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Registered number: 12345643










FIRST LONGEVITY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FIRST LONGEVITY LTD
REGISTERED NUMBER: 12345643

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,977
2,803

Investments
 5 
32,775
96,000

  
35,752
98,803

Current assets
  

Debtors: amounts falling due within one year
 6 
30,916
7,075

Cash at bank and in hand
 7 
121,116
74,089

  
152,032
81,164

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(108,603)
(26,097)

Net current assets
  
 
 
43,429
 
 
55,067

Total assets less current liabilities
  
79,181
153,870

  

Net assets
  
79,181
153,870


Capital and reserves
  

Called up share capital 
 9 
1,476
1,384

Share premium account
  
955,931
678,827

Profit and loss account
  
(878,226)
(526,341)

  
79,181
153,870


Page 1

 
FIRST LONGEVITY LTD
REGISTERED NUMBER: 12345643

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P J Newman
Director

Date: 16 September 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
FIRST LONGEVITY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,352
502,953
(362,633)
141,672



Loss for the year
-
-
(163,708)
(163,708)

Shares issued during the year
32
175,874
-
175,906



At 1 January 2023
1,384
678,827
(526,341)
153,870



Loss for the year
-
-
(351,885)
(351,885)

Shares issued during the year
92
277,104
-
277,196


At 31 December 2023
1,476
955,931
(878,226)
79,181


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
FIRST LONGEVITY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

First Longevity Ltd is a private company limited by shares and incorporated in England & Wales. The address of its registered office is 2 Chawley Park, Cumnor Hill, Oxford, Oxfordshire, England, OX2 9GG

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements,  the directors have a reasonable expectation that the Company has adequate resources and that its investors and creditors will continue to support it to continue in operational existence for the foreseeable future. Thus, the directors believe that the financial statements have been prepared appropriately on a going concern basis.  

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
FIRST LONGEVITY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
FIRST LONGEVITY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

2023
2022
£
£

Wages and salaries
289,267
305,705

Social security costs
24,224
31,397

Cost of defined contribution scheme
5,034
5,537

318,525
342,639


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employee
8
10

Page 6

 
FIRST LONGEVITY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
7,733


Additions
2,271



At 31 December 2023

10,004



Depreciation


At 1 January 2023
4,930


Charge for the year on owned assets
2,097



At 31 December 2023

7,027



Net book value



At 31 December 2023
2,977



At 31 December 2022
2,803


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
96,000


Disposals
(40,800)


Revaluations
(22,425)



At 31 December 2023
32,775




Page 7

 
FIRST LONGEVITY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
5,988
2,600

Other debtors
10,430
1,001

Prepayments and accrued income
14,498
3,474

30,916
7,075



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
121,116
74,089



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
81,917
9,648

Other taxation and social security
16,633
13,354

Other creditors
881
-

Accruals and deferred income
9,172
3,095

108,603
26,097



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,475,867 (2022 - 1,383,657) Ordinary share of £0.001 each
1,476
1,384


During the year, 92,210 Ordinary shares of £0.001 each were issued and paid for the consideration of £279,996. Costs of £2,800 directly attributable to the share issue have been posted against the share premium account.

Page 8

 
FIRST LONGEVITY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £5,034 (2022 - £5,537) . Contributions totalling £881 (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

The Company is controlled by its directors


Page 9