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REGISTERED NUMBER: 05705759 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

FIRST GROUP ENTERPRISES LIMITED

FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FIRST GROUP ENTERPRISES LIMITED

COMPANY INFORMATION
for the Year Ended 29 February 2024







DIRECTORS: Mrs N A Cox
S M Thomson
Mrs S J Thomson





SECRETARY: Mrs N A Cox





REGISTERED OFFICE: 10 London Mews
LONDON
W2 1HY





REGISTERED NUMBER: 05705759 (England and Wales)





ACCOUNTANTS: Stein Richards
Chartered Accountants
10 London Mews
Paddington
LONDON
W2 1HY

FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759)

BALANCE SHEET
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,757 12,531
Tangible assets 5 12,656 16,139
20,413 28,670

CURRENT ASSETS
Debtors 6 2,929,616 3,130,697
Cash at bank and in hand 135,090 93,523
3,064,706 3,224,220
CREDITORS
Amounts falling due within one year 7 1,688,848 1,889,479
NET CURRENT ASSETS 1,375,858 1,334,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,396,271

1,363,411

CAPITAL AND RESERVES
Called up share capital 2,331 2,331
Retained earnings 1,393,940 1,361,080
SHAREHOLDERS' FUNDS 1,396,271 1,363,411

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759)

BALANCE SHEET - continued
29 February 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 Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:




S M Thomson - Director



Mrs S J Thomson - Director


FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

First Group Enterprises Limited 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.

The company's previous name to 27 February 2018 was First News (UK) Limited.

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 as the fair value of 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:

Subscription income from newspaper issues
Revenue from subscription sales is recognised on a delivered basis. Revenue is matched to the issues delivered within the period with advance subscriptions deferred to the balance sheet as applicable.

Non-subscription income from newspaper issues
Revenue from non-subscription sales are recognised on an actual sales basis in accordance with the issue date.

Advertising income
Revenue from advertising income physically published is recognised in accordance with the issue date of the newspaper in which the advertising material is published. Revenue from advertisements on the company's website are recognised in accordance with the period of display.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Devel costs - website are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over period of lease
Plant and machinery etc - 25% straight line and 20% straight line

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs 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.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised costs using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.


FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises of current 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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs
Pension contributions made to the directors personal pensions held outside the company are charged to the profit and loss account on an accruals basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 37 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023 16,650
Additions 1,163
At 29 February 2024 17,813
AMORTISATION
At 1 March 2023 4,119
Charge for year 5,937
At 29 February 2024 10,056
NET BOOK VALUE
At 29 February 2024 7,757
At 28 February 2023 12,531

FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 1,910 255,776 21,229 25,000 303,915
Additions - 4,673 - - 4,673
Disposals - - (6,308 ) - (6,308 )
At 29 February 2024 1,910 260,449 14,921 25,000 302,280
DEPRECIATION
At 1 March 2023 1,910 239,637 21,229 25,000 287,776
Charge for year - 8,156 - - 8,156
Eliminated on disposal - - (6,308 ) - (6,308 )
At 29 February 2024 1,910 247,793 14,921 25,000 289,624
NET BOOK VALUE
At 29 February 2024 - 12,656 - - 12,656
At 28 February 2023 - 16,139 - - 16,139

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 396,836 492,903
Other debtors 2,532,780 2,637,794
2,929,616 3,130,697

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 161,366 179,787
Taxation and social security 58,174 130,046
Other creditors 1,469,308 1,579,646
1,688,848 1,889,479

8. OTHER FINANCIAL COMMITMENTS

Operating commitments not included in the balance sheet amount to £8,000 (2023: £132,000).

9. RELATED PARTY DISCLOSURES

As at 29 February 2024 the company was owed £2,412,500 (2023: £2,452,500) by a corporate entity owned by the directors of the company. No interest is payable on the loan which is repayable on demand.