REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
First Business Finance (UK) Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
First Business Finance (UK) Ltd |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
First Business Finance (UK) Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 7 |
Mulberry Place |
Pinnell Road |
Eltham |
London |
SE9 6AR |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Capital redemption reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
First Business Finance (UK) Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
INTANGIBLE FIXED ASSETS |
Amortisation is provided using the straight-line method to write off each asset over its estimated useful life. |
Computer software licences etc - five years |
TANGIBLE FIXED ASSETS |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
STOCKS |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Improvements | Plant and | and |
to property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CURRENT ASSET INVESTMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Other |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
11. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 3,068 | 3,872 |
Deferred tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
Ordinary A | £1 | 100 | 100 |
1,100 | 1,100 |
13. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 1,340,004 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 1,448,994 |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
31.3.24 | 31.3.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest of 2% is charged on the above loan. The loan is repayable upon demand. |
15. | RELATED PARTY DISCLOSURES |
The company declared and paid dividends of NIL (2023: £113,741) during the year to Mr D C Jordan, director of the company. |
At the year end, the company was owed NIL (2023: £3,900) by First Business Solutions Ltd (Formerly First Salvage Ltd), a company in which Mr D C Jordan is a director and shareholder. This is included within other debtors. |
At the year end, the company was owed £430,000 (2023: 390,000 ) by First Investment Properties Ltd, a company in which Mr D C Jordan is a director and shareholder. This is included within other debtors. |
At the year end the company was owed NIL (2023: £2,500) by DK&I Ltd, a company in which Mr D C Jordan is a director and shareholder. This is included within other debtors. |
At the year end the company was owed NIL (2023: £6,900) by Tickety Boo Finance Ltd, a company in which Mr D C Jordan is a shareholder and former director (resigned 14th November 2023). This is included within other debtors. |
At the year end the company was owed £5,000 (2023: £10,000) by First Business Protection Ltd, a company in which Mr D C Jordan is a director and shareholder. This is included within other debtors. |
At the year end, the company owed £3,640 (2023: NIL ) to First Business Protection Ltd. This is included within trade creditors. |
During the year, the company loaned NIL (2023: £200,000) to First Business Securities Ltd, a company in which Mr D C Jordan is a director and shareholder. The following amounts were repaid by First Business Securities Ltd: |
28/04/2023 - £4,700 |
31/05/2023 - £4,700 |
30/06/2023 - £4,700 |
31/07/2023 - £4,700 |
At the year end, First Business Securities Ltd owed the company £675,344 (2023: 702,419). £675,000 (2023: £693,614) is included within other debtors and the remaining £344 (2023: £8,805) is included within trade debtors. |
At the year end, the company owed £2,754 (2023: £4,540 ) to First Business Securities Ltd. This is included within trade creditors. |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | ULTIMATE CONTROLLING PARTY |
The company was controlled by D C Jordan by virtue of his shareholding in the company. |