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Registration number: 06449770

Prepared for the registrar

St Piran's Health Care Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

St Piran's Health Care Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

St Piran's Health Care Limited

Company Information

Directors

K E Betts

K E Betts

Company secretary

Harrison Clark (Secretarial) Limited
5 Deansway
Worcester
WR1 2JG

Registered office

5 Deansway
Worcester
WR1 2JG

Solicitors

Harrison Clark Rickerbys
5 Deansway
Worcester
WR1 2JG

Bankers

Barclays Bank PLC
The Bridge
Leicester
Leicestershire
LE87 2BB

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

St Piran's Health Care Limited

(Registration number: 06449770)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investments

4

1,791,748

1,791,748

Current assets

 

Debtors

5

-

3,395

Cash at bank and in hand

 

1,700,372

332

 

1,700,372

3,727

Creditors: Amounts falling due within one year

6

(2,508,102)

(503,746)

Net current liabilities

 

(807,730)

(500,019)

Total assets less current liabilities

 

984,018

1,291,729

Creditors: Amounts falling due after more than one year

6

(2,943,811)

(2,641,208)

Net liabilities

 

(1,959,793)

(1,349,479)

Capital and reserves

 

Called up share capital

1,592

1,592

Share premium reserve

748,206

748,206

Profit and loss account

(2,709,591)

(2,099,277)

Total equity

 

(1,959,793)

(1,349,479)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 


K E Betts
Director

 

St Piran's Health Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

1

General information

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

The address of its registered office is:
5 Deansway
Worcester
WR1 2JG

 

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

St Piran's Health Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

St Piran's Health Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

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

 

St Piran's Health Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

4

Investments

2024
£

2023
£

Investments in subsidiaries

1,791,748

1,791,748

Subsidiaries

£

Cost and net book value

At 1 May 2023 and at 30 April 2024

1,791,748

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Blue Opal Limited

Ordinary

100%

100%

 

England and Wales

     

Subsidiary undertakings

Blue Opal Limited

The principal activity of Blue Opal Limited is the provision of learning disability care.

 

5

Debtors

2024
 £

2023
 £

Other debtors

-

3,395

 

St Piran's Health Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

20,232

-

Amounts due to related parties

779,120

496,550

Other creditors

 

1,700,000

-

Accrued expenses

 

8,750

7,196

 

2,508,102

503,746

Due after one year

 

Loans and borrowings

7

2,943,811

2,641,208

 

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Loan notes

1,343,811

1,942,284

Other loan

1,600,000

698,924

2,943,811

2,641,208

Interest was previously accrued on the loan notes at a rate of base rate plus 2%. On 31 August 2023 the interest due on the loan notes was waivered and no further interest will accrue after this date.The loan notes are secured by a floating charge over the current assets of the company. The loan note creditor includes interest payable on the loan notes of £nil (2023 - £598,473).

Post year end the loan notes and other long term loan were converted to redeemable preference shares and the security on the loan notes was released.

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

592

592

592

592

Ordinary A shares of £1 each

150

150

150

150

Ordinary B shares of £1 each

400

400

400

400

Ordinary C shares of £1 each

225

225

225

225

Ordinary D shares of £1 each

225

225

225

225

 

1,592

1,592

1,592

1,592

Rights, preferences and restrictions

The Ordinary shares rank pari passu except as detailed below:

On winding up: If the company shall be wound up the assets remaining after payments of the debts and liabilities of the company shall be applied first by repaying the holders of the ordinary shares the amount paid or credited on the ordinary shares together with a sum equal to any arrears of declared but unpaid dividends; and secondly in distributing the balance of such assets and retained profits amongst the holders of the ordinary shares in proportion to the amounts paid up on the ordinary shares held by them respectively.

 

St Piran's Health Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

9

Parent and ultimate parent undertaking

The company is controlled by K E Betts.

 

10

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.