First Health (Midlands) Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 05795121 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

First Health (Midlands) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Harpal Singh Bhandal

Mrs Rajbir Kaur

Mr Onkar Singh

SECRETARY:

Mr Onkar Singh

REGISTERED OFFICE:

101 High Street

Moxley

Wednesbury

United Kingdom

WS10 8RT

REGISTERED NUMBER:

05795121 (England and Wales)

ACCOUNTANTS:

Dhillon Accountants Limited

Chartered Accountants

Office 1

21 Hatherton Street

Walsall

WS4 2LA

FIXED ASSETS

Intangible assets

4

1,960,757

1,516,693

Tangible assets

5

73,858

60,506

2,034,615

1,577,199

CURRENT ASSETS

Stocks

6

219,265

150,000

Debtors

7

593,108

405,103

Cash at bank and in hand

295,989

643,918

1,108,362

1,199,021

CREDITORS

Amounts falling due within one year

8

(1,356,719

)

(1,168,523

)

NET CURRENT (LIABILITIES)/ASSETS

(248,357

)

30,498

TOTAL ASSETS LESS CURRENT LIABILITIES

1,786,258

1,607,697

CREDITORS

Amounts falling due after more than one year

9

(798,176

)

(928,124

)

PROVISIONS FOR LIABILITIES

(8,966

)

(12,580

)

NET ASSETS

979,116

666,993

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

978,816

666,693

SHAREHOLDERS' FUNDS

979,116

666,993

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2023 and were signed on its behalf by:

Mr Onkar Singh - Director

1.	STATUTORY INFORMATION

First Health (Midlands) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over

its estimated useful life.

Short leasehold

- 10 % on cost on straight line basis

Improvements to property

- 10 % on cost on straight line basis

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

1,610,638

Additions

533,455

At 31 March 2023

2,144,093

AMORTISATION

At 1 April 2022

93,945

Amortisation for year

89,391

At 31 March 2023

183,336

NET BOOK VALUE

At 31 March 2023

1,960,757

At 31 March 2022

1,516,693

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Short

to

and

leasehold

property

fittings

£

£

£

COST

At 1 April 2022

7,250

6,770

37,871

Additions

-

-

5,250

At 31 March 2023

7,250

6,770

43,121

DEPRECIATION

At 1 April 2022

5,860

2,031

16,423

Charge for year

725

677

3,322

At 31 March 2023

6,585

2,708

19,745

NET BOOK VALUE

At 31 March 2023

665

4,062

23,376

At 31 March 2022

1,390

4,739

21,448

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2022

52,301

929

105,121

Additions

23,343

499

29,092

At 31 March 2023

75,644

1,428

134,213

DEPRECIATION

At 1 April 2022

20,179

122

44,615

Charge for year

10,731

285

15,740

At 31 March 2023

30,910

407

60,355

NET BOOK VALUE

At 31 March 2023

44,734

1,021

73,858

At 31 March 2022

32,122

807

60,506

6.

STOCKS

31.3.23

31.3.22

£

£

Stocks

219,265

150,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

396,026

346,265

Other debtors

197,082

58,838

593,108

405,103

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

136,202

101,036

Trade creditors

631,938

603,198

Taxation and social security

145,303

160,737

Other creditors

443,276

303,552

1,356,719

1,168,523

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

798,176

928,124

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

525,773

827,088