Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30false222024-01-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05240059 2024-01-01 2024-09-30 05240059 2023-01-01 2023-12-31 05240059 2024-09-30 05240059 2023-12-31 05240059 1 2024-01-01 2024-09-30 05240059 d:Director1 2024-01-01 2024-09-30 05240059 c:FurnitureFittings 2024-01-01 2024-09-30 05240059 c:FurnitureFittings 2024-09-30 05240059 c:FurnitureFittings 2023-12-31 05240059 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-09-30 05240059 c:CurrentFinancialInstruments 2024-09-30 05240059 c:CurrentFinancialInstruments 2023-12-31 05240059 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 05240059 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 05240059 c:ShareCapital 2024-09-30 05240059 c:ShareCapital 2023-12-31 05240059 c:RetainedEarningsAccumulatedLosses 2024-09-30 05240059 c:RetainedEarningsAccumulatedLosses 2023-12-31 05240059 c:AcceleratedTaxDepreciationDeferredTax 2024-09-30 05240059 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05240059 d:OrdinaryShareClass1 2024-01-01 2024-09-30 05240059 d:OrdinaryShareClass1 2024-09-30 05240059 d:FRS102 2024-01-01 2024-09-30 05240059 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-09-30 05240059 d:FullAccounts 2024-01-01 2024-09-30 05240059 d:PrivateLimitedCompanyLtd 2024-01-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05240059














1ST ASSET MANAGEMENT LIMITED

 
UNAUDITED

 FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

 
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 30 SEPTEMBER 2024

30 September
31 December
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
488

  
-
488

Current assets
  

Cash at bank and in hand
 5 
-
27,177

  
-
27,177

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

Net current assets/(liabilities)
  
 
 
-
 
 
(87,820)

Total assets less current liabilities
  
-
(87,332)

Provisions for liabilities
  

Deferred tax
 7 
-
(163)

  
 
 
-
 
 
(163)

Net assets/(liabilities)
  
-
(87,495)


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
(2)
(87,497)

  
-
(87,495)


1

 
1ST ASSET MANAGEMENT LIMITED
REGISTERED NUMBER:05240059
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

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 period 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: 15 October 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 PERIOD ENDED 30TH SEPTEMBER 2024

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

During the period, the company shortened its accounting period from 31 December 2024 to 30 September 2024.

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

Current and deferred taxation

The tax expense for the period 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 PERIOD ENDED 30TH SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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. 

 
2.5

 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.

 
2.6

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.

 
2.7

 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 directors, during the period was 2 (2023 - 2).

4

 
1ST ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH SEPTEMBER 2024

4.


Tangible fixed assets







Fixtures and fittings

£





At 1 January 2024
3,471


Disposals
(3,471)



At 30th September 2024

-





At 1 January 2024
2,983


Charge for the period on owned assets
92


Disposals
(3,075)



At 30th September 2024

-



Net book value



At 30th September 2024
-



At 31st December 2023
488


5.


Cash and cash equivalents

30 September
31 December
2024
2023
£
£

Cash at bank and in hand
-
27,176



6.


Creditors: amounts falling due within one year

30 September
31 December
2024
2023
£
£

Other creditors
-
114,997


5

 
1ST ASSET MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30TH SEPTEMBER 2024

7.


Deferred taxation






2024


£






At beginning of year
163


Charged to profit or loss
(163)



At end of year
-

The deferred taxation balance is made up as follows:

30 September
31 December
2024
2023
£
£


Accelerated capital allowances
-
163


8.


Share capital

30 September
31 December
2024
2023
£
£
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.


10.


Post balance sheet events

The company will be struck off after the balance sheet date. 

 
6