Company registration number 11873110 (England and Wales)
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
COMPANY INFORMATION
Director
Mr C R Smith
Company number
11873110
Registered office
Seighford Hall
Clanford Road
Seighford
ST18 9NL
Auditor
Sumer Auditco Limited
The Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
United Kingdom
RH6 0PA
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
434,112
433,712
Current assets
Debtors
5
13,875,575
7,941,157
Cash at bank and in hand
131,133
483,629
14,006,708
8,424,786
Creditors: amounts falling due within one year
6
(3,498,630)
(1,167,932)
Net current assets
10,508,078
7,256,854
Total assets less current liabilities
10,942,190
7,690,566
Creditors: amounts falling due after more than one year
7
(10,918,938)
(7,688,924)
Net assets
23,252
1,642
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
23,152
1,542
Total equity
23,252
1,642
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 3 April 2025
Mr C R Smith
Director
Company registration number 11873110 (England and Wales)
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
First Blue Healthcare & Education Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Seighford Hall, Clanford Road, Seighford, ST18 9NL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
First Blue Healthcare & Education Group Limited is a wholly owned subsidiary of First Blue Group Limited and the results of First Blue Healthcare & Education Group Limited are included in the consolidated financial statements of First Blue Group Limited which are available from its registered office - Seighford Hall, Clanford Road, Seighford, England, ST18 9NL.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware that the company is dependent on the support of other group members in order for it to continue as a going concern, and has obtained confirmation from the parent company of that support in the future.
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
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. Amounts payable 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
434,112
433,712
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
433,712
Additions
400
At 31 March 2024
434,112
Carrying amount
At 31 March 2024
434,112
At 31 March 2023
433,712
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
First Blue Inspired Ltd
1
Ordinary £1 shares
100.00
First Blue Education Ltd
1
Ordinary £1 shares
100.00
First Blue Healthcare Ltd
1
Ordinary £1 shares
100.00
Nurture Childcare Services ltd
1
Ordinary £1 shares
100.00
First Blue Family Assessment Ltd
1
Ordinary £1 shares
100.00
First Blue Fostering Ltd
1
Ordinary £1 shares
100.00
First Blue Healthcare Eat Midlands Ltd
1
Ordinary £1 shares
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Seighford Hall, Clanford Road, Seighford ST18 9NL
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,559,667
7,673,905
Prepayments and accrued income
315,908
267,252
13,875,575
7,941,157
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
440,641
295,345
Amounts owed to group undertakings
2,912,114
871,587
Other creditors
144,975
100
Accruals and deferred income
900
900
3,498,630
1,167,932
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
10,918,938
7,688,924
8
Loans and overdrafts
2024
2023
£
£
Bank loans
11,359,579
7,984,269
Payable within one year
440,641
295,345
Payable after one year
10,918,938
7,688,924
The bank loans totalling £11,359,579 (2023 £7,984,269) managed by TC Loans were secured by fixed and floating charges dated 19 May 2023 and 18 Feburary 2022 over the assets of the company and also guarantees from the group companies First Blue Healthcare Ltd, First Blue Propco 0 Ltd, First Blue Propco 1 Ltd, Nurture Childcare Services Ltd, First Blue Propco 5 Ltd, First Blue Family Assessment Ltd and First Blue Propco 4 Ltd. These loans and charges were satisfied on 30 October 2024 following a refinance arrangement.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
FIRST BLUE HEALTHCARE & EDUCATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Called up share capital
(Continued)
- 7 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 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.
Senior Statutory Auditor:
Mr Martin Bradley FCCA
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
4 April 2025
11
Parent company
The parent company of First Blue Healthcare & Education Group Limited is First Blue Group Limited. Its registered office is Seighford Hall, Clanford Road, Seighford, Stafford, England, ST18 9NL.
First Blue Group Limited are the parent of the smallest and largest group into which these financial statements are consolidated. Consolidated financial statements are available from the parent company's registered office.