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REGISTERED NUMBER: 01650495 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FIRST ASSET FINANCE LIMITED

FIRST ASSET FINANCE LIMITED (REGISTERED NUMBER: 01650495)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FIRST ASSET FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr S C Jones
Mr M C Vodden
Mr P Sherrington





REGISTERED OFFICE: Capital Tower
91 Waterloo Road
London
SE1 8RT





REGISTERED NUMBER: 01650495 (England and Wales)





ACCOUNTANT: TBW Accountancy Limited
S2 Mill House Centre
108 Commercial Road
Totton
Southampton
Hampshire
SO40 3AE

FIRST ASSET FINANCE LIMITED (REGISTERED NUMBER: 01650495)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 244 507

CURRENT ASSETS
Debtors 5 39,001 48,757
Prepayments and accrued income 20,418 59,034
Cash at bank 674,501 546,928
733,920 654,719
CREDITORS
Amounts falling due within one year 6 377,882 414,180
NET CURRENT ASSETS 356,038 240,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

356,282

241,046

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Capital redemption reserve 60,000 60,000
Retained earnings 246,282 131,046
SHAREHOLDERS' FUNDS 356,282 241,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 28 February 2025 and were signed on its behalf by:





Mr P Sherrington - Director


FIRST ASSET FINANCE LIMITED (REGISTERED NUMBER: 01650495)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

First Asset Finance 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Fees and commissions are earned from services provided to clients. Fees and commissions earned on completion of a transaction is recognised when the event occurs. Fees and commissions that are provided over a period of time are recognised over the period in which the service is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures, fittings and equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred 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 or deferred taxation assets and liabilities are not discounted.

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.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are carried in the accounts at market value, with movements in the value recognised in the income statement

FIRST ASSET FINANCE LIMITED (REGISTERED NUMBER: 01650495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and
equipment
£   
COST
At 1 October 2023
and 30 September 2024 8,015
DEPRECIATION
At 1 October 2023 7,508
Charge for year 263
At 30 September 2024 7,771
NET BOOK VALUE
At 30 September 2024 244
At 30 September 2023 507

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 30,785 48,047
Amounts owed by group undertakings 5,716 -
Other debtors 1,390 160
Directors' current accounts 47 -
VAT 569 -
Deferred tax asset 494 550
39,001 48,757

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 26,552 79,041
Amounts owed to group undertakings 119,514 160,942
Corporation tax 36,787 9
Social security and other taxes 1,712 3,020
VAT - 22,386
Other creditors 3,924 4,084
Directors' current accounts 2,690 2,690
Accruals and deferred income 186,703 142,008
377,882 414,180

FIRST ASSET FINANCE LIMITED (REGISTERED NUMBER: 01650495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. ULTIMATE CONTROLLING PARTY

At the year end the parent undertaking of the smallest and the largest group of undertakings for which group financial statements are drawn up and of which the company is a member is FAF Holdings Limited, with registered office at Capital Tower, 91 Waterloo Road, London, SE1 8RT.

Copies of the group financial statements of FAF Holdings Limited are available at Companies House, Crown Way, Cardiff, CF14 3UZ.