Company registration number: 06785924
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present the strategic report of First Care Homes (Ipswich) Limited for the year ended 31 March 2025.
The principal activity of the group is that of a residential care home.
The principal activity of the group is that of a residential care home.
First Care Homes Ipswich and the trading subsidiary Park View Care Home (Ipswich) have had a consistent trading performance against the previous financial year.
Overall this can be viewed as successful against continuing high inflationary pressures and Bank of England base rates remaining high and substantial development works to the home and the home was rated as Requires Improvement by Care Quality Commission (CQC) in May 2023.Gross Profit was increased by the amount of £754,607 representing an increase of 55%. There was the result of a refurbishment of the home plus increasing bed numbers and increase in weekly average fee and occupancy.
The Operating Profit was increased by £797,848 representing an increase of 188% due to the refurbishment of the home.
The overall financial performance was as expected.
At the balance sheet date net assets stood at £13,555,566 and cash at £595,634.
Overall this can be viewed as successful against continuing high inflationary pressures and Bank of England base rates remaining high and substantial development works to the home and the home was rated as Requires Improvement by Care Quality Commission (CQC) in May 2023.Gross Profit was increased by the amount of £754,607 representing an increase of 55%. There was the result of a refurbishment of the home plus increasing bed numbers and increase in weekly average fee and occupancy.
The Operating Profit was increased by £797,848 representing an increase of 188% due to the refurbishment of the home.
The overall financial performance was as expected.
At the balance sheet date net assets stood at £13,555,566 and cash at £595,634.
A risk would be a significant drop in resident occupancy numbers due to illness, increased competition or drop in demand. A significant drop in occupancy may result in the home struggling to meet certain covenants related to the loan agreement with Coutts. Given the historical trading performance this is unlikely and as such the directors have a strong relationship with the bank should there be a need to renegotiate any terms. A further risk is recruitment and the zero-agency usage which is mitigated by investing in training and staff retention.
In terms of prospects FY 2024-25 saw home completing its expansion and renovation works resulting in an increase of 8 beds as well as total refurbishment and improvement of the whole home. This has allowed the home to improve and stabilise the occupancy rates leading to better profit results going forward.
This report was approved by the board and signed on its behalf.
Page 1
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
The profit for the year, after taxation, amounted to £392,721 (2024 - loss £181,529).
The directors who served during the year were:
Please refer to Strategic Report.
The company does not hold any complex financial instruments that are material for the assessment of the financial
statements.
statements.
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST CARE HOMES (IPSWICH) LIMITED
We have audited the financial statements of First Care Homes (Ipswich) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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 or 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST CARE HOMES (IPSWICH) LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST CARE HOMES (IPSWICH) LIMITED (CONTINUED)
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 an Auditor's Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. The industry specific laws and regulations which would be deemed to have a significant impact on the financial statements are the compliance with the care standards. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. In particular, we reviewed the Care Quality Commission reports to ensure their compliance with the care standards.
∙We understood how the Company is complying with the legal and regulatory frameworks by, making enquiries to
management and those responsible for legal and compliance procedures.
management and those responsible for legal and compliance procedures.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls
or other inappropriate influence over the financial reporting process;
or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
organisation for fraud and identified the greatest potential for fraud in the following areas:
° Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity
° Manipulation of amounts subject to significant judgement or estimate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leadingto a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more thatcompliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as wewill be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurringdue to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRST CARE HOMES (IPSWICH) LIMITED (CONTINUED)
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 an Auditor's Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
First Care Homes (Ipswich) Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.
The trading address of the company is 1 Chantry Close, Ipswich, Suffolk, IP2 0QR.
The trading address of the company is 1 Chantry Close, Ipswich, Suffolk, IP2 0QR.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form 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 Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
The finances remain strong and having taken that into consideration along with the expected performance over the foreseeable future, the Directors consider that the company has suffcient resources to continue to operational existence for that time.
For this reason the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
For this reason the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, 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 profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Depreciation and residual values
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and has concluded that asset lives and residual values are appropriate.
Property valuations
The directors have reviewed the property valuations and underlying calculations, and have ensured that the valuations included in the accounts are appropriate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £5,148,165 (2024 - £91,613 ).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20.Deferred taxation (continued)
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Revaluation reserve
taxation.
Profit and loss account
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The effect on the Statement of Financial Position and the Statement of Income and Retained earnings has been
presented below. This affects the group numbers only (not First Care Homes (Ipswich) Limited individually).
The prior year figures have been restated in respect of errors found in the following area:
The creditors balance was overstated by £129,238 in the March 2024 accounts.
presented below. This affects the group numbers only (not First Care Homes (Ipswich) Limited individually).
The prior year figures have been restated in respect of errors found in the following area:
The creditors balance was overstated by £129,238 in the March 2024 accounts.
Included within other creditors is an amount relating to defined contribution pensions of £7,783 (2024 - £6,879) owing to the pension scheme of the Group's employees at the period end. The pension cost charge represents contributions payable by the Group to the fund and amounted to £39,348 (2024 - £36,595).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Cambridge Care Home Limited
A company controlled by P A K Jeffery, R J Jeffery and H B Jeffery amount due from Cambridgeshire Care Homes Limited to the company, at the balance sheet date, was £20,280 (2024 - £19,721 amounts owed to the group from the company).
Cap II Limited
A company in which P A K Jeffery is a shareholder. Amount due to Cap II Limited at the balance sheet date £72,992 (2024 - £72,992).
Lime Tree Housing Limited
A company which P A K Jeffery controls. Amount due to Lime Tree Housing Limited at the balance sheet date £65 (2024 - £65)
Willowbeech Limited
A company which P A K Jeffery controls. Amount due to Willowbeech Limited at the balance sheet date £5,881 (2024 - £5,881).
First Care Homes (Victoria) Limited
A company controlled by P A K Jeffery, R J Jeffery and H B Jeffery amount due from First Care Homes (Victoria) Limited to the company, at the balance sheet date, was £70,794 (2024 - £25,465)
A company controlled by P A K Jeffery, R J Jeffery and H B Jeffery amount due from Cambridgeshire Care Homes Limited to the company, at the balance sheet date, was £20,280 (2024 - £19,721 amounts owed to the group from the company).
Cap II Limited
A company in which P A K Jeffery is a shareholder. Amount due to Cap II Limited at the balance sheet date £72,992 (2024 - £72,992).
Lime Tree Housing Limited
A company which P A K Jeffery controls. Amount due to Lime Tree Housing Limited at the balance sheet date £65 (2024 - £65)
Willowbeech Limited
A company which P A K Jeffery controls. Amount due to Willowbeech Limited at the balance sheet date £5,881 (2024 - £5,881).
First Care Homes (Victoria) Limited
A company controlled by P A K Jeffery, R J Jeffery and H B Jeffery amount due from First Care Homes (Victoria) Limited to the company, at the balance sheet date, was £70,794 (2024 - £25,465)
There is no ultimate controlling party as the three directors have equal shareholding.
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