Registered number: SC188546
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
COMPANY INFORMATION
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PRIORITY CARE GROUP LIMITED
CONTENTS
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PRIORITY CARE GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The directors present their strategic report and the audited financial statements for the year ended 30 June 2019.
The financial year has been another positive one reflected by improved Group operating profits. The directors continue to work to ensure the control and management of the Group remains focused, and the Board are confident the Group will continue to progress.
As always, the care sector remains an extremely sensitive market, with fee levels in particular remaining challenging, whilst at the same time costs continue to rise and staffing proving increasingly exigent. The Group is well established and constantly adapting to embrace the changing environments, we continue to offer competitive wages rates for all levels of staffing, with this assisting with improvements in staff retention and recruitment, as well as working towards reducing utilisation of agency staff. The Group's policy of investment in property and facilities and maintaining high quality care, augmented by our staff continuing to prove to be hard working and diligent, sustains the enhancement of the Group's position. Moving forward, we intend to maintain and build on our standards of quality and further strengthen and grow the Group, with investment in facilities the key component in this. The global spread of the COVID-19 virus has impacted our sector significantly from March 2020. At all times the priority of the Group has been the health and wellbeing of its residents and staff and, with strict adherence to regulations and guidance, the Group has continually adapted its operations to ensure this.
The main risks associated with the Group’s financial assets and liabilities are set out below:-
The Group is financed by bank borrowing and therefore there is exposure to interest rate fluctuations and liquidity risk. The group aims to mitigate liquidity risk by managing cash generated by its operations. Credit risk is managed by invoicing in advance whenever possible to private residents and ensuring that all sales invoices are raised timeously. Appropriate credit control procedures are followed for all operations. Credit risk is also reduced by being in the advantageous position of having a significant level of income generated through local government. The COVID-19 pandemic has highlighted and heightened the risks present in the care environment. The Group has always had a Risk Management Plan in place, for example to deal with a flu pandemic, and this has been largely modified with the input of regulatory and governing advice and guidance. The directors and home managers have updated policies and procedures to ensure the risks associated with the virus are mitigated. Additional measures actioned by the Group for the protection of residents and staff has included the closure of homes to all non-essential visits, repeated COVID-19 testing, air filter system installation and regular specialist infection control treatments.
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PRIORITY CARE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
The Group use a number of key performance indicators (KPI's) to manage its daily operations and management review. These include, but are not limited to, the KPI's detailed below:
This report was approved by the board on 30 April 2021
and signed on its behalf.
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PRIORITY CARE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The directors present their report and the financial statements for the year ended 30 June 2020.
The directors are responsible for preparing the Group strategic report, the Directors' report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group 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 for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
1,123,412
(2019 -
£
844,929
)
.
Dividends totalling £282,000 (2019 - £117,333) were paid to shareholders during the year. There is no final dividend declared.
The directors who served during the year were:
The Group recognises the importance of its environmental responsibilities and monitors its impact on the environment by implementing any policies necessary to reduce any damage that might be caused by the Group’s activities. Consultants are employed when looking at new facilities to try and ensure they are as environmentally friendly as possible.
Moving forward, we intend to maintain and build on our standards of quality and further strengthen and grow the Group, with investment in facilities the key component in this.
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PRIORITY CARE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
It is the Group's policy that all payments to suppliers are made in accordance with our standard payment terms.
The Group recognises the importance and implications of the Health & Safety at Work Act 1974, the Environmental Protection Legislation and all new Health & Safety legislation, including that being introduced through EU directives.
The Group places strong emphasis in ensuring the well being of our employees and look to share and communicate information to our staff using all possible means.
Details of employees and related costs can be found in note 8 to the financial statements. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned related to the position in question. In the event of any member of staff becoming disabled, every effort is made to ensure their employment within the Group continues.
The auditors, EQ Accountants LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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PRIORITY CARE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIORITY CARE GROUP LIMITED
We have audited the financial statements of Priority Care Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2020, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity
and the related notes, 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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PRIORITY CARE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIORITY CARE GROUP LIMITED (CONTINUED)
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 Auditors' 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.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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PRIORITY CARE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIORITY CARE GROUP LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
Dundee
DD1 3JA
5 May 2021
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PRIORITY CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
REGISTERED NUMBER:
SC188546
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 35 form part of these financial statements.
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PRIORITY CARE GROUP LIMITED
REGISTERED NUMBER:
SC188546
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 35 form part of these financial statements.
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PRIORITY CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Priority Care Group Limited is a private company, limited by shares, domiciled in Scotland with registration number SC188546. The registered office is 23 Roseangle, Dundee, DD1 4LS.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure. Coronavirus Job Retention Scheme (CJRS) which is recognised when receivable.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.
Accounting policies (continued)
Depreciation The directors review the depreciation and amortisation policy regularly to determine whether the rates and method are reasonable for each category of asset. If the net book value of these assets were considered to change significantly, a change in the depreciation policy may be required. Property valuation The properties are revalued on a regular basis by qualified Chartered Surveyors and the directors use their knowledge of the sector to review the valuation of their properties at each year end.
The whole of the turnover is attributable to the provision of residential care for the elderly and adults with learning difficulties.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
11.
Taxation (continued)
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
11.
Taxation (continued)
The UK Government announced on 11 March 2020 that the main rate of Corporation Tax would increase to 25% from 1 April 2023 for all companies with non-ring fenced profits of over £250,000. A small profits rate will be introduced for companies with profits of £50,000 or less so that they will continue to pay Corporation Tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
Based on the historic and current trading levels of the group, it is anticipated that the new rate of 25% will be applicable from 1 April 2023.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
16.
Tangible fixed assets (continued)
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
23.
Loans (continued)
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Revaluation reserve
Capital redemption reserve
Profit & loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £81,624 (2
019
-
£
62,462). Contributions totalling £15,965
(2019 - £11,708)
were payable to the fund at the balance sheet date and are included in other creditors.
During the year the following transactions occurred between the group and its directors:
Mr Andrew J Prior was advanced funds of £56,411 from the group. Included in other debtors at the year end is a balance of £169,451 (2019 - £113,040) due to the group. Mrs Veronica Gibson was advanced funds of £52,850 from the group. Included in other debtors at the year end is a balance of £167,418 (2019 - £114,568) due to the group.
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PRIORITY CARE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
There is no ultimate controlling party.
The subsidiary company, Priority First Training Limited (Company number SC211320) is exempt from the requirements of the Companies Act 2006 relating to the audit of their individual accounts by virtue of s479A of the Companies Act 2006.
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