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Registration number: 02708226

First Management Limited

Filleted Financial Statements

for the Year Ended 30 November 2023

 

First Management Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

First Management Limited

Company Information

Directors

Mr Mark Andrew Kelly

Mr Wayne Edmonds

Company secretary

Mrs Karen Wainwright

Registered office

Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

Auditors

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

First Management Limited

(Registration number: 02708226)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

78,766

65,717

Current assets

 

Debtors

5

4,634,234

4,039,087

Cash at bank and in hand

 

220,983

282,662

 

4,855,217

4,321,749

Creditors: Amounts falling due within one year

6

(306,821)

(374,759)

Net current assets

 

4,548,396

3,946,990

Net assets

 

4,627,162

4,012,707

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

4,627,062

4,012,607

Shareholders' funds

 

4,627,162

4,012,707

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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

.........................................
Mr Mark Andrew Kelly
Director

 

First Management Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

4,012,608

4,012,708

Profit for the year

-

614,454

614,454

At 30 November 2023

100

4,627,062

4,627,162

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

100

3,431,234

3,431,334

Profit for the year

-

581,373

581,373

At 30 November 2022

100

4,012,607

4,012,707

 

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 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:
Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

The principal place of business is:
Regis House
Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT
England

These financial statements were authorised for issue by the Board on 22 July 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 July 2024 was Nicola Merridue FCCA, who signed for and on behalf of Matthews Hanton Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of property management 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.

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

Furniture and fitting

15% & 20% on cost

Motor vehicles

25% reducing balance

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.

 

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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.

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.

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

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

 

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

235,778

86,661

322,439

Additions

7,409

38,850

46,259

Disposals

(161,812)

(13,625)

(175,437)

At 30 November 2023

81,375

111,886

193,261

Depreciation

At 1 December 2022

215,082

41,640

256,722

Charge for the year

10,877

20,513

31,390

Eliminated on disposal

(161,811)

(11,806)

(173,617)

At 30 November 2023

64,148

50,347

114,495

Carrying amount

At 30 November 2023

17,227

61,539

78,766

At 30 November 2022

20,696

45,021

65,717

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

76,679

88,449

Amounts owed by related parties

8

4,549,037

3,944,037

Prepayments

 

8,518

6,601

   

4,634,234

4,039,087

6

Creditors

Creditors: amounts falling due within one year

 

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,282

8,397

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

13,523

13,523

Taxation and social security

 

237,633

191,252

Accruals and deferred income

 

4,923

2,894

Other creditors

 

47,460

158,693

 

306,821

374,759

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

 

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

155,819

142,794

Contributions paid to money purchase schemes

2,642

2,642

158,461

145,436

Summary of transactions with entities with joint control or significant interest

9

Parent and ultimate parent undertaking

The company's immediate parent is Forbes Corroon (Holdings) Limited, incorporated in British Virgin Islands.