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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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PROMEDICA24 UK LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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PROMEDICA24 UK LIMITED |
PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2020 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PROMEDICA24 UK LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
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ABRIDGED BALANCE SHEET |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Promedica24 UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate, as the parent undertaking has agreed to provide the necessary finance to enable the company to meet its liabilities as they fall due. |
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Turnover |
Turnover is measured at the fair value of care services provided during the year, net of value added tax and adjusted for accrued and deferred income. |
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The company provides varying levels of ongoing live-in care services and raises invoices for these services based on pre agreed weekly rates. As such, fair value reflects amounts invoiced during the year plus amounts expected to be recovered from clients in respect of services provided at the balance sheet date which has not yet been invoiced to clients. |
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Intragroup recharges |
The company incurs costs throughout the year which relate to the UK based operation and these are recharged monthly to the other UK based trading companies and shown within 'Other Income'. The company also incurs its share of costs incurred by other UK based group companies which relate to the UK based operation and these are shown within 'Cost of sales'. |
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The recharges are calculated based on the turnover of each individual company as a percentage of the total turnover of all UK trading companies, in line with a formula which is defined in the intercompany agreement. At the end of the year, Management reserve the right to make an adjustment to the recharge to ensure that the costs in each of the individual companies are in line with the turnover of that company. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Improvements to property | - | 20% on cost |
Fixtures and fittings | - | 25% on cost |
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Government grants |
Government grants relating to business rates and payroll are treated as income and released to the profit and loss account over the periods that the grant covers. Other grants are credited to the profit and loss account as the related expenditure is incurred. |
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Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
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PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
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Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods. |
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Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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PROMEDICA24 UK LIMITED (REGISTERED NUMBER: 08767680) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2020 |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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8. | ULTIMATE PARENT UNDERTAKING |
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The ultimate parent undertaking is Fregate Investments S.A.R.L., a company registered in Luxembourg. The parent's registered office and principal place of business can be located at 14 Rue Edward Steichen, 2540 Luxembourg. |
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9. | SUBSEQUENT EVENTS |
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COVID-19 |
After the year end, the European Medicines Agency approved a number of Covid-19 vaccines. The company is a subsidiary of a Polish group and the Care Personnel were primarily provided by the Polish group companies. The rollout of the EU vaccination programme should make it easier for the Care Personnel provided from the EU, as more and more countries are considering the implementation of the Covid-19 Passports which should ease the international travel restrictions for the people who are fully vaccinated for Covid-19. |
There is still an interest among the Care Personnel to undertake assignments on contracts and the recruitment process is still ongoing (remotely). |
None of the Company's employees have been furloughed or made redundant because of Covid-19, which also indicates that there is less adverse impact on the business than on other businesses and industries in the UK. Currently the global trend is to loosen the restrictions, which should help to stabilise the global economy. |
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BREXIT |
From the 1st of January 2021 the regular immigration law regulations started to apply to all EU countries. Since 2020 the main emphasis was on developing a right model for 2021 and forward. The recruitment structures were adjusted accordingly in order to be able to respond to the changes. Since the beginning of 2021 a significant number of Care Personnel were recruited in the UK. |
The Care Personnel provided by the group companies obtained or is in the process of obtaining the settled and pre-settled status. |
At the beginning of 2021 the UK government announced that the Senior Care Workers were added to the shortage occupation list which is believed to be a first step to introducing a special rules that should apply the Care Industry, as there is a huge demand for Care Personnel in UK with very limited supply. It is crucial to understand that as much as Brexit impacted the existing agreements between Countries, it did not have any impact on the demand for Care Services in the UK. |