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

REGISTERED NUMBER: 04254989 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

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 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 2018 which comprise the Income Statement, Other

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

17 December 2018

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

2,286,265

2,263,181

Investments

6

782,699

782,699

3,068,965

3,045,881

CURRENT ASSETS

Stocks

10,855

11,350

Debtors

7

959,853

763,312

Cash at bank and in hand

164,318

348,931

1,135,026

1,123,593

CREDITORS

Amounts falling due within one year

8

625,492

693,068

NET CURRENT ASSETS

509,534

430,525

TOTAL ASSETS LESS CURRENT LIABILITIES

3,578,499

3,476,406

CREDITORS

Amounts falling due after more than one year

9

(1,260,298

)

(1,474,385

)

PROVISIONS FOR LIABILITIES

12

(35,292

)

(26,840

)

NET ASSETS

2,282,909

1,975,181

CAPITAL AND RESERVES

Called up share capital

13

351,000

351,000

Revaluation reserve

14

542,693

542,693

Retained earnings

1,389,216

1,081,488

SHAREHOLDERS' FUNDS

2,282,909

1,975,181

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 17 December 2018 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 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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 150 (2017 - 134 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

104,504

AMORTISATION

At 1 April 2017

and 31 March 2018

104,503

NET BOOK VALUE

At 31 March 2018

1

At 31 March 2017

1

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2017

2,439,726

735,115

41,250

3,216,091

Additions

25,000

61,602

-

86,602

At 31 March 2018

2,464,726

796,717

41,250

3,302,693

DEPRECIATION

At 1 April 2017

344,366

584,696

23,848

952,910

Charge for year

16,764

42,404

4,350

63,518

At 31 March 2018

361,130

627,100

28,198

1,016,428

NET BOOK VALUE

At 31 March 2018

2,103,596

169,617

13,052

2,286,265

At 31 March 2017

2,095,360

150,419

17,402

2,263,181

Cost or valuation at 31 March 2018 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2012

565,305

-

-

565,305

Cost

1,899,421

796,717

41,250

2,737,388

2,464,726

796,717

41,250

3,302,693

In the opinion of the director the open market value of the freehold properties as at 31 March 2018 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 2017

and 31 March 2018

90,000

41,250

131,250

DEPRECIATION

At 1 April 2017

86,165

23,848

110,013

Charge for year

767

4,350

5,117

At 31 March 2018

86,932

28,198

115,130

NET BOOK VALUE

At 31 March 2018

3,068

13,052

16,120

At 31 March 2017

3,835

17,402

21,237

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2017

and 31 March 2018

782,699

NET BOOK VALUE

At 31 March 2018

782,699

At 31 March 2017

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

31/3/18

31/3/17

£

£

Aggregate capital and reserves

491,182

457,952

Profit for the year

81,061

35,853

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Trade debtors

520,098

536,028

Amounts owed by connected company

433,884

219,075

Other debtors

1,687

1,687

Prepayments

4,184

6,522

959,853

763,312

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Bank loans and overdrafts (see note 10)

152,743

148,515

Other loans (see note 10)

51,684

51,685

Trade creditors

155,947

130,797

Tax

77,516

155,849

Social security and other taxes

47,392

50,658

Other creditors

12,056

15,167

Directors' current accounts

-

25,732

Accrued expenses

128,154

114,665

625,492

693,068

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/18

31/3/17

£

£

Bank loans (see note 10)

1,145,020

1,301,991

Other loans (see note 10)

103,369

155,052

Hire purchase contracts

11,909

17,342

1,260,298

1,474,385

10.

LOANS

An analysis of the maturity of loans is given below:

31/3/18

31/3/17

£

£

Amounts falling due within one year or on demand:

Bank loans

152,743

148,515

Other loans

51,684

51,685

204,427

200,200

Amounts falling due between one and two years:

Bank loans - 1-2 years

152,743

148,515

31/3/18

31/3/17

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

992,277

1,153,476

Other loans - 2-5 years

103,369

155,052

1,095,646

1,308,528

11.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/18

31/3/17

£

£

Bank loans

1,297,763

1,450,506

Other loans

155,053

206,737

1,452,816

1,657,243

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.

12.	PROVISIONS FOR LIABILITIES

31/3/18

31/3/17

£

£

Deferred tax

35,292

26,840

Deferred tax

£

Balance at 1 April 2017

26,840

Movements

8,452

Balance at 31 March 2018

35,292

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/18

31/3/17

value:

£

£

351,000

Ordinary

£1

351,000

351,000

14.

RESERVES

Revaluation

reserve

£

At 1 April 2017

and 31 March 2018

542,693

15.	RELATED PARTY DISCLOSURES

During the year, the company paid dividends of £45,000 (2017 : £43,000) to the director.

At the balance sheet date, the company was owed £460,644 (2017: £215,835) by New Green Solutions Limited,

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

demand.

At the balance sheet date, the company was owed £3,240 (2017 : £3,240) by First 1 2 1 Care Limited, a

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

16.	ULTIMATE CONTROLLING PARTY

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