1st Care Limited - Limited company accounts 20.1
1st Care Limited - Limited company accounts 20.1
| REGISTERED NUMBER: 04254989 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| FOR |
| 1ST CARE LIMITED |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 8 |
| Consolidated Other Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| 1ST CARE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| BANKERS: | Barclays Bank Plc |
| Market Place |
| Town Centre |
| Leicester |
| Leicestershire |
| LE87 2BB |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| The director presents her strategic report of the company and the group for the year ended 31 March 2020. |
| REVIEW OF BUSINESS |
| During the year, the group managed care homes which can accommodate 112 residents. |
| Management is satisfied with the profits earned by the group during the year which helped the group to improve its cash position as well. The nursing homes have continued to achieve the occupancy rate in line with previous year and improved on revenue to bear the increase in wages and agency costs. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The principal risks and uncertainties facing the group relate to the current COVID-19 Pandemic which has brought an unprecedented challenge to the business. However, our management and staff have worked tirelessly to maintain stringent infection control measures quickly and effectively to provide the best possible care and protection to our residents. |
| Another risk facing the care home industry as a whole, is the reliance of agency staff to meet employment demands. The company aims to minimalize its use by ensuring the care home as sufficient staff available. |
| The director continually reviews risks and uncertainties throughout the period and believe that they have the management and system in place to deal with changing situations. |
| DEVELOPMENT AND PERFORMANCE |
| With substantial cash generations by the group, management invested in furniture and fixtures refurbishing the assets at the care Homes thus providing more comfort to the residents. There are plans for further investments in furniture and fixtures refurbishments to maintain a high standard of care in subsequent years. |
| The group earned net profit before tax of £564,835 (2019: £770,493) on a revenue of £6,459,155 (2019: £6,281,724). High wage cost contributed to lower profit margins in current year. As at 31 March 2020, the group had net current assets of £1,128,077 (2019: £1,045,383) which are sufficient for the group to fulfil its working capital requirements. Increase in property valuation in current year has helped improve net asset position of the group substantially which stood at £4,169,692 (2019: £2,558,701) at year end. |
| KEY PERFORMANCE INDICATORS ('KPIS') |
| In the opinion of the director, key performance indicators of the group include profit before interest and tax and net profit margin. Both performance indicators decreased during the year mainly due to high wage cost. The key performance indicators are closely monitored by the director on regular basis. |
| ON BEHALF OF THE BOARD: |
| 14 June 2021 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| The director presents her report with the financial statements of the company and the group for the year ended 31 March 2020. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of operating of nursing homes |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 March 2020 will be £58,050 |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| AUDITORS |
| The auditors, Sterling, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| 1ST CARE LIMITED |
| Qualified opinion |
| We have audited the financial statements of 1st Care Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2020 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion, except for the possible effects of the matters described in the Basis for qualified opinion section of our report, the financial statements: |
| - give a true and fair view of the state of the group's and of the parent company 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; and |
| - have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for qualified opinion |
| We were appointed as auditors of the company on 16th November 2020 and thus could not ascertain the value of the freehold property as at 31 March 2019. Neither was the management able to provide a valuation report near to that date nor were we able to satisfy with alternate means the value as at that date. In addition, no impairment was carried out for Investment in Subsidiary as at 31 March 2019. The comparatives were not re-stated after our observation. |
| Since the opening value of the Freehold property has an impact in determining the revaluation gain and opening value of Investments has an impact on determining the impairment value of the current year, we were unable to determine whether adjustment might have been necessary to the prior period and/or in respect of the profit for the year reported in the statement of comprehensive income. |
| 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 Auditors' 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. |
| Other matter |
| The financial statements of the company for the year ended 31 March 2019 were unaudited. |
| 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 director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
| - | the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group'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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| 1ST CARE LIMITED |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director 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 Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| 1ST CARE LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| Notes | £ | £ |
| TURNOVER | 6,459,155 | 6,281,724 |
| Cost of sales | 4,741,406 | 4,493,328 |
| GROSS PROFIT | 1,717,749 | 1,788,396 |
| Administrative expenses | 1,123,018 | 951,154 |
| 594,731 | 837,242 |
| Other operating income | 34,737 | 14,774 |
| OPERATING PROFIT | 4 | 629,468 | 852,016 |
| Interest payable and similar expenses | 5 | 64,633 | 81,523 |
| PROFIT BEFORE TAXATION | 564,835 | 770,493 |
| Tax on profit | 6 | 61,764 | 158,083 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 503,071 | 612,410 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 503,071 | 612,410 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation gain on property | 1,439,468 | - |
| Income tax relating to other comprehensive income |
(273,498 |
) |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
1,165,970 |
- |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,669,041 |
612,410 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,669,041 | 612,410 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2020 |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | 1 | 1 |
| Tangible assets | 10 | 4,815,162 | 3,182,562 |
| Investments | 11 | - | - |
| 4,815,163 | 3,182,563 |
| CURRENT ASSETS |
| Stocks | 12 | 8,364 | 15,540 |
| Debtors | 13 | 1,506,790 | 1,158,182 |
| Cash at bank and in hand | 820,964 | 656,474 |
| 2,336,118 | 1,830,196 |
| CREDITORS |
| Amounts falling due within one year | 14 | 1,208,041 | 784,813 |
| NET CURRENT ASSETS | 1,128,077 | 1,045,383 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
5,943,240 |
4,227,946 |
| CREDITORS |
| Amounts falling due after more than one year | 15 | (1,439,363 | ) | (1,595,864 | ) |
| PROVISIONS FOR LIABILITIES | 19 | (334,185 | ) | (73,381 | ) |
| NET ASSETS | 4,169,692 | 2,558,701 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 351,000 | 351,000 |
| Revaluation reserve | 21 | 1,834,441 | 668,471 |
| Retained earnings | 21 | 1,984,251 | 1,539,230 |
| SHAREHOLDERS' FUNDS | 4,169,692 | 2,558,701 |
| The financial statements were approved by the director and authorised for issue on 14 June 2021 and were signed by: |
| Mrs Jagruti Patel - Director |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2020 |
| 31/3/20 | 31/3/19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDER FUNDS |
| Company's profit for the financial year | 352,139 | 525,742 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| COMPANY BALANCE SHEET - continued |
| 31 MARCH 2020 |
| The financial statements were approved by the director and authorised for issue on |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 April 2018 | 351,000 | 971,820 | 668,471 | 1,991,291 |
| Changes in equity |
| Dividends | - | (45,000 | ) | - | (45,000 | ) |
| Total comprehensive income | - | 612,410 | - | 612,410 |
| Balance at 31 March 2019 | 351,000 | 1,539,230 | 668,471 | 2,558,701 |
| Changes in equity |
| Dividends | - | (58,050 | ) | - | (58,050 | ) |
| Total comprehensive income | - | 503,071 | 1,165,970 | 1,669,041 |
| Balance at 31 March 2020 | 351,000 | 1,984,251 | 1,834,441 | 4,169,692 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 April 2018 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2019 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2020 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 976,922 | 916,678 |
| Interest paid | (64,633 | ) | (81,523 | ) |
| Tax paid | (35,248 | ) | (106,538 | ) |
| Net cash from operating activities | 877,041 | 728,617 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (363,585 | ) | (546,668 | ) |
| Sale of tangible fixed assets | 9,506 | - |
| Dividends received | - | (85,458 | ) |
| Net cash from investing activities | (354,079 | ) | (632,126 | ) |
| Cash flows from financing activities |
| New loans in year | - | 547,228 |
| Loan repayments in year | (194,688 | ) | (143,714 | ) |
| Other loan repayments in year | - | (60,674 | ) |
| Capital repayments in year | - | (7,313 | ) |
| Amount withdrawn by directors | 258,217 | - |
| Associates undertakings introduced | (363,951 | ) | (64,890 | ) |
| Equity dividends paid | (58,050 | ) | 40,458 |
| Net cash from financing activities | (358,472 | ) | 311,095 |
| Increase in cash and cash equivalents | 164,490 | 407,586 |
| Cash and cash equivalents at beginning of year |
2 |
656,474 |
248,888 |
| Cash and cash equivalents at end of year | 2 | 820,964 | 656,474 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Profit before taxation | 564,835 | 770,493 |
| Depreciation charges | 160,663 | 99,337 |
| Loss on disposal of fixed assets | 283 | - |
| Finance costs | 64,633 | 81,523 |
| 790,414 | 951,353 |
| Decrease/(increase) in stocks | 7,176 | (660 | ) |
| Decrease/(increase) in trade and other debtors | 15,344 | (82,993 | ) |
| Increase in trade and other creditors | 163,988 | 48,978 |
| Cash generated from operations | 976,922 | 916,678 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2020 |
| 31/3/20 | 1/4/19 |
| £ | £ |
| Cash and cash equivalents | 820,964 | 656,474 |
| Year ended 31 March 2019 |
| 31/3/19 | 1/4/18 |
| (Unaudited) |
| £ | £ |
| Cash and cash equivalents | 656,474 | 248,888 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/4/19 | Cash flow | At 31/3/20 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 656,474 | 164,490 | 820,964 |
| 656,474 | 164,490 | 820,964 |
| Debt |
| Finance leases | (4,596 | ) | (15,597 | ) | (20,193 | ) |
| Debts falling due within 1 year | (204,388 | ) | 38,188 | (166,200 | ) |
| Debts falling due after 1 year | (1,591,268 | ) | 172,098 | (1,419,170 | ) |
| (1,800,252 | ) | 194,689 | (1,605,563 | ) |
| Total | (1,143,778 | ) | 359,179 | (784,599 | ) |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 1. | STATUTORY INFORMATION |
| 1st Care Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of 1st care limited and all its subsidiary undertaking drawn up to the year ending 31 March 2020. Subsidiary is consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. |
| Turnover |
| Turnover represents fees receivable for services provided. |
| Revenue recognition |
| Revenue from nursing home is recognised in the accounting period in which the company obtains the right to consideration. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Freehold property - 2% on cost |
| Plant and Machinery - 25% on reducing balance |
| Fixtures and fittings - 25% on reducing balance |
| Motor vehicles - 25% on reducing balance |
| Surplus arising from the valuation of freehold property are taken directly to the revaluation reserve. Deficits are eliminated against any revaluation reserve in respect of that income generating unit with any excess, to the extent that it represents an impairment, being charged to profit and loss account. |
| Investments in subsidiaries |
| Investments in subsidiary undertaking are recognised at cost, less impairment. |
| Stocks |
| Stocks are measured at the lower of cost and selling price less cost to sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on |
| demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement. |
| Interest receivable and interest payable |
| Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
| Trade and other debtors / creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 3. | EMPLOYEES AND DIRECTORS |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| Management | 1 | 1 |
| Staff | 196 | 210 |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Director's remuneration |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Auditors' remuneration- non-audit work |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Bank interest |
| Bank loan interest |
| Other Loan Interest |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| Tax effects relating to effects of other comprehensive income |
| 31/3/20 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation gain on property | (273,498 | ) | 1,165,970 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| AMORTISATION |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Company |
| Goodwill |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| AMORTISATION |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2019 | 3,471,198 | 176,038 | 943,483 | 48,180 | 4,638,899 |
| Additions | 20,065 | 8,861 | 298,343 | 36,316 | 363,585 |
| Disposals | - | - | - | (41,250 | ) | (41,250 | ) |
| Revaluations | 1,439,468 | - | - | - | 1,439,468 |
| At 31 March 2020 | 4,930,731 | 184,899 | 1,241,826 | 43,246 | 6,400,702 |
| DEPRECIATION |
| At 1 April 2019 | 550,930 | 155,822 | 711,479 | 38,106 | 1,456,337 |
| Charge for year | 29,802 | 7,269 | 107,634 | 15,959 | 160,664 |
| Eliminated on disposal | - | - | - | (31,461 | ) | (31,461 | ) |
| At 31 March 2020 | 580,732 | 163,091 | 819,113 | 22,604 | 1,585,540 |
| NET BOOK VALUE |
| At 31 March 2020 | 4,349,999 | 21,808 | 422,713 | 20,642 | 4,815,162 |
| At 31 March 2019 | 2,920,268 | 20,216 | 232,004 | 10,074 | 3,182,562 |
| Included in cost or valuation of land and buildings is freehold land of £1,917,816 (2019 - £1,917,816) which is not depreciated. |
| Cost or valuation at 31 March 2020 is represented by: |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2012 | 625,370 | - | - | - | 625,370 |
| Valuation in 2020 | 1,439,468 | - | - | - | 1,439,468 |
| Cost | 2,865,893 | 184,899 | 1,241,826 | 43,246 | 4,335,864 |
| 4,930,731 | 184,899 | 1,241,826 | 43,246 | 6,400,702 |
| Freehold properties were revalued at market value of £4,350,000 by Rick Tarver and Keiren Cole, MRICS, Partners at Knight Frank LLP in August 2020 using years purchase multiple method of valuation. |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2019 | 90,000 | 41,250 | 131,250 |
| Additions | - | 36,316 | 36,316 |
| Disposals | - | (41,250 | ) | (41,250 | ) |
| At 31 March 2020 | 90,000 | 36,316 | 126,316 |
| DEPRECIATION |
| At 1 April 2019 | 87,546 | 31,461 | 119,007 |
| Charge for year | 491 | 15,888 | 16,379 |
| Eliminated on disposal | - | (31,461 | ) | (31,461 | ) |
| At 31 March 2020 | 88,037 | 15,888 | 103,925 |
| NET BOOK VALUE |
| At 31 March 2020 | 1,963 | 20,428 | 22,391 |
| At 31 March 2019 | 2,454 | 9,789 | 12,243 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Cost or valuation at 31 March 2020 is represented by: |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2012 | 565,305 | - | - | 565,305 |
| Valuation in 2020 | 1,356,792 | - | - | 1,356,792 |
| Cost | 2,339,776 | 1,178,654 | 36,316 | 3,554,746 |
| 4,261,873 | 1,178,654 | 36,316 | 5,476,843 |
| Freehold properties were revalued at market value of £3,850,000 by Rick Tarver and Keiren Cole, MRICS, Partners at Knight Frank LLP in August 2020 using years purchase multiple method of valuation. |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 11. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2019 |
| Impairments | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31/3/20 | 31/3/19 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 12. | STOCKS |
| Group | Company |
| 31/3/20 | 31/3/19 | 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ | £ | £ |
| Stocks | 8,364 | 15,540 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31/3/20 | 31/3/19 | 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ | £ | £ |
| Trade debtors | 580,404 | 602,191 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by associates | 906,589 | 542,637 |
| Other debtors | 13,147 | 6,568 |
| Prepayments | 6,650 | 6,786 |
| 1,506,790 | 1,158,182 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31/3/20 | 31/3/19 | 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 101,607 | 143,714 |
| Other loans (see note 16) | 64,593 | 60,674 |
| Trade creditors | 296,349 | 148,131 |
| Tax | 162,700 | 123,489 |
| Social security and other taxes | 69,889 | 75,276 |
| Pension Creditor | - | 7,956 | - | - |
| Other creditors | 95,856 | 21,851 |
| Directors' current accounts | 258,217 | - | 258,217 | - |
| Accrued expenses | 158,830 | 203,722 |
| 1,208,041 | 784,813 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31/3/20 | 31/3/19 | 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans (see note 16) | 1,198,237 | 1,301,622 |
| Other loans (see note 16) | 220,933 | 289,646 |
| Hire purchase contracts (see note 17) | 20,193 | 4,596 |
| 1,439,363 | 1,595,864 |
| The other loans are repayable by equal instalments, with the rate of interest charged at 9.5% per annum. |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31/3/20 | 31/3/19 | 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 101,607 | 143,714 |
| Other loans | 64,593 | 60,674 |
| 166,200 | 204,388 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 101,607 | 143,714 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 1,096,630 | 1,157,908 |
| Other loans - 2-5 years | 220,933 | 289,646 |
| 1,317,563 | 1,447,554 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ |
| Net obligations repayable: |
| Between one and five years | 20,193 | 4,596 |
| Company |
| Hire purchase contracts |
| 31/3/20 | 31/3/19 |
| £ | £ |
| Net obligations repayable: |
| Between one and five years |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 31/3/20 | 31/3/19 | 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ | £ | £ |
| Bank loans | 1,299,844 | 1,445,336 |
| The bank loan is secured by a charge over the company's freehold properties and by personal guarantee from the director.The loan is repayable by equal instalments over 5 years maturing on 30 June 2018, with rate of interest 3% above the base rate. The existing bank loan facility was renewed on 30th July 2018 for a period until 30th June 2023. |
| Other loan is secured by the personal guarantee from the director. The loan is repayable by equal instalments over 5 years maturing on 30 November 2023, with fixed rate of interest of 7.90% per annum. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31/3/20 | 31/3/19 | 31/3/20 | 31/3/19 |
| (Unaudited) |
| £ | £ | £ | £ |
| Deferred tax | 334,185 | 73,381 | 310,446 | 66,040 |
| Group |
| Deferred tax |
| £ |
| Balance at 1 April 2019 | 73,381 |
| Charge for the year | 260,804 |
| Balance at 31 March 2020 | 334,185 |
| Company |
| Deferred tax |
| £ |
| Balance at 1 April 2019 |
| charge for the year | 244,406 |
| Balance at 31 March 2020 |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/3/20 | 31/3/19 |
| value: | £ | £ |
| Ordinary | £1 | 351,000 | 351,000 |
| 21. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2019 | 1,539,230 | 668,471 | 2,207,701 |
| Profit for the year | 503,071 | 503,071 |
| Dividends | (58,050 | ) | (58,050 | ) |
| Revaluation gain | - | 1,439,468 | 1,439,468 |
| Deferred tax on revaluation | - | (273,498 | ) | (273,498 | ) |
| At 31 March 2020 | 1,984,251 | 1,834,441 | 3,818,692 |
| Company |
| Revaluation |
| reserve |
| £ |
| At 1 April 2019 |
| Revaluation gain | 1,356,792 |
| Deferred tax on revaluation | (257,790 | ) |
| At 31 March 2020 |
| 22. | RELATED PARTY DISCLOSURES |
| During the year, the group paid dividends of £58,050 (2019 : £130,458) to the director. Director is considered to be the key management personnel and remuneration paid to her has been disclosed in note 3. |
| At the balance sheet date, the company was owed £478,695 (2019: £489,198) by New Green Solutions Limited, a company in which the director's spouse has a beneficial interest. The amounts owed are repayable on demand. |
| At the balance sheet date, the company was owed £3,240 (2019 : £3,240) by First 1 2 1 Care Limited, £52,334 (2019 : £324) by Japestar Limited and £372,320 (2019 : £8,208) by New Barnes Limited, companies in which the director has beneficial interest. The amounts owed are repayable on demand. |
| 1ST CARE LIMITED (REGISTERED NUMBER: 04254989) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2020 |
| 23. | ULTIMATE CONTROLLING PARTY |
| The Ultimate controlling party is Mrs J Patel by virtue of her 100% interest in the share holdings of the group. |