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REGISTERED NUMBER: 02684778 (England and Wales)















First Network Ltd.

Unaudited Financial Statements

for the Year Ended 31 March 2023






First Network Ltd. (Registered number: 02684778)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


First Network Ltd.

Company Information
for the year ended 31 March 2023







Directors: D Georgiou
G Georgiou
C J Maisey
D S Sohal



Secretary: V Georgiou



Registered office: Unit 1
Rowdell Road
Northolt
Middlesex
UB5 5QR



Registered number: 02684778 (England and Wales)



Accountants: Haines Watts
Chartered Accountants
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD



Bankers: Barclays Bank PLC
PO Box 6549
London
N8 9RJ

First Network Ltd. (Registered number: 02684778)

Balance Sheet
31 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 255,676 242,017
Investments 5 - 100
255,676 242,117

Current assets
Debtors 6 8,030,235 7,153,878
Cash in hand 1,781,023 662,588
9,811,258 7,816,466
Creditors
Amounts falling due within one year 7 976,442 1,261,660
Net current assets 8,834,816 6,554,806
Total assets less current liabilities 9,090,492 6,796,923

Provisions for liabilities 15,664 -
Net assets 9,074,828 6,796,923

Capital and reserves
Called up share capital 9 2 2
Retained earnings 10 9,074,826 6,796,921
Shareholders' funds 9,074,828 6,796,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2023 and were signed on its behalf by:





D Georgiou - Director


First Network Ltd. (Registered number: 02684778)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

First Network Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements are the first annual financial statements of the company prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared on a going concern basis, under the historical cost convention.

Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Hence the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about First Network Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery- 30% reducing balance
Motor vehicles- 25% reducing balance
Office equipment- 25% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairments.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

First Network Ltd. (Registered number: 02684778)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Key sources of estimation uncertainty and judgements
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates.

Operating leases
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

3. Employees and directors

The average number of employees during the year was 7 (2022 - 8 ) .

4. Tangible fixed assets
Plant and Office Motor
machinery equipment vehicles Totals
£ £ £ £
Cost
At 1 April 2022 6,413,132 256,879 16,274 6,686,285
Additions 127,175 5,607 - 132,782
Disposals - - (16,274 ) (16,274 )
At 31 March 2023 6,540,307 262,486 - 6,802,793
Depreciation
At 1 April 2022 6,195,218 233,999 15,051 6,444,268
Charge for year 105,998 11,902 - 117,900
Eliminated on disposal - - (15,051 ) (15,051 )
At 31 March 2023 6,301,216 245,901 - 6,547,117
Net book value
At 31 March 2023 239,091 16,585 - 255,676
At 31 March 2022 217,914 22,880 1,223 242,017

First Network Ltd. (Registered number: 02684778)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


5. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 April 2022 100
Disposals (100 )
At 31 March 2023 -
Net book value
At 31 March 2023 -
At 31 March 2022 100

6. Debtors
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 1,029,973 307,076
Other debtors 6,998,111 6,840,029
8,028,084 7,147,105

Amounts falling due after more than one year:
Other debtors 2,151 6,773

Aggregate amounts 8,030,235 7,153,878

7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 322,568 205,311
Amounts owed to group undertakings - 859,762
Taxation and social security 468,769 163,091
Other creditors 185,105 33,496
976,442 1,261,660

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 210,444 210,444

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary £1 2 2

First Network Ltd. (Registered number: 02684778)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


10. Reserves
Retained
earnings
£

At 1 April 2022 6,796,921
Profit for the year 2,457,905
Dividends (180,000 )
At 31 March 2023 9,074,826

11. Pension commitments

The annual pension contribution payable during the year to 31 March 2023 amounted to £18,947 (2022: £17,229). At year end £175 was included in other creditors (2022: £3,345).

12. Other financial commitments

The company entered in to an arrangement with Barclays Bank Plc on 11 April 2000, of a cross guarantee and debenture of all monies due or becoming due by First Network Limited and First Network Properties Limited.

13. Related party disclosures

The company occupies premises owned by a related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company. Rent charges were incurred during the year of £210,444 (2022: £210,444).

The company was due £3,821,209 (2022: £4,029,295) at the year end from a related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company.

The company was due £3,145,798 (2022: £2,785,815) at the year end from another related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company.

The company owed it's subsidiary undertaking £Nil (2022: £859,762) at the year end.

Dividends of £180,000 (2022: £95,000) were authorised in the year for the parent company.

14. Ultimate controlling party

First Network Limited is wholly owned by FNL (Holdings) Limited, a company incorporated in Great Britain.

The ultimate owner and controlling party is D Georgiou by virtue of his shareholding in FNL (Holdings) Limited.