POC Investments Limited Group accounts (Group and Company)

POC Investments Limited Group accounts (Group and Company)

POC INVESTMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06436537
POC Investments Limited
Financial Statements
31 March 2020
POC Investments Limited
Financial Statements
Year ended 31 March 2020
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
POC Investments Limited
Strategic Report
Year ended 31 March 2020
Fair review of the business
The group's primary activity is the delivery of domiciliary, residential, supported living and respite care within the local community. It also owns a portfolio of rental properties which are let to supported living clients. The group previously acquired a café within the local community in which it served a variety of hot & cold food and provided a safe and sensory environment for customers with additional needs. However, the emergence of Covid-19 has resulted in the café being unable to continue trading as of 23 March 2020. As the leased premises continue to be a cost to the company, it has since decided to utilise the building as a training and development centre and changed the company name to POC TDC Ltd as of 7 July 2020. The group has continued to grow it's market share within the care sector. There has been further investment in property during the year, developing residential homes for client's with physical and/or mental disabilities to facilitate independent living. A new daybase centre has been purchased which further allows expansion of administration facilities. The group has continued it's focus on staff training to ensure that the best level of care is provided, as safely as possible for both staff and clients. The group has seen an increase in turnover for the year of 9.7%. There has been a decrease in operating profit for the year from 13.1% in 2019 to 8.9% for 2020 and a corresponding decrease in net profit before tax of 10.8% in 2019 to 6.5% in 2020. Wage costs have increased due to a rise in national living wage and statutory employer pension contributions. The group has continued its strategy of growing its net asset value through growth of its property portfolio and retained profit. At 31 March 2020, the net assets of the group stood at £2.16m (2019: £1.92m).
Principal risks and uncertainties
The principal risks and uncertainties facing the group, include competition with the care sector. The group will aim to retain key employees to provide a premium service and maintain it's market share. The most dominant risk now is the effect that Covid-19 will have on the business. The daycare sector of the business had to close during March and onwards to ensure the safety of staff and clients and comply with current restrictions. They have utilised the staff from this sector into other areas, where demand has increased. This has also allowed any staff that need to shield or self isolate, to be able to do so without having a big impact on staffing levels. Additional funding will be/has been provided from most of the local authorities, to cover the additional costs the business has had to incur such as investment in PPE, increased staff costs, increased cleaning costs etc. All staff have been briefed according to health & safety regulations in line with Covid-19 rules to ensure their safety and the safety of clients. The group has high value contracts with several county boroughs which provide a significant level of income. The loss of these contracts would impact on group results, however, the Directors are confident that good customer and contractual relationships continue to be maintained and will continue to deliver positive results. Financial risk is an important factor to consider. The properties are financed through secured loans with Royal Bank of Scotland. The group has been able to maintain a positive relationship with it's bankers and are confident that this will continue. The Covid-19 pandemic has resulted in the bank offering the group a payment holiday on most of its loans so only the interest payments will be due over the next twelve months which will help with cashflow.
This report was approved by the board of directors on 26 March 2021 and signed on behalf of the board by:
Mr S Darling
Mrs J H Darling
Director
Director
Registered office:
27a Commercial Street
Ystrad Mynach
Hengoed
CF82 7DW
POC Investments Limited
Directors' Report
Year ended 31 March 2020
The directors present their report and the financial statements of the group for the year ended 31 March 2020 .
Directors
The directors who served the company during the year were as follows:
Mr S Darling
Mrs J H Darling
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The company has continued to invest in land and property since the Balance sheet date, to provide further care homes and offices.
Employment of disabled persons
The company gives full and fair consideration to all employment applications made by disabled persons, having regard to their particular aptitudes and abilities. They continue the employment and arrange appropriate training, for any employees who have become disabled during their employment and encourage them to continue their career development and promotion.
Employee involvement
The company focuses heavily on staff training and motivation in order to retain key members of staff and keep staff turnover levels to a minimum. Employee performance is monitored closely and rewarded accordingly. Supervisors are put in place at each care home to ensure there is always a employee representative that can report any conflicts or issues back to management.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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). 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 26 March 2021 and signed on behalf of the board by:
Mr S Darling
Mrs J H Darling
Director
Director
Registered office:
27a Commercial Street
Ystrad Mynach
Hengoed
CF82 7DW
POC Investments Limited
Independent Auditor's Report to the Members of POC Investments Limited
Year ended 31 March 2020
Opinion
We have audited the financial statements of POC Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2020 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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 group's and of the parent company's affairs as at 31 March 2020 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 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 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 directors' responsibilities statement, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s 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 financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's 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.
Laurence Cohen
(Senior Statutory Auditor)
For and on behalf of
Gordon Down & Partners
Chartered accountants & statutory auditor
144 Walter Road
Swansea
SA1 5RW
26 March 2021
POC Investments Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2020
2020
2019
Note
£
£
Turnover
4
8,645,694
7,877,225
Cost of sales
5,542,744
4,966,063
------------
------------
Gross profit
3,102,950
2,911,162
Administrative expenses
2,618,039
2,156,544
Other operating income
5
282,271
274,351
------------
------------
Operating profit
6
767,182
1,028,969
Interest payable and similar expenses
10
206,621
179,116
------------
------------
Profit before taxation
560,561
849,853
Tax on profit
11
143,037
207,615
---------
---------
Profit for the financial year and total comprehensive income
417,524
642,238
---------
---------
All the activities of the group are from continuing operations.
POC Investments Limited
Consolidated Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
Fixed assets
Intangible assets
13
35,701
41,674
Tangible assets
14
7,252,906
7,143,601
------------
------------
7,288,607
7,185,275
Current assets
Stocks
16
800
4,545
Debtors
17
1,111,233
854,074
Cash at bank and in hand
156,504
168,729
------------
------------
1,268,537
1,027,348
Creditors: amounts falling due within one year
19
1,416,926
1,172,366
------------
------------
Net current liabilities
148,389
145,018
------------
------------
Total assets less current liabilities
7,140,218
7,040,257
Creditors: amounts falling due after more than one year
20
4,954,607
5,094,333
Provisions
Taxation including deferred tax
22
25,924
23,761
------------
------------
Net assets
2,159,687
1,922,163
------------
------------
Capital and reserves
Called up share capital
25
4
4
Profit and loss account
26
2,159,683
1,922,159
------------
------------
Shareholders funds
2,159,687
1,922,163
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 26 March 2021 , and are signed on behalf of the board by:
Mr S Darling
Mrs J H Darling
Director
Director
Company registration number: 06436537
POC Investments Limited
Company Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
14
6,396,724
6,430,177
Investments
15
103
103
------------
------------
6,396,827
6,430,280
Current assets
Debtors
17
929,289
777,983
Cash at bank and in hand
144,066
78,010
------------
---------
1,073,355
855,993
Creditors: amounts falling due within one year
19
607,746
527,213
------------
---------
Net current assets
465,609
328,780
------------
------------
Total assets less current liabilities
6,862,436
6,759,060
Creditors: amounts falling due after more than one year
20
4,791,626
5,025,349
Provisions
Taxation including deferred tax
22
24,211
23,761
------------
------------
Net assets
2,046,599
1,709,950
------------
------------
Capital and reserves
Called up share capital
25
4
4
Profit and loss account
26
2,046,595
1,709,946
------------
------------
Shareholders funds
2,046,599
1,709,950
------------
------------
The profit for the financial year of the parent company was £ 516,649 (2019: £ 674,778 ).
These financial statements were approved by the board of directors and authorised for issue on 26 March 2021 , and are signed on behalf of the board by:
Mr S Darling
Mrs J H Darling
Director
Director
Company registration number: 06436537
POC Investments Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2020
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2018
4
1,679,921
1,679,925
Profit for the year
642,238
642,238
----
------------
------------
Total comprehensive income for the year
–
642,238
642,238
Dividends paid and payable
12
–
( 400,000)
( 400,000)
----
------------
------------
Total investments by and distributions to owners
–
( 400,000)
( 400,000)
At 31 March 2019
4
1,922,159
1,922,163
Profit for the year
417,524
417,524
----
------------
------------
Total comprehensive income for the year
–
417,524
417,524
Dividends paid and payable
12
–
( 180,000)
( 180,000)
----
---------
---------
Total investments by and distributions to owners
–
( 180,000)
( 180,000)
----
------------
------------
At 31 March 2020
4
2,159,683
2,159,687
----
------------
------------
POC Investments Limited
Company Statement of Changes in Equity
Year ended 31 March 2020
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2018
4
1,435,168
1,435,172
Profit for the year
674,778
674,778
----
------------
------------
Total comprehensive income for the year
–
674,778
674,778
Dividends paid and payable
12
–
( 400,000)
( 400,000)
----
------------
------------
Total investments by and distributions to owners
–
( 400,000)
( 400,000)
At 31 March 2019
4
1,709,946
1,709,950
Profit for the year
516,649
516,649
----
------------
------------
Total comprehensive income for the year
–
516,649
516,649
Dividends paid and payable
12
–
( 180,000)
( 180,000)
----
---------
---------
Total investments by and distributions to owners
–
( 180,000)
( 180,000)
----
------------
------------
At 31 March 2020
4
2,046,595
2,046,599
----
------------
------------
POC Investments Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2020
2020
2019
Note
£
£
Cash flows from operating activities
Profit for the financial year
417,524
642,238
Adjustments for:
Depreciation of tangible assets
411,331
372,984
Amortisation of intangible assets
5,973
5,973
Interest payable and similar expenses
206,621
179,116
Loss/(gains) on disposal of tangible assets
7,183
( 1,917)
Tax on profit
143,037
207,615
Accrued expenses
19,155
68,153
Changes in:
Stocks
3,745
( 4,545)
Trade and other debtors
( 257,159)
( 22,479)
Trade and other creditors
52,339
20,894
------------
------------
Cash generated from operations
1,009,749
1,468,032
Interest paid
( 206,621)
( 179,116)
Tax paid
( 104,384)
( 359,153)
------------
------------
Net cash from operating activities
698,744
929,763
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 549,821)
( 1,176,277)
Proceeds from sale of tangible assets
22,002
52,642
------------
------------
Net cash used in investing activities
( 527,819)
( 1,123,635)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 150,834)
955,002
Payments of finance lease liabilities
119,682
( 182,625)
Dividends paid
( 180,000)
( 400,000)
------------
------------
Net cash (used in)/from financing activities
( 211,152)
372,377
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 40,227)
178,505
Cash and cash equivalents at beginning of year
168,729
(9,776)
---------
---------
Cash and cash equivalents at end of year
18
128,502
168,729
---------
---------
POC Investments Limited
Notes to the Financial Statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27a Commercial Street, Ystrad Mynach, Hengoed, CF82 7DW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of POC Investments Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20 years/10 years
Goodwill in respect of Partnership of Care Limited is written off over 20 years. Goodwill in respect of POC Brasseries Limited is written off over 10 years. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
Buildings - Straight line over 25 years
Leasehold Property
-
Straight line over remaining lease term
Short Leasehold Property
-
Refurbishments - Straight line over 4 years
Plant & Machinery
-
Straight line over 4 years
Fixtures & Fittings
-
Straightline over 5 years
Motor Vehicles
-
Straight line over 5 years
Equipment
-
Straight line over 4 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Long term contracts
Where the outcome of contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. The entity uses the percentage of completion method to determine the amounts to be recognised in the period.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2020
2019
£
£
Sale of goods
68,275
88,577
Rendering of services
8,577,419
7,788,648
------------
------------
8,645,694
7,877,225
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2020
2019
£
£
Rental income
201,101
171,986
Other operating income
81,170
102,365
---------
---------
282,271
274,351
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2020
2019
£
£
Amortisation of intangible assets
5,973
5,973
Depreciation of tangible assets
411,331
372,984
Loss/(gains) on disposal of tangible assets
7,183
( 1,917)
Impairment of trade debtors
11,298
20,395
Operating lease rentals
3,216
2,271
---------
---------
7. Auditor's remuneration
2020
2019
£
£
Fees payable for the audit of the financial statements
6,960
6,960
-------
-------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2020
2019
No.
No.
Production staff
622
297
Administrative staff
30
14
Management staff
10
2
----
----
662
313
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2020
2019
£
£
Wages and salaries
5,756,246
5,184,654
Social security costs
393,193
348,047
Other pension costs
400,080
93,575
------------
------------
6,549,519
5,626,276
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2020
2019
£
£
Remuneration
30,165
26,559
Company contributions to defined contribution pension plans
252,825
–
---------
--------
282,990
26,559
---------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2020
2019
No.
No.
Defined contribution plans
2
2
----
----
10. Interest payable and similar expenses
2020
2019
£
£
Interest on banks loans and overdrafts
187,678
154,033
Interest on obligations under finance leases and hire purchase contracts
13,696
21,849
Other interest payable and similar charges
5,247
3,234
---------
---------
206,621
179,116
---------
---------
11. Tax on profit
Major components of tax expense
2020
2019
£
£
Current tax:
UK current tax expense
140,874
204,805
Deferred tax:
Origination and reversal of timing differences
2,163
2,810
---------
---------
Tax on profit
143,037
207,615
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2019: lower than) the standard rate of corporation tax in the UK of 38 % (2019: 38 %).
2020
2019
£
£
Profit on ordinary activities before taxation
560,561
849,853
---------
---------
Profit on ordinary activities by rate of tax
235,706
294,473
Effect of expenses not deductible for tax purposes
2,380
2,118
Effect of capital allowances and depreciation
31,988
41,214
Effect of revenue exempt from tax
( 129,200)
( 133,000)
Effect of timing differences on assets
2,163
2,810
---------
---------
Tax on profit
143,037
207,615
---------
---------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2020
2019
£
£
Dividends on equity shares
180,000
400,000
---------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
84,730
--------
Amortisation
At 1 April 2019
43,056
Charge for the year
5,973
--------
At 31 March 2020
49,029
--------
Carrying amount
At 31 March 2020
35,701
--------
At 31 March 2019
41,674
--------
The company has no intangible assets.
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2019
7,762,879
14,740
474,348
497,929
8,749,896
Additions
316,412
–
42,538
190,871
549,821
Disposals
–
–
–
( 171,243)
( 171,243)
------------
--------
---------
---------
------------
At 31 March 2020
8,079,291
14,740
516,886
517,557
9,128,474
------------
--------
---------
---------
------------
Depreciation
At 1 April 2019
898,997
3,685
370,475
333,138
1,606,295
Charge for the year
263,519
3,685
50,770
93,357
411,331
Disposals
–
–
–
( 142,058)
( 142,058)
------------
--------
---------
---------
------------
At 31 March 2020
1,162,516
7,370
421,245
284,437
1,875,568
------------
--------
---------
---------
------------
Carrying amount
At 31 March 2020
6,916,775
7,370
95,641
233,120
7,252,906
------------
--------
---------
---------
------------
At 31 March 2019
6,863,882
11,055
103,873
164,791
7,143,601
------------
--------
---------
---------
------------
Company
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2019
6,997,717
14,740
7,012,457
Additions
136,173
–
136,173
------------
--------
------------
At 31 March 2020
7,133,890
14,740
7,148,630
------------
--------
------------
Depreciation
At 1 April 2019
578,595
3,685
582,280
Charge for the year
165,941
3,685
169,626
------------
--------
------------
At 31 March 2020
744,536
7,370
751,906
------------
--------
------------
Carrying amount
At 31 March 2020
6,389,354
7,370
6,396,724
------------
--------
------------
At 31 March 2019
6,419,122
11,055
6,430,177
------------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 31 March 2020
222,975
---------
At 31 March 2019
127,633
---------
The company has no tangible assets held under finance lease or hire purchase agreements.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2019 and 31 March 2020
103
----
Impairment
At 1 April 2019 and 31 March 2020
–
----
Carrying amount
At 1 April 2019 and 31 March 2020
103
----
At 31 March 2019
103
----
The company owns 100% of the issued ordinary share capital of the companies listed below, Partnership of Care Limited
POC Opportunities Limited
POC Brasseries Limited
Aggregate capital and reserves
Partnership of Care Limited £250,031 (2019:£277,248)
POC Opportunities Limited (Dormant) £1 (2019:£1)
POC Brasseries Limited (£151,126) (2019:(64,934))
Profit and (loss) for the year
Partnership of Care Limited £652,783 (2019:£732,494)
POC Opportunities Limited £NIL (2019:£NIL)
POC Brasseries Limited (£86,192) (2019:(65,034))
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Partnership of Care Limited
Ordinary
100
POC Brasseries Limited
Ordinary
100
Investments in associates and joint ventures
16. Stocks
Group
Company
2020
2019
2020
2019
£
£
£
£
Raw materials and consumables
800
4,545
–
–
----
-------
----
----
17. Debtors
Group
Company
2020
2019
2020
2019
£
£
£
£
Trade debtors
854,315
515,256
–
–
Amounts owed by group undertakings
–
–
902,762
762,233
Amounts owed by customers on construction contracts
164,960
275,919
–
–
Prepayments and accrued income
35,539
35,474
1,200
15,750
Directors loan account
19,115
–
19,115
–
Other debtors
37,304
27,425
6,212
–
------------
---------
---------
---------
1,111,233
854,074
929,289
777,983
------------
---------
---------
---------
Included in other debtors is £164,960 (2019: £266,883) for amounts owed on long term contracts.
18. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2020
2019
£
£
Cash at bank and in hand
156,504
168,729
Bank overdrafts
( 28,002)
–
---------
---------
128,502
168,729
---------
---------
19. Creditors: amounts falling due within one year
Group
Company
2020
2019
2020
2019
£
£
£
£
Bank loans and overdrafts
557,675
445,619
529,673
445,619
Trade creditors
40,808
58,596
–
–
Accruals and deferred income
414,377
295,106
42,914
52,671
Corporation tax
132,759
96,269
34,559
26,558
Social security and other taxes
108,461
117,417
600
1,200
Obligations under finance leases and hire purchase contracts
64,565
38,880
–
–
Director loan accounts
–
1,165
–
1,165
Other creditors
98,281
119,314
–
–
------------
------------
---------
---------
1,416,926
1,172,366
607,746
527,213
------------
------------
---------
---------
20. Creditors: amounts falling due after more than one year
Group
Company
2020
2019
2020
2019
£
£
£
£
Bank loans and overdrafts
4,791,626
5,025,349
4,791,626
5,025,349
Obligations under finance leases and hire purchase contracts
162,981
68,984
–
–
------------
------------
------------
------------
4,954,607
5,094,333
4,791,626
5,025,349
------------
------------
------------
------------
Bank loans and overdrafts are secured by legal charges over the freehold properties and a cross guarantee and debenture by and between POC Investments Limited and Partnership of Care Limited. Additionally, there is a legal charge over a freehold property held jointly by the directors and a personal guarantee from the directors limited to £40,000.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2020
2019
2020
2019
£
£
£
£
Not later than 1 year
64,565
38,880
–
–
Later than 1 year and not later than 5 years
162,981
68,984
–
–
---------
---------
----
----
227,546
107,864
–
–
---------
---------
----
----
22. Provisions
Group
Deferred tax (note 23)
£
At 1 April 2019
23,761
Additions
1,713
Charge against provision
450
--------
At 31 March 2020
25,924
--------
Company
Deferred tax (note 23)
£
At 1 April 2019
23,761
Charge against provision
450
--------
At 31 March 2020
24,211
--------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2020
2019
2020
2019
£
£
£
£
Included in provisions (note 22)
25,924
23,761
24,211
23,761
--------
--------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2020
2019
2020
2019
£
£
£
£
Accelerated capital allowances
25,924
23,761
24,211
23,761
--------
--------
--------
--------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 147,255 (2019: £ 93,109 ).
25. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
26. Reserves
Share Capital - This reserve records ordinary share capital, fully paid. Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Apr 2019
Cash flows
At 31 Mar 2020
£
£
£
Cash at bank and in hand
168,729
(12,225)
156,504
Bank overdrafts
–
(28,002)
(28,002)
Debt due within one year
(485,664)
(108,574)
(594,238)
Debt due after one year
(5,094,333)
139,726
(4,954,607)
------------
---------
------------
( 5,411,268)
( 9,075)
( 5,420,343)
------------
---------
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2020
2019
2020
2019
£
£
£
£
Not later than 1 year
15,467
43,632
–
–
Later than 1 year and not later than 5 years
5,642
121,271
–
–
--------
---------
----
----
21,109
164,903
–
–
--------
---------
----
----
POC Investments Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2020
29. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr S Darling
(583)
10,140
9,557
Mrs J H Darling
( 582)
10,140
9,558
-------
--------
--------
( 1,165)
20,280
19,115
-------
--------
--------
2019
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr S Darling
( 3,674)
2,509
( 1,165)
Mrs J H Darling
–
–
–
-------
-------
-------
( 3,674)
2,509
( 1,165)
-------
-------
-------
30. Related party transactions
Company
The company was under the control of its directors throughout the current and previous year. During the year the company charged its subsidiary company Partnership of Care Limited, Rent of £366,660 (2018:£332,675). No other transactions with related parties were undertaken such as are required to be disclosed.