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Registration number: 06508694

First Standard Group Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

First Standard Group Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

First Standard Group Limited

Company Information

Director

Rev C Elliot-Newman

Registered office

C11 Marquis Court
Team Valley
Gateshead
Tyne and Wear
NE11 0RU

Accountants

McManus Hall Ltd
C11 Marquis Court
Team Valley
Gateshead
Tyne and Wear
NE11 0RU

 

First Standard Group Limited

(Registration number: 06508694)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

300

700

Current assets

 

Debtors

5

4,235

6,071

Cash at bank and in hand

 

541

4,567

 

4,776

10,638

Creditors: Amounts falling due within one year

(4,411)

(7,502)

Net current assets

 

365

3,136

Total assets less current liabilities

 

665

3,836

Creditors: Amounts falling due after more than one year

(84,247)

(104,851)

Accruals and deferred income

 

-

(638)

Net liabilities

 

(83,582)

(101,653)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(84,582)

(102,653)

Shareholders' deficit

 

(83,582)

(101,653)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

First Standard Group Limited

(Registration number: 06508694)
Abridged Balance Sheet as at 29 February 2024

Approved and authorised by the director on 31 October 2024
 

.........................................

Rev C Elliot-Newman

Director

 

First Standard Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
C11 Marquis Court
Team Valley
Gateshead
Tyne and Wear
NE11 0RU

The principal place of business is:
63 Keepers Road
Devizes
Wiltshire
SN10 2FP

These financial statements were authorised for issue by the director on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The Director has given assurances that his director's loan account of £84,245 will not be withdrawn within 12 months of signing the Balance Sheet. Furthermore, the Director has reviewed financial information post year end together with financial forecasts and is confident that the Company can meet it's financial obligations as they become due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

First Standard Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

First Standard Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

No dividends were issued.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

34,023

34,023

At 29 February 2024

34,023

34,023

Depreciation

At 1 March 2023

33,323

33,323

Charge for the year

400

400

At 29 February 2024

33,723

33,723

Carrying amount

At 29 February 2024

300

300

At 28 February 2023

700

700

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.