FTS Care Ltd SC355267 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is the operating of care homes in the community. Digita Accounts Production Advanced 6.30.9574.0 true true SC355267 2024-03-01 2025-02-28 SC355267 2025-02-28 SC355267 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2025-02-28 SC355267 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2025-02-28 SC355267 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC355267 core:ShareCapital 2025-02-28 SC355267 core:SharePremium 2025-02-28 SC355267 core:HirePurchaseContracts core:CurrentFinancialInstruments 2025-02-28 SC355267 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2025-02-28 SC355267 core:CurrentFinancialInstruments 2025-02-28 SC355267 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 SC355267 core:Non-currentFinancialInstruments 2025-02-28 SC355267 core:Non-currentFinancialInstruments core:AfterOneYear 2025-02-28 SC355267 core:Goodwill 2025-02-28 SC355267 core:FurnitureFittings 2025-02-28 SC355267 core:LandBuildings core:OwnedOrFreeholdAssets 2025-02-28 SC355267 core:MotorVehicles 2025-02-28 SC355267 core:OtherPropertyPlantEquipment 2025-02-28 SC355267 1 2025-02-28 SC355267 2 2025-02-28 SC355267 3 2025-02-28 SC355267 bus:SmallEntities 2024-03-01 2025-02-28 SC355267 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 SC355267 bus:FilletedAccounts 2024-03-01 2025-02-28 SC355267 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 SC355267 bus:RegisteredOffice 2024-03-01 2025-02-28 SC355267 bus:CompanySecretaryDirector1 2024-03-01 2025-02-28 SC355267 bus:Director3 2024-03-01 2025-02-28 SC355267 bus:Director4 2024-03-01 2025-02-28 SC355267 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-01 2025-02-28 SC355267 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2024-03-01 2025-02-28 SC355267 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC355267 bus:Agent1 2024-03-01 2025-02-28 SC355267 core:Goodwill 2024-03-01 2025-02-28 SC355267 core:FurnitureFittings 2024-03-01 2025-02-28 SC355267 core:LandBuildings 2024-03-01 2025-02-28 SC355267 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-01 2025-02-28 SC355267 core:MotorCars 2024-03-01 2025-02-28 SC355267 core:MotorVehicles 2024-03-01 2025-02-28 SC355267 core:OfficeEquipment 2024-03-01 2025-02-28 SC355267 core:OtherPropertyPlantEquipment 2024-03-01 2025-02-28 SC355267 1 2024-03-01 2025-02-28 SC355267 2 2024-03-01 2025-02-28 SC355267 3 2024-03-01 2025-02-28 SC355267 1 2024-03-01 2025-02-28 SC355267 countries:Scotland 2024-03-01 2025-02-28 SC355267 2024-02-29 SC355267 core:Goodwill 2024-02-29 SC355267 core:FurnitureFittings 2024-02-29 SC355267 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 SC355267 core:MotorVehicles 2024-02-29 SC355267 core:OtherPropertyPlantEquipment 2024-02-29 SC355267 2023-03-01 2024-02-29 SC355267 2024-02-29 SC355267 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-02-29 SC355267 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2024-02-29 SC355267 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC355267 core:ShareCapital 2024-02-29 SC355267 core:SharePremium 2024-02-29 SC355267 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 SC355267 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 SC355267 core:CurrentFinancialInstruments 2024-02-29 SC355267 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC355267 core:Non-currentFinancialInstruments 2024-02-29 SC355267 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 SC355267 core:FurnitureFittings 2024-02-29 SC355267 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 SC355267 core:MotorVehicles 2024-02-29 SC355267 core:OtherPropertyPlantEquipment 2024-02-29 SC355267 1 2024-02-29 SC355267 2 2024-02-29 SC355267 3 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC355267

FTS Care Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

FTS Care Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

FTS Care Ltd

Company Information

Directors

Mrs Fiona Campbell Scott

Mr Derek John Scott

Mr Adam Iain Scott

Company secretary

Mrs Fiona Campbell Scott

Registered office

27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
FTS Care Ltd for the Year Ended 28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FTS Care Ltd for the year ended 28 February 2025 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of FTS Care Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of FTS Care Ltd and state those matters that we have agreed to state to the Board of Directors of FTS Care Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FTS Care Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that FTS Care Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of FTS Care Ltd. You consider that FTS Care Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of FTS Care Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

14 April 2025

 

FTS Care Ltd

(Registration number: SC355267)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

6

1,189,600

1,017,633

Current assets

 

Debtors

7

282,508

2,623

Cash at bank and in hand

 

534,642

607,888

 

817,150

610,511

Creditors: Amounts falling due within one year

8

(385,857)

(316,118)

Net current assets

 

431,293

294,393

Total assets less current liabilities

 

1,620,893

1,312,026

Creditors: Amounts falling due after more than one year

8

(65,850)

(18,376)

Provisions for liabilities

(33,356)

-

Net assets

 

1,521,687

1,293,650

Capital and reserves

 

Called up share capital

9

8,505

8,500

Share premium reserve

57,495

-

Retained earnings

1,455,687

1,285,150

Shareholders' funds

 

1,521,687

1,293,650

For the financial year ending 28 February 2025 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 

.........................................
Mrs Fiona Campbell Scott
Company secretary and director

 

FTS Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD
United Kingdom

The principal place of business is:
102 Oswald Street
Falkirk
Stirlingshire
FK1 1QL

These financial statements were authorised for issue by the Board on 14 April 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in sterling (£) and rounded to the nearest £1.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets - the annual depreciation charge for tangible assets is sensitive to change 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 economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.


Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

 

FTS Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tax

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

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Fixtures and fittings

15% straight line

Office equipment and computers

15% straight line

Property improvements

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

 

FTS Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

FTS Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2024 - 43).

 

FTS Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

38,125

24,058

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2024

50,008

50,008

At 28 February 2025

50,008

50,008

Amortisation

At 1 March 2024

50,008

50,008

At 28 February 2025

50,008

50,008

Carrying amount

At 28 February 2025

-

-

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment and computers
£

Total
£

Cost or valuation

At 1 March 2024

1,071,185

33,846

56,011

26,773

1,187,815

Additions

-

4,254

207,655

2,127

214,036

Disposals

-

-

(18,918)

-

(18,918)

At 28 February 2025

1,071,185

38,100

244,748

28,900

1,382,933

Depreciation

At 1 March 2024

78,163

21,433

52,070

18,516

170,182

Charge for the year

11,294

3,804

20,283

2,744

38,125

Eliminated on disposal

-

-

(14,974)

-

(14,974)

At 28 February 2025

89,457

25,237

57,379

21,260

193,333

Carrying amount

At 28 February 2025

981,728

12,863

187,369

7,640

1,189,600

At 29 February 2024

993,022

12,413

3,941

8,257

1,017,633

Included within the net book value of land and buildings above is £981,728 (2024 - £993,022) in respect of freehold land and buildings.
 

 

FTS Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Debtors

Current

2025
£

2024
£

Trade debtors

179,469

-

Prepayments

-

534

Other debtors

103,039

2,089

 

282,508

2,623

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

33,241

36,418

Trade creditors

 

8,228

15,676

Taxation and social security

 

140,911

78,783

Accruals and deferred income

 

196,064

176,155

Other creditors

 

7,413

9,086

 

385,857

316,118

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

65,850

18,376

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

B shares of £1 each

7,500

7,500

7,500

7,500

8,500

8,500

8,500

8,500

 

FTS Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

758

18,376

Hire purchase contracts

65,092

-

65,850

18,376

Current loans and borrowings

2025
£

2024
£

Bank borrowings

19,835

36,418

Hire purchase contracts

13,406

-

33,241

36,418

Bank borrowings

Loan 1 is denominated in £ with a nominal interest rate of 2.49% . The carrying amount at year end is £Nil (2024 - £16,640).

The term loan is secured on freehold property.

Loan 2 is denominated in £ with a nominal interest rate of 2.49% . The carrying amount at year end is £Nil (2024 - £38,154).

The term loan is secured on freehold property.

Loan 3 is denominated in £ with a nominal interest rate of 5.00% . The carrying amount at year end is £Nil (2024 - £Nil).

Other borrowings

11

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of FTS Homes Holdings Limited.

 The company's immediate parent is FTS Homes Holdings Limited, incorporated in Scotland.

  These financial statements are available upon request from the company's registered office.