Registration number:
Peverel Court Limited
for the Year Ended 29 February 2024
Peverel Court Limited
Company Information
Directors |
Mr A Dhanani Mr S Dhanani Mrs K K Dhanani |
Registered office |
|
Solicitors |
|
Auditors |
|
Peverel Court Limited
Strategic Report for the Year Ended 29 February 2024
The directors present their strategic report for the year ended 29 February 2024.
Principal activity
The principal activity of the company is that of a nursing home.
Fair review of the business
Peverel Court Ltd continues to show a healthy growth in key underlying financial results. The additional revenue streams arising from the additional capacity created in 2018 are now well established and organic fee growth since completion of the most recent phase of development can be seen in this year’s revenue, increasing by 10% on last year.The inflationary pressure on operational costs resulting from the additional capacity has now settled.
All other performance drivers remain stable with repairs and maintenance costs now running consitent with 2022 following the second phase of extension development.
Principal risks and uncertainties
The principal risk remains the supply constraint in the labour market pushing up wage prices. An overview of the Company’s compensation alongside the development of a comprehensive recruitment and retention package is expected to neutralise much of the downside risk.
Local authority reluctance to increase fees to ‘fair value’ let alone in line with cost pressures faced by the industry and an increasingly large aged demographic putting pressure on their limited resources, all mean it is unlikely we will see any substantial growth in this area of the market. Whilst the Company hosts primarily private payers, the private market across the industry continues to subsidise the local authority market underpinned by high levels of wealth inherent in this demographic in the form of residential assets.
Successive governments remain reluctant to address the disparity, fearing political fallout amongst a sizeable voting populace in trying to bridge the funding gap. How the Government eventually tackles this disparity and its resultant impact on the industry remains an uncertainty. Measures taken may resemble the likes of the obligation of companies to contribute up to 3% towards employee pensions. We expect there will be a resultant cost impact borne somewhere.
The burden of administration in meeting ever increasing regulation remains significant but any concern is tempered by the relatively small proportion of operational costs this area accounts for.
Regulators reluctance to be seen as responsible for any failings have meant that their operational guidance over the years has become increasingly ambiguous leaving care homes increasingly at risk of misinterpreting guidelines and falling foul of regulators. The Company continues to advocate and maintain healthy relationships with regulators mitigating any such downside risk.
Approved and authorised by the
Peverel Court Limited
Strategic Report for the Year Ended 29 February 2024
......................................... |
Peverel Court Limited
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Peverel Court Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Peverel Court Limited
Independent Auditor's Report to the Members of Peverel Court Limited
Opinion
We have audited the financial statements of Peverel Court Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 29 February 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.
Peverel Court Limited
Independent Auditor's Report to the Members of Peverel Court Limited
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Peverel Court Limited
Independent Auditor's Report to the Members of Peverel Court Limited
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:
• Enquiry of management, those charged with governance around actual and potential litigation and claims;
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Oxford
OX1 3LE
Peverel Court Limited
Profit and Loss Account for the Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
(793,168) |
(577,167) |
|
Other operating expenses |
- |
(1,294,507) |
|
Other gains/losses |
16,266 |
- |
|
Other operating income |
|
|
|
Operating profit/(loss) |
|
( |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(323,926) |
(97,757) |
||
Profit/(loss) before tax |
|
( |
|
Taxation |
( |
|
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
Peverel Court Limited
Statement of Comprehensive Income for the Year Ended 29 February 2024
2024 |
2023 |
|
Profit/(loss) for the year |
|
( |
Surplus on property, plant and equipment revaluation |
- |
|
Total comprehensive income for the year |
|
( |
Peverel Court Limited
(Registration number: 03374742)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Revaluation reserve |
1,119,133 |
1,133,605 |
|
Retained earnings |
1,193,221 |
1,211,545 |
|
Shareholders' funds |
2,313,354 |
2,346,150 |
Approved and authorised by the
......................................... |
Peverel Court Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 March 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Transfers |
- |
(14,472) |
14,472 |
- |
At 29 February 2024 |
|
|
|
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 March 2022 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
|
- |
|
Total comprehensive income |
- |
|
( |
( |
Dividends |
- |
- |
( |
( |
Transfers |
- |
(14,472) |
14,472 |
- |
At 28 February 2023 |
1,000 |
1,133,605 |
1,211,545 |
2,346,150 |
Peverel Court Limited
Statement of Cash Flows for the Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit/(loss) for the year |
|
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
- |
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Income tax expense |
85,318 |
( |
|
|
( |
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Increase in deferred income, including government grants |
|
- |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
( |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 March |
|
|
|
Cash and cash equivalents at 29 February |
204,940 |
152,847 |
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Peverel Court
Portway Road
Stone
Aylesbury
HP17 8RP
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Government grants
The company received government grants as part of Coronavirus Infection Control measures. These grants are recognised using the accruals model and as such are recorded in the profit and loss account in the period in which the company is entitled to such grants.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Land and buildings are initially recognised at cost. Freehold land is subsequently carried at the revalued amount less accumulated impairment losses. Buildings are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses.
Land and buildings are revalued by the directors whenever their carrying amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset.
Increases in carrying amounts arising from revaluation, including currency translation differences, are recognised in the asset revaluation reserve, unless they offset previous decreases in the carrying amounts of the same asset, in which case, they are recognised in profit or loss. Decreases in carrying amounts that offset previous increases of the same asset are recognised against the asset revaluation reserve. All other decreases in carrying amounts are recognised as a loss in the statement of comprehensive income
All other tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land |
Nil |
Freehold buildings |
2% straight line basis |
Equipment |
10% straight line basis |
Motor vehicles |
20% straight line basis |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development |
33.3% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
Other revenue |
|
- |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|
Government grants |
|
|
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain on disposal of Tangible assets |
|
- |
Operating profit/(loss) |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
( |
- |
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
|
- |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
Other finance costs |
- |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
( |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense/(receipt) in the income statement |
|
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax credit relating to changes in tax rates or laws |
( |
- |
Tax decrease from other tax effects |
( |
- |
Total tax charge/(credit) |
|
( |
Intangible assets |
Website |
Total |
|
Cost or valuation |
||
At 1 March 2023 |
|
|
At 29 February 2024 |
|
|
Amortisation |
||
At 1 March 2023 |
|
|
At 29 February 2024 |
|
|
Carrying amount |
||
At 29 February 2024 |
- |
- |
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 March 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
- |
( |
( |
At 29 February 2024 |
|
|
|
|
Depreciation |
||||
At 1 March 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 29 February 2024 |
|
|
|
|
Carrying amount |
||||
At 29 February 2024 |
|
|
|
|
At 28 February 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £5,214,505 (2023 - £5,252,957) in respect of freehold land and buildings and £28,073 (2023 - £4,258) in respect of short leasehold land and buildings.
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Revaluation
The fair value of the company's land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Motor vehicles |
52,863 |
65,152 |
Restriction on title and pledged as security
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
- |
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
- |
|
Cash at bank |
|
|
|
|
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
- |
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
120,021 |
146,914 |
|
Deferred income |
|
- |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 29 February 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
- |
Hire purchase contracts |
|
|
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Bank borrowings
The lender holds a legal charge over the company's land and buildings and a debenture as security for the bank loans.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
Peverel Court Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|||
Interim dividend of £ |
|
|
||
Related party transactions |
Loans from directors
2024 |
Director 1 |
Director 2 |
Director 3 |
Total |
At start and end of period |
|
|
|
|
|
2023 |
Director 1 |
Director 2 |
Director 3 |
Total |
At start of period |
|
( |
( |
( |
Advanced |
|
|
|
|
At end of period |
114,100 |
121,800 |
114,099 |
349,999 |
|
Interest is charged by the company at the official rate of interest.
Merryfield Home Limited
(Common Directors and Shareholders)
During the year, £35,669 (2023: (£63,902) was recharged from the company from Merryfield Home Limited.
The Stone House Home Limited
(Common Directors and Shareholders)
During the year, £758,495 (2023: £210,465) was recharged from The Stone House Home Limited to the company.
Peverel Court Limited
Detailed Profit and Loss Account for the Year Ended 29 February 2024
2024 |
2023 |
|
Turnover (analysed below) |
4,157,562 |
3,889,286 |
Gross profit (%) |
100% |
100% |
Distribution costs (analysed below) |
(2,891,681) |
(2,528,517) |
Administrative expenses |
||
Employment costs (analysed below) |
(15,420) |
(8,292) |
Establishment costs (analysed below) |
(274,402) |
(186,213) |
General administrative expenses (analysed below) |
(341,672) |
(211,860) |
Finance charges (analysed below) |
(2,538) |
(2,794) |
Depreciation costs (analysed below) |
(159,136) |
(168,008) |
Other expenses (analysed below) |
16,266 |
(1,294,507) |
(776,902) |
(1,871,674) |
|
Other operating income (analysed below) |
296,343 |
285,659 |
Operating profit/(loss) |
785,322 |
(225,246) |
Other interest receivable and similar income (analysed below) |
60 |
- |
Interest payable and similar charges (analysed below) |
(323,986) |
(97,757) |
(323,926) |
(97,757) |
|
Profit/(loss) before tax |
461,396 |
(323,003) |
Peverel Court Limited
Detailed Profit and Loss Account for the Year Ended 29 February 2024
2024 |
2023 |
Turnover |
||
Fees |
4,154,862 |
3,889,286 |
Other revenue |
2,700 |
- |
4,157,562 |
3,889,286 |
Distribution costs |
||
Wages and salaries (excluding directors) |
(2,140,226) |
(1,867,858) |
Staff NIC (Employers) |
(209,657) |
(184,860) |
Directors remuneration |
(21,973) |
(9,074) |
Directors NIC (Employers) |
(1,672) |
- |
Staff pensions (Defined contribution) |
(49,141) |
(42,884) |
Subcontract cost |
(48,485) |
(65,915) |
Provisions |
(162,933) |
(117,312) |
Medical expenses |
(28,116) |
(21,596) |
Hire of plant and machinery (Operating leases) |
(12,047) |
(14,483) |
Travelling |
(65,989) |
(53,190) |
Advertising |
(86,014) |
(100,189) |
Head Office Costs |
(13,009) |
(16,071) |
Cleaning |
(43,426) |
(35,085) |
Depreciation of motor vehicles |
(8,993) |
- |
(2,891,681) |
(2,528,517) |
Employment costs |
||
Staff training |
(15,420) |
(8,292) |
Establishment costs |
||
Rent |
(5,040) |
- |
Rates |
(26,847) |
(4,534) |
Light, heat and power |
(111,613) |
(73,214) |
Insurance |
(41,187) |
(37,330) |
Repairs and maintenance |
(84,531) |
(71,135) |
Repairs and renewals |
(5,184) |
- |
(274,402) |
(186,213) |
General administrative expenses |
||
Telephone and fax |
(23,038) |
(28,607) |
Computer software and maintenance costs |
(14,276) |
- |
Printing, postage and stationery |
(10,885) |
(5,137) |
Peverel Court Limited
Detailed Profit and Loss Account for the Year Ended 29 February 2024
2024 |
2023 |
Charitable donations |
(18,624) |
- |
Sundry expenses |
(42,016) |
(36,396) |
Car hire (Operating leases) |
- |
(19,016) |
Vineyard research costs |
(16,800) |
- |
Staff and residents entertainment |
(79,110) |
(38,111) |
Staff entertaining (allowable for tax) |
(20,075) |
- |
Customer entertaining (disallowable for tax) |
(8,861) |
- |
Accountancy fees |
(30,808) |
(21,416) |
Recruitment costs |
(38,168) |
(22,059) |
Legal and professional fees |
(39,011) |
(41,118) |
(341,672) |
(211,860) |
Finance charges |
||
Bank charges |
(2,538) |
(2,794) |
Depreciation costs |
||
Depreciation of freehold property |
(100,643) |
(98,804) |
Depreciation of Land Improvements |
(1,930) |
(349) |
Depreciation of fixtures and fittings (owned) |
(39,513) |
(39,694) |
Depreciation of motor vehicles (owned) |
(17,050) |
(29,161) |
(159,136) |
(168,008) |
Other expenses |
||
Inter-company balance write off |
- |
(1,294,507) |
(Profit)/loss on disposal of tangible fixed assets |
16,266 |
- |
16,266 |
(1,294,507) |
Other operating income |
||
Management charges receivable |
281,343 |
273,020 |
Government grants receivable |
15,000 |
12,639 |
296,343 |
285,659 |
Other interest receivable and similar income |
||
Other interest receivable |
60 |
- |
Peverel Court Limited
Detailed Profit and Loss Account for the Year Ended 29 February 2024
2024 |
2023 |
Interest payable and similar expenses |
||
Bank interest payable - JVs |
(366) |
(238) |
Bank loan interest payable |
(272,123) |
(77,311) |
Hire purchase interest |
(3,739) |
- |
Hire purchase interest |
48 |
(7,636) |
Other interest payable |
(47,806) |
(3,758) |
Other interest payable - JVs |
- |
(8,814) |
(323,986) |
(97,757) |