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 2022
POC Investments Limited
Financial Statements
Year ended 31 March 2022
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 2022
Fair review of the business
The group's primary activity is the delivery of 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 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. 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 a decrease in turnover for the year of 10.2%. This is due to giving up the contracts they held for domiciliary care towards the beginning of the financial year. This has flowed through to a decrease in operating profit for the year from 20.8% in 2021 to 12.2% for 2022 and a corresponding decrease in net profit before tax from 19.4% in 2021 to 9.9% in 2022. Government grants have been recognised in income that were received to cover enhanced sick pay for carers and carer's allowance payments. Additional income has been received from local authorities temporarily to cover any additional cost incurred from Covid-19. The group has continued its strategy of growing its net asset value through growth of its property portfolio and retained profit. At 31 March 2022, the net assets of the group stood at £3.127m (2021: £3.123m).
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 still the ongoing effect that Covid-19 has on the business. The daycare and domiciliary sectors were dramatically effected by Covid. The contract for domiciliary care has been handed back to local authority and therefore the dom care billed during the year has reduced accordingly. Some staff have been redeployed elsewhere in the business, and others have been transferred via TUPE to another unrelated company that now has the dom care contract. Additional funding 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. This temporary funding has reduced from 2021 and has now finished. 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 have been refinanced during the year with Barclays. The group has forged a positive relationship with it's bankers and are confident that this will continue.
This report was approved by the board of directors on 2 September 2022 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 2022
The directors present their report and the financial statements of the group for the year ended 31 March 2022 .
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 2 September 2022 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 2022
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 2022 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 2022 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our risk assessment included making enquiries of directors as to the company's procedures to prevent and detect fraud and consideration was given to the reasonableness of those procedures. We determined levels of materiality and assessed the risks of material misstatement in the financial statements. We looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. We identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Procedures included the review and testing of manual journals and key estimates and judgements made by management. We performed procedures to address the risk of management override of controls. We gained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates, drawing on our broad sector experience and focused on laws and regulations that could give rise to a material misstatement in the financial statements. There are inherent limitations in an audit and there is an unavoidable risk of non-detection of material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with accounting standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 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
2 September 2022
POC Investments Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2022
2022
2021
Note
£
£
Turnover
4
8,309,524
9,252,185
Cost of sales
5,179,734
5,545,858
------------
------------
Gross profit
3,129,790
3,706,327
Administrative expenses
2,668,810
2,361,742
Other operating income
5
550,684
581,378
------------
------------
Operating profit
6
1,011,664
1,925,963
Interest payable and similar expenses
10
187,827
134,362
------------
------------
Profit before taxation
823,837
1,791,601
Tax on profit
11
250,562
405,332
---------
------------
Profit for the financial year and total comprehensive income
573,275
1,386,269
---------
------------
All the activities of the group are from continuing operations.
POC Investments Limited
Consolidated Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
13
64,436
98,937
Tangible assets
14
7,235,607
7,453,222
------------
------------
7,300,043
7,552,159
Current assets
Debtors
16
2,427,735
1,654,560
Cash at bank and in hand
494,238
706,021
------------
------------
2,921,973
2,360,581
Creditors: amounts falling due within one year
17
1,172,864
1,649,960
------------
------------
Net current assets
1,749,109
710,621
------------
------------
Total assets less current liabilities
9,049,152
8,262,780
Creditors: amounts falling due after more than one year
18
5,902,130
5,116,225
Provisions
Taxation including deferred tax
20
19,791
22,599
------------
------------
Net assets
3,127,231
3,123,956
------------
------------
Capital and reserves
Called up share capital
24
4
4
Profit and loss account
25
3,127,227
3,123,952
------------
------------
Shareholders funds
3,127,231
3,123,956
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , 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 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
13
61,519
69,209
Tangible assets
14
6,463,852
6,467,039
Investments
15
103
103
------------
------------
6,525,474
6,536,351
Current assets
Debtors
16
2,666,452
1,807,201
Cash at bank and in hand
97,203
344,160
------------
------------
2,763,655
2,151,361
Creditors: amounts falling due within one year
17
338,437
634,567
------------
------------
Net current assets
2,425,218
1,516,794
------------
------------
Total assets less current liabilities
8,950,692
8,053,145
Creditors: amounts falling due after more than one year
18
5,795,308
4,921,486
Provisions
Taxation including deferred tax
20
19,791
22,599
------------
------------
Net assets
3,135,593
3,109,060
------------
------------
Capital and reserves
Called up share capital
24
4
4
Profit and loss account
25
3,135,589
3,109,056
------------
------------
Shareholders funds
3,135,593
3,109,060
------------
------------
The profit for the financial year of the parent company was £ 596,533 (2021: £ 1,484,461 ).
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , 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 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2020
4
2,159,683
2,159,687
Profit for the year
1,386,269
1,386,269
----
------------
------------
Total comprehensive income for the year
–
1,386,269
1,386,269
Dividends paid and payable
12
–
( 422,000)
( 422,000)
----
------------
------------
Total investments by and distributions to owners
–
( 422,000)
( 422,000)
At 31 March 2021
4
3,123,952
3,123,956
Profit for the year
573,275
573,275
----
------------
------------
Total comprehensive income for the year
–
573,275
573,275
Dividends paid and payable
12
–
( 570,000)
( 570,000)
----
---------
---------
Total investments by and distributions to owners
–
( 570,000)
( 570,000)
----
------------
------------
At 31 March 2022
4
3,127,227
3,127,231
----
------------
------------
POC Investments Limited
Company Statement of Changes in Equity
Year ended 31 March 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2020
4
2,046,595
2,046,599
Profit for the year
1,484,461
1,484,461
----
------------
------------
Total comprehensive income for the year
–
1,484,461
1,484,461
Dividends paid and payable
12
–
( 422,000)
( 422,000)
----
------------
------------
Total investments by and distributions to owners
–
( 422,000)
( 422,000)
At 31 March 2021
4
3,109,056
3,109,060
Profit for the year
596,533
596,533
----
------------
------------
Total comprehensive income for the year
–
596,533
596,533
Dividends paid and payable
12
–
( 570,000)
( 570,000)
----
---------
---------
Total investments by and distributions to owners
–
( 570,000)
( 570,000)
----
------------
------------
At 31 March 2022
4
3,135,589
3,135,593
----
------------
------------
POC Investments Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2022
2022
2021
£
£
Cash flows from operating activities
Profit for the financial year
573,275
1,386,269
Adjustments for:
Depreciation of tangible assets
433,773
449,906
Amortisation of intangible assets
13,374
13,663
Government grant income
( 201,999)
( 289,169)
Interest payable and similar expenses
187,827
134,362
Loss on disposal of tangible assets
100,936
16,632
Tax on profit
250,562
405,331
Accrued expenses
38,236
16,344
Changes in:
Stocks
–
800
Trade and other debtors
( 777,334)
( 539,091)
Trade and other creditors
( 85,151)
( 84,959)
---------
------------
Cash generated from operations
533,499
1,510,088
Interest paid
( 187,827)
( 134,362)
Tax paid
( 337,066)
( 175,000)
---------
------------
Net cash from operating activities
8,606
1,200,726
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 503,909)
( 717,552)
Proceeds from sale of tangible assets
186,815
50,698
Purchase of intangible assets
–
( 76,899)
Proceeds from sale of intangible assets
21,127
–
---------
------------
Net cash used in investing activities
( 295,967)
( 743,753)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
553,849
224,936
Government grant income
201,999
289,169
Payments of finance lease liabilities
( 110,270)
28,441
Dividends paid
( 570,000)
( 422,000)
---------
------------
Net cash from financing activities
75,578
120,546
---------
------------
Net (decrease)/increase in cash and cash equivalents
( 211,783)
577,519
Cash and cash equivalents at beginning of year
706,021
128,502
---------
---------
Cash and cash equivalents at end of year
494,238
706,021
---------
---------
POC Investments Limited
Notes to the Financial Statements
Year ended 31 March 2022
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 TDC 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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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:
2022
2021
£
£
Rendering of services
8,309,524
9,252,185
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2022
2021
£
£
Rental income
266,635
236,133
Government grant income
201,999
289,169
Other operating income
82,050
56,076
---------
---------
550,684
581,378
---------
---------
6. Operating profit
Operating profit or loss is stated after charging:
2022
2021
£
£
Amortisation of intangible assets
13,374
13,663
Depreciation of tangible assets
433,774
449,906
Impairment of tangible assets recognised in:
Administrative expenses
21,127
–
Loss on disposal of tangible assets
100,936
16,632
Impairment of trade debtors
129,225
25,812
Operating lease rentals
–
3,505
---------
---------
7. Auditor's remuneration
2022
2021
£
£
Fees payable for the audit of the financial statements
8,280
6,960
-------
-------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2022
2021
No.
No.
Production staff
253
304
Administrative staff
7
14
Management staff
2
2
----
----
262
320
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2022
2021
£
£
Wages and salaries
5,319,509
5,875,049
Social security costs
387,192
411,843
Other pension costs
181,694
152,006
------------
------------
5,888,395
6,438,898
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2022
2021
£
£
Remuneration
106,634
55,464
---------
--------
10. Interest payable and similar expenses
2022
2021
£
£
Interest on banks loans and overdrafts
172,401
119,016
Interest on obligations under finance leases and hire purchase contracts
14,554
14,707
Other interest payable and similar charges
872
639
---------
---------
187,827
134,362
---------
---------
11. Tax on profit
Major components of tax (income)/expense
2022
2021
£
£
Current tax:
UK current tax expense
253,370
408,657
Deferred tax:
Origination and reversal of timing differences
( 2,808)
( 3,325)
---------
---------
Tax on profit
250,562
405,332
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
823,837
1,791,601
---------
------------
Profit on ordinary activities by rate of tax
156,529
617,941
Effect of expenses not deductible for tax purposes
5,104
1,328
Effect of capital allowances and depreciation
91,737
69,638
Effect of revenue exempt from tax
–
( 280,250)
Effect of timing differences on assets
( 2,808)
( 3,325)
---------
------------
Tax on profit
250,562
405,332
---------
------------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2022
2021
£
£
Dividends on equity shares
570,000
422,000
---------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2021
161,629
Disposals
( 34,730)
---------
At 31 March 2022
126,899
---------
Amortisation
At 1 April 2021
62,692
Charge for the year
13,374
Disposals
( 13,603)
---------
At 31 March 2022
62,463
---------
Carrying amount
At 31 March 2022
64,436
---------
At 31 March 2021
98,937
---------
Company
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
76,899
--------
Amortisation
At 1 April 2021
7,690
Charge for the year
7,690
--------
At 31 March 2022
15,380
--------
Carrying amount
At 31 March 2022
61,519
--------
At 31 March 2021
69,209
--------
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
8,575,832
14,740
557,943
613,347
9,761,862
Additions
470,377
6,309
27,223
–
503,909
Disposals
( 270,130)
–
( 349,277)
( 85,734)
( 705,141)
------------
--------
---------
---------
------------
At 31 March 2022
8,776,079
21,049
235,889
527,613
9,560,630
------------
--------
---------
---------
------------
Depreciation
At 1 April 2021
1,456,942
11,055
474,803
365,840
2,308,640
Charge for the year
308,177
5,262
44,402
75,932
433,773
Disposals
( 51,762)
–
( 332,708)
( 32,920)
( 417,390)
------------
--------
---------
---------
------------
At 31 March 2022
1,713,357
16,317
186,497
408,852
2,325,023
------------
--------
---------
---------
------------
Carrying amount
At 31 March 2022
7,062,722
4,732
49,392
118,761
7,235,607
------------
--------
---------
---------
------------
At 31 March 2021
7,118,890
3,685
83,140
247,507
7,453,222
------------
--------
---------
---------
------------
Company
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2021
7,379,661
14,740
7,394,401
Additions
377,314
6,309
383,623
Disposals
( 248,522)
–
( 248,522)
------------
--------
------------
At 31 March 2022
7,508,453
21,049
7,529,502
------------
--------
------------
Depreciation
At 1 April 2021
916,307
11,055
927,362
Charge for the year
176,723
5,262
181,985
Disposals
( 43,697)
–
( 43,697)
------------
--------
------------
At 31 March 2022
1,049,333
16,317
1,065,650
------------
--------
------------
Carrying amount
At 31 March 2022
6,459,120
4,732
6,463,852
------------
--------
------------
At 31 March 2021
6,463,354
3,685
6,467,039
------------
--------
------------
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 2022
116,846
---------
At 31 March 2021
226,464
---------
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 2021 and 31 March 2022
103
----
Impairment
At 1 April 2021 and 31 March 2022
–
----
Carrying amount
At 1 April 2021 and 31 March 2022
103
----
At 31 March 2021
103
----
The company owns 100% of the issued ordinary share capital of the companies listed below, Partnership of Care Limited
POC Opportunities Limited
POC TDC Limited
Aggregate capital and reserves
Partnership of Care Limited £259,460 (2021:£190,623)
POC Opportunities Limited (Dormant) £1 (2021:£1)
POC TDC Limited (£267,720) (2021:(175,626))
Profit and (loss) for the year
Partnership of Care Limited £967,837 (2021:£1,763,451,076)
POC Opportunities Limited £NIL (2021:£NIL)
POC TDC Limited (£92,094) (2021:(24,500))
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 TDC Limited
Ordinary
100
Investments in associates and joint ventures
16. Debtors
Group
Company
2022
2021
2022
2021
£
£
£
£
Trade debtors
648,324
568,556
–
–
Amounts owed by group undertakings
–
–
969,314
984,589
Amounts owed by customers on construction contracts
39,156
186,623
–
–
Prepayments and accrued income
23,451
57,534
–
1,200
Corporation tax repayable
–
–
6,212
–
Other debtors
1,716,804
841,847
1,690,926
821,412
------------
------------
------------
------------
2,427,735
1,654,560
2,666,452
1,807,201
------------
------------
------------
------------
Included in other debtors is £39,156 (2021: £186,623) for amounts owed on long term contracts.
17. Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans and overdrafts
301,206
623,881
301,206
573,881
Trade creditors
30,844
72,959
–
–
Accruals and deferred income
404,773
334,841
33,061
20,030
Corporation tax
282,719
366,415
–
38,588
Social security and other taxes
88,061
98,267
600
1,200
Obligations under finance leases and hire purchase contracts
38,895
61,248
–
–
Director loan accounts
3,570
868
3,570
868
Other creditors - desc in a/cs
3,345
–
–
–
Other creditors
19,451
91,481
–
–
------------
------------
---------
---------
1,172,864
1,649,960
338,437
634,567
------------
------------
---------
---------
18. Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans and overdrafts
5,795,308
4,921,486
5,795,308
4,921,486
Obligations under finance leases and hire purchase contracts
106,822
194,739
–
–
------------
------------
------------
------------
5,902,130
5,116,225
5,795,308
4,921,486
------------
------------
------------
------------
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.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
38,895
61,248
–
–
Later than 1 year and not later than 5 years
106,822
194,739
–
–
---------
---------
----
----
145,717
255,987
–
–
---------
---------
----
----
20. Provisions
Group and company
Deferred tax (note 21)
£
At 1 April 2021
22,599
Charge against provision
( 2,808)
--------
At 31 March 2022
19,791
--------
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Included in provisions (note 20)
19,791
22,599
19,791
22,599
--------
--------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2022
2021
2022
2021
£
£
£
£
Accelerated capital allowances
19,791
22,599
19,791
22,599
--------
--------
--------
--------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 128,325 (2021: £ 150,590 ).
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
201,999
289,169
–
–
---------
---------
----
----
24. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
25. Reserves
Share Capital - This reserve records ordinary share capital, fully paid. Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Apr 2021
Cash flows
At 31 Mar 2022
£
£
£
Cash at bank and in hand
706,021
(211,783)
494,238
Debt due within one year
(685,997)
342,326
(343,671)
Debt due after one year
(5,116,225)
(785,905)
(5,902,130)
------------
---------
------------
( 5,096,201)
( 655,362)
( 5,751,563)
------------
---------
------------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Not later than 1 year
6,252
75,306
–
–
Later than 1 year and not later than 5 years
11,982
–
–
–
--------
--------
----
----
18,234
75,306
–
–
--------
--------
----
----
POC Investments Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2022
28. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr S Darling
( 434)
( 1,351)
( 1,785)
Mrs J H Darling
( 434)
( 1,351)
( 1,785)
----
-------
-------
( 868)
( 2,702)
( 3,570)
----
-------
-------
2021
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr S Darling
9,557
( 9,991)
( 434)
Mrs J H Darling
9,558
( 9,992)
( 434)
--------
--------
----
19,115
( 19,983)
( 868)
--------
--------
----
29. 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 £389,460 (2021:£413,460). On 29/07/2021, POC Investments Ltd purchased Parkside freehold property from the Director's SASS at market value of £377,214. On 19/05/2021, POC Investments Ltd sold land and buildings known as the Old Dairy Trethomas Caerphilly, to Darling Investments Limited for £125,000 being the open market valuation. Darling Investments Limited is a company owned and controlled by the Directors, Mr and Mrs Darling. No other transactions with related parties were undertaken such as are required to be disclosed.