Company Registration No. 07664274 (England and Wales)
PREMIER CARE PARTNERS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PREMIER CARE PARTNERS LIMITED
COMPANY INFORMATION
Director
N Fleming
Company number
07664274
Registered office
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
Accountants
Rickard Luckin Limited
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
PREMIER CARE PARTNERS LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 10
PREMIER CARE PARTNERS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2020
- 1 -
The director presents his annual report and financial statements for the year ended 31 July 2020.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
N Fleming
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
N Fleming
Director
23 March 2022
PREMIER CARE PARTNERS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PREMIER CARE PARTNERS LIMITED FOR THE YEAR ENDED 31 JULY 2020
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premier Care Partners Limited for the year ended 31 July 2020 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Premier Care Partners Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Care Partners Limited
and state those matters that we have agreed to state to the Board of Directors of Premier Care Partners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Care Partners Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Premier Care Partners Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Premier Care Partners Limited. You consider that Premier Care Partners Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Premier Care Partners Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Rickard Luckin Limited
23 March 2022
Chartered Accountants
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
PREMIER CARE PARTNERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2020
- 3 -
2020
£
Turnover
4,918,604
Cost of sales
(3,394,676)
Gross profit
1,523,928
Administrative expenses
(849,849)
Operating profit
674,079
Interest payable and similar expenses
(9,059)
Profit before taxation
665,020
Tax on profit
(154,513)
Profit for the financial year
510,507
PREMIER CARE PARTNERS LIMITED
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 4 -
2020
Notes
£
£
Fixed assets
Intangible assets
3
671,175
Tangible assets
4
62,133
733,308
Current assets
Debtors
5
890,906
Cash at bank and in hand
12,696
903,602
Creditors: amounts falling due within one year
6
(1,380,193)
Net current (liabilities)/assets
(476,591)
Total assets less current liabilities
256,717
Creditors: amounts falling due after more than one year
7
(230,208)
Net assets
26,509
Capital and reserves
Called up share capital
2
Profit and loss reserves
26,507
Total equity
26,509
For the financial year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
PREMIER CARE PARTNERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2020
31 July 2020
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 23 March 2022 and are signed on its behalf by:
N Fleming
Director
Company Registration No. 07664274
PREMIER CARE PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 6 -
1
Accounting policies
Company information
Premier Care Partners Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1st Floor, 19 Clifftown Road, Southend-On-Sea, Essex, SS1 1AB.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
No depreciation
PREMIER CARE PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 7 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PREMIER CARE PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 8 -
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 147
.
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2019
Additions
745,750
At 31 July 2020
745,750
Amortisation and impairment
At 1 August 2019
Amortisation charged for the year
74,575
At 31 July 2020
74,575
Carrying amount
At 31 July 2020
671,175
PREMIER CARE PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 9 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2019
Additions
80,204
At 31 July 2020
80,204
Depreciation and impairment
At 1 August 2019
Depreciation charged in the year
18,071
At 31 July 2020
18,071
Carrying amount
At 31 July 2020
62,133
5
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
581,550
Other debtors
309,356
890,906
6
Creditors: amounts falling due within one year
2020
£
Bank loans
162,500
Trade creditors
27,832
Corporation tax
154,513
Other taxation and social security
204,761
Other creditors
830,587
1,380,193
7
Creditors: amounts falling due after more than one year
2020
£
Bank loans and overdrafts
230,208
PREMIER CARE PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 10 -
8
Related party transactions
At the balance sheet date, £32 was owed to the company directors from the company.
PREMIER CARE PARTNERS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 JULY 2020