IRIS Accounts Production v24.1.0.578 13198974 Board of Directors 30.4.23 1.5.22 30.4.23 30.4.23 the provision of healthcare services. true true true false true true false false false false false false true false Fair value model Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinary D 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh131989742022-04-30131989742023-04-30131989742022-05-012023-04-30131989742021-02-11131989742021-02-122022-04-30131989742022-04-3013198974ns15:EnglandWales2022-05-012023-04-3013198974ns14:PoundSterling2022-05-012023-04-3013198974ns10:Director12022-05-012023-04-3013198974ns10:Consolidated2023-04-3013198974ns10:ConsolidatedGroupCompanyAccounts2022-05-012023-04-3013198974ns10:PrivateLimitedCompanyLtd2022-05-012023-04-3013198974ns10:Consolidatedns10:FRS1022022-05-012023-04-3013198974ns10:Consolidatedns10:Audited2022-05-012023-04-3013198974ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-05-012023-04-3013198974ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-05-012023-04-3013198974ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-05-012023-04-3013198974ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-05-012023-04-3013198974ns10:FullAccounts2022-05-012023-04-3013198974ns5:Subsidiary12022-05-012023-04-3013198974ns5:Subsidiary22022-05-012023-04-3013198974ns5:Subsidiary32022-05-012023-04-301319897412022-05-012023-04-3013198974ns10:OrdinaryShareClass22022-05-012023-04-3013198974ns10:OrdinaryShareClass32022-05-012023-04-3013198974ns10:OrdinaryShareClass42022-05-012023-04-3013198974ns10:OrdinaryShareClass52022-05-012023-04-3013198974ns10:Consolidated2022-05-012023-04-3013198974ns10:Director22022-05-012023-04-3013198974ns10:RegisteredOffice2022-05-012023-04-3013198974ns10:Consolidated2021-02-122022-04-3013198974ns5:CurrentFinancialInstruments2023-04-3013198974ns5:CurrentFinancialInstruments2022-04-3013198974ns5:Non-currentFinancialInstruments2023-04-3013198974ns5:Non-currentFinancialInstruments2022-04-3013198974ns5:ShareCapital2023-04-3013198974ns5:ShareCapital2022-04-3013198974ns5:RetainedEarningsAccumulatedLosses2023-04-3013198974ns5:RetainedEarningsAccumulatedLosses2022-04-3013198974ns5:ShareCapital2021-02-122022-04-3013198974ns5:RetainedEarningsAccumulatedLosses2021-02-122022-04-3013198974ns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-3013198974ns5:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3013198974ns5:PatentsTrademarksLicencesConcessionsSimilar2022-05-012023-04-3013198974ns5:FurnitureFittings2022-05-012023-04-3013198974ns5:MotorVehicles2022-05-012023-04-3013198974ns5:ComputerEquipment2022-05-012023-04-3013198974ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3013198974ns5:CostValuation2022-04-3013198974ns5:Subsidiary112022-05-012023-04-30131989743ns5:Subsidiary22022-05-012023-04-3013198974ns5:Subsidiary352022-05-012023-04-3013198974ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3013198974ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-04-3013198974ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-04-3013198974ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-04-3013198974ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-04-3013198974ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-04-3013198974ns5:DeferredTaxation2022-05-012023-04-3013198974ns5:DeferredTaxation2023-04-3013198974ns10:OrdinaryShareClass22023-04-3013198974ns10:OrdinaryShareClass32023-04-3013198974ns10:OrdinaryShareClass42023-04-3013198974ns10:OrdinaryShareClass52023-04-3013198974ns5:RetainedEarningsAccumulatedLosses2022-04-30
REGISTERED NUMBER: 13198974 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 April 2023

for

First City Nursing & Care Ltd

First City Nursing & Care Ltd (Registered number: 13198974)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


First City Nursing & Care Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: S J Trowbridge
L Trowbridge





REGISTERED OFFICE: First City House
Cheney Manor Industrial Estate
Swindon
Wiltshire
SN2 2QG





REGISTERED NUMBER: 13198974 (England and Wales)





AUDITORS: Morley & Co (UK) Ltd
Statutory Auditor, Chartered Certified Accountants
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY

First City Nursing & Care Ltd (Registered number: 13198974)

Group Strategic Report
for the Year Ended 30 April 2023

The directors present their strategic report of the company and the group for the year ended 30 April 2023.

REVIEW OF BUSINESS
The principal interests of the company during the period were to provide domiciliary healthcare services as well as agency services to healthcare establishments. During the period the company has continued to work systemwide in partnership with statutory bodies and in particular local authorities and clinical commissioning groups. The company has continued its role as key systemwide partner within the local health and care ecosystem, including helping to facilitate discharges into the community care sector.

The directors are satisfied with the performance of the company in the 12-month period ended 30 April 2023 This performance has been despite a very challenging environment to the sector, the company and its employees.

PRINCIPAL RISKS AND UNCERTAINTIES
The board along with the management team monitor key risks that the company faces on a continual basis.

The principal risks facing the company relate to the recruitment and retention of healthcare professionals through the current labour market. This issue has been exacerbated by the pressure resulting from competing sectors within the economy.

Further risks to the business include the continuing inflationary pressures that have manifested themselves in the economy and the continuing risk that the increases are non-transitory and the consequential effect on the company's cost structure. Unlike competing sectors, healthcare providers are unable to fully pass cost increases onto the end customer.

An additional risk to the business includes the continuing pressures on funding that the sector is currently facing. This includes the adequacy of the funding that is allocated and distributed from central to local government to keep the sector sustainable.

While the enduring future impact of COVID-19 is uncertain and the lasting impacts across the NHS, Social care and wider socio-economic issues continue to present a risk to the company. Despite this the company is well placed to operate as a prime provider in the developing integrated care systems the future sector will be dependent upon.

ON BEHALF OF THE BOARD:





S J Trowbridge - Director


31 January 2024

First City Nursing & Care Ltd (Registered number: 13198974)

Report of the Directors
for the Year Ended 30 April 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023.

DIVIDENDS
The total distribution of dividends for the period ended 30 April 2023 will be £308,156.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

S J Trowbridge
L Trowbridge

POLITICAL DONATIONS AND EXPENDITURE
There have been no political donations made in the current or prior year.

ENGAGEMENT WITH EMPLOYEES
The directors promote a company policy of giving full and fair consideration to applications for employment made by disabled persons. Specific training and career development are considered in line with the needs of all employees of the company.

The necessity for, and importance of, good communication with all employees is well recognised and accepted by the directors. For many years, regular meetings with employees' representatives have been held to keep them informed of developments and to receive their suggestions on various matters including health and safety.

The Company recognises the valuable contribution made by its employees to the success of the business. Employees are kept informed of the activities of the Company at regular staff liaison meetings. Staff are encouraged to discuss matters directly with management or bring matters to their attention at the staff liaison meeting. The Company always considers matters relating to employment fairly irrespective of race, age, sex, disability, religious beliefs or sexual orientation. The Company supports the ongoing training and development of its staff.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


First City Nursing & Care Ltd (Registered number: 13198974)

Report of the Directors
for the Year Ended 30 April 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Morley & Co (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Trowbridge - Director


31 January 2024

Report of the Independent Auditors to the Members of
First City Nursing & Care Ltd

Opinion
We have audited the financial statements of First City Nursing & Care Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
First City Nursing & Care Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
First City Nursing & Care Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

a. The nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

b. Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

b.i. Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

b.ii. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

b.iii. The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

b.iv. Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the company, General Data Protection requirements and Anti-bribery and corruption policy.

In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. Our procedures to respond to risks identified included the following:

a. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

b. Enquiring of management and external legal counsel concerning actual and potential litigation and claims;

c. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

d. Reading minutes of meetings of those charged with governance and correspondence with regulators.


Report of the Independent Auditors to the Members of
First City Nursing & Care Ltd

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul King FCCA (Senior Statutory Auditor)
for and on behalf of Morley & Co (UK) Ltd
Statutory Auditor, Chartered Certified Accountants
2 Cricklade Court
Old Town
Swindon
Wiltshire
SN1 3EY

31 January 2024

First City Nursing & Care Ltd (Registered number: 13198974)

Consolidated
Income Statement
for the Year Ended 30 April 2023

Period
12/2/21
Year Ended to
30/4/23 30/4/22
Notes £    £   

TURNOVER 19,473,009 19,160,919

Cost of sales 15,596,807 15,506,828
GROSS PROFIT 3,876,202 3,654,091

Administrative expenses 2,924,796 3,023,756
951,406 630,335

Other operating income 583,765 556,400
OPERATING PROFIT 4 1,535,171 1,186,735

Interest receivable and similar income - 471
1,535,171 1,187,206

Interest payable and similar expenses 5 44,724 29,409
PROFIT BEFORE TAXATION 1,490,447 1,157,797

Tax on profit 6 286,436 (147,743 )
PROFIT FOR THE FINANCIAL YEAR 1,204,011 1,305,540
Profit attributable to:
Owners of the parent 1,204,011 1,305,540

First City Nursing & Care Ltd (Registered number: 13198974)

Consolidated
Other Comprehensive Income
for the Year Ended 30 April 2023

Period
12/2/21
Year Ended to
30/4/23 30/4/22
Notes £    £   

PROFIT FOR THE YEAR 1,204,011 1,305,540


OTHER COMPREHENSIVE INCOME
Revaluation of cryptocurrencies 3,813 -
Income tax relating to other
comprehensive income

(953

)

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

2,860

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,206,871

1,305,540

Total comprehensive income attributable to:
Owners of the parent 1,206,871 1,305,540

First City Nursing & Care Ltd (Registered number: 13198974)

Consolidated Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,017,874 2,918,443
Tangible assets 10 2,175,501 2,167,867
Investments 11 - -
Investment property 12 530,189 530,189
5,723,564 5,616,499

CURRENT ASSETS
Debtors 13 2,959,640 2,505,974
Cash at bank and in hand 1,409,157 1,510,632
4,368,797 4,016,606
CREDITORS
Amounts falling due within one year 14 3,646,034 3,920,222
NET CURRENT ASSETS 722,763 96,384
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,446,327

5,712,883

CREDITORS
Amounts falling due after more than one
year

15

1,350,331

1,515,602
NET ASSETS 5,095,996 4,197,281

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 5,095,896 4,197,181
SHAREHOLDERS' FUNDS 5,095,996 4,197,281

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





S J Trowbridge - Director


First City Nursing & Care Ltd (Registered number: 13198974)

Company Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 103,828 -
Tangible assets 10 - -
Investments 11 2,907,125 2,907,125
Investment property 12 - -
3,010,953 2,907,125

CURRENT ASSETS
Cash at bank and in hand 23,404 40

CREDITORS
Amounts falling due within one year 14 149,482 127,452
NET CURRENT LIABILITIES (126,078 ) (127,412 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,884,875

2,779,713

CREDITORS
Amounts falling due after more than one
year

15

(688,892

)

(810,178

)

PROVISIONS FOR LIABILITIES 17 (953 ) -
NET ASSETS 2,195,030 1,969,535

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 2,194,930 1,969,435
SHAREHOLDERS' FUNDS 2,195,030 1,969,535

Company's profit for the financial year 530,791 2,320,475

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:




S J Trowbridge - Director


First City Nursing & Care Ltd (Registered number: 13198974)

Consolidated Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 12 February 2021 - 1,446,519 1,446,519

Changes in equity
Consolidation adjustments 100 1,796,162 1,796,262
Dividends - (351,040 ) (351,040 )
Total comprehensive income - 1,305,540 1,305,540
Balance at 30 April 2022 100 4,197,181 4,197,281

Changes in equity
Dividends - (308,156 ) (308,156 )
Total comprehensive income - 1,206,871 1,206,871
Balance at 30 April 2023 100 5,095,896 5,095,996

First City Nursing & Care Ltd (Registered number: 13198974)

Company Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Dividends - (351,040 ) (351,040 )
Total comprehensive income - 2,320,475 2,320,475
Balance at 30 April 2022 100 1,969,435 1,969,535

Changes in equity
Dividends - (308,156 ) (308,156 )
Total comprehensive income - 533,651 533,651
Balance at 30 April 2023 100 2,194,930 2,195,030

First City Nursing & Care Ltd (Registered number: 13198974)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2023

Period
12/2/21
Year Ended to
30/4/23 30/4/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 542,109 544,198
Interest paid (44,724 ) (29,409 )
Government grants 69,626 684,102
Tax paid (38,318 ) (5,384 )
Net cash from operating activities 528,693 1,193,507

Cash flows from investing activities
Purchase of intangible fixed assets (102,415 ) (16,000 )
Purchase of tangible fixed assets (41,654 ) (77,155 )
Purchase of investments net of cash acq. - (1,365,938 )
Purchase of investment property - (1,055,588 )
Sale of tangible fixed assets - 12,400
Sale of investment property - 530,000
Dividends received - 1,796,162
Interest received - 471
Net cash from investing activities (144,069 ) (175,648 )

Cash flows from financing activities
Intercompany loans in year - 67,405
Loan repayments in year (167,943 ) (115,865 )
New loans in year - 930,178
Amount withdrawn by directors (10,000 ) (38,105 )
Share issue - 200
Equity dividends paid (308,156 ) (351,040 )
Net cash from financing activities (486,099 ) 492,773

(Decrease)/increase in cash and cash equivalents (101,475 ) 1,510,632
Cash and cash equivalents at
beginning of year

2

1,510,632

-

Cash and cash equivalents at end of
year

2

1,409,157

1,510,632

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
12/2/21
Year Ended to
30/4/23 30/4/22
£    £   
Profit before taxation 1,490,447 1,157,797
Depreciation charges 40,816 60,058
Profit on disposal of fixed assets - (16,243 )
Government grants (583,098 ) (555,910 )
Finance costs 44,724 29,409
Finance income - (471 )
992,889 674,640
(Increase)/decrease in trade and other debtors (678,838 ) 86,458
Increase/(decrease) in trade and other creditors 228,058 (216,900 )
Cash generated from operations 542,109 544,198

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 1,409,157 1,510,632
Period ended 30 April 2022
30/4/22 12/2/21
£    £   
Cash and cash equivalents 1,510,632 -


First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/5/22 Cash flow At 30/4/23
£    £    £   
Net cash
Cash at bank and in hand 1,510,632 (101,475 ) 1,409,157
1,510,632 (101,475 ) 1,409,157
Debt
Debts falling due within 1 year (188,654 ) 2,672 (185,982 )
Debts falling due after 1 year (1,515,602 ) 165,271 (1,350,331 )
(1,704,256 ) 167,943 (1,536,313 )
Total (193,624 ) 66,468 (127,156 )

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

First City Nursing & Care Ltd 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Subsidiaries exempt from audit and accounts preparation
The following subsidiaries are exempt from the requirements of the UK Companies Act 2006 relating to the audit of the individual accounts by virtue of S480 of the Act:

S480 - Island Homecare Ltd (company number 13686556)
S480 - Stephanie Gibbs Ltd (company number 08851906)

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the company, these being First City Nursing Holdings Ltd, First City Healthcare Ltd and First City Nursing Services Ltd. Uniform accounting policies are adopted throughout the Group.

The subsidiaries, Island Homecare Ltd and Stephanie Gibbs Ltd, have been excluded from consolidation under S405 of the Companies Act 2006 as their inclusion is not material for the purpose of giving a true and fair view. Both of these companies are dormant with net assets of £nil and profit for the year of £nil.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factor, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Cyrpto currencies
Crypto currenices are initially measured at cost. After initial recognition, crypto currenices are measured at their current value based on published market prices. Any aggregate surplus or deficit arising from changes in fair value is recognised in other comprehensive income.

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Government grants
Government grants and furlough support are measured at the fair value of the asset received or receivable, where there is reasonable assurance that the assistance will be received and all the associated conditions met. Amounts are recognised in the profit and loss account over the period in which the costs to which the grants and support are intended to compensate are expensed, and are reported within other operating income.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Basic financial instruments
Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS
Period
12/2/21
Year Ended to
30/4/23 30/4/22
£    £   
Wages and salaries 6,225,620 5,849,401
Social security costs 501,671 497,665
Other pension costs 183,115 360,274
6,910,406 6,707,340

The average number of employees during the year was as follows:
Period
12/2/21
Year Ended to
30/4/23 30/4/22

Employees 336 354

The average number of employees by undertakings that were proportionately consolidated during the year was 336 (2022 - 354 ) .

Period
12/2/21
Year Ended to
30/4/23 30/4/22
£    £   
Directors' remuneration 12,570 12,570
Directors' pension contributions to money purchase schemes 5,377 184,371

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
12/2/21
Year Ended to
30/4/23 30/4/22
£    £   
Depreciation - owned assets 34,020 54,060
Profit on disposal of fixed assets - (16,243 )
Computer software amortisation 6,797 5,997
Auditors' remuneration 28,352 23,290

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
12/2/21
Year Ended to
30/4/23 30/4/22
£    £   
Bank loan interest 44,724 25,964
HMRC interest - 2,175
Loan - 1,270
44,724 29,409

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
12/2/21
Year Ended to
30/4/23 30/4/22
£    £   
Current tax:
UK corporation tax 293,310 284,368
Earlier year under/(over) provision - (431,364 )
Total current tax 293,310 (146,996 )

Deferred tax (6,874 ) (747 )
Tax on profit 286,436 (147,743 )

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of cryptocurrencies 3,813 (953 ) 2,860

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
Period
12/2/21
Year Ended to
30/4/23 30/4/22
£    £   
Ordinary shares of £1 each
Interim 308,156 351,040

9. INTANGIBLE FIXED ASSETS

Group
Crypto Computer
Goodwill currencies software Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2022 2,907,113 - 20,366 2,927,479
Additions - 100,015 2,400 102,415
Revaluations - 3,813 - 3,813
At 30 April 2023 2,907,113 103,828 22,766 3,033,707
AMORTISATION
At 1 May 2022 - - 9,036 9,036
Amortisation for year - - 6,797 6,797
At 30 April 2023 - - 15,833 15,833
NET BOOK VALUE
At 30 April 2023 2,907,113 103,828 6,933 3,017,874
At 30 April 2022 2,907,113 - 11,330 2,918,443

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

9. INTANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 April 2023 is represented by:

Crypto Computer
Goodwill currencies software Totals
£    £    £    £   
Valuation in 2023 - 3,813 - 3,813
Cost 2,907,113 100,015 22,766 3,029,894
2,907,113 103,828 22,766 3,033,707

Company
Crypto
currencies
£   
COST OR VALUATION
Additions 100,015
Revaluations 3,813
At 30 April 2023 103,828
NET BOOK VALUE
At 30 April 2023 103,828

Cost or valuation at 30 April 2023 is represented by:

Crypto
currencies
£   
Valuation in 2023 3,813
Cost 100,015
103,828

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2022 2,097,046 140,342 181,355 169,812 2,588,555
Additions 27,599 - - 14,055 41,654
At 30 April 2023 2,124,645 140,342 181,355 183,867 2,630,209
DEPRECIATION
At 1 May 2022 - 136,602 138,520 145,566 420,688
Charge for year - 2,250 10,709 21,061 34,020
At 30 April 2023 - 138,852 149,229 166,627 454,708
NET BOOK VALUE
At 30 April 2023 2,124,645 1,490 32,126 17,240 2,175,501
At 30 April 2022 2,097,046 3,740 42,835 24,246 2,167,867

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 May 2022
and 30 April 2023 2,907,125
NET BOOK VALUE
At 30 April 2023 2,907,125
At 30 April 2022 2,907,125

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

11. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

First City Nursing Holdings Ltd
Registered office: First City House, Cheney Manor Industrial Estate, Swindon, SN2 2QG
Nature of business: holding company
%
Class of shares: holding
Ordinary B 100.00

First City Healthcare Ltd
Registered office: First City House, Cheney Manor Industrial Estate, Swindon, SN2 2QG
Nature of business: investment property holding company
%
Class of shares: holding
Ordinary 100.00

First City Nursing Services Ltd
Registered office: First City House, Cheney Manor Industrial Estate, Swindon, SN2 2QG
Nature of business: healthcare provider
%
Class of shares: holding
Ordinary 100.00

The shares in First City Nursing Services Ltd are held by First City Nursing Holdings Ltd, a wholly owned subsidiary of First City Nursing & Care Ltd.


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 530,189
NET BOOK VALUE
At 30 April 2023 530,189
At 30 April 2022 530,189

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 2,119,008 1,381,265
Other debtors 11,580 26,583
Directors' current accounts 65,043 55,043
Tax 190,272 431,364
Deferred tax asset 8,523 2,603
Prepayments and accrued income 565,214 609,116
2,959,640 2,505,974

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 8,523 2,603 - -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 65,982 68,654 - -
Other loans (see note 16) 120,000 120,000 120,000 120,000
Trade creditors 1,939,505 1,597,716 - -
Amounts owed to group undertakings - - 21,286 -
Tax 290,981 277,081 - -
Social security and other taxes 110,900 139,135 - -
VAT 122,451 117,287 - -
Other creditors 182,601 286,601 - -
Accruals and deferred income 813,614 1,313,748 8,196 7,452
3,646,034 3,920,222 149,482 127,452

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 661,439 705,424 - -
Other loans (see note 16) 688,892 810,178 688,892 810,178
1,350,331 1,515,602 688,892 810,178

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 65,982 68,654 - -
Other loans 120,000 120,000 120,000 120,000
185,982 188,654 120,000 120,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 69,017 70,827 - -
Other loans - 1-2 years 120,000 120,000 120,000 120,000
189,017 190,827 120,000 120,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 226,687 226,218 - -
Other loans - 2-5 years 360,000 360,000 360,000 360,000
586,687 586,218 360,000 360,000
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 365,735 408,379 - -
Other loans more 5yrs instal 208,892 330,178 208,892 330,178
574,627 738,557 208,892 330,178

17. DEFERRED TAX

Company
2023 2022
£    £   
Deferred tax 953 -

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

17. DEFERRED TAX - continued

Group
£   
Balance at 1 May 2022 (2,603 )
Credit to Income Statement during year (6,873 )
Charge to OCI 953
Balance at 30 April 2023 (8,523 )

Company
£   
Provided during year 953
Balance at 30 April 2023 953

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20 Ordinary A £1 20 20
60 Ordinary B £1 60 60
11 Ordinary C £1 11 11
9 Ordinary D £1 9 9
100 100

19. RESERVES

Group
Retained
earnings
£   

At 1 May 2022 4,197,181
Profit for the year 1,204,011
Dividends (308,156 )
Revaluation of cryptocurrencies 2,860
At 30 April 2023 5,095,896

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

19. RESERVES - continued

Company
Retained
earnings
£   

At 1 May 2022 1,969,435
Profit for the year 530,791
Dividends (308,156 )
Revaluation of cryptocurrencies 2,860
At 30 April 2023 2,194,930


20. CONTINGENT LIABILITIES

Bank loans
First City Nursing Services Ltd has provided a guarantee of £1,100,000 to National Westminster Bank PLC in respect of a loan owed by First City Healthcare Ltd, both subsidiaries within the group. This guarantee has been enacted by a fixed and floating charge over all of First City Nursing Services Ltd's assets.

The balance on the loan in First City Healthcare Ltd at 30th April 2023 was £727,421.

Tax enquiry
There is an ongoing HMRC enquiry into First City Nursing Services Ltd's R&D tax credit claim for the year ended 30th April 2021. At the reporting date the outcome of the enquiry was uncertain. If the R&D relief is denied, First City Nursing Services Ltd may be liable to repay tax of £431,364 plus interest and potential penalties.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 April 2023 and the period ended 30 April 2022:

2023 2022
£    £   
S J Trowbridge
Balance outstanding at start of year 55,043 16,938
Amounts advanced 289,324 50,043
Amounts repaid (279,324 ) (11,938 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65,043 55,043

Interest is charged at commercial rates on overdrawn balances.

First City Nursing & Care Ltd (Registered number: 13198974)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

22. RELATED PARTY DISCLOSURES

Transactions entered into, and trading balances outstanding at 30 April 2023, are as follows:

Total
£
Sales to related parties with common control 31,368
Purchases from related parties with common control 59
Related parties with common control included in debtors 44,007
Related parties with common control included in creditors nil

Terms and conditions of transactions with related parties
Sales and purchases are made at normal market prices. Outstanding balances are unsecured, interest free and cash settlement is expected under normal trading terms.

First City Nursing Services Ltd has provided a guarantee of £1,100,000 to National Westminster Bank PLC in respect of a loan owed by the subsidiary, First City Healthcare Ltd. This guarantee has been enacted by a fixed and floating charge over all of the company's assets.

The balance on the loan in First City Healthcare Ltd at 30th April 2023 was £727,421.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S J Trowbridge.