Company registration number SC407502 (Scotland)
PRIORITY CARE (TAYSIDE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PRIORITY CARE (TAYSIDE) LIMITED
COMPANY INFORMATION
Directors
H Locherty
AJ Prior
V A Gibson
Company number
SC407502
Registered office
Priority House
23 Roseangle
Dundee
Scotland
DD1 4LS
Auditor
Findlays Audit Limited
Chartered Accountants & Statutory Auditors
11 Dudhope Terrace
Dundee
DD3 6TS
Bankers
Royal Bank of Scotland
Solicitors
Blackadders LLP
10 Euclid Crescent
Dundee
DD1 1AG
PRIORITY CARE (TAYSIDE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
PRIORITY CARE (TAYSIDE) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,411,197
3,892,088
Current assets
Stocks
750
750
Debtors
6
119,322
140,007
Cash at bank and in hand
90,784
177,184
210,856
317,941
Creditors: amounts falling due within one year
7
(2,360,231)
(2,505,663)
Net current liabilities
(2,149,375)
(2,187,722)
Total assets less current liabilities
2,261,822
1,704,366
Provisions for liabilities
(145,813)
(128,114)
Net assets
2,116,009
1,576,252
Capital and reserves
Called up share capital
9
1
1
Revaluation reserve
10
1,095,755
604,394
Profit and loss reserves
1,020,253
971,857
Total equity
2,116,009
1,576,252
The notes on pages 2 to 9 form part of these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
AJ Prior
Director
Company registration number SC407502 (Scotland)
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Priority Care (Tayside) Limited is a private company limited by shares incorporated in Scotland. The registered office is Priority House, 23 Roseangle, Dundee, Scotland, DD1 4LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company an the revenue can be reliable measured. Turnover is recognised in respect of the provision of care services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Fixtures and fittings
15-33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The minimum amount for capitalisation of fixed assets is £1,000.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials utilised within the care home.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets f the plan are held separately from the Company in independently administered funds.
1.12
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognise as a reduction in the proceeds of the associated capital instrument.
1.13
Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
1.14
Interest income is recognised in profit or loss using the effective interest method.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.
Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.
Freehold Property
Properties are held at fair value in accordance with FRS102.The valuations have been made by professional third party qualified valuers. The experts used the 'Profits Method' on valuation to determine the market value.
Accruals
The Directors estimate accruals based on post year end information. Accruals are released when there is a reasonable expectation that costs will not be invoiced in the future.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
57
56
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
45,538
15,784
Deferred tax
Origination and reversal of timing differences
(14,125)
(2,819)
Total tax charge
31,413
12,965
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of fixed assets
31,824
35,206
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Tangible fixed assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 July 2023
4,139,927
303,931
39,468
4,483,326
Additions
103,024
103,024
Revaluation
135,073
135,073
At 30 June 2024
4,275,000
406,955
39,468
4,721,423
Depreciation and impairment
At 1 July 2023
328,326
242,356
20,556
591,238
Depreciation charged in the year
82,798
37,447
9,867
130,112
Revaluation
(411,124)
(411,124)
At 30 June 2024
279,803
30,423
310,226
Carrying amount
At 30 June 2024
4,275,000
127,152
9,045
4,411,197
At 30 June 2023
3,811,601
61,575
18,912
3,892,088
Land & buildings with a carrying amount of £4,275,000 were revalued in 2024 by Jones Lang LaSalle, independent valuers are not connected with the company on the basis of market value. The valuation was based on recent market transactions on arm's length terms for similar properties.
The revaluation surplus is disclosed in note 10.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold property
2024
2023
£
£
Cost
3,485,629
3,485,629
Accumulated depreciation
(501,869)
(432,157)
Carrying value
2,983,760
3,053,472
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
112,125
117,620
Corporation tax recoverable
15,432
Other debtors
7,197
6,955
119,322
140,007
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
50,650
39,314
Amounts owed to group undertakings
2,166,940
2,371,625
Corporation tax
45,538
Other taxation and social security
19,601
25,834
Other creditors
5,500
8,650
Accruals and deferred income
72,002
60,240
2,360,231
2,505,663
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
(32,702)
(18,577)
Revatuation of fixed assets
178,515
146,691
145,813
128,114
2024
Movements in the year:
£
Liability at 1 July 2023
128,114
Credit to profit or loss
(14,125)
Charge to other comprehensive income
31,824
Liability at 30 June 2024
145,813
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
PRIORITY CARE (TAYSIDE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Revaluation reserve
Included within reserves is £1,095,756 (2023 - £604,395) relating to the revaluation of property in 2024 (2023 - 2019). These are non distributable reserves.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 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.
Senior Statutory Auditor:
Lesley Campbell, BA, C.A.
Statutory Auditor:
Findlays Audit Limited
Date of audit report:
26 March 2025
12
Financial commitments, guarantees and contingent liabilities
There is an intercompany guarantee and off set arrangements between Priority Care (Tayside) Limited and the other group companies as well as standard securities over certain group properties and bond and floating charges over all the assets of the group companies.
13
Parent company
Priority Care (Tayside) Limited is a wholly owned subsidiary of Priority Care Group Limited which has its registered office at 23 Roseangle Dundee, DD1 4LS.
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