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REGISTERED NUMBER: 06720787 (England and Wales)









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: D C Jordan





REGISTERED OFFICE: The Studio
Kings Langlei
Matts Hill Road
Hartlip, Sittingbourne
Kent
ME9 7XA





REGISTERED NUMBER: 06720787 (England and Wales)





ACCOUNTANTS: Nichols & Co ( Accountancy ) Limited
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 81,919 87,214
81,919 87,214

CURRENT ASSETS
Stocks 15,600 -
Debtors 6 1,405,885 1,297,170
Investments 7 1 58,500
Cash at bank 209,447 258,134
1,630,933 1,613,804
CREDITORS
Amounts falling due within one year 8 (250,431 ) (291,227 )
NET CURRENT ASSETS 1,380,502 1,322,577
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,462,421

1,409,791

CREDITORS
Amounts falling due after more than one
year

9

(9,259

)

(64,815

)

PROVISIONS FOR LIABILITIES 11 (3,068 ) (3,872 )
NET ASSETS 1,450,094 1,341,104

CAPITAL AND RESERVES
Called up share capital 12 1,100 1,100
Capital redemption reserve 13 1 1
Retained earnings 13 1,448,993 1,340,003
SHAREHOLDERS' FUNDS 1,450,094 1,341,104

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 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


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 director and authorised for issue on 23 September 2024 and were signed by:





D C Jordan - Director


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 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 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. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 16 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 April 2023
and 31 March 2024 3,270
AMORTISATION
At 1 April 2023
and 31 March 2024 3,270
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 56,084 888 37,670
Additions 2,487 - -
Disposals - - -
At 31 March 2024 58,571 888 37,670
DEPRECIATION
At 1 April 2023 - 389 24,940
Charge for year - 124 3,183
Eliminated on disposal - - -
At 31 March 2024 - 513 28,123
NET BOOK VALUE
At 31 March 2024 58,571 375 9,547
At 31 March 2023 56,084 499 12,730

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 5,538 55,705 155,885
Additions - - 2,487
Disposals (5,538 ) - (5,538 )
At 31 March 2024 - 55,705 152,834
DEPRECIATION
At 1 April 2023 5,538 37,804 68,671
Charge for year - 4,475 7,782
Eliminated on disposal (5,538 ) - (5,538 )
At 31 March 2024 - 42,279 70,915
NET BOOK VALUE
At 31 March 2024 - 13,426 81,919
At 31 March 2023 - 17,901 87,214

6. DEBTORS
31.3.24 31.3.23
£ £
Amounts falling due within one year:
Trade debtors 88,978 143,479
Other debtors 641,907 460,077
730,885 603,556

Amounts falling due after more than one year:
Other debtors 675,000 693,614

Aggregate amounts 1,405,885 1,297,170

7. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£ £
Other 1 58,500

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Bank loans and overdrafts 55,556 55,556
Trade creditors 49,312 34,681
Taxation and social security 124,772 180,570
Other creditors 20,791 20,420
250,431 291,227

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 9,259 64,815

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£ £
Within one year 13,959 17,355
Between one and five years 360 24,835
14,319 42,190

11. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£ £
Deferred tax 3,068 3,872

Deferred tax
£
Balance at 1 April 2023 3,872
Provided during year (804 )
Balance at 31 March 2024 3,068

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £ £
1,000 Ordinary £1 1,000 1,000
100 Ordinary A £1 100 100
1,100 1,100

13. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 April 2023 1,340,003 1 1,340,004
Profit for the year 176,490 176,490
Dividends (67,500 ) (67,500 )
At 31 March 2024 1,448,993 1 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
£ £
D C Jordan
Balance outstanding at start of year - -
Amounts advanced 160,859 120,925
Amounts repaid (7,184 ) (120,925 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 153,675 -

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.