IRIS Accounts Production v24.1.0.578 12137246 Board of Directors 1.5.22 30.4.23 30.4.23 0 0 true true false true true false false true false 0 0 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh121372462022-04-30121372462023-04-30121372462022-05-012023-04-30121372462021-04-30121372462021-05-012022-04-30121372462022-04-3012137246ns15:EnglandWales2022-05-012023-04-3012137246ns14:PoundSterling2022-05-012023-04-3012137246ns10:Director12022-05-012023-04-3012137246ns10:PrivateLimitedCompanyLtd2022-05-012023-04-3012137246ns10:FRS1022022-05-012023-04-3012137246ns10:Audited2022-05-012023-04-3012137246ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-05-012023-04-3012137246ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-05-012023-04-3012137246ns10:FullAccounts2022-05-012023-04-3012137246ns10:OrdinaryShareClass22022-05-012023-04-3012137246ns10:Director22022-05-012023-04-3012137246ns10:Director32022-05-012023-04-3012137246ns10:RegisteredOffice2022-05-012023-04-3012137246ns5:CurrentFinancialInstruments2023-04-3012137246ns5:CurrentFinancialInstruments2022-04-3012137246ns5:ShareCapital2023-04-3012137246ns5:ShareCapital2022-04-3012137246ns5:RetainedEarningsAccumulatedLosses2023-04-3012137246ns5:RetainedEarningsAccumulatedLosses2022-04-3012137246ns5:ShareCapital2021-04-3012137246ns5:RetainedEarningsAccumulatedLosses2021-04-3012137246ns5:RetainedEarningsAccumulatedLosses2021-05-012022-04-3012137246ns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-3012137246ns10:OrdinaryShareClass22021-05-012022-04-3012137246ns5:CostValuation2022-04-3012137246ns5:Subsidiary12022-05-012023-04-3012137246ns5:Subsidiary112022-05-012023-04-3012137246ns10:OrdinaryShareClass22023-04-3012137246ns5:RetainedEarningsAccumulatedLosses2022-04-30
REGISTERED NUMBER: 12137246 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2023

for

First City Nursing Holdings Ltd

First City Nursing Holdings Ltd (Registered number: 12137246)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


First City Nursing Holdings Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: M C A Trowbridge
K P Trowbridge
S J Trowbridge





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





REGISTERED NUMBER: 12137246 (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 Holdings Ltd (Registered number: 12137246)

Strategic Report
for the Year Ended 30 April 2023

The directors present their strategic report 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 Holdings Ltd (Registered number: 12137246)

Report of the Directors
for the Year Ended 30 April 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the holding company of a trading group.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £540,651.

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

M C A Trowbridge
K P Trowbridge
S J Trowbridge

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

First City Nursing Holdings Ltd (Registered number: 12137246)

Report of the Directors
for the Year Ended 30 April 2023


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 Holdings Ltd

Opinion
We have audited the financial statements of First City Nursing Holdings Ltd (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 2023 and of its 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 company 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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.

Report of the Independent Auditors to the Members of
First City Nursing Holdings Ltd


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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 page three, 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 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 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 Holdings 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 Holdings 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 Holdings Ltd (Registered number: 12137246)

Income Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

TURNOVER - -

Administrative expenses 7,205 6,572
OPERATING LOSS 4 (7,205 ) (6,572 )

Income from shares in group
undertakings

560,043

361,040
PROFIT BEFORE TAXATION 552,838 354,468

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR 552,838 354,468

First City Nursing Holdings Ltd (Registered number: 12137246)

Other Comprehensive Income
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 552,838 354,468


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

552,838

354,468

First City Nursing Holdings Ltd (Registered number: 12137246)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 7 4,140,108 4,140,108

CURRENT ASSETS
Debtors 8 10,225 10,225
Cash at bank and in hand 12,831 2
23,056 10,227
CREDITORS
Amounts falling due within one year 9 7,044 6,402
NET CURRENT ASSETS 16,012 3,825
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,156,120

4,143,933

CAPITAL AND RESERVES
Called up share capital 10 4,140,000 4,140,000
Retained earnings 11 16,120 3,933
SHAREHOLDERS' FUNDS 4,156,120 4,143,933

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 Holdings Ltd (Registered number: 12137246)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2021 4,140,000 505 4,140,505

Changes in equity
Dividends - (351,040 ) (351,040 )
Total comprehensive income - 354,468 354,468
Balance at 30 April 2022 4,140,000 3,933 4,143,933

Changes in equity
Dividends - (540,651 ) (540,651 )
Total comprehensive income - 552,838 552,838
Balance at 30 April 2023 4,140,000 16,120 4,156,120

First City Nursing Holdings Ltd (Registered number: 12137246)

Cash Flow Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (6,563 ) (7,850 )
Net cash from operating activities (6,563 ) (7,850 )

Cash flows from investing activities
Dividends received 560,043 361,040
Net cash from investing activities 560,043 361,040

Cash flows from financing activities
Inter-company loans received in year - (2,150 )
Equity dividends paid (540,651 ) (351,040 )
Net cash from financing activities (540,651 ) (353,190 )

Increase in cash and cash equivalents 12,829 -
Cash and cash equivalents at
beginning of year

2

2

2

Cash and cash equivalents at end of
year

2

12,831

2

First City Nursing Holdings Ltd (Registered number: 12137246)

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

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 552,838 354,468
Finance income (560,043 ) (361,040 )
(7,205 ) (6,572 )
Increase/(decrease) in trade and other creditors 642 (1,278 )
Cash generated from operations (6,563 ) (7,850 )

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 12,831 2
Year ended 30 April 2022
30/4/22 1/5/21
£    £   
Cash and cash equivalents 2 2


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/22 Cash flow At 30/4/23
£    £    £   
Net cash
Cash at bank and in hand 2 12,829 12,831
2 12,829 12,831
Total 2 12,829 12,831

First City Nursing Holdings Ltd (Registered number: 12137246)

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

1. STATUTORY INFORMATION

First City Nursing Holdings 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about First City Nursing Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, First City Nursing & Care Ltd, First City House, Cheney Manor Industrial Estate, Swindon, SN2 2QG.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

First City Nursing Holdings Ltd (Registered number: 12137246)

Notes to the 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

There were no staff costs for the year ended 30 April 2023 nor for the year ended 30 April 2022.

The average number of employees during the year was NIL (2022 - NIL).

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Auditors' remuneration 4,818 4,380

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 April 2023 nor for the year ended 30 April 2022.

6. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £1 each
Interim 540,651 351,040

First City Nursing Holdings Ltd (Registered number: 12137246)

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

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 May 2022
and 30 April 2023 4,140,108
NET BOOK VALUE
At 30 April 2023 4,140,108
At 30 April 2022 4,140,108

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

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

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 10,225 10,225

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Accrued expenses 7,044 6,402

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,140,000 Ordinary B £1 4,140,000 4,140,000

First City Nursing Holdings Ltd (Registered number: 12137246)

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

11. RESERVES
Retained
earnings
£   

At 1 May 2022 3,933
Profit for the year 552,838
Dividends (540,651 )
At 30 April 2023 16,120