Alexis Care Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05904432 (England and Wales)

Audited Financial Statements for the Year Ended 31 January 2019

for

Alexis Care Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Patel

SAPK Limited

SECRETARY:

PSP Group Limited

REGISTERED OFFICE:

8 Clarendon Terrace

London

W9 1BZ

REGISTERED NUMBER:

05904432 (England and Wales)

AUDITORS:

Dunkley's

Statutory Auditor

Chartered Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Investments

4

100

100

CURRENT ASSETS

Debtors

5

700,000

700,000

CREDITORS

Amounts falling due within one year

6

423,085

804,109

NET CURRENT ASSETS/(LIABILITIES)

276,915

(104,109

)

TOTAL ASSETS LESS CURRENT LIABILITIES

277,015

(104,009

)

CREDITORS

Amounts falling due after more than one year

7

2,498,614

2,411,756

NET LIABILITIES

(2,221,599

)

(2,515,765

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(2,221,699

)

(2,515,865

)

SHAREHOLDERS' FUNDS

(2,221,599

)

(2,515,765

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 October 2019 and were signed on its behalf by:

SAPK Limited - Director

1.	STATUTORY INFORMATION

Alexis Care Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Alexis Care Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section

400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and

its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its

parent, PSP Group Limited, 8 Clarendon Terrace, London, W9 1BZ.

Going concern

The accounts have been prepared under a going concern basis as the company is supported by other group

members. The group members will continue to support the company for the foreseeable future.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2018

and 31 January 2019

100

NET BOOK VALUE

At 31 January 2019

100

At 31 January 2018

100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Amounts owed by group undertakings

700,000

700,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans and overdrafts

114,450

266,215

Trade creditors

3,930

13,883

Tax

-

130,285

Other creditors

208,109

297,130

Accrued expenses

96,596

96,596

423,085

804,109

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.19

31.1.18

£

£

Bank loans - 1-2 years

114,450

266,215

Bank loans - 2-5 years

343,351

798,645

Bank loans more 5 yr by instal

2,040,813

1,346,896

2,498,614

2,411,756

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,040,813

1,346,896

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.19

31.1.18

£

£

Within one year

1,524,000

1,524,000

Between one and five years

7,620,000

7,620,000

In more than five years

28,712,833

30,236,833

37,856,833

39,380,833

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.19

31.1.18

£

£

Bank loans

2,613,064

2,677,971

The Directors have received advice that the lenders' securities are invalid and unenforceable. The Lender has

confirmed in writing on several occasions that they hold no security with respect to the loans. The Companies

house and land registry positions have yet to be updated.

Whilst the lender's position is being determined it is noted that the loans may be secured by a limited fixed

and floating debenture over the current and future trading assets of the Company together with limited

cross-guarantees from PSP Investment Ltd and PSP Holdco Ltd (group companies), PSP Care Villages Ltd a

company registered in Guernsey.

The company has two loans with Bank of Ireland with a total liability at 31/01/2019 of £2,613,066 (2018 -

£2,677,971). Both loans are repayable in quarterly installments. The interest rate on the loans is between 1% -

1.25% above UK base rate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.19

31.1.18

value:

£

£

100

Ordinary

£1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Dobbins FCA (Senior Statutory Auditor)

for and on behalf of Dunkley's

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

This note must be read in conjunction with the Directors report section headed Secured Debt Disclosure.

The Company has provided a limited cross-guarantee for PSP Holdco Ltd and PSP Care Villages Ltd, a company

registered in Guernsey.

During the period the company wrote off loans of £125,432 (2018 - £329,694) owed to other related parties

outside the group. The other parties involved were in agreement of this treatment.

At the balance sheet date, the net debtor outstanding with other related parties was £700,000 (2018 -

£700,000).

13.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit

returns to the tax authorities and assist with the preparation of the financial statements.

14.	ULTIMATE CONTROLLING PARTY

The parent of the smallest group for which consolidated financial statements are drawn up is PSP Group Ltd

(Registered office - 8 Clarendon Terrace, London, England, W9 1BZ).