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Registration number: 03025072

Prestige Care Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

 

Prestige Care Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 8

 

Prestige Care Limited

Company Information

Director

Mr S Singh

Registered office

c/o Prestige Group Head Office
Roseville Court
Blair Avenue
Ingleby Barwick
TS17 5BL

Bankers

Yorkshire Bank
94-96 Briggate
Leeds
LS1 6NP

Accountants

MHA Tait Walker
Chartered Accountants
Medway House
Fudan Way
Teesdale Park
Stockton on Tees
TS17 6EN

 

Prestige Care Limited

(Registration number: 03025072)
Statement of Financial Position as at 31 July 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

626,956

621,970

Current assets

 

Stocks

-

97

Debtors

5

2,310,431

2,412,298

Cash at bank and in hand

 

111,401

730,385

 

2,421,832

3,142,780

Creditors: Amounts falling due within one year

6

(461,374)

(1,052,326)

Net current assets

 

1,960,458

2,090,454

Total assets less current liabilities

 

2,587,414

2,712,424

Provisions for liabilities

(25,423)

(58,214)

Net assets

 

2,561,991

2,654,210

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

2,561,981

2,654,200

Total equity

 

2,561,991

2,654,210

For the financial year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 24 April 2020
 

.........................................
Mr S Singh
Director

   
     
 

Prestige Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2019

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 c/o Prestige Group Head Office, Roseville Court, Blair Avenue, Ingleby Barwick, TS17 5BL.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the historical cost basis. In the previous year the company elected to use the previous UK GAAP valuation of land and buildings as deemed cost of transition to FRS 102.

These financial statements are presented in sterling which is the functional currency of the entity.

Going concern

The company meets its day to day working capital requirements through cash generated from operations and shareholding funding. The directors have assessed the potential impact of the COVD-19 virus and the financial impact on the company and have developed a business continuity plan should the global impact widen.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Revenue from providing nursing and care services is measured by reference to period of occupancy.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Prestige Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2019 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

 

Fixture & fittings

3 to 5 years straight line

 

Office equipment

3 years straight line

 

Leasehold improvements

25 years straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Prestige Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2019 (continued)

2

Accounting policies (continued)

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 subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Prestige Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2019 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 113 (2018 - 78).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2018

579,703

167,500

5,145

752,348

Additions

17,845

30,062

4,856

52,763

At 31 July 2019

597,548

197,562

10,001

805,111

Depreciation

At 1 August 2018

-

126,133

4,245

130,378

Charge for the year

24,225

22,604

948

47,777

At 31 July 2019

24,225

148,737

5,193

178,155

Carrying amount

At 31 July 2019

573,323

48,825

4,808

626,956

At 31 July 2018

579,703

41,367

900

621,970

Included within the net book value of land and buildings above is £573,323 (2018 - £579,703) in respect of long leasehold land and buildings.
 

 

Prestige Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2019 (continued)

5

Debtors

Note

2019
£

2018
£

Trade debtors

 

229,259

144,434

Amounts owed by group undertakings

8

477,594

-

Prepayments

 

45,404

45,414

Other debtors

 

1,558,174

2,222,450

   

2,310,431

2,412,298

Less non-current portion

 

(1,458,175)

(1,991,317)

 

852,256

420,981

Details of non-current trade and other debtors

£1,458,175 (2018 -£1,991,317) of Other debtors is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Trade creditors

 

160,663

88,864

Amounts owed to group undertakings

8

13,472

41,030

Taxation and social security

 

15,873

15,404

Accruals and deferred income

 

203,122

274,446

Other creditors

 

39,636

40,146

Corporation tax liability

 

28,608

587,648

Directors loan accounts

 

-

4,788

 

461,374

1,052,326

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the statement of financial position is £ 9,864,370 (2018 - £10,117,974). This consists of £7,817,134 (2018: £8,040,357) due under operating leases and £2,047,236 (2018: £2,077,617) in relation to commited expenditure in respect on repairs and maintenance.

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £3,107 (2018 - £1,912).

 

Prestige Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2019 (continued)

8

Related party transactions

The company has taken advantage of the exemption available under paragraph 1.AC.35 of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

Summary of transactions with entities with joint control or significant interest

At the year end debtors (non-current) includes £1,165,000 (2018: £1,598,142) due from Starline Holdings Limited. During the year, the company received transfers to the value of £433,142 (2018: £10) from Starline Holdings Limited. Starline Holdings Limited is controlled by Mr S Singh.

At the year end debtors (non-current) includes £393,175 (2018: £393,175) due from Prestige (Fir Tree) Limited. Prestige (Fir Tree) Limited is controlled by Mr S Singh.

At the year end creditors includes £1,235 (2018: £121,893) due to P & R Construction Limited. During the year, P & R Construction Limited carried out work to the value of £14,252 (2018: £525,748) for the company, this amount is included in fixed assets as leasehold property improvements. During the year, P & R Construction Limited recharged expenses to the value of £4,883 (2018: £nil) to the company. During the year, the company transferred amounts to the value of £39,793 (2018: £nil) to P & R Construction Limited. P & R Construction Limited is controlled by Mr S Singh.

At the year end creditors includes £9,400 (2018: £10,314) due to Prestige Leisure (North East) Limited. During the year, Prestige Leisure (North East) Limited made transfers to the company to the value of £10 (2018: £nil). During the year, the company made transfers of £924 (2018: £1,586) to Prestige Leisure (North East) Limited. Prestige Leisure (North East) Limited is controlled by Mr S Singh.

At the year end creditors includes £609 due to Prestige Care (Auguste Communities) Limited. During the year, the company made transfers of £600,000 (2018: £nil) to Prestige Care (Auguste Communities) Limited. During the year, Prestige Care (Auguste Communities) Limited made transfers of £600,361 (2018: £nil) to the company. During the year, the company recharged expenses to the value of £738 (2018: £nil) to Prestige Care (Auguste Communities) Limited. During the year, Prestige Care (Auguste Communities) Limited recharged expenses to the value of £987 (2018: £nil) to the company. Prestige Care (Auguste Communities) Limited is controlled by Mr S Singh.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Prestige Care Group Holdings Ltd, incorporated in England and Wales.

  These financial statements are available upon request from Companies House

 The ultimate controlling party is Mr S Singh.