Company registration number 11003765 (England and Wales)
FIRST BLUE GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
FIRST BLUE GROUP LTD
COMPANY INFORMATION
Directors
Mr C R Smith
Mrs C L Smith
Secretary
Mr C R Smith
Company number
11003765
Registered office
Seighford Hall
Clanford Road
Seighford
ST18 9NL
Auditor
Sumer Auditco Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
FIRST BLUE GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
FIRST BLUE GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The results for the year are set out on page 7 onwards of the financial statements for the group showing positive results for another year. The directors consider the results achieved on ordinary activities before taxation to be acceptable.

Principal risks and uncertainties

Competitive pressure is a continuing risk for the group, which could result in a loss of sales to key competitors. The group manages this risk by providing added value services to its customers, having fast response times not only in supplying products and services but also in handling all customer queries and by maintaining strong relationships with a wide range of customers and suppliers.

All of the sales within the group are to the UK, which significantly reduces any foreign currency and exchange rate risks to an easily manageable level.

Development and performance

In order to deal with the increase in demand, the group has increased in size to expand the range of services it can offer, increased staff numbers, and used more sub-contract labour to ensure all work and services are carried out to the high standard they expect, and in a timely manner. The group intends to continue this expansion over the coming years, continuing to grow as more and more services becomes available.

Key performance indicators

The key performance indicators below show the effect that continued growth has had on the business during 2024. As expected turnover and gross profit are increasing as the business continues to expand and win new work.

| 2024 | 2024
Turnover | 8,487,185 | 8,765,248
Gross Profit | 6,673,017 | 5,950,419
Gross Margin | 78.6% | 67.9%
Operating Profit | 718,878 | 893,637
Operating Profit Margin | 8.5% | 10.2%

The key performance indicators show that the group has continued to trade profitably, increasing their gross profit margins. The group has also increased the level of assets held in excess of £12m, mainly due to the properties owned for use by the group.

By order of the board

Mr C R Smith
Secretary
1 June 2026
FIRST BLUE GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a holding company.

The principal activity of the group continued to be that of healthcare and education services.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,226,963. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C R Smith
Mrs C L Smith
Auditor

In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the review of the business and principal risks and uncertainties.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

By order of the board
Mr C R Smith
Secretary
1 June 2026
FIRST BLUE GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FIRST BLUE GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FIRST BLUE GROUP LTD
- 4 -
Opinion

We have audited the financial statements of First Blue Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 and of the group's loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- The information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

FIRST BLUE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIRST BLUE GROUP LTD
- 5 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and 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 directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing transactions and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Review of transactions posted during the year, for evidence of management bias.

- Confirming that assets included in the financial statements are still held by the company and group, and are not impaired.

- Confirming that any asset disposals included in these financial statements are accurately recorded in the financial statements.

- Ensuring that the value of properties held by the group are not materially overstated in the financial statements, and challenging any assumptions made in arriving at the valuations used.

- Testing key income lines, in particular cut-off, for evidence of management bias.

- Obtaining confirmation of material bank and loan balances.

- Confirming that there are no material misstatements in the comparative figures, as the prior year's financial statements were not audited.

- Review of transactions with directors by reference to expectations.

- Documenting and verifying all significant related party balances and transactions, and their related disclosures in the financial statements.

- Assessing the risk of going concern, with reference to external factors and reliance through financial support from related parties.

FIRST BLUE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FIRST BLUE GROUP LTD
- 6 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Alan Jones FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
5 June 2026
FIRST BLUE GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
8,487,185
8,765,248
Cost of sales
(1,814,168)
(2,814,829)
Gross profit
6,673,017
5,950,419
Administrative expenses
(5,954,139)
(5,056,782)
Operating profit
4
718,878
893,637
Interest receivable and similar income
6
433
1,228
Interest payable and similar expenses
7
(1,678,624)
(1,112,483)
Amounts written off investments
8
(2,441,194)
706,404
(Loss)/profit before taxation
(3,400,507)
488,786
Tax on (loss)/profit
9
(11,658)
55,782
(Loss)/profit for the financial year
(3,412,165)
544,568
(Loss)/profit for the financial year is attributable to:
- Owner of the parent company
(3,490,048)
557,600
- Non-controlling interests
77,883
(13,032)
(3,412,165)
544,568
FIRST BLUE GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
£
£
(Loss)/profit for the year
(3,412,165)
544,568
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(3,412,165)
544,568
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(3,490,048)
557,600
- Non-controlling interests
77,883
(13,032)
(3,412,165)
544,568
FIRST BLUE GROUP LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
0
337,701
Tangible assets
12
11,813,327
14,322,258
11,813,327
14,659,959
Current assets
Debtors
15
546,728
2,264,111
Cash at bank and in hand
504,167
237,567
1,050,895
2,501,678
Creditors: amounts falling due within one year
16
(2,808,132)
(2,991,815)
Net current liabilities
(1,757,237)
(490,137)
Total assets less current liabilities
10,056,090
14,169,822
Creditors: amounts falling due after more than one year
17
(11,109,714)
(12,152,108)
Provisions for liabilities
Deferred tax liability
20
754,128
748,750
(754,128)
(748,750)
Net (liabilities)/assets
(1,807,752)
1,268,964
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
1,811,775
1,811,775
Capital contribution reserve
390,000
-
0
Profit and loss reserves
(3,973,152)
(428,553)
Equity attributable to owner of the parent company
(1,771,277)
1,383,322
Non-controlling interests
(36,475)
(114,358)
Total equity
(1,807,752)
1,268,964
FIRST BLUE GROUP LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 10 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 1 June 2026 and are signed on its behalf by:
01 June 2026
Mr C R Smith
Director
Company registration number 11003765 (England and Wales)
FIRST BLUE GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
1,650
1,450
Current assets
Debtors
15
4,375,163
3,155,319
Cash at bank and in hand
255,998
908
4,631,161
3,156,227
Creditors: amounts falling due within one year
16
(584,650)
(3,075,171)
Net current assets
4,046,511
81,056
Total assets less current liabilities
4,048,161
82,506
Creditors: amounts falling due after more than one year
17
-
0
(140,000)
Net assets/(liabilities)
4,048,161
(57,494)
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
4,048,061
(57,594)
Total equity
4,048,161
(57,494)

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,332,618 (2024 - £60,628 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 June 2026 and are signed on its behalf by:
01 June 2026
Mr C R Smith
Director
Company registration number 11003765 (England and Wales)
FIRST BLUE GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2023
100
1,811,775
-
0
(986,153)
825,722
(101,326)
724,396
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
557,600
557,600
(13,032)
544,568
Balance at 31 March 2024
100
1,811,775
-
0
(428,553)
1,383,322
(114,358)
1,268,964
Year ended 31 March 2025:
Loss and total comprehensive income
-
-
-
(3,490,048)
(3,490,048)
77,883
(3,412,165)
Dividends
10
-
-
-
(1,226,963)
(1,226,963)
-
(1,226,963)
Redemption of shares
22
-
-
390,000
-
390,000
-
390,000
Other movements
-
-
-
1,172,412
1,172,412
-
1,172,412
Balance at 31 March 2025
100
1,811,775
390,000
(3,973,152)
(1,771,277)
(36,475)
(1,807,752)
FIRST BLUE GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
3,034
3,134
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(60,628)
(60,628)
Balance at 31 March 2024
100
(57,594)
(57,494)
Year ended 31 March 2025:
Profit and total comprehensive income
-
5,332,618
5,332,618
Dividends
10
-
(1,226,963)
(1,226,963)
Balance at 31 March 2025
100
4,048,061
4,048,161
FIRST BLUE GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,052,162
1,609,687
Interest paid
(1,678,624)
(1,112,483)
Income taxes paid
(126,162)
(197,780)
Net cash (outflow)/inflow from operating activities
(752,624)
299,424
Investing activities
Purchase of tangible fixed assets
(86,218)
(3,592,720)
Proceeds from disposal of tangible fixed assets
29,592
33,466
Proceeds from disposal of subsidiaries, net of cash disposed
(62,414)
(3,260)
Repayment of loans
-
0
(537,014)
Interest received
433
1,228
Net cash used in investing activities
(118,607)
(4,098,300)
Financing activities
Proceeds from new bank loans
12,852,650
3,670,000
Repayment of bank loans
(11,491,867)
(294,690)
Payment of finance leases obligations
(168,202)
(240,636)
Dividends paid to equity shareholders
(54,350)
-
0
Net cash generated from financing activities
1,138,231
3,134,674
Net increase/(decrease) in cash and cash equivalents
267,000
(664,202)
Cash and cash equivalents at beginning of year
237,141
901,343
Cash and cash equivalents at end of year
504,141
237,141
Relating to:
Cash at bank and in hand
504,167
237,567
Bank overdrafts included in creditors payable within one year
(26)
(426)
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

First Blue Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of First Blue Group Ltd and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company First Blue Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line to the property's residual value
Leasehold improvements
10% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
As lessee

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of property

Freehold property is held at its valuation, based on based on recent market transactions on arm's length terms for similar properties, with any increase in valuation over cost shown in a revaluation reserve, net of deferred tax. The total revaluation reserve held in these financial statements is shown in the group statement of changes in equity.

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated useful life of the asset and circumstances.

The directors annually review the asset life and adjust as necessary to reflect current thinking on the remaining life in light of technological change, prospective economic utilisation and physical condition of the asset concerned.

Changes in asset lives can have a significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes to asset lives on an overall basis, as asset lives are individually determined.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Healthcare & Education services
8,487,185
8,296,643
Electrical & Mobility services
-
468,605
8,487,185
8,765,248
2025
2024
£
£
Other revenue
Interest income
433
1,228
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
3,300
11,000
Depreciation of tangible fixed assets
177,227
196,645
Loss on disposal of tangible fixed assets
104,438
196,919
Amortisation of intangible assets
-
43,341
Operating lease charges
14,732
10,912
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
74
105
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,262,844
4,023,569
-
0
-
0
Social security costs
378,784
346,831
-
-
Pension costs
65,348
68,097
-
0
-
0
4,706,976
4,438,497
-
0
-
0
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
433
1,228
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
1,604,651
1,030,352
Interest on finance leases and hire purchase contracts
73,973
82,131
Total finance costs
1,678,624
1,112,483
8
Amounts written off investments
2025
2024
£
£
Amounts written back to current loans
7,780
-
Other gains and losses
(2,448,974)
706,404
(2,441,194)
706,404
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
7,466
Deferred tax
Origination and reversal of timing differences
11,658
(63,248)
Total tax charge/(credit)
11,658
(55,782)

The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(3,400,507)
488,786
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(850,127)
122,197
Tax effect of expenses that are not deductible in determining taxable profit
(92,862)
-
0
Tax effect of income not taxable in determining taxable profit
610,303
-
0
Unutilised tax losses carried forward
308,992
(183,954)
Adjustments in respect of prior years
-
0
(54,830)
Permanent capital allowances in excess of depreciation
35,352
60,805
Taxation charge/(credit)
11,658
(55,782)
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
1,226,963
-
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024
433,412
Disposals
(433,412)
At 31 March 2025
-
0
Amortisation and impairment
At 1 April 2024
95,711
Disposals
(95,711)
At 31 March 2025
-
0
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
337,701
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
12,604,565
333,030
65,779
149,859
52,472
1,636,890
14,842,595
Additions
-
0
-
0
3,513
38,397
2,954
44,242
89,106
Disposals
(2,369,437)
-
0
-
0
(47,217)
-
0
(72,321)
(2,488,975)
At 31 March 2025
10,235,128
333,030
69,292
141,039
55,426
1,608,811
12,442,726
Depreciation and impairment
At 1 April 2024
-
0
90,528
26,695
68,816
30,404
303,894
520,337
Depreciation charged in the year
-
0
26,580
15,992
30,753
6,134
97,768
177,227
Eliminated in respect of disposals
-
0
-
0
-
0
(31,826)
-
0
(36,339)
(68,165)
At 31 March 2025
-
0
117,108
42,687
67,743
36,538
365,323
629,399
Carrying amount
At 31 March 2025
10,235,128
215,922
26,605
73,296
18,888
1,243,488
11,813,327
At 31 March 2024
12,604,565
242,502
39,084
81,043
22,068
1,332,996
14,322,258
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
-
0
1,290,549
-
0
-
0

Revalued freehold property would not be depreciated, as the directors feel that the residual value of the properties is greater than their original costs.

Land and buildings with a carrying amount of £12,604,565 were revalued at March 2023, and also in September 2024 by Colliers, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
4,412,742
6,782,179
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,650
1,450
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
1,450
Additions
300
Disposals
(100)
At 31 March 2025
1,650
Carrying amount
At 31 March 2025
1,650
At 31 March 2024
1,450
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
First Blue Supported Accomodation Limited
1
Ordinary shares
100.00
-
Your VR Therarpy Holdings Limited
1
Ordinary shares
100.00
-
Your VR Therapy Centres Limited
1
Ordinary shares
0
100.00
Your VR Therapy Limited
1
Ordinary shares
0
100.00
First Blue Construction Limited
2
Ordinary shares
100.00
-
Arcane Works Limited
1
Ordinary shares
100.00
-
Nameless Digital Marketing Limited
1
Ordinary shares
100.00
-
The F Team Limited
1
Ordinary shares
100.00
-
First Blue Software Solutions Limited
1
Ordinary shares
100.00
-
Seighford Halll Developments Limited
2
Ordinary shares
100.00
-
Seighford Hall Project Limited
2
Ordinary shares
50.00
-
First Blue Healthcare & Education Limited
1
Ordinary shares
100.00
-
First Blue Inspired Limited
1
Ordinary shares
0
100.00
First Blue Education Limited
1
Ordinary shares
0
100.00
First Blue Healthcare Limited
1
Ordinary shares
0
100.00
First Blue Family Assssment Limited
1
Ordinary shares
0
100.00
First Blue Fleet Limited
1
Ordinary shares
0
100.00
First Blue Healthcare East Midlands Limited
1
Ordinary shares
0
100.00
First Blue Propco 0 Limited
1
Ordinary shares
100.00
-
First Blue Propco 1 Limited
1
Ordinary shares
100.00
-
Fits Blue Propco 2 Limited
1
Ordinary shares
50.00
-
First Blue Propco 3 Limited
1
Ordinary shares
50.00
-
First Blue Propco 4 Limited
1
Ordinary shares
100.00
-
First Blue Propco 5 Limited
1
Ordinary shares
100.00
-
FBHC Holdco Limited
1
Ordinary shares
0
100.00
Principal Construction Group Limited
1
Ordinary shares
100.00
-
Your Roles Limited
1
Ordinary shares
100.00
-
Your Clouds Software Limited
1
Ordinary shares
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Seighford Hall, Clanford Road, Seighford, ST19 9NL
2
71-75 Shelton STreet, London, WC2H 9JQ

On 14 March 2025, Nurture Childcare Services Limited (previously one of the group's 100% owned subsidiary companies) was disposed of in full.

The investments in subsidiaries are all stated at cost.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
356,419
563,694
-
0
-
0
Corporation tax recoverable
121,173
-
0
120,000
-
0
Amounts owed by group undertakings
-
0
-
0
4,253,663
1,843,050
Other debtors
18,198
1,380,910
1,500
1,312,269
Prepayments and accrued income
50,938
319,506
-
0
-
0
546,728
2,264,110
4,375,163
3,155,319
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
452,510
441,067
-
0
-
0
Obligations under finance leases
19
399,140
162,905
-
0
-
0
Trade creditors
271,948
264,449
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
523,751
3,014,271
Corporation tax payable
10,738
15,042
-
0
-
0
Other taxation and social security
309,808
547,408
-
0
-
0
Other creditors
1,133,430
1,263,034
-
0
-
0
Accruals and deferred income
230,558
297,910
60,899
60,900
2,808,132
2,991,815
584,650
3,075,171
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
10,670,981
10,918,938
-
0
-
0
Obligations under finance leases
19
438,733
843,170
-
0
-
0
Other borrowings
18
-
0
390,000
-
0
140,000
11,109,714
12,152,108
-
0
140,000
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
11,123,465
11,359,579
-
0
-
0
Bank overdrafts
26
426
-
0
-
0
Other loans
-
0
390,000
-
0
140,000
11,123,491
11,750,005
-
0
140,000
Payable within one year
452,510
441,067
-
0
-
0
Payable after one year
10,670,981
11,308,938
-
0
140,000

Bank loans are secured by a fixed and floating charge over the assets of the group, dated 30 October 2024, in favour of Shawbrook Bank Limited.

19
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
399,140
162,905
-
0
-
0
Non-current liabilities
438,733
843,170
-
0
-
0
837,873
1,006,075
-
0
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
399,140
162,905
-
0
-
0
In two to five years
438,733
843,170
-
0
-
0
837,873
1,006,075
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
150,203
144,825
Revaluations
603,925
603,925
754,128
748,750
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
748,750
-
Charge to profit or loss
5,378
-
Liability at 31 March 2025
754,128
-

The majority of the deferred tax balance above is not expected to reverse within 12 months, as it will only crystalise when the properties subject to revaluation are sold.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,348
68,097

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
23
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

All advances and credits were interest free and repayable on demand.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors' loan
-
1,173,736
(1,173,736)
-
1,173,736
(1,173,736)
-
24
Controlling party

The ultimate parent company of First Blue Group Ltd is First Blue Topco Ltd. Its registered office is Seighford Hall, Clanford Road, Seighford, Stafford, England, ST18 9NL.

First Blue Topco Ltd are the parent of the smallest and largest group into which these financial statements are consolidated. Consolidated financial statements are available from the parent company's registered office.

25
Cash generated from group operations
2025
2024
£
£
(Loss)/profit after taxation
(3,412,165)
544,568
Adjustments for:
Taxation charged/(credited)
11,658
(55,782)
Finance costs
1,678,624
1,112,483
Investment income
(433)
(1,228)
Loss on disposal of tangible fixed assets
104,438
196,919
Amortisation and impairment of intangible assets
-
43,341
Depreciation and impairment of tangible fixed assets
177,227
196,645
Other gains and losses
2,441,194
(706,404)
Movements in working capital:
Decrease in stocks
-
0
6,818
Increase in debtors
(112,902)
(225,667)
Increase in creditors
164,521
497,994
Cash generated from operations
1,052,162
1,609,687
FIRST BLUE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
26
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
237,567
266,600
504,167
Bank overdrafts
(426)
400
(26)
237,141
267,000
504,141
Borrowings excluding overdrafts
(11,749,579)
626,114
(11,123,465)
Obligations under finance leases
(1,006,075)
168,202
(837,873)
(12,518,513)
1,061,316
(11,457,197)
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