Company Registration No. 05786179 (England and Wales)
PROMEDE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
PROMEDE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PROMEDE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
4,785,228
7,628,318
Cash at bank and in hand
2,931,964
349,630
7,717,192
7,977,948
Creditors: amounts falling due within one year
4
(7,813,351)
(8,089,770)
Net current liabilities
(96,159)
(111,822)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(96,160)
(111,823)
Total equity
(96,159)
(111,822)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 November 2019 and are signed on its behalf by:
Paavan Popat
Director
Company Registration No. 05786179
PROMEDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
1
Accounting policies
Company information
Promede Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
36 Railway Approach, Station Road, Harrow, Middlesex, HA3 5AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company's net liabilities amounted to £
true
93,039
at 30 April 201
9
. The company's status as a going concern is dependent on the continuing support of the other profitable subsidiaries
of
TLC Group Limited, who have indicated that support will continue for at least a year from the date of finalisation of these accounts. Ultimately the company's ability to continue as a going concern is dependent on its ability to trade profitably in the future and to secure sufficient finance to meet its working capital requirements. As this support is expected to continue for as long as it is needed, the directors continue to adopt the going concern basis in the preparation of these financial statements.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PROMEDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and
amounts owed to
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
There were no employees during the year or in the previous year.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,628
-
Amounts owed by group undertakings
4,748,602
5,210,961
Other debtors
34,998
2,417,357
4,785,228
7,628,318
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
770
3,447
Amounts owed to group undertakings
7,798,461
8,076,323
Corporation tax
3,120
-
Accruals and deferred income
11,000
10,000
7,813,351
8,089,770
PROMEDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 4 -
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
6
Financial commitments, guarantees and contingent liabilities
The company forms part of a cross company guarantee securing the bank borrowings of
Promede Limited
and its fellow subsidiaries:
Clavering Care Limited,
London Inn Hotels (Stratford) Limited and TLC (Radlett) Limited. At 30 April 201
9
the
borrowings
of these fellow subsidiaries
amounted to
£17,320,611(201
8
:
£
17,794,161).
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Advances made to the directors and personal expenses paid on behalf of the directors
2.50
2,410,978
32,766
(2,410,978)
32,766
2,410,978
32,766
(2,410,978)
32,766
The amount is unsecured and repayable on demand.
8
Parent company
The immediate and ultimate parent company is TLC Group Limited, a company incorporated in England and Wales whose registered office address is 36 Railway Approach, Harrow, Middlesex, HA3 5AA. The group financial statements can be obtained from Companies House.
The ultimate controlling party is S D Popat.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Naresh Samani.
The auditor was HW Fisher.