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REGISTERED NUMBER: 05146243 (England and Wales)















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: D Georgiou
V Georgiou



Secretary: V Georgiou



Registered office: Unit 1
Rowdell Road
Northolt
Middlesex
UB5 5QR



Registered number: 05146243 (England and Wales)



Accountants: Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP



Bankers: Barclays Bank PLC
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 11,101,873 11,101,873

Current assets
Debtors 5 19,587 39,712
Cash at bank 174,100 254,047
193,687 293,759
Creditors
Amounts falling due within one year 6 5,602,135 6,054,694
Net current liabilities (5,408,448 ) (5,760,935 )
Total assets less current liabilities 5,693,425 5,340,938

Provisions for liabilities 32,648 32,648
Net assets 5,660,777 5,308,290

Capital and reserves
Called up share capital 7 100 100
Retained earnings 8 5,660,677 5,308,190
Shareholders' funds 5,660,777 5,308,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





D Georgiou - Director


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 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. 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 3 (2023 - 3 ) .

4. Investment property
Total
£
Fair value
At 1 April 2023
and 31 March 2024 11,101,873
Net book value
At 31 March 2024 11,101,873
At 31 March 2023 11,101,873

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 19,587 39,712

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 135,511 135,667
Taxation and social security 139,831 106,475
Other creditors 5,326,793 5,812,552
5,602,135 6,054,694

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

8. Reserves
Retained
earnings
£

At 1 April 2023 5,308,190
Profit for the year 352,487
At 31 March 2024 5,660,677

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.