1st Care Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 04254989 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

1ST CARE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs J Patel

SECRETARY:

S Mistry

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

04254989 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

BANKERS:

The Royal Bank of Scotland

Birmingham Colmore Row Branch

79/83 Colmore Row

Birmingham

B3 2AP

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of 1st Care Limited for the year ended 31 March 2016 which comprise the Income Statement, Other

Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of 1st Care Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 1st Care Limited and state those matters that we have agreed to state to the director of 1st Care Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 1st Care Limited director for our work or for this report.

It is your duty to ensure that 1st Care Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 1st Care Limited. You consider that 1st Care Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 1st Care Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

30 December 2016

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

2,261,575

2,266,314

Investments

6

782,699

782,699

3,044,275

3,049,014

CURRENT ASSETS

Stocks

10,360

10,370

Debtors

7

677,490

524,287

Cash at bank and in hand

223,273

40,133

911,123

574,790

CREDITORS

Amounts falling due within one year

8

799,953

647,221

NET CURRENT ASSETS/(LIABILITIES)

111,170

(72,431

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,155,445

2,976,583

CREDITORS

Amounts falling due after more than one year

9

(1,638,579

)

(1,678,645

)

PROVISIONS FOR LIABILITIES

12

(19,303

)

(18,735

)

NET ASSETS

1,497,563

1,279,203

CAPITAL AND RESERVES

Called up share capital

351,000

351,000

Revaluation reserve

13

542,693

542,693

Retained earnings

603,870

385,510

SHAREHOLDERS' FUNDS

1,497,563

1,279,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 December 2016 and were signed by:

Mrs J Patel - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover represents the fee receivable for services provided. Turnover is recognised when the company has a

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

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and

total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in the financial statements.

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.

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.

Changes in accounting policies

This is the first year that the company has presented its financial statements under FRS102 Section 1A. The last

financial statements for the year ended 31 March 2015 were prepared under previous UK GAAP. The transition

date to FRS102 Section 1A is 1 April 2014.

The transition to FRS102 Section 1A has resulted in certain changes in the accounting policies as follows:

Holiday Pay accrual

Prior to adoption of FRS102 the company did not have any policy of accruing cost for holiday pay. Subsequently

the company has started recognising cost for holiday pay accruals.

An accrual of £Nil at the date of transition and an accrual of £2,943 at the date of comparison has been made to

reflect the impact till that date. The provision at year end had increased to £2,973 and the increase in provision

of £30 has been charged to the profit and loss account in the year ended 31 March 2016.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 144 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2015

and 31 March 2016

104,504

AMORTISATION

At 1 April 2015

and 31 March 2016

104,503

NET BOOK VALUE

At 31 March 2016

1

At 31 March 2015

1

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2015

2,439,726

622,893

41,250

3,103,869

Additions

-

50,946

-

50,946

At 31 March 2016

2,439,726

673,839

41,250

3,154,815

DEPRECIATION

At 1 April 2015

311,836

515,406

10,313

837,555

Charge for year

16,265

31,686

7,734

55,685

At 31 March 2016

328,101

547,092

18,047

893,240

NET BOOK VALUE

At 31 March 2016

2,111,625

126,747

23,203

2,261,575

At 31 March 2015

2,127,890

107,487

30,937

2,266,314

Depreciation provided on Freehold Property relates to Building only.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2015

and 31 March 2016

90,000

41,250

131,250

DEPRECIATION

At 1 April 2015

84,008

10,313

94,321

Charge for year

1,198

7,734

8,932

At 31 March 2016

85,206

18,047

103,253

NET BOOK VALUE

At 31 March 2016

4,794

23,203

27,997

At 31 March 2015

5,992

30,937

36,929

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2015

and 31 March 2016

782,699

NET BOOK VALUE

At 31 March 2016

782,699

At 31 March 2015

782,699

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/16

31/3/15

£

£

Trade debtors

429,086

228,905

Amounts owed by connected company

240,921

172,181

Other debtors

7,483

123,201

677,490

524,287

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/16

31/3/15

£

£

Bank loans and overdrafts (see note 10)

141,000

135,000

Other loans (see note 10)

93,742

69,893

Hire purchase contracts

-

4,488

Trade creditors

174,218

101,884

Amounts owed to group undertakings

47,333

129,184

Tax

80,439

56,167

Social security and other taxes

61,970

36,969

Other creditors

49,210

2,034

Directors' current accounts

59,372

-

Accrued expenses

92,669

111,602

799,953

647,221

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/16

31/3/15

£

£

Bank loans (see note 10)

1,458,021

1,605,218

Other loans (see note 10)

157,783

49,526

Hire purchase contracts

22,775

23,901

1,638,579

1,678,645

The other loans are repayable by equal instalments, with the rate of interest charged at 10% per annum.

10.

LOANS

An analysis of the maturity of loans is given below:

31/3/16

31/3/15

£

£

Amounts falling due within one year or on demand:

Bank loans

141,000

135,000

Other loans

93,742

69,893

234,742

204,893

Amounts falling due between one and two years:

Bank loans - 1-2 years

141,000

135,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

1,317,021

1,470,218

Other loans - 2-5 years

157,783

49,526

1,474,804

1,519,744

11.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/16

31/3/15

£

£

Bank loans

1,599,021

1,740,218

The bank loan is secured by a charge over the company's freehold properties and by personal guarantee from the

directors. The loan is repayable by equal instalments over 5 years maturing on 30 June 2018, with rate of interest

2.5% above the LIBOR.

12.	PROVISIONS FOR LIABILITIES

31/3/16

31/3/15

£

£

Deferred tax

19,303

18,735

Deferred

tax

£

Balance at 1 April 2015

18,735

Movements

568

Balance at 31 March 2016

19,303

13.

RESERVES

Revaluation

reserve

£

At 1 April 2015

and 31 March 2016

542,693

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £70,000 were paid to the director.

At the balance sheet date, creditors less than one year included amounts owed to Regency Investments Limited

of £47,333 (2015: £129,184) wholly owned subsidiary of the company. The amounts owed are repayable on

demand.

At the balance sheet date, debtors less than one year included amounts owed to New Green Solutions Ltd of

£176,681 (2015: £172,181), a company in which the director's spouse has a beneficial interest in.The amounts

owed are repayable on demand.

Also included in debtors less than one year is amounts owed to First 1 2 1 Care Ltd of £240 (2015: £Nil), a

company in which the director has a beneficial interest in..The amounts owed are repayable on demand.

Company's administration and accounting functions are carried out from the premises owned by the director. The

company made payment of £12,000 (2015: £12,000) for the use of the same premises as offices on a market rent

basis.

15.	ULTIMATE CONTROLLING PARTY

The Ultimate controlling party is J Patel by virtue of her 100% interest in the share holdings of company.