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REGISTERED NUMBER: 03801323 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2023

for

First City Nursing Services Ltd

First City Nursing Services Ltd (Registered number: 03801323)






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 Services 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: 03801323 (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 Services Ltd (Registered number: 03801323)

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 Services Ltd (Registered number: 03801323)

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 provision healthcare services.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £560,043.

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.

GOING CONCERN
The directors have prepared forecast information which takes into account the current economic climate and its potential impact on the business. The directors are satisfied that the company has adequate financial resources and facilities, together with long-standing relationships with a number of customers and suppliers, which will enable the company to meet the challenges posed by the current situation. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

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.


First City Nursing Services Ltd (Registered number: 03801323)

Report of the Directors
for the Year Ended 30 April 2023

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.

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 Services Ltd

Opinion
We have audited the financial statements of First City Nursing Services 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 Services 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 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 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 Services 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 Services 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 Services Ltd (Registered number: 03801323)

Income Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

TURNOVER 19,471,509 19,103,169

Cost of sales 15,596,807 15,506,828
GROSS PROFIT 3,874,702 3,596,341

Administrative expenses 2,942,857 3,137,942
931,845 458,399

Other operating income 583,765 554,900
OPERATING PROFIT 4 1,515,610 1,013,299

Interest receivable and similar income - 471
1,515,610 1,013,770

Interest payable and similar expenses 6 - 2,175
PROFIT BEFORE TAXATION 1,515,610 1,011,595

Tax on profit 7 286,483 (152,291 )
PROFIT FOR THE FINANCIAL YEAR 1,229,127 1,163,886

First City Nursing Services Ltd (Registered number: 03801323)

Other Comprehensive Income
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,229,127 1,163,886


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,229,127

1,163,886

First City Nursing Services Ltd (Registered number: 03801323)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 6,933 11,330
Tangible assets 10 50,855 70,572
Investment property 11 530,189 530,189
587,977 612,091

CURRENT ASSETS
Debtors 12 4,245,972 3,655,109
Cash at bank and in hand 1,361,059 1,476,417
5,607,031 5,131,526
CREDITORS
Amounts falling due within one year 13 3,324,523 3,542,216
NET CURRENT ASSETS 2,282,508 1,589,310
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,870,485

2,201,401

CAPITAL AND RESERVES
Called up share capital 15 110 110
Retained earnings 16 2,870,375 2,201,291
SHAREHOLDERS' FUNDS 2,870,485 2,201,401

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 Services Ltd (Registered number: 03801323)

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 110 1,398,445 1,398,555

Changes in equity
Dividends - (361,040 ) (361,040 )
Total comprehensive income - 1,163,886 1,163,886
Balance at 30 April 2022 110 2,201,291 2,201,401

Changes in equity
Dividends - (560,043 ) (560,043 )
Total comprehensive income - 1,229,127 1,229,127
Balance at 30 April 2023 110 2,870,375 2,870,485

First City Nursing Services Ltd (Registered number: 03801323)

Cash Flow Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 566,638 316,156
Interest paid - (2,175 )
Tax paid (34,415 ) 2,103
Government grants 69,626 682,602
Net cash from operating activities 601,849 998,686

Cash flows from investing activities
Purchase of intangible fixed assets (2,400 ) (16,000 )
Purchase of tangible fixed assets (14,054 ) (77,155 )
Purchase of investment property - (530,189 )
Sale of tangible fixed assets - 12,400
Interest received - 471
Net cash from investing activities (16,454 ) (610,473 )

Cash flows from financing activities
Loan repayments in year - (50,000 )
Inter-company new loans in year (130,710 ) 38,016
Amount introduced by directors - 11,938
Amount withdrawn by directors (10,000 ) (50,043 )
Equity dividends paid (560,043 ) (361,040 )
Net cash from financing activities (700,753 ) (411,129 )

Decrease in cash and cash equivalents (115,358 ) (22,916 )
Cash and cash equivalents at
beginning of year

2

1,476,417

1,499,333

Cash and cash equivalents at end of
year

2

1,361,059

1,476,417

First City Nursing Services Ltd (Registered number: 03801323)

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 1,515,610 1,011,595
Depreciation charges 40,567 51,514
Profit on disposal of fixed assets - (5,888 )
Government grants (583,098 ) (554,410 )
Finance costs - 2,175
Finance income - (471 )
973,079 504,515
(Increase)/decrease in trade and other debtors (684,419 ) 86,788
Increase/(decrease) in trade and other creditors 277,978 (275,147 )
Cash generated from operations 566,638 316,156

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 1,361,059 1,476,417
Year ended 30 April 2022
30/4/22 1/5/21
£    £   
Cash and cash equivalents 1,476,417 1,499,333


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 1,476,417 (115,358 ) 1,361,059
1,476,417 (115,358 ) 1,361,059
Total 1,476,417 (115,358 ) 1,361,059

First City Nursing Services Ltd (Registered number: 03801323)

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

1. STATUTORY INFORMATION

First City Nursing Services 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.

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.

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.

First City Nursing Services Ltd (Registered number: 03801323)

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

2. ACCOUNTING POLICIES - continued

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 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.

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 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.


First City Nursing Services Ltd (Registered number: 03801323)

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

2. ACCOUNTING POLICIES - continued
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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
2023 2022
£    £   
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:
2023 2022

Employees 336 354

2023 2022
£    £   
Directors' remuneration 12,570 12,570
Directors' pension contributions to money purchase schemes 5,377 184,371

First City Nursing Services Ltd (Registered number: 03801323)

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

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 33,771 45,517
Profit on disposal of fixed assets - (5,888 )
Computer software amortisation 6,797 5,997

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

13,428

10,850

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest - 2,175

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 293,310 280,464
Earlier year under/(over) provision - (431,364 )
Total current tax 293,310 (150,900 )

Deferred tax (6,827 ) (1,391 )
Tax on profit 286,483 (152,291 )

First City Nursing Services Ltd (Registered number: 03801323)

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

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,515,610 1,011,595
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

378,903

192,203

Effects of:
Expenses not deductible for tax purposes 18,303 93,526
Income not taxable for tax purposes - (1,119 )
Depreciation in excess of capital allowances 2,272 2,303
Utilisation of tax losses (6,150 ) (6,449 )
Adjustments to tax charge in respect of previous periods - (431,364 )
Pensions paid in current year, accrued in prior year (17,158 ) -
Change in tax rate in year (82,860 ) -
Deferred tax movement (6,827 ) (1,391 )
Total tax charge/(credit) 286,483 (152,291 )

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 560,043 361,040

First City Nursing Services Ltd (Registered number: 03801323)

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

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 May 2022 20,366
Additions 2,400
At 30 April 2023 22,766
AMORTISATION
At 1 May 2022 9,036
Amortisation for year 6,797
At 30 April 2023 15,833
NET BOOK VALUE
At 30 April 2023 6,933
At 30 April 2022 11,330

10. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2022 76,803 181,355 168,977 427,135
Additions - - 14,054 14,054
At 30 April 2023 76,803 181,355 183,031 441,189
DEPRECIATION
At 1 May 2022 73,312 138,520 144,731 356,563
Charge for year 2,001 10,709 21,061 33,771
At 30 April 2023 75,313 149,229 165,792 390,334
NET BOOK VALUE
At 30 April 2023 1,490 32,126 17,239 50,855
At 30 April 2022 3,491 42,835 24,246 70,572

First City Nursing Services Ltd (Registered number: 03801323)

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

11. INVESTMENT PROPERTY
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

12. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,115,935 1,379,765
Amounts owed by group undertakings 21,286 -
Other debtors 11,580 26,583
Directors' current accounts 65,043 55,043
Tax 190,272 431,364
Prepayments and accrued income 559,880 596,628
2,963,996 2,489,383

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,262,665 1,153,242
Deferred tax asset 19,311 12,484
1,281,976 1,165,726

Aggregate amounts 4,245,972 3,655,109

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,938,062 1,596,690
Amounts owed to group undertakings 10,225 10,225
Tax 290,981 273,178
Social security and other taxes 110,900 139,135
VAT 790 158
Other creditors 182,601 229,674
Accruals and deferred income 790,964 1,293,156
3,324,523 3,542,216

First City Nursing Services Ltd (Registered number: 03801323)

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

14. DEFERRED TAX
£   
Balance at 1 May 2022 (12,484 )
Provided during year (6,827 )
Balance at 30 April 2023 (19,311 )

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
110 Ordinary £1 110 110

16. RESERVES
Retained
earnings
£   

At 1 May 2022 2,201,291
Profit for the year 1,229,127
Dividends (560,043 )
At 30 April 2023 2,870,375

17. CONTINGENT LIABILITIES

Bank loans
The company 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.

Tax enquiry
There is an ongoing HMRC enquiry into the company'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, the company may be liable to repay tax of £431,364 plus interest and potential penalties.

First City Nursing Services Ltd (Registered number: 03801323)

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

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 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.

19. 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.

The company 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.

20. ULTIMATE CONTROLLING PARTY

The company is under the control of Stephen Trowbridge.

The ultimate parent company is First City Nursing & Care Limited, a company incorporated in England and Wales. Accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.