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Registration number: 03183733

Premiere Health Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 October 2024

image-name
 

Premiere Health Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 7

Consolidated Statement of Comprehensive Income

8

Consolidated Statement of Financial Position

9

Statement of Financial Position

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 26

 

Premiere Health Limited

Company Information

Directors

Mr Kevin Briscoe

Mr Robert Briscoe

Company secretary

Mr Kevin Briscoe

Registered office

Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Auditors

Westcotts (SW) LLP Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

 

Premiere Health Limited

Strategic Report for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

Principal activity

The principal activity of the group is that of the operation of residential and nursing homes.

Fair review of the business

Turnover for the group increased by 10.2% from 2023. On average Cann house had 87% occupancy throughout the year. As at October it has 79% occupancy with 41 rooms being occupied out of the 52 rooms. Hartley Park Care Home's occupancy has increased in the year with an average occupancy of 98.2%. As at October it had 98% occupancy with 65 out of 66 rooms being occupied.

The gross profit margin is largely in-line with the prior year, with overall occupancy for the group remaining similar.

The net current assets of the group have increased by 16.3% and net assets have increased by 10.2% based on profits made by the group in the period.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

6,566,673

5,959,833

Gross profit

£

2,190,949

1,848,441

Gross profit margin

%

33

31

Net profit

£

966,883

745,861

Net profit margin

%

14.7

12.5

Net assets

£

8,728,161

7,916,721

Principal risks and uncertainties

Management consider that the principal risk to the business would be a negative review from a Care Quality Commission inspection that could result in an enforcement action and the subsequent impact on the reputation of the care home. To mitigate this risk all care staff are trained to a high level and there is a focus on retaining high quality staff that management trust, together with a compliance manager as part of the team.

The company also considers a major financial risk of the business to be linked to the funding received from local authorities and the associated risks regarding cutbacks of public funding, along with falls in occupancy levels and privately funded residents. To mitigate these risks the company has a mix of both privately and publicly funded residents and seeks to build upon its excellent reputation through retention of its high quality staff.

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 

.........................................
Mr Robert Briscoe
Director

 

Premiere Health Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the for the year ended 31 October 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr Kevin Briscoe - Company secretary and director

Mr Robert Briscoe

Dividends

Dividends were voted during the period of £166,000 (2023: £435,344) as broken down in note 18.

Statement of Director's 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 


Mr Robert Briscoe
Director

 

Premiere Health Limited

Independent Auditor's Report to the Members of Premiere Health Limited

Opinion

We have audited the financial statements of Premiere Health Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 group's and the parent company's affairs as at 31 October 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group'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.

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.

 

Premiere Health Limited

Independent Auditor's Report to the Members of Premiere Health Limited (continued)

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the [set out on page ], 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

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, no issues were noted. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.

 

Premiere Health Limited

Independent Auditor's Report to the Members of Premiere Health Limited (continued)

The Group is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The Group is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation relating to health and social care regulations. We identified the following as most likely areas to have such an effect: anti-money laundering, employment and health and social care regulations. The Group's activities are regulated by the Care Quality Commission.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Premiere Health Limited

Independent Auditor's Report to the Members of Premiere Health Limited (continued)

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.

......................................
Adam Croney (Senior Statutory Auditor)
For and on behalf of Westcotts (SW) LLP, Statutory Auditor
 Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

10 June 2025

 

Premiere Health Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

3

6,566,673

5,959,833

Cost of sales

 

(4,375,724)

(4,111,392)

Gross profit

 

2,190,949

1,848,441

Administrative expenses

 

(877,273)

(867,713)

Operating profit

4

1,313,676

980,728

Other interest receivable and similar income

5

45,123

45,583

Interest payable and similar expenses

6

(41,575)

(39,954)

   

3,548

5,629

Profit before tax

 

1,317,224

986,357

Tax on profit

10

(350,341)

(240,496)

Profit for the financial year

 

966,883

745,861

Other comprehensive income

10,557

33,354

Total comprehensive income for the year

977,440

779,215

Total comprehensive income attributable to:

Owners of the company

977,440

779,215

 

Premiere Health Limited

(Registration number: 03183733)
Consolidated Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

4,831,355

4,950,700

Current assets

 

Debtors

13

4,728,810

3,930,141

Cash at bank and in hand

 

2,041,285

1,781,826

 

6,770,095

5,711,967

Creditors: Amounts falling due within one year

14

(1,067,858)

(808,674)

Net current assets

 

5,702,237

4,903,293

Total assets less current liabilities

 

10,533,592

9,853,993

Creditors: Amounts falling due after more than one year

14

(1,354,175)

(1,469,075)

Provisions for liabilities

15

(451,256)

(468,197)

Net assets

 

8,728,161

7,916,721

Capital and reserves

 

Called up share capital

16

100

100

Share premium reserve

17

790,493

790,493

Revaluation reserve

17

1,491,598

1,535,509

Profit and loss account

17

6,445,970

5,590,619

Equity attributable to owners of the company

 

8,728,161

7,916,721

Shareholders' funds

 

8,728,161

7,916,721

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 


Mr Robert Briscoe
Director

 

Premiere Health Limited

(Registration number: 03183733)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

2,443,073

2,505,130

Investments

12

4

4

 

2,443,077

2,505,134

Current assets

 

Debtors

13

1,818,378

1,811,542

Cash at bank and in hand

 

1,405,674

1,014,807

 

3,224,052

2,826,349

Creditors: Amounts falling due within one year

14

(1,522,097)

(1,364,392)

Net current assets

 

1,701,955

1,461,957

Total assets less current liabilities

 

4,145,032

3,967,091

Provisions for liabilities

15

(331,448)

(345,524)

Net assets

 

3,813,584

3,621,567

Capital and reserves

 

Called up share capital

16

100

100

Share premium reserve

790,493

790,493

Revaluation reserve

1,491,598

1,535,509

Profit and loss account

1,531,393

1,295,465

Shareholders' funds

 

3,813,584

3,621,567

As permitted by Section 408 of the Companies Act 2006 the Profit and Loss Account of Premiere Health Limited has not been presented with the financial statements.
The company made a profit after tax for the financial year of £347,460 (2023 - profit of £227,072).

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 


Mr Robert Briscoe
Director

 

Premiere Health Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 October 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 November 2023

100

790,493

1,535,509

5,590,619

7,916,721

Profit for the year

-

-

-

966,883

966,883

Transfers

-

-

(54,468)

54,468

-

Tax relating to components of other comprehensive income

-

-

10,557

-

10,557

Total comprehensive income

-

-

(43,911)

1,021,351

977,440

Dividends

-

-

-

(166,000)

(166,000)

At 31 October 2024

100

790,493

1,491,598

6,445,970

8,728,161

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

100

790,493

1,544,381

5,237,876

7,572,850

Profit for the year

-

-

-

745,861

745,861

Transfers

-

-

(42,226)

42,226

-

Tax relating to components of other comprehensive income

-

-

33,354

-

33,354

Total comprehensive income

-

-

(8,872)

788,087

779,215

Dividends

-

-

-

(435,344)

(435,344)

At 31 October 2023

100

790,493

1,535,509

5,590,619

7,916,721

 

Premiere Health Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 November 2023

100

790,493

1,535,509

1,295,465

3,621,567

Profit for the year

-

-

-

347,460

347,460

Transfers

-

-

(54,468)

54,468

-

Tax relating to components of other comprehensive income

-

-

10,557

-

10,557

Total comprehensive income

-

-

(43,911)

401,928

358,017

Dividends

-

-

-

(166,000)

(166,000)

At 31 October 2024

100

790,493

1,491,598

1,531,393

3,813,584

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

100

790,493

1,544,381

1,461,511

3,796,485

Profit for the year

-

-

-

227,072

227,072

Transfers

-

-

(42,226)

42,226

-

Tax relating to components of other comprehensive income

-

-

33,354

-

33,354

Total comprehensive income

-

-

(8,872)

269,298

260,426

Dividends

-

-

-

(435,344)

(435,344)

At 31 October 2023

100

790,493

1,535,509

1,295,465

3,621,567

 

Premiere Health Limited

Consolidated Statement of Cash Flows for the Year Ended 31 October 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

966,883

745,861

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

167,895

161,154

Profit on disposal of tangible assets

(19,756)

-

Finance income

5

(45,123)

(45,583)

Finance costs

6

41,575

39,954

Income tax expense

10

350,341

240,496

 

1,461,815

1,141,882

Working capital adjustments

 

Increase in trade debtors

13

(964,669)

(619,425)

Increase in trade creditors

14

235,955

11,091

Cash generated from operations

 

733,101

533,548

Income taxes paid

10

(331,825)

(180,471)

Net cash flow from operating activities

 

401,276

353,077

Cash flows from investing activities

 

Interest received

45,123

45,583

Acquisitions of tangible assets

(74,794)

(64,424)

Proceeds from sale of tangible assets

 

46,000

-

Net cash flows from investing activities

 

16,329

(18,841)

Cash flows from financing activities

 

Interest paid

6

(41,575)

(39,954)

Proceeds from bank borrowing draw downs

 

(116,571)

(118,243)

Net cash flows from financing activities

 

(158,146)

(158,197)

Net increase in cash and cash equivalents

 

259,459

176,039

Cash and cash equivalents at 1 November

 

1,781,826

1,605,787

Cash and cash equivalents at 31 October

 

2,041,285

1,781,826

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 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:
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

The principal place of business is:
Cann House Care Home
Tamerton Foliot
Plymouth
Devon
PL5 4LE

These financial statements were authorised for issue by the Board on 10 June 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2024.

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

The group financial statements consolidate the accounts of Premiere Health Limited and its subsidiary undertaking Abholly (2008) Limited made up to 31 October 2024. The registered office of the subsidiary is Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, PL6 8LT

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Turnover and profits arising on trading between group companies are excluded.

A separate income statement for the company itself is not required following the exemptions afforded by Section 408 of the companies act.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Going concern

The directors assessed that the group will have adequate resources available to finance its trading and other obligations during the course of twelve months from the approval date of these financial statements. They have therefore been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover relates to income received from residents of the nursing and care homes and income received from the domiciliary care clients. Income from residents of the nursing and care homes and from domiciliary care clients is recognised, as earned, through the provision of contracted services. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 group operates and generates taxable income.

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

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.

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 property

2% straight line

Plant and machinery

10-25% straight line

Fixtures and fittings

20% straight line

Motor Vehicles

25% straight line

Office equipment

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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 group 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.

Dividends

Dividend distribution to the group’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 group 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.

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at fair value.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extend that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

6,553,300

5,952,374

Other revenue

13,373

7,459

6,566,673

5,959,833

All income is from sales made within the UK.

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

167,895

161,154

Profit on disposal of property, plant and equipment

(19,756)

-

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

5

Other interest receivable and similar income

2024
£

2023
£

Interest on Directors Loan Accounts

45,123

45,583

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

41,575

39,904

Interest expense on other finance liabilities

-

50

41,575

39,954

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,483,383

3,217,247

Social security costs

281,856

251,841

Pension costs, defined contribution scheme

116,908

191,259

Other employee expense

21,189

21,929

3,903,336

3,682,276

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

2024
No.

2023
No.

Care staff

164

168

Management

6

6

170

174

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

60,000

140,000

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

10,567

10,131

Other fees to auditors

All non-audit services

36,501

30,103


 

10

Taxation

Tax charged/(credited) in the consolidated statement of comprehensive income

2024
£

2023
£

Current taxation

UK corporation tax

356,725

244,326

Deferred taxation

Arising from origination and reversal of timing differences

(6,384)

(3,830)

Tax expense in the income statement

350,341

240,496

Tax recognised as other comprehensive income or equity

The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £10,557 (2023: £33,354)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 22.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,317,224

986,357

Profit on ordinary activities by rate of tax

329,306

222,128

Tax (decrease)/increase from effect of capital allowances and depreciation

(9,411)

7,057

Effect of expense not deductible for tax purposes

36,830

15,141

Deferred tax debit/(credit) charged

(6,384)

(3,830)

Total tax charge

350,341

240,496

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

11

Tangible assets

Group

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

5,402,242

708,828

191,314

11,119

106,932

6,420,435

Additions

1,400

17,666

399

329

55,000

74,794

Disposals

-

-

-

-

(52,500)

(52,500)

At 31 October 2024

5,403,642

726,494

191,713

11,448

109,432

6,442,729

Depreciation

At 1 November 2023

638,791

643,482

134,918

8,702

43,842

1,469,735

Charge for the year

108,072

23,167

11,789

945

23,922

167,895

Eliminated on disposal

-

-

-

-

(26,256)

(26,256)

At 31 October 2024

746,863

666,649

146,707

9,647

41,508

1,611,374

Carrying amount

At 31 October 2024

4,656,779

59,845

45,006

1,801

67,924

4,831,355

At 31 October 2023

4,763,451

65,346

56,396

2,417

63,090

4,950,700

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

11

Tangible assets (continued)

Restriction on title and pledged as security

Property, plant and equipment with a carrying amount of £2,388,191 ( 2023 - £2,445,570) has been pledged as security for the bank loan in Abholly (2008) Limited.

Tangible assets held at valuation

The fair value at the Group's freehold property was revalued on 4 February 2010 by an independent valuer. The basis of this valuation was market value. Had this class of asset been measured on a historical cost basis, the carrying value would have been £2,983,761 (2023 - £2,949,574).

Company

Freehold property
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

2,902,171

353,861

11,119

3,127

3,270,278

Additions

-

11,838

329

-

12,167

At 31 October 2024

2,902,171

365,699

11,448

3,127

3,282,445

Depreciation

At 1 November 2023

438,783

314,536

8,702

3,127

765,148

Charge for the year

58,042

15,237

945

-

74,224

At 31 October 2024

496,825

329,773

9,647

3,127

839,372

Carrying amount

At 31 October 2024

2,405,346

35,926

1,801

-

2,443,073

At 31 October 2023

2,463,388

39,325

2,417

-

2,505,130

Tangible assets held at valuation

The fair value at the Company's freehold property was revalued on 4 February 2010 by an independent valuer. The basis of this valuation was market value. Had this class of asset been measured on a historical cost basis, the carrying value would have been £633,694 (2023 - £649,510).

12

Investments

Company

2024
£

2023
£

Shares in group undertakings

4

4

Investments in Group undertakings

The Company owns 100% of the share capital of its subsidiary Abholly (2008) Limited which is incorporated in England. The registered office is Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT.

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

13

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Other debtors

4,599,425

3,838,282

1,751,231

1,760,050

Prepayments

129,385

91,859

67,147

51,492

 

4,728,810

3,930,141

1,818,378

1,811,542

14

Creditors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Due within one year

Bank borrowings

116,571

118,242

-

-

Trade creditors

137,980

116,003

55,290

42,925

Amounts due to group undertakings

-

-

1,248,870

1,169,976

Social security and other taxes

50,682

53,339

18,194

18,747

Other payables

213,055

26,987

15,359

16,788

Accruals

280,345

249,778

49,321

33,196

Income tax liability

269,225

244,325

135,063

82,760

1,067,858

808,674

1,522,097

1,364,392

Due after one year

Bank borrowings

1,354,175

1,469,075

-

-

15

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 November 2023

468,197

468,197

Increase (decrease) in existing provisions

(16,941)

(16,941)

At 31 October 2024

451,256

451,256

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

15

Provisions for liabilities (continued)

Company

Deferred tax
£

Total
£

At 1 November 2023

345,524

345,524

Increase (decrease) in existing provisions

(14,076)

(14,076)

At 31 October 2024

331,448

331,448

16

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

96

96

96

96

Ordinary A shares of £1 each

1

1

1

1

Ordinary B Shares of £1 each

1

1

1

1

Ordinary C Shares of £1 each

1

1

1

1

Ordinary D shares of £1 each

1

1

1

1

100

100

100

100

17

Reserves

Company

Profit and loss account

This reserve records retained earnings and accumulated losses.

Revaluation reserve:

This reserve records revaluations of tangible assets and these reserves are non distributable

Share premium account:

This reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

 

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

18

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £1,666.67 (2023 - £4,451.50) per each Ordinary

160,000

427,344

Final dividend of £1,500.00 (2023 - £2,000.00) per each Ordinary A

1,500

2,000

Final dividend of £1,500.00 (2023 - £2,000.00) per each Ordinary B

1,500

2,000

Final dividend of £1,500.00 (2023 - £2,000.00) per each Ordinary C

1,500

2,000

Final dividend of £1,500.00 (2023 - £2,000.00) per each Ordinary D

1,500

2,000

166,000

435,344

19

Related party transactions

Group

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr Robert Briscoe

910,966

154,610

(83,000)

982,576

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr Robert Briscoe

1,002,575

126,063

(217,672)

910,966

Interest of 2% was charged on outstanding director loan balances. As there are no terms and conditions attached to these loans the amounts are treated as being repayable on demand.

 

Premiere Health Limited

Notes to the Financial Statements for the Year Ended 31 October 2024 (continued)

19

Related party transactions (continued)

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

(1,211,029)

(1,211,029)

Advanced

(115,903)

(115,903)

At end of period

(1,326,932)

(1,326,932)

2023

Other related parties
£

Total
£

At start of period

(925,790)

(925,790)

Advanced

(285,239)

(285,239)

At end of period

(1,211,029)

(1,211,029)

Terms of loans to related parties

No interest is charged on these loans and they are classified as repayable on demand.

The directors do not consider any employees other than statutory directors, whose remuneration is disclosed in Directors' remuneration, to be key management personnel within the definition contained in FRS 102.

20

Controlling party

The ultimate controlling party is the directors and their close family who own 100% of the called up share capital with no individual having ultimate control.