REGISTERED NUMBER: 02565736 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
PRIORY GROUP HOLDINGS LIMITED |
REGISTERED NUMBER: 02565736 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
PRIORY GROUP HOLDINGS LIMITED |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
PRIORY GROUP HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Joanne Brown |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The group has had a successful 2024, continuing to trade out of the property that we own and which provides the perfect base for the group to continue to maintain and grow our presence in London's high quality residential market which has also led on to opportunities in high end hospitality, education and science projects. |
We are fortunate to have built up a robust client base over the last 50 years, which has enabled us to work on some very prestigious projects in London and surrounding areas. In comparison to many firms in our sector the group employ's the majority of our skilled operatives that contribute to the successful delivery of our projects. We work hard on developing relationships with our supply chains, ensuring any third party representing the group can maintain our high standards. |
The group is committed to training the next generation of engineers with opportunity's for apprenticeships across the board in our business. We see the lack of skilled trained operatives as a potential risk in future years which we will continue to invest to help mitigate the risk whist providing job opportunities and training. |
The tendering opportunities and subsequent hit rate in securing projects continues to maintain buoyant despite the disruption and impact caused by the COVID-19 Pandemic and war in Ukraine. There has been a direct impact on the cost of materials causing extraordinary price increases which caused a negative impact on the margins of fixed price contract. Priory have been more aware and cautious in our approach to entering into fixed price contracts for works in 2024/25. |
Despite a challenging year, we are pleased with the profit margins which indicates we are being competitive in the market place whilst highlighting a risk in reducing margins to secure projects if required. We maintain a strong cash position entering into 2024/25, with no outside long term investment being relied upon. |
We have a strong secured order book for 2024/25 which consist of nearly all repeat clients. |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
In the course of normal business, the group continually assesses significant risks faced and takes action to mitigate the potential impact. The following risks constitute (in the opinion of the directors) the principal risks and uncertainties currently facing the group: |
Reputational Risk |
With the group expanding and growing its exposure, this creates reputational risk through a bad review relating to a project. The group mitigates this risk by carrying out strong quality assurance procedures to include background checks and obtaining references with regards the people they work with. |
Operational Risk |
The current cost of living crisis which is being fuelled by inflation and rising costs is a risk for all companies', including the Priory Group. This is already being seen as something which is reducing margins within 2024. The group are very stringent in pricing up jobs and are able to get favourable terms with suppliers through their past dealings and feel that the 2024 results prove that they are able to still be competitive in an unstable economy. |
Financial Risk |
The group does not rely heavily on external funding in order to mitigate the risk of rising interest rates and financial penalties against the company. |
RESULTS AND PERFORMANCE |
KEY PERFORMANCE INDICATORS |
The directors continue to examine all aspects of the business with a view to achieving profitability. Together with senior management, they monitor all other statistical information on a regular basis to ensure that they are aware of any trends and influences on profitability using relevant key performance indicators. |
2024 | 2023 |
Revenue Growth | 12.54% | 18.44% |
Gross Profit Margin | 14.22% | 14.80% |
Net Profit after Tax | £354,414 | £296,168 |
Net Profit % | 1.67% | 1.57% |
ON BEHALF OF THE BOARD: |
31 January 2025 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
CHANGE OF NAME |
The group passed a special resolution on 2 January 2025 changing its name from |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
AUDITORS |
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRIORY GROUP HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Priory Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRIORY GROUP HOLDINGS LIMITED |
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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PRIORY GROUP HOLDINGS LIMITED |
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: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK). |
In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following: |
- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws. |
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors. We corroborated our inquiries through our review of board minutes and papers provided to the audit engagement team. |
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud; |
b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
c) Challenging assumptions and judgements made by management in its significant accounting estimates; |
d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and |
e) Assessing the extent of compliance with the relevant laws and regulations. |
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 |
PRIORY GROUP HOLDINGS LIMITED |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 21,193,957 | 18,832,234 |
Cost of sales | 18,181,149 | 16,045,645 |
GROSS PROFIT | 3,012,808 | 2,786,589 |
Administrative expenses | 2,675,262 | 2,506,644 |
337,546 | 279,945 |
Other operating income | 197,433 | 164,540 |
OPERATING PROFIT | 4 | 534,979 | 444,485 |
Interest receivable and similar income | 10,628 | 4,054 |
545,607 | 448,539 |
Interest payable and similar expenses | 5 | 5,158 | 5,226 |
PROFIT BEFORE TAXATION | 540,449 | 443,313 |
Tax on profit | 6 | 186,035 | 147,145 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 354,414 | 296,168 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 354,414 | 296,168 |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | (74,980 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(74,980 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
279,434 |
296,168 |
Total comprehensive income attributable to: |
Owners of the parent | 279,434 | 296,168 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 824,638 | 718,377 |
Investments | 10 | - | - |
824,638 | 718,377 |
CURRENT ASSETS |
Stocks | 11 | 25,768 | 23,970 |
Debtors | 12 | 5,593,449 | 4,484,678 |
Cash at bank | 1,754,205 | 1,062,261 |
7,373,422 | 5,570,909 |
CREDITORS |
Amounts falling due within one year | 13 | 5,199,947 | 3,660,872 |
NET CURRENT ASSETS | 2,173,475 | 1,910,037 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,998,113 |
2,628,414 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(122,234 |
) |
(57,175 |
) |
PROVISIONS FOR LIABILITIES | 16 | (64,329 | ) | (39,103 | ) |
NET ASSETS | 2,811,550 | 2,532,136 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 60 | 80 |
Capital redemption reserve | 18 | 40 | 20 |
Retained earnings | 18 | 2,811,450 | 2,532,036 |
SHAREHOLDERS' FUNDS | 2,811,550 | 2,532,136 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by: |
S Kennedy - Director |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital redemption reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(30,680 |
) |
83,895 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 80 | 2,322,035 | 20 | 2,322,135 |
Changes in equity |
Dividends | - | (86,167 | ) | - | (86,167 | ) |
Total comprehensive income | - | 296,168 | - | 296,168 |
Balance at 30 April 2023 | 80 | 2,532,036 | 20 | 2,532,136 |
Changes in equity |
Issue of share capital | (20 | ) | - | - | (20 | ) |
Total comprehensive income | - | 279,414 | 20 | 279,434 |
Balance at 30 April 2024 | 60 | 2,811,450 | 40 | 2,811,550 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2024 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 947,389 | (52,881 | ) |
Interest element of hire purchase payments paid |
(5,158 |
) |
(5,226 |
) |
Tax paid | (68,842 | ) | (8,007 | ) |
Net cash from operating activities | 873,389 | (66,114 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (251,656 | ) | (68,463 | ) |
Sale of tangible fixed assets | 63,923 | 16,695 |
Interest received | 10,628 | 4,054 |
Net cash from investing activities | (177,105 | ) | (47,714 | ) |
Cash flows from financing activities |
New hire purchase in year | 127,510 | - |
Capital repayments in year | (53,106 | ) | (1,066 | ) |
Amount introduced by directors | 86,425 | 87,901 |
Amount withdrawn by directors | (90,169 | ) | (86,317 | ) |
Share buyback | (75,000 | ) | - |
Equity dividends paid | - | (86,167 | ) |
Net cash from financing activities | (4,340 | ) | (85,649 | ) |
Increase/(decrease) in cash and cash equivalents | 691,944 | (199,477 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,062,261 |
1,261,738 |
Cash and cash equivalents at end of year |
2 |
1,754,205 |
1,062,261 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 540,449 | 443,313 |
Depreciation charges | 81,841 | 64,156 |
Profit on disposal of fixed assets | (368 | ) | (12,047 | ) |
Finance costs | 5,158 | 5,226 |
Finance income | (10,628 | ) | (4,054 | ) |
616,452 | 496,594 |
Increase in stocks | (1,798 | ) | (1,672 | ) |
Increase in trade and other debtors | (1,105,028 | ) | (663,147 | ) |
Increase in trade and other creditors | 1,437,763 | 115,344 |
Cash generated from operations | 947,389 | (52,881 | ) |
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 | 1,754,205 | 1,062,261 |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 1,062,261 | 1,261,738 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/5/23 | Cash flow | At 30/4/24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,062,261 | 691,944 | 1,754,205 |
1,062,261 | 691,944 | 1,754,205 |
Debt |
Finance leases | (71,385 | ) | (74,404 | ) | (145,789 | ) |
(71,385 | ) | (74,404 | ) | (145,789 | ) |
Total | 990,876 | 617,540 | 1,608,416 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Priory Group Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The financial statements consolidate the accounts of Priory Group Holdings Limited (Formerly B.K. Limited) and all of its subsidiary undertakings. |
These conform to group accounting policies. |
As a consolidated group profit and loss is published, a separate profit and loss for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group'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. |
Provisions Against Retentions |
The only key estimation of uncertainty within the financial statements is the provision against |
unreceived retentions at the finalisation of a project. There are various reasons that the full retention |
is not received which include customers going into administration or customers refusing to pay the |
full retention due to variations and defects to the original contract. |
A provision of 65% has been set against the total retentions owing balance. |
Turnover |
Revenue is recognised at the point when an application is raised. The application is either accepted or subsequently adjusted once discussed with the customer. Once this has been agreed the payment certificate and invoice are raised. |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Functional currency |
The functional currency of the Group is the Great British Pound ("GBP "). And the figures are shown to the nearest pound. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. |
Trade debtors & creditors |
Trade Debtors |
Trade Debtors are amounts due from customers for services performed or goods sold in the ordinary course of the business. |
Trade Creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the business from suppliers. Accounts payable are classified as current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,893,954 | 2,659,872 |
Social security costs | 281,957 | 270,850 |
Other pension costs | 97,939 | 124,108 |
3,273,850 | 3,054,830 |
The average number of employees during the year was as follows: |
2024 | 2023 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees by undertakings that were proportionately consolidated during the year was 57 (2023 - 55 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 25,101 | 54,348 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 1,669 | 1,669 |
Depreciation - owned assets | 55,895 | 42,402 |
Depreciation - assets on hire purchase contracts | 25,945 | 21,755 |
Profit on disposal of fixed assets | (368 | ) | (12,047 | ) |
Auditors' remuneration | 19,500 | 21,000 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Hire purchase | 5,158 | 5,226 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 160,809 | 108,042 |
Deferred tax | 25,226 | 39,103 |
Tax on profit | 186,035 | 147,145 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 540,449 | 443,313 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
135,112 |
84,229 |
Effects of: |
Expenses not deductible for tax purposes | 71,156 | 63,784 |
Capital allowances in excess of depreciation | (20,233 | ) | (1,268 | ) |
Adjustments on consolidation | - | 400 |
Total tax charge | 186,035 | 147,145 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (74,980 | ) | - | (74,980 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | - | 86,167 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 May 2023 | 590,824 | 18,000 | 121,116 |
Additions | - | - | 10,369 |
Disposals | - | - | (32,712 | ) |
At 30 April 2024 | 590,824 | 18,000 | 98,773 |
DEPRECIATION |
At 1 May 2023 | 84,683 | 3,006 | 57,755 |
Charge for year | 5,908 | 1,800 | 23,067 |
Eliminated on disposal | - | - | (23,959 | ) |
At 30 April 2024 | 90,591 | 4,806 | 56,863 |
NET BOOK VALUE |
At 30 April 2024 | 500,233 | 13,194 | 41,910 |
At 30 April 2023 | 506,141 | 14,994 | 63,361 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 3,809 | 283,779 | 1,017,528 |
Additions | - | 241,287 | 251,656 |
Disposals | - | (136,823 | ) | (169,535 | ) |
At 30 April 2024 | 3,809 | 388,243 | 1,099,649 |
DEPRECIATION |
At 1 May 2023 | 205 | 153,502 | 299,151 |
Charge for year | 924 | 50,141 | 81,840 |
Eliminated on disposal | - | (82,021 | ) | (105,980 | ) |
At 30 April 2024 | 1,129 | 121,622 | 275,011 |
NET BOOK VALUE |
At 30 April 2024 | 2,680 | 266,621 | 824,638 |
At 30 April 2023 | 3,604 | 130,277 | 718,377 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2023 | 123,941 |
Additions | 177,044 |
Disposals | (85,747 | ) |
At 30 April 2024 | 215,238 |
DEPRECIATION |
At 1 May 2023 | 50,536 |
Charge for year | 25,945 |
Eliminated on disposal | (49,824 | ) |
At 30 April 2024 | 26,657 |
NET BOOK VALUE |
At 30 April 2024 | 188,581 |
At 30 April 2023 | 73,405 |
Company |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 25,768 | 23,970 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,030,480 | 1,816,453 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 164,819 | 47,560 |
Other debtors | 60,193 | 12,177 |
Directors' loan accounts | 90,169 | 86,425 | 74,786 | 74,786 |
Tax | 20,581 | 20,581 |
VAT | 499,089 | 148,551 |
Prepayments and accrued income | 2,728,118 | 2,352,931 |
5,593,449 | 4,484,678 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 15) | 23,555 | 14,210 |
Trade creditors | 4,689,596 | 3,201,775 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | - | 69,159 | 33,851 | - |
Tax | 265,355 | 173,388 |
Social security and other taxes | 146,189 | 115,947 |
Other creditors | 4,917 | 6,045 |
Directors' loan accounts | - | 108 | - | 108 |
Accruals and deferred income | 70,335 | 80,240 |
5,199,947 | 3,660,872 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 15) | 122,234 | 57,175 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 23,555 | 14,210 |
Between one and five years | 122,234 | 57,175 |
145,789 | 71,385 |
16. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 64,329 | 39,103 | 16,382 | 11,307 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 39,103 |
Movement | 25,226 |
Balance at 30 April 2024 | 64,329 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Deferred tax movement | 5,075 |
Balance at 30 April 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 60 | 80 |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
18. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 2,532,036 | 20 | 2,532,056 |
Profit for the year | 354,414 | 354,414 |
Purchase of own shares | (75,000 | ) | 20 | (74,980 | ) |
At 30 April 2024 | 2,811,450 | 40 | 2,811,490 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 979,771 |
Deficit for the year | ( |
) | ( |
) |
Purchase of own shares | (75,000 | ) | 20 | (74,980 | ) |
At 30 April 2024 | 874,111 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date the directors owed the group £90,169 (2023: £86,317). |
During the year the directors of the group received benefits in kind totalling £261 (2023: £534). |
20. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year the group paid management fees to associate companies totalling £200,000 (2023: £213,750). |
At the balance sheet date the associated companies owed the group £164,819 (2023: £21,599). |
PRIORY GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 02565736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
21. | POST BALANCE SHEET EVENTS |
The company passed a special resolution on 2 January 2025 changing its name from B.K. Limited to |
Priory Group Holdings Limited. |
22. | ULTIMATE CONTROLLING PARTY |
The directors control the company by virtue of their majority shareholding. |