Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3141No description of principal activity2022-11-01false43truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06726223 2022-11-01 2023-10-31 06726223 2021-11-01 2022-10-31 06726223 2023-10-31 06726223 2022-10-31 06726223 c:Director1 2022-11-01 2023-10-31 06726223 d:MotorVehicles 2022-11-01 2023-10-31 06726223 d:MotorVehicles 2023-10-31 06726223 d:MotorVehicles 2022-10-31 06726223 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 06726223 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 06726223 d:FurnitureFittings 2022-11-01 2023-10-31 06726223 d:FurnitureFittings 2023-10-31 06726223 d:FurnitureFittings 2022-10-31 06726223 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 06726223 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 06726223 d:OfficeEquipment 2022-11-01 2023-10-31 06726223 d:OfficeEquipment 2023-10-31 06726223 d:OfficeEquipment 2022-10-31 06726223 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 06726223 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 06726223 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 06726223 d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 06726223 d:CurrentFinancialInstruments 2023-10-31 06726223 d:CurrentFinancialInstruments 2022-10-31 06726223 d:Non-currentFinancialInstruments 2023-10-31 06726223 d:Non-currentFinancialInstruments 2022-10-31 06726223 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 06726223 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 06726223 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 06726223 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 06726223 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 06726223 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 06726223 d:ShareCapital 2023-10-31 06726223 d:ShareCapital 2022-10-31 06726223 d:CapitalRedemptionReserve 2023-10-31 06726223 d:CapitalRedemptionReserve 2022-10-31 06726223 d:RetainedEarningsAccumulatedLosses 2023-10-31 06726223 d:RetainedEarningsAccumulatedLosses 2022-10-31 06726223 c:FRS102 2022-11-01 2023-10-31 06726223 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 06726223 c:FullAccounts 2022-11-01 2023-10-31 06726223 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06726223 d:WithinOneYear 2023-10-31 06726223 d:WithinOneYear 2022-10-31 06726223 d:BetweenOneFiveYears 2023-10-31 06726223 d:BetweenOneFiveYears 2022-10-31 06726223 d:HirePurchaseContracts d:WithinOneYear 2023-10-31 06726223 d:HirePurchaseContracts d:WithinOneYear 2022-10-31 06726223 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-10-31 06726223 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-10-31 06726223 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 06726223 d:AcceleratedTaxDepreciationDeferredTax 2022-10-31 06726223 d:OtherDeferredTax 2023-10-31 06726223 d:OtherDeferredTax 2022-10-31 06726223 2 2022-11-01 2023-10-31 06726223 6 2022-11-01 2023-10-31 06726223 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-10-31 06726223 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-31 06726223 d:LeasedAssetsHeldAsLessee 2023-10-31 06726223 d:LeasedAssetsHeldAsLessee 2022-10-31 06726223 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 06726223










FIRST COMMISSIONING SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
FIRST COMMISSIONING SERVICES LIMITED
REGISTERED NUMBER: 06726223

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
76,453
31,452

Investments
 5 
156,280
156,280

  
232,733
187,732

Current assets
  

Debtors: amounts falling due within one year
 6 
2,788,268
3,471,499

Bank and cash balances
  
63,460
136,153

  
2,851,728
3,607,652

Creditors: amounts falling due within one year
 7 
(2,515,445)
(3,191,153)

Net current assets
  
 
 
336,283
 
 
416,499

Total assets less current liabilities
  
569,016
604,231

Creditors: amounts falling due after more than one year
 8 
(33,725)
(35,406)

Provisions for liabilities
  

Deferred tax
 11 
(2,325)
(6,985)

Net assets
  
532,966
561,840


Capital and reserves
  

Called up share capital 
  
92,500
100,000

Capital redemption reserve
  
7,500
-

Profit and loss account
  
432,966
461,840

  
532,966
561,840


Page 1

 
FIRST COMMISSIONING SERVICES LIMITED
REGISTERED NUMBER: 06726223
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 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 income and retained earnings 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: 






L D Johnson
Director

Date: 28 October 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

First Commissioning Services Limited (registered number: 06726223), is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Faversham House, Old Hall Road, Bromborough, CH62 3NX.

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

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.

 
2.3

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.

Page 3

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

 
2.6

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.

Page 4

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

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.

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

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.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

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

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 43 (2022 - 41).

Page 7

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
-
12,157
44,374
56,531


Additions
34,039
-
39,234
73,273


Disposals
-
-
(33,232)
(33,232)



At 31 October 2023

34,039
12,157
50,376
96,572



Depreciation


At 1 November 2022
-
6,463
18,615
25,078


Charge for the year on owned assets
-
1,423
10,381
11,804


Charge for the year on financed assets
4,255
-
-
4,255


Disposals
-
-
(21,018)
(21,018)



At 31 October 2023

4,255
7,886
7,978
20,119



Net book value



At 31 October 2023
29,784
4,271
42,398
76,453



At 31 October 2022
-
5,693
25,759
31,452

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
29,784
-

29,784
-

Page 8

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
156,280



At 31 October 2023
156,280





6.


Debtors

2023
2022
£
£


Trade debtors
2,014,192
2,627,847

Amounts owed by group undertakings
39,010
39,254

Other debtors
719,150
187,884

Prepayments and accrued income
15,916
616,514

2,788,268
3,471,499



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
179,196
203,343

Trade creditors
904,044
974,334

Amounts owed to group undertakings
135,335
125,625

Corporation tax
36,817
70,989

Other taxation and social security
462,914
714,020

Obligations under finance lease and hire purchase contracts
7,917
-

Other creditors
785,718
1,092,342

Accruals and deferred income
3,504
10,500

2,515,445
3,191,153


Page 9

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
13,477
35,406

Net obligations under finance leases and hire purchase contracts
20,248
-

33,725
35,406



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
179,196
203,343


179,196
203,343


Amounts falling due 2-5 years

Bank loans
13,476
35,406



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
7,917
-

Between 1-5 years
20,248
-

28,165
-

Page 10

 
FIRST COMMISSIONING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(6,985)


Charged to profit or loss
4,660



At end of year
(2,325)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(12,135)
(7,863)

Short term timing differences
9,810
878

(2,325)
(6,985)


12.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
22,228
34,010

Later than 1 year and not later than 5 years
-
22,228

22,228
56,238

 
Page 11