1st Care Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04254989 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

1ST CARE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs Jagruti Patel

SECRETARY:

Mr Subhash 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:

Barclays Bank Plc

Market Place

Town Centre

Leicester

Leicestershire

LE87 2BB

The following reproduces the text of the report prepared for the director 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 Statement of Comprehensive Income 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 2019 which comprise the Statement of

Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 and its 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

31 December 2019

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

2,718,445

2,286,265

Investments

6

650,000

782,699

3,368,446

3,068,965

CURRENT ASSETS

Stocks

11,390

10,855

Debtors

7

1,102,745

959,853

Cash at bank and in hand

634,211

164,318

1,748,346

1,135,026

CREDITORS

Amounts falling due within one year

8

691,237

625,492

NET CURRENT ASSETS

1,057,109

509,534

TOTAL ASSETS LESS CURRENT LIABILITIES

4,425,555

3,578,499

CREDITORS

Amounts falling due after more than one year

9

(1,595,864

)

(1,260,298

)

PROVISIONS FOR LIABILITIES

(66,040

)

(35,292

)

NET ASSETS

2,763,651

2,282,909

CAPITAL AND RESERVES

Called up share capital

12

351,000

351,000

Revaluation reserve

13

542,693

542,693

Retained earnings

1,869,958

1,389,216

SHAREHOLDER FUNDS

2,763,651

2,282,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 31 December 2019 and were signed by:

Mrs Jagruti 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 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 as modified by the revaluation of certain assets.

Related party exemption

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.

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 amortized

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 157 (2018 - 150 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

104,504

AMORTISATION

At 1 April 2018

and 31 March 2019

104,503

NET BOOK VALUE

At 31 March 2019

1

At 31 March 2018

1

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2018

2,464,726

796,717

41,250

3,302,693

Additions

420,290

92,809

-

513,099

At 31 March 2019

2,885,016

889,526

41,250

3,815,792

DEPRECIATION

At 1 April 2018

361,130

627,100

28,198

1,016,428

Charge for year

25,171

52,485

3,263

80,919

At 31 March 2019

386,301

679,585

31,461

1,097,347

NET BOOK VALUE

At 31 March 2019

2,498,715

209,941

9,789

2,718,445

At 31 March 2018

2,103,596

169,617

13,052

2,286,265

Cost or valuation at 31 March 2019 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2012

565,305

-

-

565,305

Cost

2,319,711

889,526

41,250

3,250,487

2,885,016

889,526

41,250

3,815,792

In the opinion of the director the open market value of the freehold properties as at 31 March 2019 are not

significantly different to that stated above.

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 2018

and 31 March 2019

90,000

41,250

131,250

DEPRECIATION

At 1 April 2018

86,932

28,198

115,130

Charge for year

614

3,263

3,877

At 31 March 2019

87,546

31,461

119,007

NET BOOK VALUE

At 31 March 2019

2,454

9,789

12,243

At 31 March 2018

3,068

13,052

16,120

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

782,699

Impairments

(132,699

)

At 31 March 2019

650,000

NET BOOK VALUE

At 31 March 2019

650,000

At 31 March 2018

782,699

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Regency Investments Limited

Registered office:

Nature of business: management of a nursing home.

%

Class of shares:

holding

Ordinary shares

100.00

31/3/19

31/3/18

£

£

Aggregate capital and reserves

459,730

491,182

Profit for the year

54,006

81,061

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Trade debtors

590,923

520,098

Amounts owed by connected company

500,970

433,884

Other debtors

6,668

1,687

Prepayments

4,184

4,184

1,102,745

959,853

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/19

31/3/18

£

£

Bank loans and overdrafts (see note 10)

143,714

152,743

Other loans (see note 10)

60,674

51,684

Trade creditors

137,089

155,947

Tax

117,095

77,516

Social security and other taxes

54,581

47,392

Other creditors

21,038

12,056

Accrued expenses

157,046

128,154

691,237

625,492

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/19

31/3/18

£

£

Bank loans (see note 10)

1,301,622

1,145,020

Other loans (see note 10)

289,646

103,369

Hire purchase contracts

4,596

11,909

1,595,864

1,260,298

10.

LOANS

An analysis of the maturity of loans is given below:

31/3/19

31/3/18

£

£

Amounts falling due within one year or on demand:

Bank loans

143,714

152,743

Other loans

60,674

51,684

204,388

204,427

Amounts falling due between one and two years:

Bank loans - 1-2 years

143,714

152,743

31/3/19

31/3/18

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

1,157,908

992,277

Other loans - 2-5 years

289,646

103,369

1,447,554

1,095,646

11.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/19

31/3/18

£

£

Bank loans

1,445,336

1,297,763

Other loans

350,320

155,053

1,795,656

1,452,816

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.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/19

31/3/18

value:

£

£

351,000

Ordinary

£1

351,000

351,000

13.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

542,693

14.	RELATED PARTY DISCLOSURES

During the year, the company paid dividends of £45,000 (2018 : £45,000) to the director.

At the balance sheet date, the company was owed £489,198 (2018: £430,644) 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 (2018 : £3,240) by First 1 2 1 Care Limited, £324 by

Japestar Limited and £8,204 by New Barnes Limited, companies in which the director has beneficial interests in.

The amounts owed are repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The director is the ultimate controller by virtue of her shareholding in the company.