkin
Director
27 January 2025
TRANSCARE 28 LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

TRANSCARE 28 LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRANSCARE 28 LTD
- 4 -
Opinion

We have audited the financial statements of Transcare 28 Ltd (the 'company') for the year ended 30 April 2024 which comprise 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 director's 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 director 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 director is 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:

TRANSCARE 28 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSCARE 28 LTD
- 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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

TRANSCARE 28 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSCARE 28 LTD
- 6 -
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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Based on our understanding of the Company and industry, we identified that the principal risk of fraud or non-compliance with laws and regulations related to:

 

Our procedures included, but were not limited to:

 

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

TRANSCARE 28 LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSCARE 28 LTD
- 7 -

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.

Lucy Robinson
Senior Statutory Auditor
For and on behalf of PKF Smith Cooper Audit Limited
29 January 2025
Accountants
Statutory Auditor
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG
TRANSCARE 28 LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,733,636
20,388,407
Cost of sales
(7,166,993)
(15,019,729)
Gross profit
3,566,643
5,368,678
Administrative expenses
(2,426,096)
(1,915,602)
Operating profit
4
1,140,547
3,453,076
Interest receivable and similar income
7
157
9,309
Interest payable and similar expenses
8
(15,761)
(18,155)
Group loans written off
(2,815)
(664,100)
Profit before taxation
1,122,128
2,780,130
Tax on profit
9
(280,830)
(672,453)
Profit for the financial year
841,298
2,107,677

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

 

There was no other comprehensive income for 2024 (2023:£NIL).

TRANSCARE 28 LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,314,287
1,081,302
Current assets
Stocks
12
654,404
61,449
Debtors
13
6,677,671
2,580,344
Cash at bank and in hand
837,059
1,118,891
8,169,134
3,760,684
Creditors: amounts falling due within one year
14
(6,415,763)
(1,568,473)
Net current assets
1,753,371
2,192,211
Total assets less current liabilities
3,067,658
3,273,513
Creditors: amounts falling due after more than one year
15
(10,837)
(85,966)
Provisions for liabilities
Deferred tax liability
17
259,448
234,012
(259,448)
(234,012)
Net assets
2,797,373
2,953,535
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
2,797,273
2,953,435
Total equity
2,797,373
2,953,535

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

The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
Mr D W Parkin
Director
Company registration number 06443661 (England and Wales)
TRANSCARE 28 LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
2,305,386
2,305,486
Year ended 30 April 2023:
Profit and total comprehensive income
-
2,107,677
2,107,677
Dividends
10
-
(1,459,628)
(1,459,628)
Balance at 30 April 2023
100
2,953,435
2,953,535
Year ended 30 April 2024:
Profit and total comprehensive income
-
841,298
841,298
Dividends
10
-
(997,460)
(997,460)
Balance at 30 April 2024
100
2,797,273
2,797,373
TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Transcare 28 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Pride Park, Derby, DE24 8HG. The company registration number is 06443661.

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 £.

 

The Company has taken advantage of the exemption to not disclose a statement of cashflow as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Ireland" as this information is included in the consolidated financial statements of Transcare 28 Holdings Limited as at 30 April 2024 and these financial statements may be obtaining from Companies House.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% reducing balance
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% 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 credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase using a weighted average method. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Mechanical engineering sales
9,154,414
9,799,644
Vehicle sales
1,579,222
10,588,763
10,733,636
20,388,407
2024
2023
£
£
Other revenue
Interest income
157
9,309
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,100
9,650
Depreciation of owned tangible fixed assets
238,378
149,084
Depreciation of tangible fixed assets held under finance leases
42,231
60,475
Loss on disposal of tangible fixed assets
5,366
-
Operating lease charges
293,333
279,933
5
Employees

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

2024
2023
Number
Number
65
67
TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Employees
(Continued)
- 14 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,397,269
3,051,042
Social security costs
366,828
301,772
Pension costs
74,955
70,188
3,839,052
3,423,002
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
80,588
84,779
Company pension contributions to defined contribution schemes
10,561
10,561
91,149
95,340

Included within the remuneration for qualifying services is benefits in kind of £4,717 (2023: £4,288).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
157
9,309
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
15,393
15,666
Other interest
368
2,489
15,761
18,155
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
253,258
619,410
Adjustments in respect of prior periods
2,136
1,672
Total current tax
255,394
621,082
TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
2024
2023
£
£
(Continued)
- 15 -
Deferred tax
Origination and reversal of timing differences
25,436
51,371
Total tax charge
280,830
672,453

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
1,122,128
2,780,130
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
280,532
528,225
Tax effect of expenses that are not deductible in determining taxable profit
3,918
129,939
Adjustments in respect of prior years
2,136
1,672
Effect of change in corporation tax rate
-
0
13,710
Group relief
(5,756)
-
0
Effects of variable tax rate on deferred tax
-
0
(1,093)
Taxation charge for the year
280,830
672,453
10
Dividends
2024
2023
£
£
Final paid
997,460
1,459,628
TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
11
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
146,424
820,767
6,445
1,223,956
2,197,592
Additions
120,083
107,584
3,005
295,788
526,460
Disposals
-
0
-
0
-
0
(41,999)
(41,999)
At 30 April 2024
266,507
928,351
9,450
1,477,745
2,682,053
Depreciation
At 1 May 2023
24,112
478,085
2,663
611,430
1,116,290
Depreciation charged in the year
18,518
87,387
1,202
173,502
280,609
Eliminated in respect of disposals
-
0
-
0
-
0
(29,133)
(29,133)
At 30 April 2024
42,630
565,472
3,865
755,799
1,367,766
Carrying amount
At 30 April 2024
223,877
362,879
5,585
721,946
1,314,287
At 30 April 2023
122,312
342,682
3,782
612,526
1,081,302

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
160,320
136,869
Motor vehicles
62,747
73,537
223,067
210,406
12
Stocks
2024
2023
£
£
Vehicle stock for resale
628,955
-
Finished goods and goods for resale
25,449
61,449
654,404
61,449
TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,125,407
2,242,963
Corporation tax recoverable
94,435
94,435
Other debtors
3,440,381
222,209
Prepayments and accrued income
1,017,448
20,737
6,677,671
2,580,344

Amounts owed by group undertakings are unsecured, interest free and repayable on demand. During the year, an impairment of £nil was recognised against trade debtors (2023: £43,642). Tax receivable of £94,435 (2023: £94,435) relates to s455 tax.

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
68,880
78,367
Trade creditors
1,317,912
819,403
Amounts owed to group undertakings
-
0
162,123
Corporation tax
10,328
183,442
Other taxation and social security
444,382
262,827
Deferred income
18
4,420,778
-
0
Other creditors
30,834
47,041
Accruals and deferred income
122,649
15,270
6,415,763
1,568,473

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
10,837
85,966
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
68,880
78,367
In two to five years
10,837
85,966
79,717
164,333
TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Finance lease obligations
(Continued)
- 18 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The liabilities are secured over the assets that they relate.

17
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2024
2023
Balances:
£
£
Accelerated capital allowances
259,448
234,012
2024
Movements in the year:
£
Liability at 1 May 2023
234,012
Charge to profit or loss
25,436
Liability at 30 April 2024
259,448

The reversal of deferred tax within the next 12 months is not expected to be material.

18
Deferred income
2024
2023
£
£
Deferred income
4,420,778
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,955
70,188

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.

 

At 30 April 2024 £25,899 was owed to the pension scheme by the Company (2023: £11,911).

TRANSCARE 28 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
21
Financial commitments, guarantees and contingent liabilities

The Company has given a guarantee in respect of the loans made available to the Group. The total group liability in respect of these loans is £412,063 (2023: £433,302).

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
20,750
22,083
23
Related party transactions

The company has taken advantage of the exemptions available with FRS 102 not to disclose details of any transactions between itself and fellow Group undertakings on the basis that it is a subsidiary undertaking where 100% of the voting rights are controlled within the Group whose consolidated financial statements are publicly available.

 

During the year, key management personnel were remunerated £228,689 (2023: £177,615).

 

During the year, remuneration totalling £57,614 (2023: £53,000) was paid to a close family member of the director.

24
Ultimate controlling party

Transcare 28 Ltd is a wholly owned subsidiary of Transcare 28 Holdings Limited. The ultimate controlling party is D Parkin by virtue of owning 100% of the issued share capital in Transcare 28 Holdings Limited.

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