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Company No: 08339839 (England and Wales)

FIRST CENTURY INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FIRST CENTURY INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FIRST CENTURY INVESTMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
FIRST CENTURY INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated
Fixed assets
Tangible assets 3 16,002,465 16,005,443
Investments 4 2,160 2,160
16,004,625 16,007,603
Current assets
Debtors 5 1,209,124 1,289,142
Cash at bank and in hand 65,734 123,205
1,274,858 1,412,347
Creditors: amounts falling due within one year 6 ( 146,286) ( 101,318)
Net current assets 1,128,572 1,311,029
Total assets less current liabilities 17,133,197 17,318,632
Creditors: amounts falling due after more than one year 7 ( 8,930,000) ( 8,930,000)
Provision for liabilities ( 1,988,739) ( 1,988,526)
Net assets 6,214,458 6,400,106
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 5,982,555 5,982,555
Other reserves 82,151 281,902
Profit and loss account 149,652 135,549
Total shareholders' funds 6,214,458 6,400,106

For the financial year ending 31 March 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 First Century Investments Limited (registered number: 08339839) were approved and authorised for issue by the Board of Directors on 25 March 2025. They were signed on its behalf by:

A J Moreton
Director
FIRST CENTURY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FIRST CENTURY INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

First Century Investments 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 St Clair's, Sailors Lane, Corhampton, Hampshire, SO32 3LP.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Prior year adjustment

The 2023 comparatives have been restated for two accounting corrections. Firstly, a derivative financial instrument (an interest rate cap) that was taken out during 2019 was originally included in the accounts at cost and amortised on a straight line basis over 5 years rather than applying the hedge accounting principles under Section 12 of FRS 102. The difference between the fair value of the financial instrument as at 31 March 2023 of £487,471 and the initial premium cost of £267,240 (i.e. £220,231) has been included as a prior year adjustment in other comprehensive income. The reversal of historic amortisation of £213,792 has been included as a prior year adjustment to the profit and loss account. Secondly, a derivative financial instrument (a second interest rate cap) taken out during 2023 and an additional bank loan for the same amount has been grossed-up and shown separately in the accounts. The fair value of the financial instrument as at 31 March 2023 totalling £441,671 has been included as an asset within debtors, as has the bank loan of £380,000. A net prior year adjustment of £61,671 has been made in other comprehensive income. These two adjustments have increased the profit and loss account reserve balance and the other reserves balance at 31 March 2023 by £213,792 and £281,902 respectively.

Turnover

Turnover represents amounts receivable relating to the year from rental fees, net of discounts and VAT.

Tangible fixed assets

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

Investment property not depreciated
Plant and machinery 4 years straight line
Vehicles 3 years straight line
Computer equipment 1 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to the profit and loss account.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Fixed asset investments in unlisted companies are stated at cost less impairment.

Financial instruments

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

Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Derivative instruments are used to hedge interest rate risk on its bank loans. These derivatives are measured at fair value at each balance sheet date. To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate other reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Current and deferred taxation

The tax expense represents the sum of the tax currently payable and any deferred tax.

The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the profit and loss account.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Investment property Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 16,000,000 16,102 120,821 31,697 16,168,620
Additions 0 738 0 2,357 3,095
At 31 March 2024 16,000,000 16,840 120,821 34,054 16,171,715
Accumulated depreciation
At 01 April 2023 0 13,450 120,821 28,906 163,177
Charge for the financial year 0 2,287 0 3,786 6,073
At 31 March 2024 0 15,737 120,821 32,692 169,250
Net book value
At 31 March 2024 16,000,000 1,103 0 1,362 16,002,465
At 31 March 2023 16,000,000 2,652 0 2,791 16,005,443

Investment properties were valued based on rental yields as at 31 March 2024 by A J Moreton

If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been included at £8,023,260 (2023: £8,023,260).

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 2,160 2,160
At 31 March 2024 2,160 2,160
Carrying value at 31 March 2024 2,160 2,160
Carrying value at 31 March 2023 2,160 2,160

5. Debtors

2024 2023
£ £
Derivative financial instruments 729,391 929,142
Other debtors 479,733 360,000
1,209,124 1,289,142

The fair value of the derivative financial instruments at 31 March 2024 has been provided by Handelsbanken. The movement in fair value during the year of £(199,751) has been charged (2023: £252,832 has been credited) to other comprehensive income.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 8,863 5,715
Corporation tax 91,155 50,954
Other taxation and social security 16,799 20,966
Other creditors 29,469 23,683
146,286 101,318

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

2024 2023
£ £
Bank loans 8,930,000 8,930,000

Bank loans are secured on the value of the investment properties held

8. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2024 2023
£ £
Financial assets at fair value
Derivative financial assets due within one year 729,391 929,142

9. Related party transactions

At the year end £309,733 (2023: £260,000) was owed to the company by the directors. This amount is included in other debtors and will be cleared within 9 months of the year end via the voting of a dividend.

First Century Management Limited is a related party by virtue of having the same three directors (A J Moreton, J E Moreton and Mrs K M B Moreton). At the year end, First Century Investments Limited owed First Century Management Limited £29,469 (2023: £23,683). This amount is included in other creditors.

J E Moreton and Mrs K M B Moreton are also partners in St Clair's Partnership. During the year, management charges of £96,000 (2023: £96,000) were paid to St Clair's Partnership.