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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: S Kennedy
B Kennedy



SECRETARY: S Kennedy



REGISTERED OFFICE: Priory House
479 Godstone Road
Whyteleafe
Surrey
CR3 0BL



REGISTERED NUMBER: 02565736 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Joanne Brown



AUDITORS: Sargeant Partnership LLP
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:





S Kennedy - Director


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 B.K. Limited to Priory Group Holdings Limited.

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.

S Kennedy
B Kennedy

Other changes in directors holding office are as follows:

Mrs P Kennedy - resigned 20 February 2024

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:





S Kennedy - Director


31 January 2025

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.




Joanne Brown (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

31 January 2025

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

354,414

296,168
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 9 582,843 583,824
Investments 10 221,383 221,383
804,226 805,207

CURRENT ASSETS
Debtors 12 134,932 162,786
Cash at bank 6,355 35,920
141,287 198,706
CREDITORS
Amounts falling due within one year 13 54,960 12,755
NET CURRENT ASSETS 86,327 185,951
TOTAL ASSETS LESS CURRENT
LIABILITIES

890,553

991,158

PROVISIONS FOR LIABILITIES 16 16,382 11,307
NET ASSETS 874,171 979,851

CAPITAL AND RESERVES
Called up share capital 17 60 80
Capital redemption reserve 18 40 20
Retained earnings 18 874,071 979,751
SHAREHOLDERS' FUNDS 874,171 979,851

Company's (loss)/profit for the financial
year

(30,680

)

83,895

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 80 982,023 20 982,123

Changes in equity
Dividends - (86,167 ) - (86,167 )
Total comprehensive income - 83,895 - 83,895
Balance at 30 April 2023 80 979,751 20 979,851

Changes in equity
Issue of share capital (20 ) - - (20 )
Total comprehensive income - (105,680 ) 20 (105,660 )
Balance at 30 April 2024 60 874,071 40 874,171

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% per annum on cost and not provided
Long leasehold - 10% per annum on cost
Plant and machinery - 25% per annum on reducing balance and 10% per annum on cost
Fixtures and fittings - 25% per annum on reducing balance
Motor vehicles - 25% per annum on reducing balance

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

57 55

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 590,824 61,427 2,696 19,333 674,280
Additions - - - 19,500 19,500
At 30 April 2024 590,824 61,427 2,696 38,833 693,780
DEPRECIATION
At 1 May 2023 84,683 2,842 112 2,819 90,456
Charge for year 5,908 6,143 646 7,784 20,481
At 30 April 2024 90,591 8,985 758 10,603 110,937
NET BOOK VALUE
At 30 April 2024 500,233 52,442 1,938 28,230 582,843
At 30 April 2023 506,141 58,585 2,584 16,514 583,824

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 221,383
NET BOOK VALUE
At 30 April 2024 221,383
At 30 April 2023 221,383

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Priory Mechanical Services Limited
Registered office:
Nature of business: Plumbing, heating and air conditioning installation
%
Class of shares: holding
Ordinary 100.00

Priory Environmental Services Limited
Registered office:
Nature of business: Water Collection, Treatment And Supply
%
Class of shares: holding
Ordinary 100.00


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 - - - 64,730
Amounts owed by associates 164,819 47,560 - -
Other debtors 60,193 12,177 36,913 1,018
Directors' loan accounts 90,169 86,425 74,786 74,786
Tax 20,581 20,581 20,581 20,581
VAT 499,089 148,551 2,174 1,242
Prepayments and accrued income 2,728,118 2,352,931 478 429
5,593,449 4,484,678 134,932 162,786

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 9,962 3,235
Amounts owed to group undertakings - - 5,570 -
Amounts owed to associates - 69,159 33,851 -
Tax 265,355 173,388 2 3,912
Social security and other taxes 146,189 115,947 - -
Other creditors 4,917 6,045 108 -
Directors' loan accounts - 108 - 108
Accruals and deferred income 70,335 80,240 5,467 5,500
5,199,947 3,660,872 54,960 12,755

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 11,307
Deferred tax movement 5,075
Balance at 30 April 2024 16,382

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 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 979,751 20 979,771
Deficit for the year (30,680 ) (30,680 )
Purchase of own shares (75,000 ) 20 (74,980 )
At 30 April 2024 874,071 40 874,111


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.