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Company No: SC549627 (Scotland)

1ST FOCUS HOMECARE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

1ST FOCUS HOMECARE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

1ST FOCUS HOMECARE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
1ST FOCUS HOMECARE LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 18,975 32,671
18,975 32,671
Current assets
Debtors 4 115,086 194,485
Cash at bank and in hand 5 95,727 80,687
210,813 275,172
Creditors: amounts falling due within one year 6 ( 47,882) ( 93,336)
Net current assets 162,931 181,836
Total assets less current liabilities 181,906 214,507
Provision for liabilities ( 3,763) ( 6,938)
Net assets 178,143 207,569
Capital and reserves
Called-up share capital 7 1 1
Share premium account 50,000 50,000
Profit and loss account 128,142 157,568
Total shareholders' funds 178,143 207,569

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of 1st Focus Homecare Limited (registered number: SC549627) were approved and authorised for issue by the Director on 20 September 2023. They were signed on its behalf by:

S R Falconer
Director
1ST FOCUS HOMECARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1ST FOCUS HOMECARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

1st Focus Homecare Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael LLP, 7-11 Melville Street, Edinburgh, EH3 7PE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 4 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 76 90

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 64,654 3,509 4,586 72,749
Additions 0 0 1,956 1,956
At 31 March 2023 64,654 3,509 6,542 74,705
Accumulated depreciation
At 01 April 2022 35,490 1,736 2,852 40,078
Charge for the financial year 13,999 565 1,088 15,652
At 31 March 2023 49,489 2,301 3,940 55,730
Net book value
At 31 March 2023 15,165 1,208 2,602 18,975
At 31 March 2022 29,164 1,773 1,734 32,671

4. Debtors

2023 2022
£ £
Trade debtors 27,670 126,405
Amounts owed by Group undertakings 61,486 60,102
Other debtors 25,930 7,978
115,086 194,485

Included within other debtors is a loan of £22,439 (2022 - £4,922) to the director of 1st Focus Homecare Limited. The loan is interest free and is repayable on demand.

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 95,727 80,687

6. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 6,773 5,156
Taxation and social security 27,260 71,072
Other creditors 13,849 17,108
47,882 93,336

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 0.01 each 1.00 1.00
11 B ordinary shares of £ 0.01 each 0.11 0.11
1.11 1.11

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by related parties 61,486 60,102
Amounts owed by key management personnel 22,439 4,922

Amounts owed by related parties - The loan charges interest at the base rate of the Royal Bank of Scotland PLC and is accrued daily.

Amounts owed by key management personnel - The loan is subject to interest at 2% and is repayable on demand.