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Registration number: 02701232

First Move Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

First Move Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

First Move Properties Limited

(Registration number: 02701232)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

240

386

Current assets

 

Stocks

5

2,165,167

2,165,167

Debtors

6

2,141

2,091

Cash at bank and in hand

 

1,026,048

520,756

 

3,193,356

2,688,014

Creditors: Amounts falling due within one year

7

(1,216,678)

(776,069)

Net current assets

 

1,976,678

1,911,945

Total assets less current liabilities

 

1,976,918

1,912,331

Creditors: Amounts falling due after more than one year

7

(855,000)

(855,000)

Net assets

 

1,121,918

1,057,331

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,121,818

1,057,231

Shareholders' funds

 

1,121,918

1,057,331

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

First Move Properties Limited

(Registration number: 02701232)
Balance Sheet as at 30 April 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
F Gianfrancesco
Director

 

First Move Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
31A Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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. These accounts contain estaimates and as soon as the final figures are available a revised set of accounts will be filed.

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.

Tax

The tax expense for the period comprises current tax payable.

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

Computer equipment

20% straight line basis

 

First Move Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

First Move Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Long leasehold land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

1

9,785

9,786

At 30 April 2024

1

9,785

9,786

Depreciation

At 1 May 2023

-

9,400

9,400

Charge for the year

-

146

146

At 30 April 2024

-

9,546

9,546

Carrying amount

At 30 April 2024

1

239

240

At 30 April 2023

1

385

386

Included within the net book value of land and buildings above is £1 (2023 - £1) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

2,165,167

2,165,167

6

Debtors

2024
£

2023
£

Prepayments

2,141

2,091

2,141

2,091

 

First Move Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

20,000

40,000

Trade creditors

 

78

906

Taxation and social security

 

21,798

14,906

Other creditors

 

1,174,802

720,257

 

1,216,678

776,069

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

855,000

855,000

Creditors include a bank loan which of £875,000 (2023 - £895,000), which is secured against company assets.



8

Related party transactions

During the year the company made the following related party transactions:

Other transactions with directors

At the balance sheet date the company owed the director £810,199 (2023 - £459,013). The loan is repayable on demand and in non interest bearing.

Summary of transactions with other related parties

At the balance sheet date the amount owed to companies related by common control was £334,280 (2023: £220,920).