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Company No: 04206886 (England and Wales)

1ST FINANCIAL GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

1ST FINANCIAL GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

1ST FINANCIAL GROUP LIMITED

BALANCE SHEET

As at 30 June 2024
1ST FINANCIAL GROUP LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,378 1,837
1,378 1,837
Current assets
Debtors 5 247,032 306,944
Cash at bank and in hand 36,983 9,940
284,015 316,884
Creditors: amounts falling due within one year 6 ( 155,728) ( 162,549)
Net current assets 128,287 154,335
Total assets less current liabilities 129,665 156,172
Creditors: amounts falling due after more than one year 7 ( 9,166) ( 19,166)
Net assets 120,499 137,006
Capital and reserves
Called-up share capital 8 10,008 10,008
Profit and loss account 110,491 126,998
Total shareholders' funds 120,499 137,006

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of 1st Financial Group Limited (registered number: 04206886) were approved and authorised for issue by the Board of Directors on 05 March 2025. They were signed on its behalf by:

Mr P Higginson
Director
Mr M Weymouth
Director
1ST FINANCIAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1ST FINANCIAL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

1st Financial Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Prockters Farm, West Monkton, Taunton, TA2 8QN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises commissions and fees receivable in the course of providing advice relating to financial services. 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 at the point of signature of the product contract.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

The directors are satisfied, having considered the current financial position and performance of the company that the going concern assessment remains appropriate. In making this assessment, the directors have considered recoverability of debtors, future contracts and cash flow projections (from the date of approval of these financial statements) to take account of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 20

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 40,829 18,799 59,628
At 30 June 2024 40,829 18,799 59,628
Accumulated depreciation
At 01 July 2023 39,464 18,327 57,791
Charge for the financial year 341 118 459
At 30 June 2024 39,805 18,445 58,250
Net book value
At 30 June 2024 1,024 354 1,378
At 30 June 2023 1,365 472 1,837

5. Debtors

2024 2023
£ £
Trade debtors 93,293 119,420
Other debtors 153,739 187,524
247,032 306,944

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 26,852 31,289
Taxation and social security 55,638 59,512
Other creditors 63,238 61,748
155,728 162,549

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,166 19,166

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
9,000 Ordinary A shares of £ 1.00 each 9,000 9,000
4 'E' Non voting shares ordinary shares of £ 1.00 each 4 4
4 'F' Non voting shares ordinary shares of £ 1.00 each 4 4
1,000 'I' Full Voting shares ordinary shares of £ 1.00 each 1,000 1,000
10,008 10,008

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 42,992 42,209
between one and five years 112,532 118,462
155,524 160,671

The amount of non-cancellable operating lease payments recognised as an expense during the year was £52,071 (2023 - £42,209).

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Loan to director - M Weymouth 3,008 5,000

Advances

An advance to M Weymouth was made on 3 March 2023 for £5,000. The loan is repayable on demand and interest free. Repayments of £1,992 were made during the current year leaving a balance of £3,008.