REGISTERED NUMBER: |
First Network Ltd. |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
First Network Ltd. |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
First Network Ltd. (Registered number: 02684778) |
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 Network Ltd. |
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 Network Ltd. (Registered number: 02684778) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | 9 |
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 Network Ltd. (Registered number: 02684778) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
First Network Ltd. 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. |
The financial statements have been prepared on a going concern basis, under the historical cost convention. |
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. Hence the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about First Network Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
Plant and machinery | - 30% reducing balance |
Motor vehicles | - 25% reducing balance |
Office equipment | - 25% reducing balance |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any impairments. |
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 Network Ltd. (Registered number: 02684778) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pensions |
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. |
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. |
Operating leases |
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate. |
3. | Employees and directors |
The average number of employees during the year was |
First Network Ltd. (Registered number: 02684778) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | Tangible fixed assets |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Debtors |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
First Network Ltd. (Registered number: 02684778) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
10. | Pension commitments |
The annual pension contribution payable during the year to 31 March 2024 amounted to £20,796 (2023: £18,497). At year end £2,490 was included in other creditors (2023: £175). |
11. | Other financial commitments |
The company entered in to an arrangement with Barclays Bank Plc on 11 April 2000, of a cross guarantee and debenture of all monies due or becoming due by First Network Limited and First Network Properties Limited. |
12. | Related party disclosures |
The company occupies premises owned by a related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company. Rent charges were incurred during the year of £246,867 (2023: £210,444). |
The company was due £3,616,599 (2023: £3,821,209) at the year end from a related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company. |
The company was due £2,698,141 (2023: £3,145,798) at the year end from another related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company. |
Dividends of £108,500 (2023: £180,000) were authorised in the year for the parent company. |
13. | Ultimate controlling party |
First Network Limited is wholly owned by FNL (Holdings) Limited, a company incorporated in Great Britain. |
The ultimate owner and controlling party is D Georgiou by virtue of his shareholding in FNL (Holdings) Limited. |