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REGISTERED NUMBER: 09382659 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

FIRST BUY LIMITED

FIRST BUY LIMITED (REGISTERED NUMBER: 09382659)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


FIRST BUY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Rabbi M Steren





REGISTERED OFFICE: 115 Craven Park Road
London
London
N15 6BL





BUSINESS ADDRESS: 4 Frinton Road
London
London
N15 6NH





REGISTERED NUMBER: 09382659 (England and Wales)





INDEPENDENT AUDITORS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

FIRST BUY LIMITED (REGISTERED NUMBER: 09382659)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Notes £    £   
FIXED ASSETS
Investment property 5 650,000 650,000

CURRENT ASSETS
Debtors 6 10,093 7,684

CREDITORS
Amounts falling due within one year 7 (538,786 ) (536,377 )
NET CURRENT LIABILITIES (528,693 ) (528,693 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

121,307

121,307

PROVISIONS FOR LIABILITIES (18,338 ) (18,338 )
NET ASSETS 102,969 102,969

CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 9 96,518 96,518
Retained earnings 6,450 6,450
SHAREHOLDERS' FUNDS 102,969 102,969

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 director and authorised for issue on 5 March 2024 and were signed by:





Rabbi M Steren - Director


FIRST BUY LIMITED (REGISTERED NUMBER: 09382659)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

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

The director believes that the company is experiencing good levels of sales and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources and support from it's parent entity to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 £.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the Director is 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial instruments are recognised in the balance sheet when the entity 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.

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

Current or deferred taxation assets and liabilities are not discounted.

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


FIRST BUY LIMITED (REGISTERED NUMBER: 09382659)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

3. EMPLOYEES AND DIRECTORS

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

4. AUDITORS' REMUNERATION
Period
1.2.21
Year ended to
31.5.23 31.5.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

3,000

3,000

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 650,000
NET BOOK VALUE
At 31 May 2023 650,000
At 31 May 2022 650,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2021 96,518
Cost 553,482
650,000

If investment property had not been revalued it would have been included at the following historical cost:

31.5.23 31.5.22
£    £   
Cost 553,482 553,482
Aggregate depreciation (52,949 ) (41,879 )

Investment property was valued on a fair value basis on 31 May 2023 by the Director .

FIRST BUY LIMITED (REGISTERED NUMBER: 09382659)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 2,966 -
Other debtors 7,127 7,684
10,093 7,684

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Tax 5,828 5,828
Other creditors 523,983 524,574
Accrued expenses 7,440 4,440
Deferred income 1,535 1,535
538,786 536,377

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
1 Ordinary £1 1 1

9. RESERVES
Revaluation
reserve
£   
At 1 June 2022
and 31 May 2023 96,518

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M A Venitt (Senior Statutory Auditor)
for and on behalf of Venitt and Greaves

11. RELATED PARTY DISCLOSURES

As at 31 May 2023 First Buy Ltd is owed a total of £7,127 from Yomtov Ltd, an entity which shares a common Director with First Buy Ltd (Rabbi M Steren).
In addition, as at 31 May 2023 First Buy Ltd owes £7,197 to Starfield Estates Ltd, an entity which also shares a common Director with First Buy Ltd (Rabbi M Steren).
Finally, as at 31 May 2023 First Buy Ltd owes £516,786 to Vishnitz Girls School Ltd, a charity which shares a common Director/ Trustee with First Buy Ltd (Rabbi M Steren) and is the ultimate controlling party of First Buy Ltd.

No other related party transactions have been noted during the period ended 31 May 2023.

12. ULTIMATE CONTROLLING PARTY

Vishnitz Girls School Ltd

FIRST BUY LIMITED (REGISTERED NUMBER: 09382659)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

13. TAXATION

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