REGISTERED NUMBER: |
First Investments (UK) Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
First Investments (UK) Limited |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
First Investments (UK) Limited (Registered number: 05146243) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
First Investments (UK) Limited |
Company Information |
for the year ended 31 March 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Bankers: |
PO Box 6549 |
London |
N8 9RJ |
First Investments (UK) Limited (Registered number: 05146243) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | 8 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
First Investments (UK) Limited (Registered number: 05146243) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
First Investments (UK) Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements are the first annual financial statements of the company prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and with the continued support of a director and connected companies. The directors are not aware of any reason why this support would be withdrawn. Hence the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. |
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. |
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 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. |
First Investments (UK) Limited (Registered number: 05146243) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Key sources of estimation uncertainty and judgements |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Investment property |
Total |
£ |
Fair value |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
The 2020 valuations were made by directors, on an open market value for existing use basis. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2016 | 288,500 |
Valuation in 2017 | 1,708,238 |
Valuation in 2018 | 300,000 |
Cost | 8,805,135 |
11,101,873 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
First Investments (UK) Limited (Registered number: 05146243) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | Reserves |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
At the year end £2,328,317 (2023: £2,328,317) of the total retained earnings are non-distributable, relating to fair value movements on fixed assets and their associated deferred tax movements. |
9. | Directors' advances, credits and guarantees |
At the year end there was amount owed from the company to a director of £Nil (2023: £Nil). |
10. | Related party disclosures |
At the year end, the company owed £2,698,141 (2023: £3,145,799) to a related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company. |
At year end the company also owed £2,611,698 (2023: £2,650,471) to another related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company. |
11. | Ultimate controlling party |
The company was under the control of the directors throughout the accounting year. The parent company is FIUKL (Holdings) Limited, a company incorporated in Great Britain. |
The ultimate owner is D Georgiou by virtue of his 100% shareholding in FIUKL (Holdings) Limited. |