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REGISTERED NUMBER: 06772023 (England and Wales)















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: A W Fernie
C L Fernie





Registered office: Oakwater House
4 Oakwater Avenue
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3SR





Registered number: 06772023 (England and Wales)





Accountants: Evelyn Partners (Manchester) Limited
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 2,185,500 2,232,000

Current assets
Debtors 6 960,432 730,322
Cash at bank and in hand 1,237 392
961,669 730,714
Creditors
Amounts falling due within one year 7 662,740 373,156
Net current assets 298,929 357,558
Total assets less current liabilities 2,484,429 2,589,558

Creditors
Amounts falling due after more than one
year

8

(723,649

)

(832,322

)

Provisions for liabilities (60,034 ) (60,034 )
Net assets 1,700,746 1,697,202

Capital and reserves
Called up share capital 10 503 503
Revaluation reserve 11 415,876 420,679
Retained earnings 1,284,367 1,276,020
Shareholders' funds 1,700,746 1,697,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 CLIENT FIRST GROUP LIMITED (REGISTERED NUMBER: 06772023)

Balance Sheet - continued
30 November 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





C L Fernie - Director


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 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 2,325,000
Depreciation
At 1 December 2022 93,000
Charge for year 46,500
At 30 November 2023 139,500
Net book value
At 30 November 2023 2,185,500
At 30 November 2022 2,232,000

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 960,432 730,322

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 101,639 107,371
Amounts owed to group undertakings 12 10
Corporation tax 94,815 96,332
Other creditors 455,419 161,242
Accrued expenses 10,855 8,201
662,740 373,156

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans - 1-2 years 113,222 114,488
Bank loans - 2-5 years 409,170 386,170
Bank loans more 5 yr by instal 201,257 331,664
723,649 832,322

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 825,288 939,693

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: £ £
503 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 420,679
Depreciation re revaluation (4,803 )

At 30 November 2023 415,876

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
£ £
A W Fernie
Balance outstanding at start of year 534,510 450,000
Amounts advanced 254,879 152,500
Amounts repaid (66,313 ) (67,990 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 723,076 534,510

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.