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REGISTERED NUMBER: 04254989 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

1ST CARE LIMITED

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


1ST CARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mrs Jagruti Patel



SECRETARY: Mr Subhash Mistry



REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH



REGISTERED NUMBER: 04254989 (England and Wales)



AUDITORS: STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH



BANKERS: Barclays Bank Plc
Market Place
Town Centre
Leicester
Leicestershire
LE87 2BB

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The director presents her strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
During the year, the group managed care homes which can accommodate 112 residents.

Management is satisfied with the profits earned by the group during the year which helped the company to improve its cash position as well. The nursing homes have continued to achieve the occupancy rate in line with previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Group faces several ongoing risks and uncertainties inherent to the care home sector. Rising staff costs and increased competition for skilled care workers present challenges in recruitment and retention, which could impact the quality of care and operational efficiency. Wage inflation, driven by national policy and labour shortages, continues to place pressure on margins. Additionally, the sector is exposed to regulatory changes and compliance risks, which require constant monitoring and adaptation. Rising utility and food costs, as well as occupancy fluctuations due to health-related concerns, also pose financial risks.

Another risk facing the care home industry as a whole, is the reliance of agency staff to meet employment demands. The company aims to minimalise its use by ensuring the care home as sufficient staff available.

The director continually reviews risks and uncertainties throughout the period and believe that they have the management and system in place to deal with changing situations.

DEVELOPMENT AND PERFORMANCE
With substantial cash generations by the company, management invested in furniture and fixtures refurbishing the assets at the care Homes thus providing more comfort to the residents. There are plans for further investments in furniture and fixtures refurbishments to maintain a high standard of care in subsequent years.

The Group earned net profit before tax of £1,298,751 (2023: £1,210,358) on revenue of £11,702,860 (2023: £9,219,434) lower costs contributed to higher gross profit margins in current year, which increased from 31% to 35%. As at 31 March 2024 the Company had net current assets of £2,625,154 (2023: £1,891,435) which are sufficient for the Company to fulfil its working capital requirements. Increase in debtors position in current year has helped improve net asset position of the company which stood at £6,982,129 (2023: £6,155,875) at year end.

KEY PERFORMANCE INDICATORS ('KPIS')
In the opinion of the director, key performance indicators of the Company include profit before interest and tax and net profit margin. Both performance indicators improved during the year mainly due to significant increase in other operating income. The key performance indicators are closely monitored by the director on regular basis.

ON BEHALF OF THE BOARD:





Mrs Jagruti Patel - Director


22 May 2025

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


The director presents her report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of operating of nursing homes.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £60,000 (2023: £54,000).

DIRECTOR
Mrs Jagruti Patel held office during the whole of the period from 1 April 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The group made charitable donations of £583 (2023: £118) during the year.

HEALTH AND SAFETY
The group maintain a health and safety policy which is continually monitored and formally reviewed on an annual basis. The objective of this policy is to attain and maintain high standards of health and safety performance throughout the group. All persons conducting activity on behalf of the group are required to adhere strictly to this policy.

GOING CONCERN
The group has made a profit for the year and has net assets at 31 March 2024 of £7,296,351. In order to conclude on the appropriateness of the going concern basis, the director undertook a detailed review which included a review of trading in the financial year ended 31 March 2024 and the robust trading in the current financial period to date. The director also reviewed detailed forecasts of trading for the coming year from the date of this report including cash flows. These forecasts and projections were stress tested to assess the adequacy of liquidity headroom. The director concluded that the group has sufficient financing for the foreseeable future and concluded that it is appropriate to prepare the financial statements on a going concern basis.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, STGCA LLP t/a Sterling, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs Jagruti Patel - Director


22 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CARE LIMITED


Opinion
We have audited the financial statements of 1st Care Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 parent 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 director with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
We draw attention to Note 10 of the financial statements, which describes the basis for the valuation of the entity's property assets. As disclosed in Note 10, Management has not obtained an updated independent valuation of the property assets for the current reporting period. Instead, they have relied on the most recent valuation conducted in 2020, believing it continues to provide a reasonable basis for the carrying amounts disclosed in the financial statements. Management has considered the market conditions and determined that no material changes have occurred that would necessitate a new valuation. Our opinion is not modified in respect of this matter.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CARE LIMITED


Other Companies Act 2006 reporting
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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent 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 Director.

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 parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CARE LIMITED


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:

Our approach to assessing the risk of material misstatement due to irregularities including Fraud:
- we identified the laws and regulations applicable to the company through discussions with management and also used our commercial and sector experience of the industry;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, UK General Data Protection Regulation, the Companies Act 2006, the Corporation Tax Act, UK anti-money laundering regime, employment and health & safety legislation;
- we ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- identified laws and regulations were communicated within our team and remained alert to any indications of non-compliance throughout the audit;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries with Directors and management;
- considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- we also made enquiries with Directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

Responding to the risk of material misstatement due to Fraud
To respond to the identified risk of material misstatement due to fraud we assessed events and conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. We implemented following risk assessment procedures:
- enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
- discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
- tested journal entries to identify significant or unusual transactions and investigated the rationale behind those transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- performed analytical procedures to identify any unusual or unexpected relationship.

Responding to the risk of material misstatement due to non-compliance with Laws and Regulations
We implemented following risk assessment procedures:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading Board minutes; and
- enquiring of management as to actual and potential litigation and claims.

Ability of the audit to detect fraud or breaches of the Laws and Regulations
Owing to the inherent limitations in an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have planned and performed the audit in accordance with the auditing standards. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, misrepresentation, or intentional omission.

Our audit procedures are planned to detect material misstatements. We are not responsible for preventing fraud or non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CARE 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.




Prakash Jariwala FCA FCCA (Senior Statutory Auditor)
for and on behalf of STGCA LLP t/a Sterling
Chartered Accountants
& Statutory Auditors
505 Pinner Road
Harrow
Middlesex
HA2 6EH

22 May 2025

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £ £

TURNOVER 11,702,860 9,219,434

Cost of sales 7,582,425 6,337,403
GROSS PROFIT 4,120,435 2,882,031

Administrative expenses 2,830,707 1,643,352
1,289,728 1,238,679

Other operating income 67,639 21,025
OPERATING PROFIT 4 1,357,367 1,259,704

Interest receivable and similar income 17,399 6,503
1,374,766 1,266,207

Interest payable and similar expenses 5 76,015 55,849
PROFIT BEFORE TAXATION 1,298,751 1,210,358

Tax on profit 6 349,160 232,631
PROFIT FOR THE FINANCIAL YEAR 949,591 977,727
Profit attributable to:
Owners of the parent 949,591 977,727

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £ £

PROFIT FOR THE YEAR 949,591 977,727


OTHER COMPREHENSIVE INCOME
Revaluation gain on property 27,093 (138,586 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

27,093

(138,586

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

976,684

839,141

Total comprehensive income attributable to:
Owners of the parent 976,684 839,141

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £ £ £
FIXED ASSETS
Intangible assets 9 1 1
Tangible assets 10 4,776,900 4,738,976
Investments 11 - -
Investment property 12 459,438 459,438
5,236,339 5,198,415

CURRENT ASSETS
Debtors 13 3,505,727 2,733,514
Cash at bank and in hand 910,089 900,997
4,415,816 3,634,511
CREDITORS
Amounts falling due within one year 14 1,350,421 1,393,042
NET CURRENT ASSETS 3,065,395 2,241,469
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,301,734

7,439,884

CREDITORS
Amounts falling due after more than one
year

15

(708,884

)

(795,032

)

PROVISIONS FOR LIABILITIES 19 (296,499 ) (265,185 )
NET ASSETS 7,296,351 6,379,667

CAPITAL AND RESERVES
Called up share capital 20 351,000 351,000
Revaluation reserve 21 1,730,779 1,703,686
Retained earnings 21 5,214,572 4,324,981
SHAREHOLDERS' FUNDS 7,296,351 6,379,667

The financial statements were approved by the director and authorised for issue on 22 May 2025 and were signed by:





Mrs Jagruti Patel - Director


1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

COMPANY BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £ £ £
FIXED ASSETS
Intangible assets 9 1 1
Tangible assets 10 4,244,125 4,209,415
Investments 11 650,000 650,000
Investment property 12 459,438 459,438
5,353,564 5,318,854

CURRENT ASSETS
Debtors 13 3,364,042 2,643,252
Cash at bank and in hand 819,764 814,704
4,183,806 3,457,956
CREDITORS
Amounts falling due within one year 14 1,558,652 1,566,521
NET CURRENT ASSETS 2,625,154 1,891,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,978,718

7,210,289

CREDITORS
Amounts falling due after more than one
year

15

(708,884

)

(795,032

)

PROVISIONS FOR LIABILITIES 19 (287,705 ) (259,382 )
NET ASSETS 6,982,129 6,155,875

CAPITAL AND RESERVES
Called up share capital 20 351,000 351,000
Revaluation reserve 21 1,506,782 1,482,785
Retained earnings 21 5,124,347 4,322,090
SHAREHOLDER FUNDS 6,982,129 6,155,875

Company's profit for the financial year 862,257 769,556

The financial statements were approved by the director and authorised for issue on 22 May 2025 and were signed by:





Mrs Jagruti Patel - Director


1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 April 2022 351,000 3,401,254 1,842,272 5,594,526

Changes in equity
Dividends - (54,000 ) - (54,000 )
Total comprehensive income - 977,727 (138,586 ) 839,141
Balance at 31 March 2023 351,000 4,324,981 1,703,686 6,379,667

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 949,591 27,093 976,684
Balance at 31 March 2024 351,000 5,214,572 1,730,779 7,296,351

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 April 2022 351,000 3,606,534 1,625,357 5,582,891

Changes in equity
Dividends - (54,000 ) - (54,000 )
Total comprehensive income - 769,556 (142,572 ) 626,984
Balance at 31 March 2023 351,000 4,322,090 1,482,785 6,155,875

Changes in equity
Dividends - (60,000 ) - (60,000 )
Total comprehensive income - 862,257 23,997 886,254
Balance at 31 March 2024 351,000 5,124,347 1,506,782 6,982,129

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,050,424 1,635,459
Tax paid (375,786 ) (75,584 )
Net cash from operating activities 674,638 1,559,875

Cash flows from investing activities
Purchase of tangible fixed assets (183,986 ) (230,800 )
Purchase of investment property - (459,438 )
Sale of tangible fixed assets 64,376 -
Interest received 17,399 6,503
Net cash from investing activities (102,211 ) (683,735 )

Cash flows from financing activities
Loan repayments in year (159,004 ) (314,378 )
Capital repayments in year 31,788 -
Amount introduced by directors 120,102 31,117
Amount withdrawn by directors (214,555 ) (120,102 )
Paid to associates undertakings (210,937 ) (378,406 )
Equity dividends paid (60,000 ) (54,000 )
Interest paid (76,015 ) (55,849 )
Net cash from financing activities (568,621 ) (891,618 )

Increase/(decrease) in cash and cash equivalents 3,806 (15,478 )
Cash and cash equivalents at beginning of
year

2

900,997

916,475

Cash and cash equivalents at end of year 2 904,803 900,997

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


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

31/3/24 31/3/23
£ £
Profit before taxation 1,298,751 1,210,358
Depreciation charges 97,992 136,605
Government grants (67,639 ) -
Finance costs 76,015 55,849
Finance income (17,399 ) (6,503 )
1,387,720 1,396,309
(Increase)/decrease in trade and other debtors (467,803 ) 181,311
Increase in trade and other creditors 130,507 57,839
Cash generated from operations 1,050,424 1,635,459

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£ £
Cash and cash equivalents 910,089 900,997
Bank overdrafts (5,286 ) -
904,803 900,997
Year ended 31 March 2023
31/3/23 1/4/22
£ £
Cash and cash equivalents 900,997 916,475


1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£ £ £
Net cash
Cash at bank and in hand 900,997 9,092 910,089
Bank overdrafts - (5,286 ) (5,286 )
900,997 3,806 904,803
Debt
Finance leases (35,000 ) (15,894 ) (50,894 )
Debts falling due within 1 year (274,011 ) 115,698 (158,313 )
Debts falling due after 1 year (777,532 ) 106,818 (670,714 )
(1,086,543 ) 206,622 (879,921 )
Total (185,546 ) 210,428 24,882

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

1st Care Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of 1st Care Limited and all its subsidiary undertakings drawn up to the year ended 31 March 2024. Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continues to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

Turnover
Turnover represents fees receivable for services provided.

Revenue recognition
Revenue from nursing home is recognised in the accounting period in which the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

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 provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property - 2% on cost
Plant and Machinery- 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

A surplus arising from the valuation of freehold property is taken directly to the revaluation reserve. Deficits are eliminated against any revaluation reserve in respect of that income generating unit with any excess, to the extent that it represents an impairment, being charged to profit and loss account.

Investments in subsidiaries
Investments in subsidiary undertaking are recognised at cost, less impairment.


1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on
demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Interest receivable and interest payable
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Going concern
The group has made a profit for the year and has net assets at 31 March 2024 of £7,296,351. In order to conclude on the appropriateness of the going concern basis, the director undertook a detailed review which included a review of trading in the financial year ended 31 March 2024 and the robust trading in the current financial period to date. The director also reviewed detailed forecasts of trading for the coming year from the date of this report including cash flows. These forecasts and projections were stress tested to assess the adequacy of liquidity headroom. The director concluded that the group has sufficient financing for the foreseeable future, being at least twelve months from the date of signing these financial statements and concluded that it is appropriate to prepare the financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS
31/3/24 31/3/23
£ £
Wages and salaries 153,185 148,398
Social security costs 13,491 14,629
Other pension costs 102,303 157,432
268,979 320,459

The average number of employees during the year was as follows:
31/3/24 31/3/23

Management 1 1
Staff 237 215
238 216

31/3/24 31/3/23
£ £
Director's remuneration 16,001 15,958

Pension cost includes amount paid on director's behalf of £12,750 (2023: £77,000)

4. OPERATING PROFIT

The operating profit is stated after charging:

31/3/24 31/3/23
£ £
Depreciation - owned assets 126,420 125,625
Depreciation - assets on hire purchase contracts 15,682 10,981
Auditors' remuneration 33,600 14,100
Auditors' remuneration- non-audit work 7,000 7,000

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/3/24 31/3/23
£ £
Bank loan interest 69,562 47,706
Other loan interest 6,453 8,143
76,015 55,849

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/3/24 31/3/23
£ £
Current tax:
UK corporation tax 318,981 244,596

Deferred tax 30,179 (11,965 )
Tax on profit 349,160 232,631

Tax effects relating to effects of other comprehensive income

31/3/24
Gross Tax Net
£ £ £
Revaluation gain on property 27,093 - 27,093

31/3/23
Gross Tax Net
£ £ £
Revaluation gain on property (138,586 ) - (138,586 )

7. INDIVIDUAL INCOME STATEMENT

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.


8. DIVIDENDS
31/3/24 31/3/23
£ £
Ordinary shares of £1 each
Interim 60,000 54,000

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 104,504
AMORTISATION
At 1 April 2023
and 31 March 2024 104,503
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

Company
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 104,504
AMORTISATION
At 1 April 2023
and 31 March 2024 104,503
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST OR VALUATION
At 1 April 2023 5,028,541 200,194 1,428,268
Additions - 14,137 107,924
Disposals - - -
Revaluations 28,228 - -
At 31 March 2024 5,056,769 214,331 1,536,192
DEPRECIATION
At 1 April 2023 678,543 180,527 1,094,442
Charge for year 28,226 8,451 88,845
Eliminated on disposal - - -
At 31 March 2024 706,769 188,978 1,183,287
NET BOOK VALUE
At 31 March 2024 4,350,000 25,353 352,905
At 31 March 2023 4,349,998 19,667 333,826

Motor Computer
vehicles equipment Totals
£ £ £
COST OR VALUATION
At 1 April 2023 76,298 4,396 6,737,697
Additions 61,925 - 183,986
Disposals (76,298 ) - (76,298 )
Revaluations - - 28,228
At 31 March 2024 61,925 4,396 6,873,613
DEPRECIATION
At 1 April 2023 44,110 1,099 1,998,721
Charge for year 15,481 1,099 142,102
Eliminated on disposal (44,110 ) - (44,110 )
At 31 March 2024 15,481 2,198 2,096,713
NET BOOK VALUE
At 31 March 2024 46,444 2,198 4,776,900
At 31 March 2023 32,188 3,297 4,738,976

Included in cost or valuation of land and buildings is freehold land of £1,917,816 (2023 - £1,917,816) which is not depreciated.

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Valuation in 2012 625,370 - -
Valuation in 2020 1,439,468 - -
Valuation in 2021 31,603 - -
Valuation in 2022 (69,731 ) - -
Valuation in 2023 (138,342 ) - -
Valuation in 2024 28,228 - -
Cost 3,140,173 214,331 1,536,192
5,056,769 214,331 1,536,192

Motor Computer
vehicles equipment Totals
£ £ £
Valuation in 2012 - - 625,370
Valuation in 2020 - - 1,439,468
Valuation in 2021 - - 31,603
Valuation in 2022 - - (69,731 )
Valuation in 2023 - - (138,342 )
Valuation in 2024 - - 28,228
Cost 61,925 4,396 4,957,017
61,925 4,396 6,873,613

Freehold properties were revalued at market value of £4,350,000 by Rick Tarver and Keiren Cole, MRICS, Partners at Knight Frank LLP in August 2020 using years purchase multiple method of valuation. The valuation provided various values. Value adopted by the management is based on Special assumptions of a six months marketing period, the properties being vacant, the business closed, inventory has been removed and that the registration certificate is lost.

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST OR VALUATION
At 1 April 2023 90,000 76,298 166,298
Additions - 61,925 61,925
Disposals - (76,298 ) (76,298 )
At 31 March 2024 90,000 61,925 151,925
DEPRECIATION
At 1 April 2023 88,995 44,110 133,105
Charge for year 201 15,481 15,682
Eliminated on disposal - (44,110 ) (44,110 )
At 31 March 2024 89,196 15,481 104,677
NET BOOK VALUE
At 31 March 2024 804 46,444 47,248
At 31 March 2023 1,005 32,188 33,193

Company
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
COST OR VALUATION
At 1 April 2023 4,346,992 1,365,096 76,298 4,396 5,792,782
Additions - 107,925 61,925 - 169,850
Disposals - - (76,298 ) - (76,298 )
Revaluations 23,997 - - - 23,997
At 31 March 2024 4,370,989 1,473,021 61,925 4,396 5,910,331
DEPRECIATION
At 1 April 2023 496,992 1,041,166 44,110 1,099 1,583,367
Charge for year 23,998 86,371 15,481 1,099 126,949
Eliminated on disposal - - (44,110 ) - (44,110 )
At 31 March 2024 520,990 1,127,537 15,481 2,198 1,666,206
NET BOOK VALUE
At 31 March 2024 3,849,999 345,484 46,444 2,198 4,244,125
At 31 March 2023 3,850,000 323,930 32,188 3,297 4,209,415

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
Valuation in 2012 565,305 - - - 565,305
Valuation in 2020 1,356,792 - - - 1,356,792
Valuation in 2021 27,372 - - - 27,372
Valuation in 2022 (73,962 ) - - - (73,962 )
Valuation in 2023 (142,572 ) - - - (142,572 )
Valuation in 2024 23,997 - - - 23,997
Cost 2,614,057 1,473,021 61,925 4,396 4,153,399
4,370,989 1,473,021 61,925 4,396 5,910,331

Freehold properties were revalued at market value of £3,992,572 by Rick Tarver and Keiren Cole, MRICS, Partners at Knight Frank LLP in August 2020 using years purchase multiple method of valuation. The valuation is subject to special assumptions of a six months marketing period, the property being vacant, the business closed, inventory has been removed and that the registration certificate is lost.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST OR VALUATION
At 1 April 2023 90,000 76,298 166,298
Additions - 61,925 61,925
Disposals - (76,298 ) (76,298 )
At 31 March 2024 90,000 61,925 151,925
DEPRECIATION
At 1 April 2023 88,995 44,110 133,105
Charge for year 201 15,481 15,682
Eliminated on disposal - (44,110 ) (44,110 )
At 31 March 2024 89,196 15,481 104,677
NET BOOK VALUE
At 31 March 2024 804 46,444 47,248
At 31 March 2023 1,005 32,188 33,193

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 April 2023
and 31 March 2024 650,000
NET BOOK VALUE
At 31 March 2024 650,000
At 31 March 2023 650,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Regency Investments Limited
Registered office:
Nature of business: management of a nursing home.
%
Class of shares: holding
Ordinary shares 100.00
31/3/24 31/3/23
£ £
Aggregate capital and reserves 977,372 886,943
Profit for the year 90,429 298,811


12. INVESTMENT PROPERTY

Group
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 459,438
NET BOOK VALUE
At 31 March 2024 459,438
At 31 March 2023 459,438

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. INVESTMENT PROPERTY - continued

Company
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 459,438
NET BOOK VALUE
At 31 March 2024 459,438
At 31 March 2023 459,438

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£ £ £ £
Trade debtors 1,166,991 725,742 1,018,090 648,807
Amounts owed by associates 2,027,652 1,816,715 2,023,528 1,792,048
Other debtors 90,196 55,318 90,196 55,318
Directors' current accounts 214,555 120,102 227,705 133,252
Prepayments and accrued income 1,810 1,810 - -
Prepayments 4,523 13,827 4,523 13,827
3,505,727 2,733,514 3,364,042 2,643,252

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£ £ £ £
Bank loans and overdrafts (see note 16) 163,599 215,785 163,599 215,785
Other loans (see note 16) - 58,226 - 58,226
Hire purchase contracts (see note 17) 12,724 17,500 12,724 17,500
Trade creditors 248,459 235,452 198,329 219,629
Amounts owed to group undertakings - - 412,646 347,789
Tax 434,867 492,807 404,904 423,672
Social security and other taxes 131,429 90,679 92,391 69,831
Pension Creditor 2,622 - - -
Other creditors 89,463 29,498 16,420 25,980
Accrued expenses 267,258 253,095 257,639 188,109
1,350,421 1,393,042 1,558,652 1,566,521

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


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

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£ £ £ £
Bank loans (see note 16) 670,714 777,532 670,714 777,532
Hire purchase contracts (see note 17) 38,170 17,500 38,170 17,500
708,884 795,032 708,884 795,032

The other loans are repayable by equal instalments, with the rate of interest charged at 9.5% per annum.

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£ £ £ £
Amounts falling due within one year or on demand:
Bank overdrafts 5,286 - 5,286 -
Bank loans 158,313 215,785 158,313 215,785
Other loans - 58,226 - 58,226
163,599 274,011 163,599 274,011
Amounts falling due between one and two years:
Bank loans - 1-2 years 158,313 215,785 158,313 215,785
Amounts falling due between two and five years:
Bank loans - 2-5 years 512,401 561,747 512,401 561,747

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31/3/24 31/3/23
£ £
Net obligations repayable:
Within one year 12,724 17,500
Between one and five years 38,170 17,500
50,894 35,000

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
31/3/24 31/3/23
£ £
Net obligations repayable:
Within one year 12,724 17,500
Between one and five years 38,170 17,500
50,894 35,000

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£ £ £ £
Bank overdraft - - 5,286 -
Bank loans 829,027 993,317 829,027 993,317
829,027 993,317 834,313 993,317

The bank loan is secured by a charge on the company’s freehold properties and a personal guarantee from the director. It is structured for repayment over 24 months, consisting of 23 installments that cover both principal and interest, followed by a lump sum payment to clear the remaining balance on the final repayment date. The loan operates on a floating interest rate, with a minimum rate guaranteed by a margin of 2%.

19. PROVISIONS FOR LIABILITIES

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£ £ £ £
Deferred tax 296,499 265,185 287,705 259,382

Group
Deferred tax
£
Balance at 1 April 2023 265,185
Charge for the year 31,314
Balance at 31 March 2024 296,499

Company
Deferred tax
£
Balance at 1 April 2023 259,382
charge for the year 28,323
Balance at 31 March 2024 287,705

1ST CARE LIMITED (REGISTERED NUMBER: 04254989)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £ £
351,000 Ordinary £1 351,000 351,000

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 April 2023 4,324,981 1,703,686 6,028,667
Profit for the year 949,591 949,591
Dividends (60,000 ) (60,000 )
Revaluation gain - 28,228 28,228
Deferred tax on revaluation - (1,135 ) (1,135 )
At 31 March 2024 5,214,572 1,730,779 6,945,351

Company
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 April 2023 4,322,090 1,482,785 5,804,875
Profit for the year 862,257 862,257
Dividends (60,000 ) (60,000 )
Revaluation gain - 23,997 23,997
At 31 March 2024 5,124,347 1,506,782 6,631,129


22. RELATED PARTY DISCLOSURES

During the year, the group paid dividends of £60,000 (2023: £54,000) to the director. Director is considered to be the key management personnel and remuneration paid to her has been disclosed in note 3. At the balance sheet date, the group was owed £214,555 (2023: £133,252) by the director, the loan is repayable on demand and interest has been charged at 2% pa.

At the balance sheet date, the group was owed £559,050 (2023: £603,340) by New Green Solutions Limited, a company in which the director's spouse has a beneficial interest. The amounts owed are repayable on demand.

At the balance sheet date, the company was owed £3,240 (2023: £3,240) by First 1 2 1 Care Limited, £121,608 (2023 : £119,135) by Japestar Limited and £1,343,754 (2023 : £1,090,527) by New Barnes Limited, companies in which the director has beneficial interest. The amounts owed are repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The Ultimate controlling party is Mrs J Patel by virtue of her 100% interest in the share holdings of the group.