1.
General Information
Premium Care Group Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
13722151
. The registered office is 3rd Floor Marlborough House , 298 Regents Park Road , Finchley, London, N3 2SZ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared using the historical cost convention.
The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.
Statement of compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Basis Of Consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
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 form its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assts acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. 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. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
2.3.
Business Combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assts given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any coasts directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable an can be measured reliably.
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.4.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis which is dependent upon the continuing financial support of loan creditors, fellow group companies and companies under common control.
During the accounting period, the group has made a loss of £1,209,934 and at the period end has net liabilities of £3,780,239. This is because during this period and the prior period, the subsidiaries acquired care homes in which the group has invested significant sums to upgrade, repair and modernise with the strategy to improve profitability and maximise returns for the group.
Financial forecasts prepared by the company show significantly improved projected profits over the next 18 months. Since the year end the results have significantly improved with rising occupancy levels for the homes where refurbishment has been completed, with increasing revenues and profits and this is expected to continue in the foreseeable future, with the expectation of the Group net asset position returning to a positive position as soon as possible.
The subsidiaries made a satisfactory profit in the period under review, and the forecasts for the next 18 months show further improvements to occupancy levels, increasing revenues and profits which are expected to continue.
The company has made a loss in the period and has net liabilities mainly due to finance costs in respect of loans to acquire the subsidiaries, which have to date funded by financial support from bank and other borrowings, including group companies. It is anticipated that the company will report profits and a positive net asset position in the near future by the receipt of dividends from the subsidiaries.
The directors, therefore, consider the going concern basis to be appropriate.
2.5.
Significant judgements and estimations
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, unless otherwise stated.
Key sources of estimation and uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include the estimated useful life of tangible and intangible fixed assets for the purpose of calculating depreciation and amortisation.
2.6.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
- specific criteria have been met for each of the company's activities.
The analysis of the Group's Turnover for the year from continuing operations is as follows:
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Fee income
|
21,269,259
|
15,430,704
|
2.7.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.
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:
|
Assets class
|
Amortisation method and rate
|
|
Goodwill
|
Over 10 years
|
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.8.
Tangible Fixed Assets and Depreciation
Tangible assets are stated in the balance sheet 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 |
|
| Leasehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
|
Land
|
NIL
|
2.9.
Investments
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.
2.10.
Leasing and Hire Purchase Contracts
Leases in which substantially all 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 lease.
2.11.
Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
2.12.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and all 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.
2.13.
Interest Payable
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 recognise 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.
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.14.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to the items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax rates that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.15.
Government Grant
Grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised as revenue in the period in which it becomes receivable.
2.16.
Trade debtors and other debtors
Debtors with no stated interest rate and receivable within one year are recorded ta transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.17.
Trade creditors and other creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 21,269,259 | 15,430,704 | ||
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
- specific criteria have been met for each of the company's activities.
4.
Other Operating Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Grant income | - |
|
|
| - | 23,950 | ||
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5.
Operating Loss
The operating loss is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Wages and salaries |
|
|
|
|
|||
| Social security costs |
|
|
|
|
|||
| Other pension costs |
|
|
|
|
|||
|
|
|
|
|
||||
8.
Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Management and administration |
|
|
|
| Nursing care and support |
|
|
|
|
|
|
||
Company
Average number of employees, including directors, during the year was: 11 (2024: 11)
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
9.
Director's remuneration
The directors' remuneration for the year was as follows:
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Remuneration
|
238,271
|
271,399
|
Information regarding the highest paid director was as follows:
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Remuneration
|
159,521
|
153,920
|
10.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Interest on loans and overdrafts
|
298,205
|
356,940
|
|
Interest on other borrowings
|
722,494
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
528,499
|
|
1,020,699
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
885,439
|
11.
Tax on Profit
|
The tax (credit)/charge on the loss for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
( |
|
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
( |
|
|||
|
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | (1,209,934) | (1,096,225) | |||
| Tax on profit at 25% (UK standard rate) |
( |
( |
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
|
|||
| Short term timing differences |
|
( |
|||
| Deferred tax from unrecognised timing difference from a prior period |
( |
|
|||
| Tax losses unutilised carried forward |
|
|
|||
| Total tax charge for the period | (312,820) | 7,657 | |||
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Intangible Assets
Group
Company
| Goodwill | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 April 2024 |
|
||
| Additions |
|
||
| As at 31 March 2025 |
|
||
| Amortisation | |||
| As at 1 April 2024 |
|
||
| Provided during the period |
|
||
| As at 31 March 2025 |
|
||
| Net Book Value | |||
| As at 31 March 2025 |
|
||
| As at 1 April 2024 |
|
||
The company had no intangible fixed assets as at 31 March 2025 or 31 March 2024.
13.
Tangible Assets
Group
Company
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Leasehold | Plant & Machinery | Motor Vehicles | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 March 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
| Fixtures & Fittings | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| As at 1 April 2024 |
|
|
| Additions |
|
|
| As at 31 March 2025 |
|
|
...CONTINUED
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Depreciation | ||
| As at 1 April 2024 |
|
|
| Provided during the period |
|
|
| As at 31 March 2025 |
|
|
| Net Book Value | ||
| As at 31 March 2025 |
|
|
| As at 1 April 2024 |
|
|
| Fixtures & Fittings | |
|---|---|
| £ | |
| Cost | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Depreciation | |
| As at 1 April 2024 |
|
| Provided during the period |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
14.
Investments
Company
| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Provision | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
15.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
16.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Other debtors | 199,011 | 155,673 | 24,983 | 66,442 | |||
|
|
|
|
|
||||
| Due after more than one year | |||||||
| Amounts owed by group undertakings | - | - | 4,213,170 | 3,092,382 | |||
| Other debtors | 734,097 | 36,414 | 23,369 | - | |||
|
|
|
|
|
||||
|
|
|
|
|
||||
17.
Current Asset Investments
Group
Details of undertakings
Details of the investments in which the group 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
|
|
|
Subsidiary undertakings
|
England
|
Ordinary shares
|
100%
|
100%
|
|
Premium Care Homes Limited
|
England
|
Ordinary shares
|
100%
|
100%
|
|
Premium Care Properties Limited
|
England
|
Ordinary shares
|
100%
|
100%
|
|
GJR (Healthcare) Limited *
|
England
|
Ordinary shares
|
100%
|
100%
|
|
Rosebank Nursing Homes Limited **
|
England
|
Ordinary shares
|
100%
|
100%
|
|
Churchfields Care Home Limited *
|
England
|
Ordinary shares
|
100%
|
100%
|
|
JK Healthcare Limited ***
|
England
|
Ordinary shares
|
100%
|
100%
|
* GJR (Healthcare) Limited and Churchfields Care Home Limited are subsidiaries of Premium Care Home Limited.
** Rosebank Nursing Homes Limited is a subsidiary of GJR (Healthcare) Limited.
*** JK Healthcare Limited is a subsidiary of Premium Care Properties Limited.
Subsidiary undertakings
Premium Care Homes Limited
The principal activity of Premium Care Homes Limited is that of that of a holding company.
Premium Care Properties Limited
The principal activity of Premium Care Properties Limited is that of that of a holding company.
GJR (Healthcare) Limited *
The principal activity of GJR (Healthcare) Limited * is that of that of a holding company.
Rosebank Nursing Homes Limited **
The principal activity of Rosebank Nursing Homes Limited** is that of operation of residential care and nursing homes.
Churchfields Care Home Limited **
The principal activity of Churchfields Care Home Limited** is that of operation of residential care and nursing homes.
JK Healthcare Limited ***
The principal activity of JK Healthcare Limited *** is that of operation of residential care and nursing homes.
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
18.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
| Other creditors | 1,338,930 | 877,631 | 8,628 | 10,275 | |||
| Taxation and social security | 270,534 | 219,428 | 27,860 | 24,182 | |||
| Accruals and deferred income | 506,024 | 1,805,978 | 60,979 | 14,562 | |||
|
|
|
|
|
||||
19.
Creditors: Amounts Falling Due After More Than One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Bank loans |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
| Amounts owed to group undertakings | - | - |
|
|
|||
|
|
|
|
|
||||
20.
Loans
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due within one year or on demand: | |||||||
| Bank loans |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
|
|
|
|
|
||||
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due between one and five years: | |||||||
| Bank loans |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
|
|
|
|
|
||||
21. Bank borrowings and other borrowings
Bank borrowings
Bank borrowings is denominated in Pounds (£) with a nominal interest rate of Sterling Over Night Indexed Average (SONIA) rate plus 2%.
1st bank loan carrying amount is £3,832,400 (2024 - £4,000,000) and the final instalment due on 22 March 2040.
2nd bank loan carrying amount is £4,080,000 (2024 - NIL) and the final instalment on 01 November 2039.
The bank borrowing is secured by a fixed and floating charge over Premium Care Homes Limited and its subsidiaries assets. In addition, there is a charge over the shares owned in Premium Care Homes Limited.
Other borrowings
1st loan is denominated in Pounds (£) with a nominal interest rate of 5%, and the final instalment is due on 21 June 2025. The carrying amount at year end is £898,697 (2024 - £898,697).
...CONTINUED
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2nd loan is denominated in Pounds (£) with a nominal interest rate of 5%, and the final instalment is due on 30 October 2025. The carrying amount at year end is £477,440 (2024 - £477,440).
3rd loan is denominated in Pounds (£) with a nominal interest rate of 5%, and the final instalment is due on 14 July 2026. The carrying amount at year end is £1,500,000 (2024 - £1,500,000).
4th Loan is denominated in Pounds (£) with a nominal interest rate of 7.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £2,016,414 (2024 - £NIL).
5th loan is denominated in Pounds (£) with a nominal interest rate of 7.5%, and the final instalment is due on 11 April 2025. The carrying amount at year end is £350,000 (2024 - £NIL).
6th loan is denominated in Pounds (£) with a nominal interest rate of 7.5%, and the final instalment is due on 5 June 2026. The carrying amount at year end is £600,000 (2024 - £NIL).
7th loan is denominated in Pounds (£) with a nominal interest rate of 7%, and the final instalment is due on 20 November 2027. The carrying amount at year end is £700,000 (2024 - £NIL).
8th loan is denominated in Pounds (£) with a nominal interest rate of 7%, and the final instalment is due on 10 December 2027. The carrying amount at year end is £2,705,236 (2024 - £NIL).
9th loan is denominated in Pounds (£) with a nominal interest rate of 5%, and the final instalment is due on 16th March 2028. The carrying amount at year end is £3,500,000 (2024 - £NIL).
10th loan is denominated in Pounds (£) with a nominal interest rate of 7.5%, and the final instalment is due on 8th September 2026. The carrying amount at year end is £1,000,000 (2024 - £NIL).
22.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 383,863 | - | |
23.
Provisions for Liabilities
| Group | |||
|---|---|---|---|
| Deferred Tax | Total | ||
| £ | £ | £ | |
| As at 1 April 2024 |
|
( |
(36,414) |
| Additions |
|
|
312,820 |
| Utilised |
|
|
71,043 |
| Balance at 31 March 2025 |
|
( |
347,449 |
Premium Care Group Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
25.
Other Commitments
Obligations under leases and hire purchase contracts
Group
Finance leases
The total of future minimum lease payments is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
| Later than five years |
|
|
|
|
|
|
||
26.
Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £217,368 (2024: £154,785).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
27.
Related Party Disclosures
Group
Summary of transactions with other related parties
Creditors include other borrowings of £13,747,787 (2024 : £9,342,550) from a company under common control.
The terms of the other borrowings are shown in note 20. The profit and loss account include interest payable of £853,464 (2024 : £516,103) in respect of these loans.