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31/03/2022
2022-03-31
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2021-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
06701612
2021-04-01
2022-03-31
06701612
2022-03-31
06701612
2021-03-31
06701612
2020-04-01
2021-03-31
06701612
2021-03-31
06701612
core:MotorVehicles
2021-04-01
2022-03-31
06701612
core:NetGoodwill
2021-04-01
2022-03-31
06701612
bus:Director1
2021-04-01
2022-03-31
06701612
core:NetGoodwill
2022-03-31
06701612
core:LandBuildings
core:LongLeaseholdAssets
2021-03-31
06701612
core:FurnitureFittingsToolsEquipment
2021-03-31
06701612
core:MotorVehicles
2021-03-31
06701612
core:LandBuildings
core:LongLeaseholdAssets
2022-03-31
06701612
core:FurnitureFittingsToolsEquipment
2022-03-31
06701612
core:MotorVehicles
2022-03-31
06701612
core:WithinOneYear
2022-03-31
06701612
core:WithinOneYear
2021-03-31
06701612
core:AfterOneYear
2022-03-31
06701612
core:AfterOneYear
2021-03-31
06701612
core:LandBuildings
core:LongLeaseholdAssets
2021-04-01
2022-03-31
06701612
core:FurnitureFittingsToolsEquipment
2021-04-01
2022-03-31
06701612
core:ShareCapital
2022-03-31
06701612
core:ShareCapital
2021-03-31
06701612
core:RetainedEarningsAccumulatedLosses
2022-03-31
06701612
core:RetainedEarningsAccumulatedLosses
2021-03-31
06701612
core:BetweenOneFiveYears
2022-03-31
06701612
core:BetweenOneFiveYears
2021-03-31
06701612
core:MoreThanFiveYears
2022-03-31
06701612
core:MoreThanFiveYears
2021-03-31
06701612
core:NetGoodwill
2021-03-31
06701612
core:LandBuildings
core:LongLeaseholdAssets
2021-03-31
06701612
core:FurnitureFittingsToolsEquipment
2021-03-31
06701612
core:MotorVehicles
2021-03-31
06701612
bus:SmallEntities
2021-04-01
2022-03-31
06701612
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
06701612
bus:FullAccounts
2021-04-01
2022-03-31
06701612
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
06701612
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
06701612
core:WithinOneYear
2021-04-01
2022-03-31
Company registration number:
06701612
Firststep Care Limited
Unaudited filleted financial statements
31 March 2022
Firststep Care Limited
Contents
Statement of financial position
Notes to the financial statements
Firststep Care Limited
Statement of financial position
31 March 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
1 |
|
|
|
1 |
|
|
Tangible assets |
|
6 |
138,732 |
|
|
|
132,235 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
138,733 |
|
|
|
132,236 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
115,657 |
|
|
|
105,801 |
|
|
Debtors |
|
7 |
313,648 |
|
|
|
190,588 |
|
|
Cash at bank and in hand |
|
|
284,664 |
|
|
|
251,550 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
713,969 |
|
|
|
547,939 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
241,092) |
|
|
|
(
247,993) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
472,877 |
|
|
|
299,946 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
611,610 |
|
|
|
432,182 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
187,953) |
|
|
|
(
202,441) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
23,609) |
|
|
|
(
21,816) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
400,048 |
|
|
|
207,925 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
60,000 |
|
|
|
60,000 |
Profit and loss account |
|
|
|
|
340,048 |
|
|
|
147,925 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
400,048 |
|
|
|
207,925 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
31 August 2022
, and are signed on behalf of the board by:
Jusmin Chandaria
Director
Company registration number:
06701612
Firststep Care Limited
Notes to the financial statements
Year ended 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Scottish Provident House, 3rd Floor, 76 - 80 College Road, Harrow, Middlesex, HA1 1BQ.
The principal activity of the company is that of dispensing chemists.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provision of FRS 102, section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'(March 2018), and Companies Act 2006 (as applicable to companies subject to the small companies regime).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis
. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with his responsibility as a director, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements.The director has reviewed the impact on the company following the outbreak of the COVID-19 pandemic and the measures adopted by the government to mitigate the pandemic's spread.The director considers that these events will not significantly impact the company and that the company is well placed to manage its business risks successfully.Accordingly, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Acquired goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 10 years. The length of time is presumed to be the maximum useful life of acquired goodwill because it is difficult to make projections beyond this period. The acquired goodwill amortisation is calculated so as to write off the cost of goodwill, less its residual value, estimated to be zero, in equal annual instalments over its estimated useful economic life of 10 years.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
Over 7 years
|
|
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost included all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.Stock is calculated on a first in first out basis.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2021:
8
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2021 and 31 March 2022 |
586,495 |
586,495 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 April 2021 and 31 March 2022 |
586,494 |
586,494 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2022 |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2021 |
1 |
1 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2021 |
19,347 |
162,250 |
30,200 |
211,797 |
|
|
|
|
Additions |
- |
8,664 |
44,840 |
53,504 |
|
|
|
|
Disposals |
- |
(
650) |
(
30,200) |
(
30,850) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2022 |
19,347 |
170,264 |
44,840 |
234,451 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2021 |
3,584 |
61,349 |
14,629 |
79,562 |
|
|
|
|
Charge for the year |
1,290 |
24,170 |
5,605 |
31,065 |
|
|
|
|
Disposals |
- |
(
279) |
(
14,629) |
(
14,908) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2022 |
4,874 |
85,240 |
5,605 |
95,719 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2022 |
14,473 |
85,024 |
39,235 |
138,732 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2021 |
15,763 |
100,901 |
15,571 |
132,235 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
80,681 |
107,333 |
|
Amounts owed by group undertakings |
|
120,511 |
- |
|
Other debtors |
|
112,456 |
83,255 |
|
|
|
_______ |
_______ |
|
|
|
313,648 |
190,588 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
14,345 |
13,778 |
|
Trade creditors |
|
153,717 |
168,818 |
|
Corporation tax |
|
59,293 |
44,865 |
|
Social security and other taxes |
|
4,059 |
1,869 |
|
Other creditors |
|
9,678 |
18,663 |
|
|
|
_______ |
_______ |
|
|
|
241,092 |
247,993 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within other creditors are liabilities amounting to £NIL (2021: 13,448) in respect of a HP contract secured against the asset to which it relates.
9.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
187,953 |
202,441 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank overdraft facility and loans are fully secured by a legal charge over the company's leasehold premises including the pharmacy license.
Included within creditors: amounts falling due after more than one year is an amount of £ 124,088
(2021 £ 140,903 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The balances due after more then five years are due for repayment in August 2033 and are at market rate of interest.
10.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
30,000 |
30,000 |
Later than 1 year and not later than 5 years |
120,000 |
120,000 |
Later than 5 years |
186,658 |
216,658 |
|
_______ |
_______ |
|
336,658 |
366,658 |
|
_______ |
_______ |
|
|
|