Pelan Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC168220

PELAN LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

670,726

676,173

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

5

15,657

10,419

Cash in hand

81

65

17,738

12,484

CREDITORS

Amounts falling due within one year

6

361,466

343,358

NET CURRENT LIABILITIES

(343,728

)

(330,874

)

TOTAL ASSETS LESS CURRENT LIABILITIES

326,998

345,299

CREDITORS

Amounts falling due after more than one year

7

(1,708

)

(25,800

)

PROVISIONS FOR LIABILITIES

(2,479

)

(2,722

)

NET ASSETS

322,811

316,777

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

322,711

316,677

SHAREHOLDERS' FUNDS

322,811

316,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2024 and were signed on its behalf by:

P M Clancy - Director

Mrs E T Clancy - Director

1.	STATUTORY INFORMATION

Pelan Limited is a private company, limited by shares, registered in Scotland. The registered office is Strathleven Care Home, 30 Strathleven Place, Dumbarton, Scotland, G82 1BA.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Going concern

The financial statements have been prepared on a going concern basis. The validity of this is dependent on the financial support of the directors and creditors. After due consideration, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced to residents during the period. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the resident.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become 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 shall be recognised in income in the period in which it becomes receivable

Stocks

Stocks are valued at the lower of cost and estimated selling price less cost to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to related parties and bank loans.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Operating lease commitments

Operating lease rentals payable are recognised in the profit and loss account on a straight line basis over the period of the lease.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2022

701,129

62,786

763,915

Additions

11,322

2,269

13,591

At 31 July 2023

712,451

65,055

777,506

DEPRECIATION

At 1 August 2022

42,069

45,673

87,742

Charge for year

14,249

4,789

19,038

At 31 July 2023

56,318

50,462

106,780

NET BOOK VALUE

At 31 July 2023

656,133

14,593

670,726

At 31 July 2022

659,060

17,113

676,173

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

15,111

10,405

Other debtors

546

14

15,657

10,419

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

63,276

49,582

Taxation and social security

42,395

22,448

Other creditors

255,795

271,328

361,466

343,358

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

1,708

25,800

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

23,308

47,400

The Royal Bank of Scotland Plc hold a floating charge and fixed security over the company and all of its assets in respect of a loan to the company.

9.	RELATED PARTY DISCLOSURES

10.	OPERATING LEASE COMMITMENTS

At the year end, the company had operating leases commitments totalling £10,895 (2022: £11,534).