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Registration number: 03374742

Peverel Court Limited

Annual Report and Financial Statements

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

30 St Giles'
Oxford
OX1 3LE

Solicitors

Blake Morgan
Seacourt Tower
West Way
Oxford
OX2 0FB

Auditors

Wenn Townsend
Chartered Accountants and Statutory Auditor30 St Giles'
Oxford
OX1 3LE

 

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 Board on 5 February 2025 and signed on its behalf by:
 

 

Peverel Court Limited

Strategic Report for the Year Ended 29 February 2024

.........................................
Mr A Dhanani
Director

 

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:

Mr A Dhanani

Mr S Dhanani

Mrs K K Dhanani

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 Board on 5 February 2025 and signed on its behalf by:
 

.........................................
Mr A Dhanani
Director

 

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.

......................................
Anthony Haines BSc FCA (Senior Statutory Auditor)
For and on behalf of Wenn Townsend, Statutory Auditor
 30 St Giles'
Oxford
OX1 3LE

5 February 2025

 

Peverel Court Limited

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

4,157,562

3,889,286

Distribution costs

 

(2,891,681)

(2,528,517)

Administrative expenses

 

(793,168)

(577,167)

Other operating expenses

 

-

(1,294,507)

Other gains/losses

 

16,266

-

Other operating income

4

296,343

285,659

Operating profit/(loss)

6

785,322

(225,246)

Other interest receivable and similar income

7

60

-

Interest payable and similar expenses

8

(323,986)

(97,757)

 

(323,926)

(97,757)

Profit/(loss) before tax

 

461,396

(323,003)

Taxation

11

(144,192)

12,995

Profit/(loss) for the financial year

 

317,204

(310,008)

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

317,204

(310,008)

Surplus on property, plant and equipment revaluation

-

8,726

Total comprehensive income for the year

317,204

(301,282)

 

Peverel Court Limited

(Registration number: 03374742)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

5,554,448

5,515,041

Current assets

 

Stocks

14

6,012

5,791

Debtors

15

826,791

520,026

Cash at bank and in hand

 

204,940

152,847

 

1,037,743

678,664

Creditors: Amounts falling due within one year

17

(1,672,294)

(3,509,017)

Net current liabilities

 

(634,551)

(2,830,353)

Total assets less current liabilities

 

4,919,897

2,684,688

Creditors: Amounts falling due after more than one year

17

(2,278,076)

(53,358)

Provisions for liabilities

18

(328,467)

(285,180)

Net assets

 

2,313,354

2,346,150

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 Board on 5 February 2025 and signed on its behalf by:
 

.........................................
Mr A Dhanani
Director

 

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

1,000

1,133,605

1,211,545

2,346,150

Profit for the year

-

-

317,204

317,204

Total comprehensive income

-

-

317,204

317,204

Dividends

-

-

(350,000)

(350,000)

Transfers

-

(14,472)

14,472

-

At 29 February 2024

1,000

1,119,133

1,193,221

2,313,354

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 March 2022

1,000

1,139,351

1,579,082

2,719,433

Loss for the year

-

-

(310,008)

(310,008)

Other comprehensive income

-

8,726

-

8,726

Total comprehensive income

-

8,726

(310,008)

(301,282)

Dividends

-

-

(72,001)

(72,001)

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

 

317,204

(310,008)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

168,129

168,008

Profit on disposal of tangible assets

5

(16,266)

-

Finance income

7

(60)

-

Finance costs

8

323,986

97,757

Income tax expense

11

85,318

(12,995)

 

878,311

(57,238)

Working capital adjustments

 

Increase in stocks

14

(221)

(449)

(Increase)/decrease in trade debtors

15

(306,765)

605,583

Increase/(decrease) in trade creditors

17

425,388

(330,180)

Increase in deferred income, including government grants

 

102,320

-

Cash generated from operations

 

1,099,033

217,716

Income taxes paid

11

(68,924)

(49,028)

Net cash flow from operating activities

 

1,030,109

168,688

Cash flows from investing activities

 

Interest received

7

60

-

Acquisitions of tangible assets

(245,616)

(153,477)

Proceeds from sale of tangible assets

 

54,346

73,131

Net cash flows from investing activities

 

(191,210)

(80,346)

Cash flows from financing activities

 

Interest paid

8

(323,986)

(97,757)

Proceeds from bank borrowing draw downs

 

(100,389)

(198,305)

Payments to finance lease creditors

 

(12,431)

(82,994)

Dividends paid

23

(350,000)

(72,001)

Net cash flows from financing activities

 

(786,806)

(451,057)

Net increase/(decrease) in cash and cash equivalents

 

52,093

(362,715)

Cash and cash equivalents at 1 March

 

152,847

515,562

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

The principal place of business is:
Peverel Court
Portway Road
Stone
Aylesbury
HP17 8RP

These financial statements were authorised for issue by the Board on 5 February 2025.

2

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.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

4,154,862

3,889,286

Other revenue

2,700

-

4,157,562

3,889,286

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

4,157,562

3,889,286

4

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

15,000

12,639

Miscellaneous other operating income

281,343

273,020

296,343

285,659

5

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

16,266

-

6

Operating profit/(loss)

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

168,129

168,008

Operating lease expense - plant and machinery

12,047

33,499

Profit on disposal of property, plant and equipment

(16,266)

-

7

Other interest receivable and similar income

2024
£

2023
£

Other finance income

60

-

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

272,489

77,549

Interest on obligations under finance leases and hire purchase contracts

3,691

7,636

Interest expense on other finance liabilities

47,806

3,758

Other finance costs

-

8,814

323,986

97,757

9

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

2,162,199

1,876,932

Social security costs

211,329

184,860

Pension costs, defined contribution scheme

49,141

42,884

2,422,669

2,104,676

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

72

73

72

73

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,973

9,074

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

42,031

(58,793)

Deferred taxation

Arising from origination and reversal of timing differences

102,161

45,798

Tax expense/(receipt) in the income statement

144,192

(12,995)

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 24.5% (2023 - 19%).

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

461,396

(323,003)

Corporation tax at standard rate

113,042

(61,370)

Tax increase from effect of capital allowances and depreciation

40,059

47,024

Effect of expense not deductible in determining taxable profit (tax loss)

13,569

1,351

Deferred tax credit relating to changes in tax rates or laws

(17,042)

-

Tax decrease from other tax effects

(5,436)

-

Total tax charge/(credit)

144,192

(12,995)

12

Intangible assets

Website
£

Total
£

Cost or valuation

At 1 March 2023

14,235

14,235

At 29 February 2024

14,235

14,235

Amortisation

At 1 March 2023

14,235

14,235

At 29 February 2024

14,235

14,235

Carrying amount

At 29 February 2024

-

-

 

Peverel Court Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

5,756,815

616,020

161,396

6,534,231

Additions

87,936

102,045

55,635

245,616

Disposals

-

-

(74,195)

(74,195)

At 29 February 2024

5,844,751

718,065

142,836

6,705,652

Depreciation

At 1 March 2023

499,600

423,345

96,245

1,019,190

Charge for the year

102,573

39,514

26,042

168,129

Eliminated on disposal

-

-

(36,115)

(36,115)

At 29 February 2024

602,173

462,859

86,172

1,151,204

Carrying amount

At 29 February 2024

5,242,578

255,206

56,664

5,554,448

At 28 February 2023

5,257,215

192,675

65,151

5,515,041

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 28 February 2017 by an independent valuer.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £3,714,445 (2023 - £3,680,573).

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

Land and buildings with a carrying amount of £5,214,606 (2023 - £5,255,134) has been pledged as security for bank loans.

14

Stocks

2024
£

2023
£

Other inventories

6,012

5,791

15

Debtors

Note

2024
£

2023
£

Trade debtors

 

59,663

-

Amounts owed by related parties

24

545,157

402,094

Other debtors

 

86,999

45,600

Prepayments

 

134,972

72,332

 

826,791

520,026

16

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

7,194

Cash at bank

204,940

145,653

204,940

152,847

 

Peverel Court Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

242,521

2,580,059

Trade creditors

 

27,300

25,834

Amounts due to related parties

24

-

1

Social security and other taxes

 

485,764

338,181

Outstanding defined contribution pension costs

 

9,217

8,564

Other payables

 

636,121

371,479

Accruals

 

49,030

37,985

Income tax liability

11

120,021

146,914

Deferred income

 

102,320

-

 

1,672,294

3,509,017

Due after one year

 

Loans and borrowings

21

2,278,076

53,358

 

Peverel Court Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 March 2023

285,180

285,180

Increase (decrease) in existing provisions

43,287

43,287

At 29 February 2024

328,467

328,467

19

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 £49,141 (2023 - £42,884).

Contributions totalling £9,217 (2023 - £8,564) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

Peverel Court Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

21

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,225,579

-

Hire purchase contracts

52,497

53,358

2,278,076

53,358

Current loans and borrowings

2024
£

2023
£

Bank borrowings

229,230

2,555,198

Hire purchase contracts

13,291

24,861

242,521

2,580,059

Bank borrowings

The lender holds a legal charge over the company's land and buildings and a debenture as security for the bank loans.

22

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

24,044

9,403

Later than one year and not later than five years

7,841

13,649

31,885

23,052

The amount of non-cancellable operating lease payments recognised as an expense during the year was £22,201 (2023 - £9,043).

23

Dividends

Interim dividends paid

 

Peverel Court Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Interim dividend of £350.00 (2023 - £72.00) per each Ordinary shares

350,000

72,001

 

 

24

Related party transactions

Loans from directors

2024

Director 1
£

Director 2
£

Director 3
£

Total
£

At start and end of period

114,100

121,800

114,099

349,999

2023

Director 1
£

Director 2
£

Director 3
£

Total
£

At start of period

19,236

(318,025)

(321,173)

(619,962)

Advanced

94,864

439,825

435,272

969,961

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)