Pressbeau (Beds.) Limited - Limited company accounts 18.2

REGISTERED NUMBER: 08808432 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2019

for

Pressbeau (Beds.) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTORS:

M S H Chohan

Mrs M Kucheria

S K Saraogi

Mrs R Saraogi

REGISTERED OFFICE:

Tithe Farm Park Road

Stoke Poges

Slough

Buckinghamshire

SL2 4PJ

REGISTERED NUMBER:

08808432 (England and Wales)

SENIOR STATUTORY AUDITOR:

V R Thayalan

AUDITORS:

Lawrence Grant

Chartered Accountants

and Statutory Auditor

2nd Floor

Hygeia House

66 College Road

Harrow

Middlesex

HA1 1BE

The directors present their strategic report for the year ended 30 April 2019.

REVIEW OF BUSINESS

The company has traded successfully during the year under review.

The ABI unit at New Meppershall has been closed down in March 2019. This decision was taken due to the loss the company

incurred by keeping the unit open due to a fall in resident numbers.

During the year, all loans to the shareholders were repaid.

The key financial performance indicators (KPI's) of the group were as follows:

Annual turnover levels

Resident numbers

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainty facing the company moving into 2018/19 continues to be the competition from other care homes

and from new competitors entering the market. The directors of the company aims to ensure that the level of care the residents

receive is of the highest quality to maintain the resident numbers in the homes.

POST BALANCE SHEET EVENTS

After the year end, Wren Park was closed down and all the residents were moved to New Meppershall. As the residents have been

accommodated within the organization there is minimal financial impact anticipated.

ON BEHALF OF THE BOARD:

S K Saraogi - Director

27 January 2020

The directors present their report with the financial statements of the company for the year ended 30 April 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of residential care home services.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2019.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2018 to the date of this report.

M S H Chohan

Mrs M Kucheria

S K Saraogi

Mrs R Saraogi

DISCLOSURE IN THE STRATEGIC REPORT

Details of subsequent events affecting the company have been included in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United

Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the

company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of

which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director

in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of

that information.

AUDITORS

The auditors, Lawrence Grant, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S K Saraogi - Director

27 January 2020

Opinion

We have audited the financial statements of Pressbeau (Beds.) Limited (the 'company') for the year ended 30 April 2019 which

comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of

Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2019 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 company in accordance with the ethical requirements that are relevant to our audit

of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern

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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and

the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not

identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our

opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the

directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due

to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the

directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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 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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

V R Thayalan (Senior Statutory Auditor)

for and on behalf of Lawrence Grant

Chartered Accountants

and Statutory Auditor

2nd Floor

Hygeia House

66 College Road

Harrow

Middlesex

HA1 1BE

29 January 2020

TURNOVER

4,554,058

4,940,747

Cost of sales

3,302,579

3,561,914

GROSS PROFIT

1,251,479

1,378,833

Administrative expenses

728,968

853,469

522,511

525,364

Other operating income

21,382

28,288

OPERATING PROFIT

5

543,893

553,652

Interest payable and similar expenses

6

133,052

252,458

PROFIT BEFORE TAXATION

410,841

301,194

Tax on profit

7

97,842

77,582

PROFIT FOR THE FINANCIAL YEAR

312,999

223,612

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

312,999

223,612

FIXED ASSETS

Intangible assets

8

137,219

159,719

Tangible assets

9

4,905,991

5,134,757

5,043,210

5,294,476

CURRENT ASSETS

Debtors

10

208,887

308,890

Cash at bank and in hand

496,584

816,256

705,471

1,125,146

CREDITORS

Amounts falling due within one year

11

863,615

868,522

NET CURRENT (LIABILITIES)/ASSETS

(158,144

)

256,624

TOTAL ASSETS LESS CURRENT LIABILITIES

4,885,066

5,551,100

CREDITORS

Amounts falling due after more than one year

12

(4,663,115

)

(5,617,084

)

PROVISIONS FOR LIABILITIES

15

(7,447

)

(32,511

)

NET ASSETS/(LIABILITIES)

214,504

(98,495

)

CAPITAL AND RESERVES

Called up share capital

16

300

300

Retained earnings

17

214,204

(98,795

)

SHAREHOLDERS' FUNDS

214,504

(98,495

)

The financial statements were approved by the Board of Directors on 27 January 2020 and were signed on its behalf by:

S K Saraogi - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2017

300

(322,407

)

(322,107

)

Changes in equity

Total comprehensive income

-

223,612

223,612

Balance at 30 April 2018

300

(98,795

)

(98,495

)

Changes in equity

Total comprehensive income

-

312,999

312,999

Balance at 30 April 2019

300

214,204

214,504

Cash flows from operating activities

Cash generated from operations

1

986,202

817,190

Interest paid

(133,052

)

(252,458

)

Tax paid

(29,436

)

(4,981

)

Net cash from operating activities

823,714

559,751

Cash flows from investing activities

Purchase of tangible fixed assets

(69,482

)

(159,926

)

Sale of tangible fixed assets

6,228

-

Net cash from investing activities

(63,254

)

(159,926

)

Cash flows from financing activities

Loan repayments in year

(1,080,132

)

-

Net cash from financing activities

(1,080,132

)

-

(Decrease)/increase in cash and cash equivalents

(319,672

)

399,825

Cash and cash equivalents at beginning of year

2

816,256

416,431

Cash and cash equivalents at end of year

2

496,584

816,256

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2019

2018

£

£

Profit before taxation

410,841

301,194

Depreciation charges

318,471

384,503

Profit on disposal of fixed assets

(3,951

)

-

Finance costs

133,052

252,458

858,413

938,155

Decrease/(increase) in trade and other debtors

132,999

(248,411

)

(Decrease)/increase in trade and other creditors

(5,210

)

127,446

Cash generated from operations

986,202

817,190

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these

Statement of Financial Position amounts:

Year ended 30 April 2019

30.4.19

1.5.18

£

£

Cash and cash equivalents

496,584

816,256

Year ended 30 April 2018

30.4.18

1.5.17

£

£

Cash and cash equivalents

816,256

416,431

1.	GOING CONCERN

The financial statements have been prepared on a going concern basis which is dependent upon the company's shareholders

continuing to provide the necessary financial facilities to enable the company to continue in operation for the foreseeable

future.

2.	STATUTORY INFORMATION

Pressbeau (Beds.) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's business activities are that of a residential home providing care for the elderly and individuals who are

mentally challenged.

3.	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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In preparing the annual financial statements, management is required to make estimates and assumptions that affect the

amounts represented in the annual financial statements and related disclosures. Use of available information and the

application of judgement is inherent in the formation of estimates. Actual results in the future could differ from these

estimates which may be material to the annual financial statements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised if revision affects only that period or in the period of revision and

future periods if the revision affects both current and future periods.

In the opinion of the directors there are no areas involving a high degree of judgement, complexity or areas where

assumptions and estimates are significant to the financial statements, other than the determination of the useful lives of

tangible fixed assets and goodwill.

Turnover

Turnover is measured at the fair value of consideration received or receivable from the provision of residential care home

services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

25% on reducing balance

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Taxation

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

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 statement of financial position date.

Deferred tax

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

financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either

financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual

interest in the assets of the company after deducting all of its liabilities.

4.	EMPLOYEES AND DIRECTORS

2019

2018

£

£

Wages and salaries

2,657,210

2,719,540

Social security costs

5,276

2,929

Other pension costs

31,972

13,660

2,694,458

2,736,129

The average number of employees during the year was as follows:

2019

2018

Nursing staff

139

150

2019

2018

£

£

Directors' remuneration

64,535

36,141

Directors' pension contributions to money purchase schemes

750

180

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2019

2018

£

£

Depreciation - owned assets

295,971

362,005

Profit on disposal of fixed assets

(3,951

)

-

Goodwill amortisation

22,500

22,500

Auditors' remuneration

9,240

9,240

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2019

2018

£

£

Bank interest

133,052

210,950

Other loan interest

-

41,508

133,052

252,458

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2019

2018

£

£

Current tax:

UK corporation tax

122,906

29,427

Deferred tax

(25,064

)

48,155

Tax on profit

97,842

77,582

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained

below:

2019

2018

£

£

Profit before tax

410,841

301,194

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

78,060

57,227

Effects of:

Expenses not deductible for tax purposes

57,318

69,714

Capital allowances in excess of depreciation

(11,721

)

(20,182

)

Utilisation of tax losses

(751

)

(77,332

)

Deferred taxation

(25,064

)

48,155

Total tax charge

97,842

77,582

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2018

and 30 April 2019

225,000

AMORTISATION

At 1 May 2018

65,281

Amortisation for year

22,500

At 30 April 2019

87,781

NET BOOK VALUE

At 30 April 2019

137,219

At 30 April 2018

159,719

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 May 2018

5,142,845

1,045,522

11,900

11,277

6,211,544

Additions

40,000

29,482

-

-

69,482

Disposals

-

-

(6,000

)

-

(6,000

)

At 30 April 2019

5,182,845

1,075,004

5,900

11,277

6,275,026

DEPRECIATION

At 1 May 2018

366,371

697,585

5,304

7,527

1,076,787

Charge for year

103,522

187,328

2,724

2,397

295,971

Eliminated on disposal

-

-

(3,723

)

-

(3,723

)

At 30 April 2019

469,893

884,913

4,305

9,924

1,369,035

NET BOOK VALUE

At 30 April 2019

4,712,952

190,091

1,595

1,353

4,905,991

At 30 April 2018

4,776,474

347,937

6,596

3,750

5,134,757

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

151,944

218,699

Other debtors

51,269

87,462

Prepayments

5,674

2,729

208,887

308,890

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 13)

184,989

179,039

Trade creditors

199,781

198,364

Tax

122,897

29,427

Social security and other taxes

28,775

47,574

Other creditors

293,587

380,926

Accrued expenses

33,586

33,192

863,615

868,522