Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312true2false2023-01-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05240059 2023-01-01 2023-12-31 05240059 2022-01-01 2022-12-31 05240059 2023-12-31 05240059 2022-12-31 05240059 c:Director1 2023-01-01 2023-12-31 05240059 d:FurnitureFittings 2023-01-01 2023-12-31 05240059 d:FurnitureFittings 2023-12-31 05240059 d:FurnitureFittings 2022-12-31 05240059 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05240059 d:CurrentFinancialInstruments 2023-12-31 05240059 d:CurrentFinancialInstruments 2022-12-31 05240059 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05240059 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05240059 d:ShareCapital 2023-12-31 05240059 d:ShareCapital 2022-12-31 05240059 d:RetainedEarningsAccumulatedLosses 2023-12-31 05240059 d:RetainedEarningsAccumulatedLosses 2022-12-31 05240059 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05240059 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05240059 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05240059 c:OrdinaryShareClass1 2023-12-31 05240059 c:FRS102 2023-01-01 2023-12-31 05240059 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05240059 c:FullAccounts 2023-01-01 2023-12-31 05240059 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05240059 d:ShareCapitalOrdinaryShares 2023-12-31 05240059 d:ShareCapitalOrdinaryShares 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05240059














1ST ASSET MANAGEMENT LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
1ST ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 6


 
1ST ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:05240059

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
488
651

  
488
651

Current assets
  

Cash at bank and in hand
 5 
27,177
27,398

  
27,177
27,398

Creditors: amounts falling due within one year
 6 
(114,997)
(114,997)

Net current liabilities
  
 
 
(87,820)
 
 
(87,599)

Total assets less current liabilities
  
(87,332)
(86,948)

Provisions for liabilities
  

Deferred tax
 7 
(163)
(163)

  
 
 
(163)
 
 
(163)

Net liabilities
  
(87,495)
(87,111)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(87,497)
(87,113)

  
(87,495)
(87,111)


1

 
1ST ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:05240059
    
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 profit and loss account 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 R Pastor
Director

Date: 20 September 2024

The notes on pages 3 to 6 form part of these financial statements.

2

 
1ST ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1.


General information

1st Asset Management Limited is a private company, limited by shares, registered in England and Wales, registration number 05240059. The registered office address is Pastor Real Estate, 48 Curzon Street, London, W1J 7UL and the trading address is the same as above. 

The principal activity of the company continued to be that of management of real estate on a fee or contract basis

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentation currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the shareholders have confirmed they will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the directors are satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3

 
1ST ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%

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.

 
2.5

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. 

 
2.6

 Creditors

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

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.8

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including the directors, during the year was 2 (2022 - 2).

4

 
1ST ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
3,471



At 31st December 2023

3,471



Depreciation


At 1 January 2023
2,820


Charge for the year on owned assets
163



At 31st December 2023

2,983



Net book value



At 31st December 2023
488



At 31st December 2022
651


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
27,176
27,398



6.


Creditors: amounts falling due within one year

2023
2022
£
£

Other creditors
114,997
114,997


5

 
1ST ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

7.


Deferred taxation




2023


£






At beginning of year
163

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
163
163


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2  Ordinay shares of £1.00 each
2
2



9.


Related party transactions

No disclosure has been made for transactions with other wholly owned group companies in accourdance with FRS 102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of Pastor Real Estate Limited.

 
6