Firstsmile Limited 02586356 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the provision of residential care home services. Digita Accounts Production Advanced 6.30.9574.0 true true 02586356 2023-04-01 2024-03-31 02586356 2024-03-31 02586356 core:RetainedEarningsAccumulatedLosses 2024-03-31 02586356 core:ShareCapital 2024-03-31 02586356 core:CurrentFinancialInstruments 2024-03-31 02586356 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02586356 core:Non-currentFinancialInstruments 2024-03-31 02586356 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02586356 core:FurnitureFittingsToolsEquipment 2024-03-31 02586356 core:LandBuildings 2024-03-31 02586356 bus:SmallEntities 2023-04-01 2024-03-31 02586356 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02586356 bus:FullAccounts 2023-04-01 2024-03-31 02586356 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02586356 bus:RegisteredOffice 2023-04-01 2024-03-31 02586356 bus:CompanySecretary1 2023-04-01 2024-03-31 02586356 bus:CompanySecretary2 2023-04-01 2024-03-31 02586356 bus:Director3 2023-04-01 2024-03-31 02586356 bus:Director4 2023-04-01 2024-03-31 02586356 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02586356 bus:Agent1 2023-04-01 2024-03-31 02586356 core:Buildings 2023-04-01 2024-03-31 02586356 core:ComputerEquipment 2023-04-01 2024-03-31 02586356 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 02586356 core:Land 2023-04-01 2024-03-31 02586356 core:LandBuildings 2023-04-01 2024-03-31 02586356 countries:EnglandWales 2023-04-01 2024-03-31 02586356 2023-03-31 02586356 core:FurnitureFittingsToolsEquipment 2023-03-31 02586356 core:LandBuildings 2023-03-31 02586356 2022-04-01 2023-03-31 02586356 2023-03-31 02586356 core:RetainedEarningsAccumulatedLosses 2023-03-31 02586356 core:ShareCapital 2023-03-31 02586356 core:CurrentFinancialInstruments 2023-03-31 02586356 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02586356 core:Non-currentFinancialInstruments 2023-03-31 02586356 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02586356 core:FurnitureFittingsToolsEquipment 2023-03-31 02586356 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 02586356

Prepared for the registrar

Firstsmile Limited

Statutory Financial Statements

for the Year Ended 31 March 2024

 

Firstsmile Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Firstsmile Limited

Company Information

Directors

R Bloom

H Newman

Company secretary

E Bloom

K Newman

Registered office

Suite 7
Arkleigh Mansions
200 Brent Street
London
NW4 1BJ

Bankers

Bank Of Scotland PLC
Edinburgh
Scotland
EH11 1YH

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Firstsmile Limited

(Registration number: 02586356)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

829,395

837,729

Current assets

 

Debtors: Amounts falling due within one year

5

183,690

391,875

Debtors: Amounts falling due after more than one year

5

1,795,231

1,492,706

Cash at bank and in hand

 

321,149

211,556

 

2,300,070

2,096,137

Creditors: Amounts falling due within one year

6

(557,582)

(444,942)

Net current assets

 

1,742,488

1,651,195

Total assets less current liabilities

 

2,571,883

2,488,924

Creditors: Amounts falling due after more than one year

6

(387,555)

(621,436)

Deferred tax liabilities

(69,438)

(67,931)

Net assets

 

2,114,890

1,799,557

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,114,790

1,799,457

Total equity

 

2,114,890

1,799,557

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

.........................................

R Bloom
Director

.........................................

H Newman
Director

 

Firstsmile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 7
Arkleigh Mansions
200 Brent Street
London
NW4 1BJ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A effective January 2016. They have taken advantage of the early adoption of small company exemptions to produce reduced disclosure accounts.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

 

Firstsmile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

1% on cost

Freehold land

Nil

Fixtures and fittings

20% to 25% on reducing balance

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All debtors are repayable within one year and are hence included at the discounted amount of cash expected to be received.They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Firstsmile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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


 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

2024
 No.

2023
 No.

Average number of employees

71

60

 

Firstsmile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2023

1,319,505

431,144

1,750,649

Additions

-

20,322

20,322

At 31 March 2024

1,319,505

451,466

1,770,971

Depreciation

At 1 April 2023

526,885

386,035

912,920

Charge for the year

10,356

18,300

28,656

At 31 March 2024

537,241

404,335

941,576

Carrying amount

At 31 March 2024

782,264

47,131

829,395

At 31 March 2023

792,620

45,109

837,729

Land and buildings includes land not subject to depreciation of £283,900 (2023 - £283,900).

 

5

Debtors

2024
 £

2023
 £

Trade debtors

134,792

345,967

Other debtors

24,256

30,957

Prepayments

24,642

14,951

Amounts owed by group and connected entities

1,795,231

1,492,706

 

1,978,921

1,884,581

Less non-current portion

(1,795,231)

(1,492,706)

Total current trade and other debtors

183,690

391,875

Details of non-current trade and other debtors

£1,795,231 (2023 - £1,492,706) of amounts owed by group and connected entities is classified as non current.

 

Firstsmile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

6

Creditors

2024
 £

2023
 £

Due within one year

Loans and borrowings

24,027

36,195

Trade creditors

95,264

121,950

Social security and other taxes

29,096

10,532

Other creditors

39,357

44,094

Accrued expenses

261,510

155,589

Corporation tax liability

108,328

76,582

557,582

444,942

Due after one year

Amounts owed to connected companies

387,555

621,436

 

7

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £16,944 (2023 - £14,661).

 

8

Contingent liabilities

The company is bound by an intra-group cross guarantee in respect of bank debt with its parent undertaking, Newbloom Limited. The amount guaranteed is £2,538,698 (2023 - £2,640,821).

 

9

Parent and ultimate parent undertaking

The company's immediate parent company is Newbloom Limited, incorporated in England and Wales.

 

10

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. These accounts are unaudited.