Priory Park Care Ltd 31/12/2021 iXBRL

Priory Park Care Ltd 31/12/2021 iXBRL

PRIORY PARK CARE LTD - Company Information

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Company registration number: 12570818
Priory Park Care Ltd
Unaudited filleted financial statements
31 December 2021
Priory Park Care Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Priory Park Care Ltd
Directors and other information
Director Timothy Ogunleye
Company number 12570818
Registered office 23 Marsham Way
Gerrards Cross
South Bucks
SL9 8AB
Business address Priory Crescent
Penwortham
Preston
PR1 0AL
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers The Royal Bank of Scotland plc
41 Cornmarket
Derby
DE1 2DG
Priory Park Care Ltd
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Priory Park Care Ltd
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Priory Park Care Ltd for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of Priory Park Care Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Priory Park Care Ltd and state those matters that we have agreed to state to him, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Priory Park Care Ltd and its director for our work or for this report.
It is your duty to ensure that Priory Park Care Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Priory Park Care Ltd. You consider that Priory Park Care Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Priory Park Care Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
26 September 2022
Priory Park Care Ltd
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 1,138,278 1,162,293
_______ _______
1,138,278 1,162,293
Current assets
Stocks 1,000 1,000
Debtors 7 74,973 53,077
Cash at bank and in hand 168,716 94,630
_______ _______
244,689 148,707
Creditors: amounts falling due
within one year 8 ( 116,024) ( 106,095)
_______ _______
Net current assets 128,665 42,612
_______ _______
Total assets less current liabilities 1,266,943 1,204,905
Creditors: amounts falling due
after more than one year 9 ( 1,171,052) ( 1,171,052)
Provisions for liabilities 10 ( 17,653) ( 9,101)
_______ _______
Net assets 78,238 24,752
_______ _______
Capital and reserves
Called up share capital 12 1 1
Profit and loss account 78,237 24,751
_______ _______
Shareholder funds 78,238 24,752
_______ _______
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2022 , and are signed on behalf of the board by:
Timothy Ogunleye
Director
Company registration number: 12570818
Priory Park Care Ltd
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Marsham Way, Gerrards Cross, South Bucks, SL9 8AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has received financial support from a company under the control of the director. The financial support will continue until the company is able to commence repaying the loan finance. Consequently the director is able to prepare the financial statements on the basis of the going concern concept.
Turnover
Turnover is measured at the fair value of residential retirement nursing home fees receivable by the company during the year.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting year. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current year. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 - over 50 years
Fixtures, fittings and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Stocks
Stock is measured at estimated cost.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Deferred tax is recognised in respect of all timing differences that have originated but not yet reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
Defined contribution plans
The pension cost charged in the financial statements represents the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2020: 39 ).
5. Tax on profit
Major components of tax expense
2021 2020
£ £
Current tax:
UK current tax expense 7,822 -
_______ _______
Deferred tax:
Origination and reversal of timing differences 8,552 9,101
_______ _______
Tax on profit 16,374 9,101
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2021 and 31 December 2021 1,075,732 98,141 1,173,873
_______ _______ _______
Depreciation
At 1 January 2021 2,553 9,027 11,580
Charge for the year 5,515 18,500 24,015
_______ _______ _______
At 31 December 2021 8,068 27,527 35,595
_______ _______ _______
Carrying amount
At 31 December 2021 1,067,664 70,614 1,138,278
_______ _______ _______
At 31 December 2020 1,073,179 89,114 1,162,293
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 67,186 45,999
Other debtors 7,787 7,078
_______ _______
74,973 53,077
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 51,901 31,910
Corporation tax 7,822 -
Social security and other taxes 11,472 59,249
Other creditors 44,829 14,936
_______ _______
116,024 106,095
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 1,171,052 1,171,052
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 January 2021 9,101 9,101
Additions 8,552 8,552
_______ _______
At 31 December 2021 17,653 17,653
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 2020
£ £
Included in provisions (note 10) 17,653 9,101
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 2020
£ £
Accelerated capital allowances 17,653 22,279
Unused tax losses - ( 13,178)
_______ _______
17,653 9,101
_______ _______
12. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______