Company registration number 04882565 (England and Wales)
FIRSTPLAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
FIRSTPLAN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
FIRSTPLAN LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
20,840
36,146
Current assets
Work in progress
7
254,452
226,570
Debtors
8
1,288,893
1,049,724
Cash at bank and in hand
657,321
392,722
2,200,666
1,669,016
Creditors: amounts falling due within one year
9
(696,114)
(447,976)
Net current assets
1,504,552
1,221,040
Total assets less current liabilities
1,525,392
1,257,186
Provisions for liabilities
(14,490)
(14,490)
Net assets
1,510,902
1,242,696
Capital and reserves
Called up share capital
200
200
Share premium account
14,970
14,970
Profit and loss reserves
1,495,732
1,227,526
Total equity
1,510,902
1,242,696

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

FIRSTPLAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
Mr M F Woolner
Director
Company Registration No. 04882565
FIRSTPLAN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
200
14,970
1,294,482
1,309,652
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
83,044
83,044
Dividends
6
-
-
(150,000)
(150,000)
Balance at 31 August 2023
200
14,970
1,227,526
1,242,696
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
468,206
468,206
Dividends
6
-
-
(200,000)
(200,000)
Balance at 31 August 2024
200
14,970
1,495,732
1,510,902
FIRSTPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

Firstplan Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Broadwall House, London, SE1 9PL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue earned under a variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not yet billed to clients is included in debtors.

 

Fee income that is contingent on events outside the control of the firm is recognised when contingent events are satisfied.

1.3
Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured at cost less accumulated depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the remaining period of the lease ending in 2025
Plant and equipment
25% straight-line on cost
Fixtures and fittings
25% straight-line on cost

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 profit or loss.

FIRSTPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Work in progress

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contractual obligations are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

Where the outcome of the contract cannot be estimated reliably, contract costs are recognised as expenses in the period which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances and amounts advanced to fellow group members, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

FIRSTPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Taxation

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

Current tax

The tax currently payable is based on 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FIRSTPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
34
32
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
166,960
45,208
Adjustments in respect of prior periods
191
15,591
Total current tax
167,151
60,799
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 September 2023
10,060
131,483
74,575
216,118
Additions
-
0
10,855
-
0
10,855
At 31 August 2024
10,060
142,338
74,575
226,973
Depreciation and impairment
At 1 September 2023
6,965
111,172
61,835
179,972
Depreciation charged in the year
2,012
14,350
9,799
26,161
At 31 August 2024
8,977
125,522
71,634
206,133
Carrying amount
At 31 August 2024
1,083
16,816
2,941
20,840
At 31 August 2023
3,095
20,311
12,740
36,146
6
Dividends
2024
2023
£
£
Ordinary 'A' shares of £1 each
Interim paid
200,000
150,000

During the year net dividends of £200,000 (2023: £150,000) were paid to the holding company Firstplan (UK) Ltd.

FIRSTPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
7
Work in progress
2024
2023
£
£
Work in progress
254,452
226,570
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
962,814
710,431
Amounts owed by group undertakings
209,276
219,324
Other debtors
116,803
119,969
1,288,893
1,049,724
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
113,777
124,201
Corporation tax
166,960
45,208
Other taxation and social security
260,145
223,989
Other creditors
155,232
54,578
696,114
447,976
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
513,150
212,925
11
Directors' transactions

Included within other creditors is a balance of £2,756 (2023: £6,404) owed to directors. The loan is interest free and repayable on demand.

 

12
Parent company

The parent company of Firstplan Limited is Firstplan (UK) Limited and its registered office is 21 Broadwall House, London, SE1 9PL.

 

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