REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
THE CLIENT FIRST GROUP LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
THE CLIENT FIRST GROUP LIMITED |
THE CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Contents of the Financial Statements |
for the year ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THE CLIENT FIRST GROUP LIMITED |
Company Information |
for the year ended 30 November 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
THE CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
Shareholders' funds |
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 CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Balance Sheet - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Notes to the Financial Statements |
for the year ended 30 November 2023 |
1. | Statutory information |
The Client First Group Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
There are not considered to be any critical judgements in applying the group's accounting policies. |
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below. |
(i) Property valuation |
The valuation of freehold property requires management's best estimate of the open market value of the relevant asset. They are assisted in preparing this estimate by periodic professional valuations. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents management charges received. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
Freehold property is stated at its revalued amount which is reviewed by the directors periodically. A revaluation surplus is credited to the asset revaluation reserve in equity. A revaluation deficit is recognised in the statement of profit and loss except to the extent that it offsets an existing surplus on the same asset. |
THE CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies 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 receipts discounted at a market rate of interest. |
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. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
4. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
THE CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
5. | Tangible fixed assets |
Freehold |
property |
£ |
Cost or valuation |
At 1 December 2022 |
and 30 November 2023 |
Depreciation |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
Included within the net book value of tangible fixed assets is £2,185,500 (2022 - £2,232,000) which is pledged as security for liabilities. |
Cost or valuation at 30 November 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 2023 | 240,137 |
Cost | 2,084,863 |
2,325,000 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,084,863 | 2,084,863 |
Aggregate depreciation | 375,273 | 333,576 |
Freehold property was valued on an open market basis on 30 November 2023 by the director . |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
THE CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Corporation tax |
Other creditors |
Accrued expenses |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 201,257 | 331,664 |
9. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is by charges over the freehold property and by a fixed and floating charge over the assets of the company. The bank loan is repayable in 180 equal monthly instalments. Interest is charged at 2% over base rate. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 503 | 503 |
There are no restrictions on the voting rights of any shares nor on their rights to dividends and to participate in any surplus. |
THE CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2023 |
11. | Reserves |
Revaluation |
reserve |
£ |
At 1 December 2022 |
Depreciation re revaluation | (4,803 | ) |
At 30 November 2023 |
12. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loans are interest free and repayable on demand. |
During the year the director received dividends of £nil (2022 - £nil). |
13. | Ultimate controlling party |
The controlling party is Claire Fernie. |
Oakwater Holdings Limited is the company's ultimate parent company. |