Company No:
Contents
Note | 2024 | 2023 | ||
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Restated | ||||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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16,004,625 | 16,007,603 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,274,858 | 1,412,347 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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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:
A J Moreton
Director |
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.
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.
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.
Investment property | not depreciated |
Plant and machinery |
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Vehicles |
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Computer equipment |
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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.
Fixed asset investments in unlisted companies are stated at cost less impairment.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | Plant and machinery | Vehicles | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||||||
At 31 March 2024 |
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At 31 March 2023 |
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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).
Other investments | Total | ||
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Cost or valuation before impairment | |||
At 01 April 2023 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Derivative financial instruments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Accruals |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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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 |
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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.