Company No:
Contents
Note | 2024 | 2023 | ||
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Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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350,931 | 426,196 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (141,080) | (94,352) | ||
Total assets less current liabilities | (141,080) | (94,352) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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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 Management 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 Management 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 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 financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting 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.
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.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Monthly average number of persons employed by the Company during the year, including directors |
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Trade debtors |
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Prepayments |
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Deferred tax asset |
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Other debtors |
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Trade creditors |
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Accruals |
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Other creditors |
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At the year end, the directors owed £27,771 (2023: £49,733) to the company. This amount is included in other debtors and will be cleared within 9 months of the year end.
The Blue Group is a related party by virtue of having the same director (A J Moreton). Monthly management charges were paid to The Blue Group totalling £116,524 (2023: £141,005). This amount is included in legal and professional fees.
First Century Investments 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 debtors.
J E Moreton and Mrs K M B Moreton are also partners in St Clair's Partnership. During the year, rent of £48,000 (2023: £35,200) was paid to St Clair's Partnership.