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Registration number: 08006945

FS First Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

FS First Solutions Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 22

 

FS First Solutions Limited

Company Information

Directors

F Costalonga

R Frasca

A Trinca Garotin

Company secretary

Laggan Secretaries Ltd

Registered office

37th Floor
1 Canada Square
London
United Kingdom
E14 5AA

Auditors

DTL Auditors Ltd
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

FS First Solutions Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is providing investment advice and market recommendations to clients and arranging financial products

Fair review of the business

The company turnover during the year increased to €8,648,837 from €5,732,097 in 2022. The gross profit increased to €1,802,327 from €1,368,346. The Operating profit was €1,040,313 in 2023 compared to €613,076 in 2022. The company managed to increase the turnover, even though the exogenous macro-political conditions were difficult and uncertain. Its activities continue to be stable and in some respects with profits still outperforming the industry and the current economic climate. Despite challenging macroeconomic conditions, 2023 demonstrated stable and increased activity levels. While the worst of the Pandemic disruptions have subsided, ongoing factors such as the Ukraine conflict and central bank efforts to combat stuck inflation necessitated continued advisory services for portfolio restructuring and product specialization. Since mid-2022, the company has executed strategic initiatives to fortify its position within the industry and against competitors, proactively addressing regulatory changes and market demands. Notably, FS has obtained full passporting in Italy under the Italian regulator (CONSOB, libera prestazione di servizi senza branch – LPS), enabling seamless operations according to our business model. This passporting has been operational for over a year, facilitating our expansion and bolstering activities across all fronts. FS's licensing as an Investment Manager has enabled the provision of advisory services for the UCITS fund launched on June 5th, 2020, known as the Atomo Certificate UCITS Fund domiciled in Luxembourg. Since its inception, the fund has experienced stable assets under management (AUM) and garnered recognition, solidifying FS's reputation as a distinctive player in the structured products industry. The IM licenses have been crucial and a must have for our Actively Managed Certificates (AMC) activities that we launched in late 2020. Indeed, FS established a solid infrastructure and made substantial investments in Actively Managed Certificates (AMCs), which resemble UCITS funds but with fewer restrictions and lower costs, poised to disrupt the Italian market. Presently, FS oversees 9 AMCs listed in the Italian market, compared to 3 in 2021 and 7 in 2022, with an additional three projects in development. Notably, FS remains the sole industry participant serving as an Index Advisor for such initiatives.

In summary, FS maintains a robust business model characterized by strong partnerships with issuing banks and a dedicated customer base, prioritizing long-term relationships. With concrete opportunities for business diversification and expansion, the company remains committed to investing in marketing endeavors, leveraging both proprietary and third-party initiatives to enhance its market presence and reach.

















 

 

FS First Solutions Limited

Strategic Report for the Year Ended 31 December 2023

Principal risks and uncertainties

Principal risks and uncertainties
The company has established a risk committee that meets quarterly and which evaluates the company's risk appetite. The principal risks and uncertainties facing the company are broadly companied as legislative and financial instrument risk.

Legislative Risks
The company is incorporated in the United Kingdom and regulated by the Financial Conduct Authority (FCA). After Brexit outcome, FS has applied to the Italian Regulator (CONSOB) for the LPS (Libera prestazioni di servizi senza branch) to avoid losing passporting into European countries, such as Italy in this case, leading to a re organization of the actual business. This allows FS to continue their business without any disruptions. As of today, FS is now fully passported into Italy, through LPS.

Financial Instrument Risks
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives. The objectives aim to limit undue counterparty exposure, by diversifying issuing counterparties and monitor, on a
continuous basis, exposures of final clients, exposure of the UCITS fund and to the AMC business that is rapidly growing.

-To reduce financial instrument risks, FS has started in 2018 and continues on an ongoing basis to diversify the
product range (e.g., Brokerage, UCITS Fund, AMC, Private Placement activities).
-The company is subject to currency rate risk. The company operates globally, as explained further down in this report. Fluctuations in exchange rates between currencies in which the company operates, relative to GBP, may cause variations in its financial results. The main currencies which impact the company's operations are the Euro and the US Dollar.

Market Risk
FS is active in structured products trading across all asset classes. Our clients are heavily affected by markets conditions and as such are very sensitive to changes in equity, credit, commodity and exchange rate markets, specifically. 2015 and 2016 were accompanied by weaker markets and this was reflected in the final accounts of
the company. 2017 has seen a strong equity market, that in turn, showed strong positive numbers in turnover, gross profit, and net income, which again slightly decreased in 2018 and, strengthened in 2019 and 2020. In 2021 particularly FS has followed this trend based on our description above. 2022 has been a difficult market with various exogeneous shocks such as, but not limited to, Ukraine war, rising Inflation and Central Banks activities. Still, the company has managed to produce sound results, which confirms once again the strenghth and good positioning of the company. Similarly, 2023 echoed the trends observed in 2022, marked by exogenous shocks such as the Ukraine conflict and persistent inflationary pressures, which Central Banks have been actively addressing. The company diversification and presence in the market has allowed FS to maintain and even improve its business, which is shown in the financial results.

Exposure credit risk
Products traded by FS are always issued and guaranteed by issuing Banks (e.g. Barclays, Citigroup, Nomura, UBS, Commerzbank, Marex, Societe Generale, JP Morgan, Goldman Sachs, Morgan Stanley...) through senior unpreferred notes. Other than product and financial instrument related risks, the company is also exposed to the issuer soundness. However, like for the recent Credit Suisse event, given the products are issued through Senior unpreferred notes, the impact is marginal and only applied to the marked to market of the products. Havng said that, FS is particularly sensible to this in order to diversify and reduce risk.

 

FS First Solutions Limited

Strategic Report for the Year Ended 31 December 2023

Approved by the Board on 22 February 2024 and signed on its behalf by:

.........................................
R Frasca
Director

   
     
 

FS First Solutions Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

F Costalonga

R Frasca

A Trinca Garotin

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 22 February 2024 and signed on its behalf by:

.........................................
R Frasca
Director

   
     
 

FS First Solutions Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

FS First Solutions Limited

Independent Auditor's Report to the Members of FS First Solutions Limited

Opinion

We have audited the financial statements of FS First Solutions Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

FS First Solutions Limited

Independent Auditor's Report to the Members of FS First Solutions Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 Statement of Directors' Responsibilities [set out on page 6], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

 

FS First Solutions Limited

Independent Auditor's Report to the Members of FS First Solutions Limited

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: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 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.

......................................
John Tiltman (Senior Statutory Auditor)
For and on behalf of DTL Auditors Ltd, Statutory Auditor

5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

22 April 2024

 

FS First Solutions Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023

2022

Turnover

8,648,837

5,732,097

Cost of sales

 

(6,846,510)

(4,363,751)

Gross profit

 

1,802,327

1,368,346

Administrative expenses

 

(762,014)

(755,270)

Operating profit

3

1,040,313

613,076

Interest payable and similar expenses

5

-

(241)

Profit before tax

 

1,040,313

612,835

Tax on profit

9

(245,386)

(117,417)

Profit for the financial year

 

794,927

495,418

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

FS First Solutions Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023

2022

Profit for the year

794,927

495,418

Total comprehensive income for the year

794,927

495,418

 

FS First Solutions Limited

(Registration number: 08006945)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Tangible assets

10

502

3,213

Current assets

 

Debtors

12

1,626,293

641,520

Cash at bank and in hand

 

1,437,823

1,622,369

 

3,064,116

2,263,889

Creditors: Amounts falling due within one year

14

(938,676)

(408,087)

Net current assets

 

2,125,440

1,855,802

Net assets

 

2,125,942

1,859,015

Capital and reserves

 

Called up share capital

31,337

31,337

Retained earnings

2,094,605

1,827,678

Shareholders' funds

 

2,125,942

1,859,015

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................
R Frasca
Director

   
     
 

FS First Solutions Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital

Retained earnings

Total

At 1 January 2023

31,337

1,827,678

1,859,015

Profit for the year

-

794,927

794,927

Dividends

-

(528,000)

(528,000)

At 31 December 2023

31,337

2,094,605

2,125,942

Share capital

Retained earnings

Total

At 1 January 2022

31,337

2,388,260

2,419,597

Profit for the year

-

495,418

495,418

Dividends

-

(1,056,000)

(1,056,000)

At 31 December 2022

31,337

1,827,678

1,859,015

 

FS First Solutions Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023

2022

Cash flows from operating activities

Profit for the year

 

794,927

495,418

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

3

2,711

4,966

Finance costs

5

-

241

Income tax expense

9

245,386

117,417

Foreign exchange gains/losses

 

80,589

22,159

 

1,123,613

640,201

Working capital adjustments

 

Increase in trade debtors

12

(984,773)

(137,793)

Increase in trade creditors

14

402,620

148,219

Cash generated from operations

 

541,460

650,627

Income taxes paid

9

(117,417)

(247,583)

Net cash flow from operating activities

 

424,043

403,044

Acquisition of non current financial assets

 

Proceeds from disposal of investments in joint ventures and associates

 

-

72,457

Cash flows from financing activities

 

Interest paid

5

-

(241)

Dividends paid

18

(528,000)

(1,056,000)

Net cash flows from financing activities

 

(528,000)

(1,056,241)

Net decrease in cash and cash equivalents

 

(103,957)

(580,740)

Cash and cash equivalents at 1 January

 

1,622,369

2,225,268

Effect of exchange rate fluctuations on cash held

 

(80,589)

(22,159)

Cash and cash equivalents at 31 December

 

1,437,823

1,622,369

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
37th Floor
1 Canada Square
London
United Kingdom
E14 5AA
United Kingdom

These financial statements were authorised for issue by the Board on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33.3% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Operating profit

Arrived at after charging/(crediting)

2023

2022

Depreciation expense

2,710

4,966

Foreign exchange losses

80,589

22,159

4

Other interest receivable and similar income

2023

2022

5

Interest payable and similar expenses

2023

2022

Interest on bank overdrafts and borrowings

-

241

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023

2022

Wages and salaries

351,821

357,117

Social security costs

17,378

21,166

Other short-term employee benefits

4,787

4,511

Pension costs, defined contribution scheme

8,417

8,482

Other employee expense

-

587

382,403

391,863

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

4

4

4

4

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023

2022

Remuneration

265,399

269,987

Contributions paid to money purchase schemes

6,895

7,068

272,294

277,055

8

Auditors' remuneration

2023

2022

Audit of the financial statements

7,123

3,414


 

9

Taxation

Tax charged/(credited) in the profit and loss account

2023

2022

Current taxation

UK corporation tax

245,386

117,417

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Tangible assets

Long leasehold land and buildings

Plant and machinery

Total

Cost or valuation

At 1 January 2023

16,691

8,311

25,002

At 31 December 2023

16,691

8,311

25,002

Depreciation

At 1 January 2023

14,626

5,526

20,152

Charge for the year

2,065

2,283

4,348

At 31 December 2023

16,691

7,809

24,500

Carrying amount

At 31 December 2023

-

502

502

At 31 December 2022

2,065

1,148

3,213

Included within the net book value of land and buildings above is € (2022 - €2,064) in respect of long leasehold land and buildings.
 

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss

Total

Non-current financial assets

Cost or valuation

At 1 January 2023

100,000

100,000

Additions

97,500

97,500

Disposals

(197,500)

(197,500)

At 31 December 2023

-

-

Impairment

Carrying amount

At 31 December 2023

-

-

12

Debtors

Current

2023

2022

Trade debtors

235,476

195,498

Other debtors

7,738

15,745

Prepayments

169,600

27,783

Accrued income

1,213,479

402,494

 

1,626,293

641,520

13

Cash and cash equivalents

2023

2022

Cash on hand

2,766

2,648

Cash at bank

1,435,057

1,619,721

1,437,823

1,622,369

14

Creditors

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Note

2023

2022

Due within one year

 

Trade creditors

 

178,866

143,149

Social security and other taxes

 

16,786

19,660

Outstanding defined contribution pension costs

 

299

298

Other payables

 

1,102

1,102

Accruals

 

496,237

126,461

Income tax liability

9

245,386

117,417

 

938,676

408,087

15

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to €8,417 (2022 - 8,482).

Contributions totalling 299 (2022 - €298) were payable to the scheme at the end of the year and are included in creditors.

The number of directors that benefit from pension arrangement is 1 (2020- 1).

16

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

No.

Ordinary Shares of £1 each

26,400

31,336.80

26,400

31,336.80

         

17

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023

2022

Not later than one year

-

29,916

The amount of non-cancellable operating lease payments recognised as an expense during the year was €Nil (2022 - €55,429).

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Dividends

   

2023

 

2022

   

 

Final dividend of €20.00 (2022 - €40.00) per ordinary share

 

528,000

 

1,056,000

         

Final dividends paid

   

2023

 

2022

Final dividend of 20.00 (2022 - 40.00) per each Ordinary shares

 

528,000

 

1,056,000

         

19

Parent and ultimate parent undertaking

The ultimate controlling party is Riccardo Frasca.