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REGISTERED NUMBER: 13846284 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

1 FEBRUARY 2023 TO 31 MARCH 2024

FOR

FIRST OPTION GROUP LTD

PREVIOUSLY KNOWN AS
FIRST OPTION HEALTHCARE GROUP LIMITED

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the period 1 February 2023 to 31 March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


FIRST OPTION GROUP LTD
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

COMPANY INFORMATION
for the period 1 February 2023 to 31 March 2024







DIRECTORS: R C Dobson
F J Higgs





SECRETARY: Addleshaw Goddard (Scotland) Secretarial Limited





REGISTERED OFFICE: North Wing, Amp House 7th Floor
Dingwall Road
Croydon
CR0 2LX





REGISTERED NUMBER: 13846284 (England and Wales)





AUDITORS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

GROUP STRATEGIC REPORT
for the period 1 February 2023 to 31 March 2024


The Directors present the strategic report together with financial reports for First Option Group Ltd (the group) for the period ended 31 March 2024. The Board aims to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the period end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties that the group faces.

REVIEW OF BUSINESS
First Option Group Ltd (the company) is the holding company which has an investment in First Option Healthcare Ltd and First Option Clinical Services Limited, who are providers of complex health care services and clinical training services. First Option Group Ltd (the company) is non-trading, First Option Healthcare Ltd provides care packages at home for its clients, and First Option Clinical Services Limited provides training services in highly complex clinical procedures for internal staff and externally commissioned.

The Board monitors the group's performance through a variety of measurements both financial and non-financial in order to maintain effective control over the business. The most important of these are known as key performance indicators (KPIs). The group monitors non-financial KPIs monthly through a governance report. This report includes staff numbers (sickness, starters, leavers), client numbers, complaints, and incidents, as well as compliments. The main financial KPIs that the group monitors are turnover, gross profit and gross profit margin % and these are set out below for the period ended 31 March 2024 with comparative for the period to 31 January 2023.


2024 2023

Turnover £17,603,745 £14,275,346
Gross Profit £6,761,861 £4,551,379
Gross Profit % 38.4% 31.9%
Operating Profit £95,165 £17,462

At the period end the group has net current liabilities of £1,213,023 (2023: £601,671) and net assets of £793,833 (2023: £1,206,506).

Principal risks and uncertainties
The board takes a conservative approach to risk and financial stability leaving investments in the business to allow the business to expand and grow.

The group funds its operations through a combination of retained earnings, invoice finance facilities and a short-term loan. They provide the flexibility to support the group through any significant changes in business size if needed. The directors are confident the facilities provide adequate finance for the future growth. Accordingly, continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

FUTURE DEVELOPMENTS
The group are developing the business to support more clients from a clinical and educational perspective to ensure that they have a highly skilled workforce in place, supporting the healthcare industry. We work in close collaboration with our NHS stakeholders to provide services that are tailored to our clients needs. First Option Group Ltd are also developing services to concentrate on healthcare recruitment and support services.

Risk management
The board recognise the importance of identification, evaluation and management of the group's risks. Regular corporate governance meetings and clinical governance meetings address the principal risks as they may arise.

The risks are logged on our corporate risk register and are monitored regularly with mitigating factors put in place. Monthly clinical governance meetings ensure that any incidents that occur are tracked and monitored so that risks can be mitigated continuously.

The main financial risks that the director's consider to be relevant for the group are Pricing, Credit and Liquidity.

Pricing
The main risks are posed due to increases in national living wage and the impact of IR35 on staff wages, the group have mitigated these risks in approaching our commissioners for uplifts in line with inflation.

Credit
The exposure is mitigated through our large client base and internal processes for monitoring the credit status of overdue accounts. Throughout the reporting period improvements to our internal processes have improved the credit status of the group.

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

GROUP STRATEGIC REPORT
for the period 1 February 2023 to 31 March 2024


Liquidity
The group manages the risk by budgeting each financial period and forecasting cash flows in the short to medium terms. The group also monitors working capital position on a weekly and monthly basis. Long term liquidity is assured through committed funding arrangements that are in place.

Employees
The board is committed to being a responsible employer and strives to create a working environment where employees are engaged, informed and involved. The group has five core values of Excellence, Respect, Collaboration, Integrity and Ownership. All staff have quarterly reviews with their line manager when they can provide feedback and get support with their personal and professional development.

First Option Healthcare is committed to fostering an inclusive workplace that supports the recruitment, retention, and career growth of individuals with disabilities. We ensure equal opportunities and provide reasonable accommodations in accordance with best practices and legal requirements, as reflected in our policies.

The group supports employees to access training events and CPD courses that are relevant to their job roles.

Corporate Social Responsibility
The board recognise its responsibility to achieve good environmental practice and make a positive contribution to the community. The group supports THE DUST PROJECT and has a particular charitable focus for looking after children in need. The group also supports a charity, Growing Hope in their work with children and families. The company also supports staff with carrying out charitable work and regularly donates funds at charity events. The company supports charity events in the office environment such as coffee mornings, and other charitable interests.

Business conduct and relationships
The board recognises the importance of a strong corporate culture that considers the best interests of its employees, business partners and shareholders. The Board recognise its responsibility to other external stakeholders including its clients, contractors and suppliers. Its strong relationship with its clients and staff are critical to driving growth.

We support all of our key stakeholders by developing good relationships that enable us to deliver the highest quality of care for all our clients.

ON BEHALF OF THE BOARD:





F J Higgs - Director


26 March 2025

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

REPORT OF THE DIRECTORS
for the period 1 February 2023 to 31 March 2024


The directors present their report and the financial statements of the company and the group for the period ended 31 March 2024.

CHANGE OF NAME
The group passed a special resolution on 10 January 2025 changing its name from First Option Healthcare Group Limited to First Option Group Ltd.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of the provision of critical healthcare and training.

DIVIDENDS
Total dividends of £347,000 (2023: £278,936) have been declared and paid in the period ended 31 March 2024.

FUTURE DEVELOPMENTS
Information relating to future developments is given in the Group Strategic Report.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

R C Dobson
F J Higgs

CHARITABLE DONATIONS AND EXPENDITURE
During the period ended 31 March 2024, the group made charitable donations totalling £12,900 (2023: £9,271).

MATTERS COVERED IN THE STRATEGIC REPORT
The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's Strategic Report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 Schedule 7 to be contained in the directors' report.

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.

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.

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

REPORT OF THE DIRECTORS
for the period 1 February 2023 to 31 March 2024


AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F J Higgs - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRST OPTION GROUP LTD
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED


Opinion

We have audited the financial statements of First Option Group Ltd (the company) and its subsidiary undertakings ((the 'group') for the period ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 company affairs as at 31 March 2024 and of the group's loss for the period 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRST OPTION GROUP LTD
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the 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 company, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 group's and 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 group or the company or to cease operations, or have no realistic alternative but to do so.

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:

Based on our understanding of the Group and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulation, and fraud;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
or with unusual descriptions;
- Challenging assumptions made by management in their significant accounting estimates, in particular
recoverability of debtor balances, carrying value of investment and carrying value of goodwill.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRST OPTION GROUP LTD
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED


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.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

26 March 2025

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the period 1 February 2023 to 31 March 2024

Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
Notes £    £   

TURNOVER 3 17,603,745 14,275,346

Cost of sales (10,841,884 ) (9,723,967 )
GROSS PROFIT 6,761,861 4,551,379

Administrative expenses (6,699,789 ) (4,609,015 )
62,072 (57,636 )

Other operating income 4 33,093 75,098
OPERATING PROFIT 6 95,165 17,462

Interest receivable and similar income 7 1,991 211
Interest payable and similar expenses 8 (124,403 ) (60,116 )
LOSS BEFORE TAXATION (27,247 ) (42,443 )

Tax on loss 9 (38,426 ) (129,517 )
LOSS FOR THE FINANCIAL PERIOD (65,673 ) (171,960 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS FOR THE
PERIOD

(65,673

)

(171,960

)

Loss attributable to:
Owners of the parent (65,673 ) (171,960 )

Total comprehensive loss attributable to:
Owners of the parent (65,673 ) (171,960 )

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 12 2,167,620 2,473,153
Tangible assets 13 349,116 238,864
Investments 14 - -
2,516,736 2,712,017

CURRENT ASSETS
Stocks 15 18,385 -
Debtors 16 2,463,840 1,612,557
Cash at bank 246,918 133,100
2,729,143 1,745,657
CREDITORS
Amounts falling due within one year 17 (3,942,166 ) (2,347,328 )
NET CURRENT LIABILITIES (1,213,023 ) (601,671 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,303,713

2,110,346

CREDITORS
Amounts falling due after more than one
year

18

(467,168

)

(861,475

)

PROVISIONS FOR LIABILITIES 22 (42,712 ) (42,365 )
NET ASSETS 793,833 1,206,506

CAPITAL AND RESERVES
Called up share capital 23 774 774
Other reserve 24 1,656,628 1,656,628
Retained earnings 24 (863,569 ) (450,896 )
SHAREHOLDERS' FUNDS 793,833 1,206,506

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





F J Higgs - Director


FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 1,476,931 1,476,931
1,476,931 1,476,931

CURRENT ASSETS
Debtors 16 11,364 7,567

CREDITORS
Amounts falling due within one year 17 (1,472,054 ) (728,705 )
NET CURRENT LIABILITIES (1,460,690 ) (721,138 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,241

755,793

CREDITORS
Amounts falling due after more than one
year

18

-

(740,455

)
NET ASSETS 16,241 15,338

CAPITAL AND RESERVES
Called up share capital 23 774 774
Retained earnings 24 15,467 14,564
SHAREHOLDERS' FUNDS 16,241 15,338

Company's profit for the financial year 347,903 293,500

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





F J Higgs - Director


FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period 1 February 2023 to 31 March 2024

Called up
share Retained Other Total
capital earnings reserve equity
£    £    £    £   

Changes in equity
Issue of share capital 774 - 1,656,628 1,657,402
Dividends - (278,936 ) - (278,936 )
Total comprehensive loss - (171,960 ) - (171,960 )
Balance at 31 January 2023 774 (450,896 ) 1,656,628 1,206,506

Changes in equity
Dividends - (347,000 ) - (347,000 )
Total comprehensive loss - (65,673 ) - (65,673 )
Balance at 31 March 2024 774 (863,569 ) 1,656,628 793,833

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
for the period 1 February 2023 to 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 774 - 774
Dividends - (278,936 ) (278,936 )
Total comprehensive income - 293,500 293,500
Balance at 31 January 2023 774 14,564 15,338

Changes in equity
Dividends - (347,000 ) (347,000 )
Total comprehensive income - 347,903 347,903
Balance at 31 March 2024 774 15,467 16,241

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
for the period 1 February 2023 to 31 March 2024

Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,019,401 156,191
Interest paid (114,012 ) (60,116 )
Interest element of hire purchase payments
paid

(10,391

)

-
Interest income - 101
Tax paid (99,213 ) 92,588
Net cash from operating activities 795,785 188,764

Cash flows from investing activities
Purchase of intangible fixed assets (68,521 ) -
Purchase of tangible fixed assets (191,372 ) (386,467 )
Sale of tangible fixed assets - 71,334
Purchase of subsidiary - (425,744 )
Interest received 1,991 110
Net cash from investing activities (257,902 ) (740,767 )

Cash flows from financing activities
New loans in year - 1,154,932
Loan repayments in year (35,612 ) (225,766 )
New HP in the year 161,341 216,454
Capital repayments in year (30,236 ) (105,750 )
Amount withdrawn by directors (172,558 ) (76,605 )
Share issue - 774
Equity dividends paid (347,000 ) (278,936 )
Net cash from financing activities (424,065 ) 685,103

Increase in cash and cash equivalents 113,818 133,100
Cash and cash equivalents at beginning
of period

2

133,100

-

Cash and cash equivalents at end of
period

2

246,918

133,100

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the period 1 February 2023 to 31 March 2024


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Loss before taxation (27,247 ) (42,443 )
Depreciation charges 81,120 76,382
Profit on disposal of fixed assets - (113 )
Amortisation charges 374,054 253,073
Tax charges 347 -
Finance costs 124,403 60,116
Finance income (1,991 ) (211 )
550,686 346,804
Increase in stocks (18,385 ) -
Increase in trade and other debtors (700,202 ) (1,936,969 )
Increase in trade and other creditors 1,187,302 1,746,356
Cash generated from operations 1,019,401 156,191

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 March 2024
31/3/24 1/2/23
£    £   
Cash and cash equivalents 246,918 133,100
Period ended 31 January 2023
31/1/23 13/1/22
£    £   
Cash and cash equivalents 133,100 -


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank 133,100 113,818 246,918
133,100 113,818 246,918
Debt
Finance leases (110,704 ) (131,105 ) (241,809 )
Debts falling due within 1 year (355,000 ) (467,455 ) (822,455 )
Debts falling due after 1 year (764,622 ) 503,066 (261,556 )
(1,230,326 ) (95,494 ) (1,325,820 )
Total (1,097,226 ) 18,324 (1,078,902 )

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the period 1 February 2023 to 31 March 2024


1. STATUTORY INFORMATION

First Option Group Ltd ("the company") and its subsidiary undertakings ("the group") are private limited by shares companies, registered in England and Wales. The company is incorporated and domiciled in England and Wales. The location of the subsidiary companies is disclosed in Note 14. The registered office address of the company is North Wing, Amp House 7th Floor, Dingwall Road, Croydon, England, CR0 2LX, and the registered number is 13846284.

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.

The preparation of financial statements in conformity with FRS 102 requires the used of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below within accounting policies.

The financial statements are presented in Sterling (£) and rounded to the nearest pound

The financial statements are for a longer period from 1 February 2023 to 31 March 2024. The previous financial period was for the 14 month period ended 30 September 2022. Due to the different periods the figures are not entirely comparable. The period end was extended in order to align the Group entities to have the same year end going forward.

Going concern
The group has net current liabilities of £1,213,023 (2023: £601,671) and net assets of £793,833 (2023: £1,206,506) at the period end. For the period ended 31 March 2024 the group made a loss of £65,673 (2023: loss of £171,960).

The company has net current liabilities of £1,460,690 (2023: £721,138) and net assets of £16,241 (2023: £15,338) at the period end. For the period ended 31 March 2024 the company made a profit of £347,903 (2023: £293,500).

The directors have considered the going concern status of the company and group. The directors have prepared forecasts which show that the company and group can meet its debts as they fall due.

Accordingly the directors continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of the acquired operations are included in the year Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

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 OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the group will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill represents the difference between the amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to the initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful life which is expected to be 10 years.

Intangible assets
Intangible assets comprise computer software which is stated at cost less accumulated amortisation and accumulated impairment losses. Computer software is amortised over its useful economic life, of 3 years, on a straight line basis.

Where factors such as technological advancement or changes in market price, indicate that residual value or useful economic life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets to their residual value over their estimated useful lives, using a straight line or reducing balance method, as indicated below:

Fixtures & Fittings- 4 years straight line
Computer equipment- 2 to 4 years straight line
Motor vehicles- 20% reducing balance
Leasehold improvements- 10 years straight line

The depreciation charge is pro-rated in the years of acquisition and disposals of assets.

The asset's residual value, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of comprehensive income.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Investments in subsidiaries
Investment in the subsidiary undertakings is held at cost less accumulated impairment losses.


FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

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

Invoice discounting
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors are shown within current liabilities. Charges and interest are recognised in the consolidated statement of comprehensive income as they accrue.

Equity Dividends
Equity dividends are recognised when they become legally payable.

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


2. ACCOUNTING POLICIES - continued

Critical accounting estimates and assumptions
The group 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) Going concern

In completeing an assessment as to whether the group is a going concern, budgets and forecasts are used which are based on estimates. Management uses their knowledge of past performance and future expectations in selecting these estimates.

(ii) Impairment of debtors

The group makes an estimate of the recoverable value of intercompany and other debtors. When assessing impairment of intercompany and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

iii) Carrying value of investments

The investment is held at cost and when assessing annually for impairment management consider factors including but not limited to the cash flows expected to arise from the investments.

(iv) Carrying value of goodwill

The group considers whether goodwill is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

3. TURNOVER

The whole of the turnover is attributable to the principal activity of the group and originated in the United Kingdom.

4. OTHER OPERATING INCOME
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Sundry receipts 33,093 75,098

5. EMPLOYEES AND DIRECTORS
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Wages and salaries 9,392,628 6,921,699
Social security costs 951,019 738,757
Other pension costs 148,497 113,624
10,492,144 7,774,080

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23

Directors 5 2
Clinical Lead and Care Managers 29 26
Nursing Contractors 232 165
Finance, IT and administration 21 33
287 226

The company has no employees other than the directors.

Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Directors' remuneration 589,596 249,719
Directors' pension contributions to money purchase schemes 9,136 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Emoluments etc 256,074 129,959
Pension contributions to money purchase schemes 1,871 -

6. OPERATING PROFIT

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

Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Hire of plant and machinery 8,064 9,648
Other operating leases 670,721 276,667
Depreciation - owned assets 81,120 76,382
Profit on disposal of fixed assets - (113 )
Goodwill amortisation 339,866 249,235
Computer software amortisation 34,188 3,838
Auditor remuneration for company and subsidiaries 35,500 20,000
Taxation compliance services 4,500 4,000

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


7. INTEREST RECEIVABLE AND SIMILAR INCOME
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Deposit account interest 1,991 211

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Bank loan interest 78,137 45,753
Other loan interest 35,875 14,363
Hire purchase 10,391 -
124,403 60,116

9. TAXATION

Analysis of the tax charge
The tax charge on the loss for the period was as follows:
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Current tax:
UK corporation tax 23,092 139,533

Deferred tax 15,334 (10,016 )
Tax on loss 38,426 129,517

UK corporation tax was charged at 19 %) in 2023.

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
Loss before tax (27,247 ) (42,443 )
Loss multiplied by the standard rate of corporation tax in the UK of 23 %
(2023 - 19 %)

(6,267

)

(8,064

)

Effects of:
Expenses not deductible for tax purposes 96,920 57,483
Adjustments to tax charge in respect of previous periods (60,743 ) 8,337
Change in tax rate 8,740 2,267
Deferred tax not recognised - 71,159
Superdeduction (224 ) (1,665 )

Total tax charge 38,426 129,517

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


11. DIVIDENDS
Period Period
1/2/23 13/1/22
to to
31/3/24 31/1/23
£    £   
A Ordinary shares of £0.10 each
Final 347,000 278,936

Total dividends of £347,000 (2023: £278,936) have been declared and paid in the period ending 31 March 2024.

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


12. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 February 2023 2,718,931 7,295 2,726,226
Additions - 68,521 68,521
At 31 March 2024 2,718,931 75,816 2,794,747
AMORTISATION
At 1 February 2023 249,235 3,838 253,073
Amortisation for period 339,866 34,188 374,054
At 31 March 2024 589,101 38,026 627,127
NET BOOK VALUE
At 31 March 2024 2,129,830 37,790 2,167,620
At 31 January 2023 2,469,696 3,457 2,473,153

13. TANGIBLE FIXED ASSETS

Group
Short
leasehold Fixtures
land & Plant and and
buildings machinery fittings
£    £    £   
COST
At 1 February 2023 87,482 - 895
Additions - - 17,344
Reclassification/transfer (87,482 ) 12,000 76,437
At 31 March 2024 - 12,000 94,676
DEPRECIATION
At 1 February 2023 12,702 - 832
Charge for period - - 41,402
Reclassification/transfer (12,702 ) 2,700 633
At 31 March 2024 - 2,700 42,867
NET BOOK VALUE
At 31 March 2024 - 9,300 51,809
At 31 January 2023 74,780 - 63

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


13. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 124,830 81,636 294,843
Additions 174,028 - 191,372
Reclassification/transfer 28,919 105,763 135,637
At 31 March 2024 327,777 187,399 621,852
DEPRECIATION
At 1 February 2023 5,194 37,251 55,979
Charge for period 39,718 - 81,120
Reclassification/transfer 24,494 120,512 135,637
At 31 March 2024 69,406 157,763 272,736
NET BOOK VALUE
At 31 March 2024 258,371 29,636 349,116
At 31 January 2023 119,636 44,385 238,864

The net carrying amount of assets held under leases included in motor vehicles is £258,371.

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 March 2024 1,476,931
NET BOOK VALUE
At 31 March 2024 1,476,931
At 31 January 2023 1,476,931

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

First Option Healthcare Limited
Registered office: North Wing , Amp House 7th Floor, Dingwall Road, Croydon, England, CR0 2LX
Nature of business: Provision of critical healthcare
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 477,355 472,824
Profit for the period 535,531 741,803

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


14. FIXED ASSET INVESTMENTS - continued

First Option Clinical Services Limited
Registered office: North Wing , Amp House 7th Floor, Dingwall Road, Croydon, England, CR0 2LX
Nature of business: Provision of healthcare training
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (248,597 ) (248,001 )
Loss for the period (596 ) (248,101 )


15. STOCKS

Group
2024 2023
£    £   
Finished goods 18,385 -

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,216,983 1,118,635 - -
Other debtors 450,977 77,908 100 100
Directors' current accounts 249,163 76,605 - -
VAT 70,541 7,231 11,264 -
Prepayments and accrued income 476,176 332,178 - 7,467
2,463,840 1,612,557 11,364 7,567

Details in respect of overdrawn directors' current accounts are disclosed in note 26.

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 10,000 10,000 - -
Other loans (see note 19) 812,455 345,000 812,455 345,000
Hire purchase contracts (see note 20) 36,197 13,851 - -
Trade creditors 440,371 269,395 55,866 10,239
Amounts owed to group undertakings - - 567,440 358,800
Tax 171,334 232,121 - -
Social security and other taxes 715,004 222,203 - -
Other creditors 1,527,810 1,111,540 - -
Accruals and deferred income 228,995 143,218 36,293 14,666
3,942,166 2,347,328 1,472,054 728,705

Other creditors includes outstanding pension contributions totalling £37,261 (2023: £31,429).

Amounts received of £1,024,077 (2023: £999,479) in respect of debtors which have been financed by invoice discounting have been included within other creditors as proceeds of invoice discounted debts.

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 12,500 24,167 - -
Other loans (see note 19) 249,056 740,455 - 740,455
Hire purchase contracts (see note 20) 205,612 96,853 - -
467,168 861,475 - 740,455

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000 - -
Other loans 812,455 345,000 812,455 345,000
822,455 355,000 812,455 345,000
Amounts falling due between one and two years:
Other loans - 1-2 years 249,056 - - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 12,500 24,167 - -
Other loans - 2-5 years - 740,455 - 740,455
12,500 764,622 - 740,455

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 36,197 13,851
Between one and five years 205,612 96,853
241,809 110,704

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


20. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 469,521 180,394
Between one and five years 1,214,222 398,910
In more than five years 1,033,909 -
2,717,652 579,304

£   
Not later than one year 51,233
Later than one year and not later than five years 246,509
Total gross payments 297,742
Less: finance charges (55,933 )
Carrying amount of liability 241,809

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 22,500 34,167
Other loans 1,061,511 1,085,455
Hire purchase contracts 241,809 110,704
Invoice discounting facility 1,024,077 999,479
Loan notes - 895,000
2,349,897 3,124,805

The invoice discounting facility is secured by a debenture over the assets of the subsidiary. The debenture contains both fixed and floating charges. The floating charge covers all the property and undertaking of the subsidiary.

The hire purchase liabilities are secured over the assets to which they relate.

The bank loan is secured by an unlimited guarantee over a subsidiary company. The loan is a Bounce Back Loan which is supported by the Government. Interest of 2.5% is payable for the duration of the loan.

Included within Other Loans are B and C Loan notes payable to Catherine Silwimba, a former director of First Option Healthcare Limited, totalling £430,000. These loan notes are repayable by March 25. No interest is charged on the B loan notes. Interest of 5% is charged on the C loan notes.

The loan notes are secured by a debenture over all freehold, leasehold or commonhold property owned by First Option Healthcare Ltd a subsidiary entity. The debenture contains both fixed and floating charges. The floating charge covers all the property or undertaking of the subsidiary entity.

The other loan is secured by a debenture and a charge over a freehold property owned by one of the directors, along with personal guarantee and indemnity. The other loan incurrs interest of 1.5% per month for the duration of the loan.

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


22. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 30,712 30,365

Other provisions 12,000 12,000

Aggregate amounts 42,712 42,365

Group
Deferred Other
tax provisions
£    £   
Balance at 1 February 2023 30,365 12,000
Provided during period 347 -
Balance at 31 March 2024 30,712 12,000

23. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
6,574 A Ordinary shares £0.10 700 700
1,163 B Ordinary shares £0.10 74 74
774 774

Each share class has full rights to voting and participation in distributions of income and capital.

24. RESERVES

Group
Retained Other
earnings reserve Totals
£    £    £   

At 1 February 2023 (450,896 ) 1,656,628 1,205,732
Deficit for the period (65,673 ) (65,673 )
Dividends (347,000 ) (347,000 )
At 31 March 2024 (863,569 ) 1,656,628 793,059

Company
Retained
earnings
£   

At 1 February 2023 14,564
Profit for the period 347,903
Dividends (347,000 )
At 31 March 2024 15,467

FIRST OPTION GROUP LTD (REGISTERED NUMBER: 13846284)
PREVIOUSLY KNOWN AS FIRST OPTION HEALTHCARE GROUP LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 February 2023 to 31 March 2024


24. RESERVES - continued

Other reserves
Other reserves comprise of a merger reserve which arose on the acquisition of the group.

25. CONTINGENT LIABILITIES

Tenancy agreement and Rent Deposit
First Option Healthcare Limited acts as guarantor to the landlord in respect of First Option Clinical Services Limited, a group company, obligations regarding it's tenancy agreement and rent deposit deed.

26. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost represents contributions payable by the group to the fund and amount to £148,497. At the period end £37,261 (2023: £31,429) is outstanding and is included within other creditors.

27. RELATED PARTY DISCLOSURES

Group
At the period end, F J Higgs owed £232,791 (2023: £77,058) in the form of a director's loan account. Repayments of £73,387 were made in the year. The maximum amount outstanding in the year amounted to £232,791. The loan is repayable on demand and subject to interest of 2.25%.

At the period end, R Dobson owed £16,372 (2023: £Nil) in the form of a director's loan account. Repayments of £5,000 (2022: £Nil) were made in the year. The maximum amount outstanding in the year amounted to £16,372. The loan is repayable on demand and subject to interest of 2.25%.

At the year end, C S Silwimba owed £Nil (2023: £Nil) in the form of a director's loan account. The maximum amount outstanding in the year amounted to £Nil (2023: £60,599). The balance was repaid during the prior period and was subject to interest of 2.25%.

28. POST BALANCE SHEET EVENTS

The group entered into a new loan agreement in March 2025 for £350,000. The interest rate charged is 24% per annum. The loan is repayable over a period of one year.

29. ULTIMATE CONTROLLING PARTY

F J Higgs is the ultimate controlling party by virtue of his majority shareholding in First Option Group Ltd.