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Registration number: 08006945

FS First Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

FS First Solutions Limited

Contents

Company Information

1

Strategic Report

2 to 5

Directors' Report

6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Profit and Loss Account

11

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 22

 

FS First Solutions Limited

Company Information

Directors

F Costalonga

R Frasca

A Trinca Garotin

Company secretary

Laggan Secretaries Ltd

Registered office

37th Floor
1 Canada Square
London
United Kingdom
E14 5AA

Auditors

DTL Auditors Ltd 5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

FS First Solutions Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is providing investment advice and market recommendations to clients and arranging financial products

 

FS First Solutions Limited

Strategic Report for the Year Ended 31 December 2024

Fair review of the business

The company turnover during the year increased to €8,994,478.98 from €8,648,837 in 2023. The gross profit increased to €1,902,709.11 from €1,802,327. The Operating profit was €1,170,100 in 2024 compared to €1,040,313 in 2023.The company managed to increase the turnover, even though Global financial markets in 2024 navigated a complex landscape shaped by geopolitical volatility, shifting monetary policies, and uneven macroeconomic growth. Escalating tensions in the Middle East and prolonged US-China trade disputes disrupted supply chains, spurring oil price fluctuations and sectoral volatility. Central banks, led by the Federal Reserve and ECB, cautiously eased interest rates in response to moderating inflation, though sticky core prices in services kept policy restrictive in early 2024. Equity markets saw divergent trends, with AI-driven tech stocks outperforming, while rate-sensitive sectors lagged amid lingering uncertainty. Bond markets faced pressure from fiscal deficits and debt issuance, though demand resurged as rate cuts gained momentum. Emerging markets grappled with dollar strength and capital outflows, exacerbated by climate-related shocks impacting commodity-dependent economies. Meanwhile, regulatory shifts in crypto and ESG frameworks reshaped investor allocations, underscoring 2024’s theme of adaptive risk management. Despite pockets of resilience, the year underscored the fragility of global growth amid intersecting geopolitical, inflationary, and structural headwinds. As already mentioned in our previous strategic report dated 2024, the company has implemented strategic initiatives to strengthen its competitive positioning and resilience amid evolving industry dynamics, including regulatory shifts and shifting client demands. A key milestone was securing full passporting rights in Italy under CONSOB’s liberalized cross-border services (LPS) regime, which enables frictionless operations aligned with our asset-light business model. Active for over a year, this regulatory achievement has supported sustained expansion efforts, enhanced operational agility, and reinforced our ability to scale offerings while maintaining compliance and competitiveness in a fragmented market. FS’s Investment Manager (IM) licensing has authorized the firm to provide advisory services for its flagship product, the Atomo Certificate UCITS Fund (domiciled in Luxembourg), launched on June 5, 2020. The fund has maintained stable asset growth and market recognition since inception, cementing FS’s position as a differentiated player in structured products. Critically, the IM licenses have served as foundational enablers for FS’s Actively Managed Certificates (AMCs) business, launched in late 2020. These innovative instruments—offering UCITS-like exposure with greater flexibility, lower costs, and streamlined regulations—were strategically developed to disrupt Italy’s structured products landscape. FS now manages 10 listed AMCs in Italy (up from 3 in 2021, 7 in 2022, 8 in 2023 and 10 in 2024), with four additional AMCs in development. Notably, FS is among the select few firms acting as Index Advisor for AMCs, underscoring its unique vertical integration and technical expertise in this high-growth niche.FS’s resilient business model—anchored in enduring partnerships with issuing banks and a loyal client base—continues to prioritize trust and long-term value creation. While actively pursuing diversification and growth opportunities, the company is strategically scaling marketing investments, combining proprietary digital tools with third-party collaborations to amplify brand visibility and client acquisition. However, in light of anticipated headwinds in the structured products sector for 2025, FS is adopting a prudent approach, balancing ambitious expansion with risk-mitigated capital allocation to sustain competitiveness without compromising stability.














 

 

FS First Solutions Limited

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties

Principal risks and uncertainties
The company has established a risk committee that meets quarterly and which evaluates the company's risk appetite. The principal risks and uncertainties facing the company are broadly companied as legislative and financial instrument risk.

Legislative Risks
The company is incorporated in the United Kingdom and regulated by the Financial Conduct Authority (FCA). After Brexit outcome, FS has applied to the Italian Regulator (CONSOB) for the LPS (Libera prestazioni di servizi senza branch) to avoid losing passporting into European countries, such as Italy in this case, leading to a re organization of the actual business. This allows FS to continue their business without any disruptions. As of today, FS is now fully passported into Italy, through LPS.

Financial Instrument Risks
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives. The objectives aim to limit undue counterparty exposure, by diversifying issuing counterparties and monitor, on a
continuous basis, exposures of final clients, exposure of the UCITS fund and to the AMC business that is rapidly growing.

-To reduce financial instrument risks, FS has started in 2018 and continues on an ongoing basis to diversify the
product range (e.g., Brokerage, UCITS Fund, AMC, Private Placement activities).
-The company is subject to currency rate risk. The company operates globally, as explained further down in this report. Fluctuations in exchange rates between currencies in which the company operates, relative to GBP, may cause variations in its financial results. The main currencies which impact the company's operations are the Euro and the US Dollar.

Market Risk
FS is active in structured products trading across all asset classes. Our clients are heavily affected by markets conditions and as such are very sensitive to changes in equity, credit, commodity and exchange rate markets, specifically. 2015 and 2016 were accompanied by weaker markets and this was reflected in the final accounts of
the company. 2017 has seen a strong equity market, that in turn, showed strong positive numbers in turnover, gross profit, and net income, which again slightly decreased in 2018 and, strengthened in 2019 and 2020. In 2021 particularly FS has followed this trend based on our description above. 2022 has been a difficult market with various exogeneous shocks such as, but not limited to, Ukraine war, rising Inflation and Central Banks activities. Still, the company has managed to produce sound results, which confirms once again the strenghth and good positioning of the company. Similarly, 2023 echoed the trends observed in 2022, marked by exogenous shocks such as the Ukraine conflict and persistent inflationary pressures, which Central Banks have been actively addressing. The company diversification and presence in the market has allowed FS to maintain and even improve its business, which is shown in the financial results.

Exposure credit risk
Products traded by FS are always issued and guaranteed by issuing Banks (e.g. Barclays, Citigroup, Nomura, UBS, Commerzbank, Marex, Societe Generale, JP Morgan, Goldman Sachs, Morgan Stanley...) through senior unpreferred notes. Other than product and financial instrument related risks, the company is also exposed to the issuer soundness. However, like for the recent Credit Suisse event, given the products are issued through Senior unpreferred notes, the impact is marginal and only applied to the marked to market of the products. Havng said that, FS is particularly sensible to this in order to diversify and reduce risk.

 

FS First Solutions Limited

Strategic Report for the Year Ended 31 December 2024

Approved by the Board on 17 April 2025 and signed on its behalf by:

.........................................
R Frasca
Director

   
     
 

FS First Solutions Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

F Costalonga

R Frasca

A Trinca Garotin

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 17 April 2025 and signed on its behalf by:

.........................................
R Frasca
Director

   
     
 

FS First Solutions Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

FS First Solutions Limited

Independent Auditor's Report to the Members of FS First Solutions Limited

Opinion

We have audited the financial statements of FS First Solutions Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

FS First Solutions Limited

Independent Auditor's Report to the Members of FS First Solutions Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

FS First Solutions Limited

Independent Auditor's Report to the Members of FS First Solutions Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and
regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
 

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
John Tiltman (Senior Statutory Auditor)
For and on behalf of DTL Auditors Ltd, Statutory Auditor
 5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

17 April 2025

 

FS First Solutions Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024

2023

Turnover

8,994,479

8,648,837

Cost of sales

 

(7,091,770)

(6,846,510)

Gross profit

 

1,902,709

1,802,327

Administrative expenses

 

(732,609)

(762,014)

Operating profit

3

1,170,100

1,040,313

Interest payable and similar expenses

4

(1,105)

-

Profit before tax

 

1,168,995

1,040,313

Tax on profit

8

(292,691)

(245,386)

Profit for the financial year

 

876,304

794,927

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

FS First Solutions Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024

2023

Profit for the year

876,304

794,927

Total comprehensive income for the year

876,304

794,927

 

FS First Solutions Limited

(Registration number: 08006945)
Balance Sheet as at 31 December 2024

Note

2024

2023

Fixed assets

 

Tangible assets

9

-

502

Current assets

 

Debtors

10

1,399,800

1,626,293

Cash at bank and in hand

 

1,741,563

1,437,823

 

3,141,363

3,064,116

Creditors: Amounts falling due within one year

12

(931,117)

(938,676)

Net current assets

 

2,210,246

2,125,440

Net assets

 

2,210,246

2,125,942

Capital and reserves

 

Called up share capital

31,337

31,337

Retained earnings

2,178,909

2,094,605

Shareholders' funds

 

2,210,246

2,125,942

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 

.........................................
R Frasca
Director

   
     
 

FS First Solutions Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital

Retained earnings

Total

At 1 January 2024

31,337

2,094,605

2,125,942

Profit for the year

-

876,304

876,304

Dividends

-

(792,000)

(792,000)

At 31 December 2024

31,337

2,178,909

2,210,246

Share capital

Retained earnings

Total

At 1 January 2023

31,337

1,827,678

1,859,015

Profit for the year

-

794,927

794,927

Dividends

-

(528,000)

(528,000)

At 31 December 2023

31,337

2,094,605

2,125,942

 

FS First Solutions Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024

2023

Cash flows from operating activities

Profit for the year

 

876,304

794,927

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

3

502

2,711

Finance costs

4

1,105

-

Income tax expense

8

292,691

245,386

Foreign exchange gains/losses

 

(14,612)

80,589

 

1,155,990

1,123,613

Working capital adjustments

 

Decrease/(increase) in debtors

10

226,493

(984,773)

(Decrease)/increase in creditors

12

(54,864)

402,620

Cash generated from operations

 

1,327,619

541,460

Income taxes paid

8

(245,386)

(117,417)

Net cash flow from operating activities

 

1,082,233

424,043

Cash flows from financing activities

 

Interest paid

4

(1,105)

-

Dividends paid

16

(792,000)

(528,000)

Net cash flows from financing activities

 

(793,105)

(528,000)

Net increase/(decrease) in cash and cash equivalents

 

289,128

(103,957)

Cash and cash equivalents at 1 January

 

1,437,823

1,622,369

Effect of exchange rate fluctuations on cash held

 

14,612

(80,589)

Cash and cash equivalents at 31 December

 

1,741,563

1,437,823

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
37th Floor
1 Canada Square
London
United Kingdom
E14 5AA
United Kingdom

These financial statements were authorised for issue by the Board on 17 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33.3% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Operating profit

Arrived at after charging/(crediting)

2024

2023

Depreciation expense

502

2,710

Foreign exchange (gains)/losses

(14,612)

80,589

4

Interest payable and similar expenses

2024

2023

Interest expense on other finance liabilities

1,105

-

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024

2023

Wages and salaries

370,192

351,821

Social security costs

19,956

17,378

Other short-term employee benefits

5,701

4,787

Pension costs, defined contribution scheme

8,637

8,417

404,486

382,403

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2024
No.

2023
No.

Administration and support

4

4

4

4

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024

2023

Remuneration

274,972

265,399

Contributions paid to money purchase schemes

7,073

6,895

282,045

272,294

7

Auditors' remuneration

2024

2023

Audit of the financial statements

5,692

7,123


 

8

Taxation

Tax charged/(credited) in the profit and loss account

2024

2023

Current taxation

UK corporation tax

292,691

245,386

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Tangible assets

Long leasehold land and buildings

Plant and machinery

Total

Cost or valuation

At 1 January 2024

16,691

8,311

25,002

At 31 December 2024

16,691

8,311

25,002

Depreciation

At 1 January 2024

16,691

7,809

24,500

Charge for the year

-

502

502

At 31 December 2024

16,691

8,311

25,002

Carrying amount

At 31 December 2024

-

-

-

At 31 December 2023

-

502

502

Included within the net book value of land and buildings above is €Nil (2023 - €) in respect of long leasehold land and buildings.
 

10

Debtors

Current

2024

2023

Trade debtors

444,750

235,476

Other debtors

7,738

7,738

Prepayments

18,819

169,600

Accrued income

928,493

1,213,479

 

1,399,800

1,626,293

11

Cash and cash equivalents

2024

2023

Cash on hand

2,897

2,766

Cash at bank

1,738,666

1,435,057

1,741,563

1,437,823

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Creditors

Note

2024

2023

Due within one year

 

Trade creditors

 

197,663

178,866

Social security and other taxes

 

23,741

16,786

Outstanding defined contribution pension costs

 

310

299

Other payables

 

1,103

1,102

Accruals

 

415,609

496,237

Income tax liability

8

292,691

245,386

 

931,117

938,676

13

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to €8,637 (2023 - 8,417).

Contributions totalling 310 (2023 - €299) were payable to the scheme at the end of the year and are included in creditors.

The number of directors that benefit from pension arrangement is 1 (2023- 1).

14

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

No.

Ordinary Shares of £1 each

26,400

31,336.80

26,400

31,336.80

         

15

Obligations under service agreements

Rent Service agreements

The total of future minimum rent agreement payments is as follows:

2024

2023

Not later than one year

23,542

38,408

Later than one year and not later than five years

-

61,561

23,542

99,969

 

FS First Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The amount of non-cancellable rent service agreeement payments recognised as an expense during the year was €36,897 (2023 - €19,249).

16

Dividends

Final dividends paid

2024

2023

Final dividend of 30.00 (2023 - 20.00) per each Ordinary shares

792,000

528,000