IRIS Accounts Production v24.3.2.46 07055392 Board of Directors 1.5.23 30.4.24 30.4.24 Medium entities the provision of care services. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070553922023-04-30070553922024-04-30070553922023-05-012024-04-30070553922022-04-30070553922022-05-012023-04-30070553922023-04-3007055392ns15:EnglandWales2023-05-012024-04-3007055392ns14:PoundSterling2023-05-012024-04-3007055392ns10:Director12023-05-012024-04-3007055392ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3007055392ns10:MediumEntities2023-05-012024-04-3007055392ns10:Audited2023-05-012024-04-3007055392ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-05-012024-04-3007055392ns10:Medium-sizedCompaniesRegimeForAccounts2023-05-012024-04-3007055392ns10:FullAccounts2023-05-012024-04-300705539212023-05-012024-04-3007055392ns10:OrdinaryShareClass12023-05-012024-04-3007055392ns10:Director22023-05-012024-04-3007055392ns10:RegisteredOffice2023-05-012024-04-3007055392ns5:CurrentFinancialInstruments2024-04-3007055392ns5:CurrentFinancialInstruments2023-04-3007055392ns5:ShareCapital2024-04-3007055392ns5:ShareCapital2023-04-3007055392ns5:RetainedEarningsAccumulatedLosses2024-04-3007055392ns5:RetainedEarningsAccumulatedLosses2023-04-3007055392ns5:ShareCapital2022-04-3007055392ns5:RetainedEarningsAccumulatedLosses2022-04-3007055392ns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-3007055392ns5:RetainedEarningsAccumulatedLosses2023-05-012024-04-300705539212023-05-012024-04-300705539212022-05-012023-04-3007055392ns5:NetGoodwill2023-05-012024-04-3007055392ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3007055392ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-04-3007055392ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-05-012024-04-3007055392ns5:FurnitureFittings2023-05-012024-04-3007055392ns5:MotorVehicles2023-05-012024-04-3007055392ns5:OwnedAssets2023-05-012024-04-3007055392ns5:OwnedAssets2022-05-012023-04-3007055392ns10:OrdinaryShareClass12022-05-012023-04-3007055392ns5:NetGoodwill2023-04-3007055392ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3007055392ns5:NetGoodwill2024-04-3007055392ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-3007055392ns5:NetGoodwill2023-04-3007055392ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3007055392ns5:LandBuildings2023-04-3007055392ns5:FurnitureFittings2023-04-3007055392ns5:MotorVehicles2023-04-3007055392ns5:LandBuildings2023-05-012024-04-3007055392ns5:LandBuildings2024-04-3007055392ns5:FurnitureFittings2024-04-3007055392ns5:MotorVehicles2024-04-3007055392ns5:LandBuildings2023-04-3007055392ns5:FurnitureFittings2023-04-3007055392ns5:MotorVehicles2023-04-3007055392ns5:CostValuation2023-04-3007055392ns5:DisposalsRepaymentsInvestments2024-04-3007055392ns5:CostValuation2024-04-3007055392ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3007055392ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-3007055392ns10:OrdinaryShareClass12024-04-3007055392ns5:RetainedEarningsAccumulatedLosses2023-04-30
REGISTERED NUMBER: 07055392 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2024

for

Pendine Park Care Organisation Ltd

Pendine Park Care Organisation Ltd (Registered number: 07055392)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Income Statement 12

Other Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 15

Cash Flow Statement 16

Notes to the Cash Flow Statement 17

Notes to the Financial Statements 18


Pendine Park Care Organisation Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M F Kreft
Mrs G H Kreft





REGISTERED OFFICE: Bromfield House
Ellice Way
Wrexham Technology Park
Wrexham
LL13 7YW





REGISTERED NUMBER: 07055392 (England and Wales)





AUDITORS: Pritchett & Co Business Advisers Limited
Chartered Accountants and Statutory Auditors
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Pendine Park Care Organisation Ltd ('the Company') was established in 1985 and trades from locations in Wrexham, NE Wales and Caernarfon, NW Wales, providing registered services for up to 450 residents with a range of physical and complex nursing needs including mental health, dementia, younger adult services and companion living care apartments.

The Company meets widely accepted challenges of the social care sector, within the North Wales economic landscape, by adopting a business model which combines above sector average levels of occupancy and higher average fees and external training services. This strategy, coupled with cost controls, generates funds for continuous reinvestment in facilities equipment and the environment, care services, and in a highly trained and valued workforce skilled in delivering often complex care services and all within a reasonable ratio of wages to fees, and value for money for the publicly funded services.

The Company is a founding member of Care Forum Wales ('CFW') which is the recognised voice of the Independent Care Sector in Wales. CFW works closely with Welsh Government and associated membership organisations across UK & Eire in the 5 Nations Care Forum. In the pandemic the Welsh Government recognised social care as the 'scaffold which supports the NHS ', provided Covid support and was the first to assure funding for the real living wage and associated wages costs for social care workers. Government support at this level is again in the spotlight as the sector meets the challenges presented by the Autumn Budget 2024.

The Company's subsidiary, The Pendine Academy of Social Care Ltd, provides vocational qualifications to the care sector in North Wales as well as facilitating significant levels of 'in house' bespoke training, including mandatory training, care practice, clinical practice and our Enriching Lives program as well as other regular training programs including induction, team leader training promoting leadership and management skills, bespoke care plan training to meet complex needs, clinical care practitioner training and clinical support for senior and primary nurses. Our Academy which also manages varied collaborations with recruitment organisations and educational institutions including an Open University program training registered nurses in a social care setting, now in its 4th cohort.

People are at the heart of the Company's business strategy. Our 'enriching lives across the generations' philosophy, enriches the lives of residents, their friends and families, our staff and our wider community, locally, regionally and nationally and is delivered in two main ways. First through the values beliefs and cultures embedded in everyday life by the Pendine team, and secondly through the Pendine Arts & Community Trust ('PACT').

PACT is a virtual trust giving a structure and brand to the Company's wide and varied community engagements which supports Arts and Community based organisations across Wales and beyond and has been widely recognised. Most recently Pendine achieved 3 gold winners at the Wales Care Awards in 2024. Another relevant award was the Arts & Business Cymru Award 2019 for promoting health and well-being in Wales, and nominated again in 2023. Many other collaborations exist including long standing relationships with the Halle Orchestra, Llangollen International Music Festival, Welsh National Opera, North Wales International Music Festival and numerous other charities and community engagements. These collaborations continue to enrich lives across the generations and through the Welsh language and culture and all will engage in the 'Pendine at 40' celebrations in 2025.



Pendine Park Care Organisation Ltd (Registered number: 07055392)

Strategic Report
for the Year Ended 30 April 2024

Forward Look 2024/25 and beyond

The Company's pre pandemic plans to build a new care home are still on the drawing board. The project now has full planning permission. A new build would create new services, or a reorganisation of services in Wrexham, and new jobs. Market conditions remain under review.

Operationally the Company continues to focus on the 4 strategic areas promoted by Care Inspectorate Wales ('CIW') , Care & Support, Well-Being & Enriching Lives, Leadership and the Environment. Each strategy provides the foundation for, a sustainable future, underpinning the business model and reassuring the Pendine Community as a whole. Throughout 2023 and 2024 the Company conducted compliance reviews across all operational areas and CIW completed a full round of inspections. These compliance reviews included significant updates to Data Protection processes and training. The Company will continue to build on these encouraging outcomes in 2025.

Staffing Levels are positive although not taken for granted. Key roles and supporting roles have been enhanced during 2024 and in 2025 the Company will focus again on internal training for retention and quality of care and succession planning.


Business Review Risks and Challenges

A summary of key management information compared to the leading sector benchmarking Knight Frank Annual Care Home Reviews (KF Review) is as follows:

Year Ended 30 April 2019 2020 2021 2022 2023 2024
Occupancy
PPCO 97% 96% 90% 94% 98% 99%

KF Review

89%

88%

79%

83%

86%
Not yet
available

Wages to Turnover

PPCO

60.5%

62.8%
61.4
%

58.9%
60.8
%

60.7%

KF Review

58.6%

58.0%
60.2
%

59.0%
59.0
%
Not yet
available


Repairs, Refurb & Capital

£1.2m

£1.7M
£0.7
m
£1.03
m
£0.6
m

£0.9m

Training
(internal/external)

Cost £191k
Attendees and Hours 7,662 10,944 Hrs
Trainer Sessions and Hours 2,539 3,337 Hrs

Open University Programme
Costs

£64k

£17k (2023)





Pendine Park Care Organisation Ltd (Registered number: 07055392)

Strategic Report
for the Year Ended 30 April 2024


Principle Business Risks

- Staffing levels and recruitment and retention remain a continuous focus. The Company does not rely on agency staffing.

- Managing Public Sector Funding cycles and in the context of a Real Living Wage strategy and increased wages costs of National Insurance in the Annual Budget 2024.

- Inconsistent public sector fee settings across Wales. Standard fees paid by the authorities differ greatly and some do not sufficiently fund enrichment well being and activities, nor 'state of the art' properties and 'return on capital'. Some Local Authorities and Local Health Boards have also been slow to take up Welsh Government guidance and have delayed Funding intended for the sector.

- Managing delays in Public Sector payments including the practice of halting payment for bona fide placements when the Public Sector Bodies are negotiating joint funding between themselves.

- Keeping apace of changing guidance and continuous regulatory and external pressures at the same time as meeting business need for the Company's own development for the quality of care. Regulation can operate without reference to cost implications and the inherent value of the services in real terms.

- Increasing levels of client physical and mental health frailty and dependency.

- Increasing demand for services compromised by hospital discharge procedures.

- Relatively small private market further exacerbated when private clients, whose health needs deteriorate, move onto Continuing Healthcare NHS Funding at a lower fee.

- Managing inflation and the escalation of core running costs including food prices and household supplies, utilities and medical supplies. The Company is alert to the risk of inflation arising from the Annual Budget 2024.

- Data Protection and Cyber security require constant management and investment. The Company has achieved Cyber Essentials Plus accreditation.


Employee Involvement and Employment of Disabled Persons

The Company regards communication with its employees as essential and continues to engage regularly with employees, providing information and support on all matters with regards to their health and wellbeing and the impact of Government Regulations on life at Pendine, at home and in the wider community. Bulletins commenced in the early days of March 2020 and have now surpassed 500.Staff views are canvassed through training and induction, surveys, forums, regular supervision and appraisal processes. Information is given to employees about employment matters and about the financial and economic factors affecting the Company's performance through management channels. The Company is a mindful employer, and adheres to an Employers Charter pledge, and employees are encouraged to discuss operational and strategic issues with their line management and at team events. In 2022 about 600 eligible staff were supported to register with Social Care Wales for the first time and re registrations are now underway.


Pendine Park Care Organisation Ltd (Registered number: 07055392)

Strategic Report
for the Year Ended 30 April 2024

Subsequent to the year end, an employee survey was undertaken, with certain questions being asked. The results of the survey (agree/strongly agree) can be summarised as:

- Are you supported to work at your best - 92%
- Are you well informed - 89%
- Are you trained well - 98%
- Is the induction effective - 95%
- The importance of supervision - 97%
- Is there a belief in value/cultures - 96%
- Are you able to express views - 92%
- Are you aware of opportunities - 88%

The Company is committed to providing equal opportunities to employees. The employment of disabled persons is included in this commitment and the recruitment, training, career development and promotion is based on the aptitudes and abilities of the individual.

ON BEHALF OF THE BOARD:





M F Kreft - Director


17 December 2024

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 was £9,000,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

M F Kreft
Mrs G H Kreft

STREAMLINED ENERGY AND CARBON REPORTING

The scope of emissions include in the report is Electricity, Natural Gas and Direct Transport.

This report is aligned with the GHG Protocol methodology.

The GHG Protocol establishes comprehensive global standardised frameworks to measure and manage greenhouse gas (GHG) emissions from private and public sector operations, value chains and mitigation actions. The framework has been in use since 2001, and forms a recognised structured format, to calculate a carbon footprint.

Based on actual usage information, the company has consumed 4,788,828 KWH in natural gas (2023 - 4,793,261 KWH), 1,115,699 KWH in electricity (2023 - 1,107,663 KWH) and 83,418 KWH (2023 - 84,731) in transport.

In total, this equates to 1,127 tCO2e for 2024 (896 tCO2e (Scope 1) and 231 tCO2e (Scope 2)). In 2023, the total equated to 1,110 tCO2e (895 tCO2e (Scope 1) and 214 tCO2e (scope 2)).

The intensity is calculated as the total tCO2e emitted divided by the number of beds, which gives 2.56 in 2024 and 2.52 in 2023.

We are fully committed to corporate social responsibility, operating in accordance with best practice and bringing social value to all communities in which we work. The vision of the company is to continue to invest in its operational infrastructure. In refurbishment projects and future building work projects, we aim to be sustainable and innovative in reducing our environmental impact in order to build towards a greener future.
We improve business energy efficiency by:


• Continual review of energy usage;
• Replacement with energy efficient lighting through all sites;
• Investment in energy efficient equipment were possible.

In addition, we are committed to mitigate greenhouse gas emissions through conservation projects, including planting trees, planting hedgerows and regenerative agriculture.


Pendine Park Care Organisation Ltd (Registered number: 07055392)

Report of the Directors
for the Year Ended 30 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Pritchett & Co Business Advisers Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M F Kreft - Director


17 December 2024

Report of the Independent Auditors to the Members of
Pendine Park Care Organisation Ltd

Opinion
We have audited the financial statements of Pendine Park Care Organisation Ltd (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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.

Report of the Independent Auditors to the Members of
Pendine Park Care Organisation Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 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.

Report of the Independent Auditors to the Members of
Pendine Park Care Organisation Ltd


Auditors' 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 a Report of the Auditors 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:

However, 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;

• Obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the charitable company operates in and how the charitable company is complying with the legal and regulatory frameworks;

• Inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud;

• Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered outside the normal course of business, and challenging judgements and estimates.

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

Report of the Independent Auditors to the Members of
Pendine Park Care Organisation Ltd


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 a Report of the Auditors 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.




Andrew Morris (Senior Statutory Auditor)
for and on behalf of Pritchett & Co Business Advisers Limited
Chartered Accountants and Statutory Auditors
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

17 December 2024

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Income Statement
for the Year Ended 30 April 2024

30/4/24 30/4/23
Notes £    £    £    £   

TURNOVER 31,197,450 26,759,352

Cost of sales 20,104,408 17,489,562
GROSS PROFIT 11,093,042 9,269,790

Administrative expenses 2,328,058 (4,909,961 )
8,764,984 14,179,751

Other operating income 300,892 143,369
OPERATING PROFIT 4 9,065,876 14,323,120

Income from shares in group
undertakings

190,000

-
Interest receivable and similar
income

117,814

50,678
307,814 50,678
9,373,690 14,373,798

Interest payable and similar
expenses

5

-

49,633
PROFIT BEFORE TAXATION 9,373,690 14,324,165

Tax on profit 6 2,144,725 1,249,604
PROFIT FOR THE FINANCIAL
YEAR

7,228,965

13,074,561

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Other Comprehensive Income
for the Year Ended 30 April 2024

30/4/24 30/4/23
Notes £    £   

PROFIT FOR THE YEAR 7,228,965 13,074,561


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

7,228,965

13,074,561

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Balance Sheet
30 April 2024

30/4/24 30/4/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 481,464 466,567
Investments 10 1 201
481,465 466,768

CURRENT ASSETS
Stocks 11 107,587 121,551
Debtors 12 2,607,196 3,322,659
Cash at bank and in hand 2,242,447 2,699,489
4,957,230 6,143,699
CREDITORS
Amounts falling due within one year 13 3,489,962 2,890,699
NET CURRENT ASSETS 1,467,268 3,253,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,948,733

3,719,768

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Retained earnings 15 1,947,733 3,718,768
SHAREHOLDERS' FUNDS 1,948,733 3,719,768

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2024 and were signed on its behalf by:





M F Kreft - Director


Pendine Park Care Organisation Ltd (Registered number: 07055392)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1,000 27,644,207 27,645,207

Changes in equity
Dividends - (37,000,000 ) (37,000,000 )
Total comprehensive income - 13,074,561 13,074,561
Balance at 30 April 2023 1,000 3,718,768 3,719,768

Changes in equity
Dividends - (9,000,000 ) (9,000,000 )
Total comprehensive income - 7,228,965 7,228,965
Balance at 30 April 2024 1,000 1,947,733 1,948,733

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Cash Flow Statement
for the Year Ended 30 April 2024

30/4/24 30/4/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 9,104,955 7,426,400
Interest paid - (49,633 )
Tax paid (1,529,460 ) (1,100,000 )
Net cash from operating activities 7,575,495 6,276,767

Cash flows from investing activities
Purchase of tangible fixed assets (295,633 ) (56,927 )
Sale of tangible fixed assets 97,506 31,794,184
Sale of fixed asset investments 200 -
Interest received 117,814 50,678
Dividends received 190,000 -
Net cash from investing activities 109,887 31,787,935

Cash flows from financing activities
Net Movement in Related Party Loan 826,700 2,227,931
Loan repayments in year - (4,117,940 )
Net Movement in Directors Loans 30,876 -
Equity dividends paid (9,000,000 ) (37,000,000 )
Net cash from financing activities (8,142,424 ) (38,890,009 )

Decrease in cash and cash equivalents (457,042 ) (825,307 )
Cash and cash equivalents at
beginning of year

2

2,699,489

3,524,796

Cash and cash equivalents at
end of year

2

2,242,447

2,699,489

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30/4/24 30/4/23
£    £   
Profit before taxation 9,373,690 14,324,165
Depreciation charges 176,823 174,173
Loss/(profit) on disposal of fixed assets 6,408 (7,122,877 )
Finance costs - 49,633
Interest received (307,814 ) (50,678 )
9,249,107 7,374,416
Decrease in stocks 13,964 25,843
(Increase)/decrease in trade and other debtors (103,050 ) 617,835
Decrease in trade and other creditors (55,066 ) (591,694 )
Cash generated from operations 9,104,955 7,426,400

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 2,242,447 2,699,489
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 2,699,489 3,524,796


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 2,699,489 (457,042 ) 2,242,447
2,699,489 (457,042 ) 2,242,447
Total 2,699,489 (457,042 ) 2,242,447

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Pendine Park Care Organisation Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business and amortised over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land & Buildings - 0% / 10% on cost
Fixtures, fittings & equipment - 20% on cost
Motor vehicles - 15% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Pendine Park Care Organisation Ltd (Registered number: 07055392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30/4/24 30/4/23
£    £   
Wages and salaries 18,331,770 15,944,948
Social security costs 70,690 60,428
Other pension costs 299,817 260,633
18,702,277 16,266,009

The average number of employees during the year was as follows:
30/4/24 30/4/23

Management 29 22
Other 778 782
807 804

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS - continued

30/4/24 30/4/23
£    £   
Directors' remuneration 21,614 21,198

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/4/24 30/4/23
£    £   
Other operating leases 138,800 107,629
Depreciation - owned assets 176,822 174,172
Loss/(profit) on disposal of fixed assets 6,408 (7,122,877 )
Auditors' remuneration 7,850 7,850

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/4/24 30/4/23
£    £   
Covid loan interest - 49,633

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/4/24 30/4/23
£    £   
Current tax:
UK corporation tax 2,152,913 1,227,080

Deferred tax (8,188 ) 22,524
Tax on profit 2,144,725 1,249,604

7. DIVIDENDS
30/4/24 30/4/23
£    £   
Ordinary shares of 1 each
Interim 9,000,000 37,000,000

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 4,975,000 2,488 4,977,488
AMORTISATION
At 1 May 2023
and 30 April 2024 4,975,000 2,488 4,977,488
NET BOOK VALUE
At 30 April 2024 - - -
At 30 April 2023 - - -

9. TANGIBLE FIXED ASSETS
Fixtures,
Land & fittings Motor
Buildings & equipment vehicles Totals
£    £    £    £   
COST
At 1 May 2023 102,214 2,893,768 51,965 3,047,947
Additions - 287,239 8,394 295,633
Disposals (102,214 ) - (6,375 ) (108,589 )
At 30 April 2024 - 3,181,007 53,984 3,234,991
DEPRECIATION
At 1 May 2023 - 2,546,736 34,644 2,581,380
Charge for year - 172,128 4,694 176,822
Eliminated on disposal - - (4,675 ) (4,675 )
At 30 April 2024 - 2,718,864 34,663 2,753,527
NET BOOK VALUE
At 30 April 2024 - 462,143 19,321 481,464
At 30 April 2023 102,214 347,032 17,321 466,567

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023 201
Disposals (200 )
At 30 April 2024 1
NET BOOK VALUE
At 30 April 2024 1
At 30 April 2023 201

As at 30 April 2024, the company owned 100% of the share capital of:

- The Pendine Academy of Social Care Limited (trading).

11. STOCKS
30/4/24 30/4/23
£    £   
Stocks 107,587 121,551

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade debtors 1,272,751 1,090,122
Amounts owed by group undertakings 771,191 1,597,892
Other debtors 85,025 179,282
Deferred tax asset 321,528 313,340
Prepayments 156,701 142,023
2,607,196 3,322,659

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade creditors 261,758 270,434
Tax 1,253,387 629,934
Social security and other taxes 355,436 324,882
Other creditors 1,381,032 1,223,240
Directors' loan accounts 47,764 16,888
Accruals 190,585 425,321
3,489,962 2,890,699

Pendine Park Care Organisation Ltd (Registered number: 07055392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/4/24 30/4/23
value: £    £   
1,000 Ordinary 1 1,000 1,000

15. RESERVES
Retained
earnings
£   

At 1 May 2023 3,718,768
Profit for the year 7,228,965
Dividends (9,000,000 )
At 30 April 2024 1,947,733

16. RELATED PARTY DISCLOSURES

The immediate and ultimate parent company is Grosvenor Living Limited, a company incorporated in England and Wales.

The ultimate controlling party is Mr MF and Mrs GH Kreft, being the 100% shareholders of Grosvenor Living Limited.

Included in debtors is an amount of £28,738 (2023: £112,199 creditor) owed by The Pendine Academy of Social Care Ltd.

Also included in debtors is an amount of £742,453 (2023: £1,485,693) owed by Grosvenor Living Limited.

The balance owed to Mr MF and Mrs GH Kreft as at 30 April 2024 £47,764 was £16,888 (2023: £16,888). Mr MF and Mrs GH Kreft have a legal charge over the companies assets.