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COMPANY REGISTRATION NUMBER: 04642279
1st Executive Limited
Filleted Unaudited Financial Statements
31 December 2024
1st Executive Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,850
8,904
Current assets
Debtors
6
1,499,946
1,805,686
Cash at bank and in hand
405,459
490,815
------------
------------
1,905,405
2,296,501
Creditors: amounts falling due within one year
7
( 1,123,727)
( 1,373,510)
------------
------------
Net current assets
781,678
922,991
---------
---------
Total assets less current liabilities
787,528
931,895
Provisions
( 853)
( 1,187)
---------
---------
Net assets
786,675
930,708
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
786,673
930,706
---------
---------
Shareholders funds
786,675
930,708
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
1st Executive Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 22 May 2025 , and are signed on behalf of the board by:
J R Tucker
G J Noble
Director
Director
Company registration number: 04642279
1st Executive Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is 1st Floor, 1 Tannery House, Tannery Lane, Send, Woking, Surrey, GU23 7EF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss as set out in the accounting policies below. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised when the candidate is placed and/or when the service is provided by the candidate.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Improvements to leasehold
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Pension costs
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 20 ).
5. Tangible assets
Equipment
Improvement to leasehold
Total
£
£
£
Cost
At 1 January 2024
28,431
8,600
37,031
Additions
3,279
3,279
Disposals
( 5,828)
( 5,828)
--------
-------
--------
At 31 December 2024
25,882
8,600
34,482
--------
-------
--------
Depreciation
At 1 January 2024
23,684
4,443
28,127
Charge for the year
4,613
1,720
6,333
Disposals
( 5,828)
( 5,828)
--------
-------
--------
At 31 December 2024
22,469
6,163
28,632
--------
-------
--------
Carrying amount
At 31 December 2024
3,413
2,437
5,850
--------
-------
--------
At 31 December 2023
4,747
4,157
8,904
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,377,015
1,691,814
Other debtors
122,931
113,872
------------
------------
1,499,946
1,805,686
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
441,343
594,490
Corporation tax
23,683
96,875
Social security and other taxes
74,627
105,439
Other creditors
584,074
576,706
------------
------------
1,123,727
1,373,510
------------
------------
£553,254 (2023: £548,962) of secured debts are included within other creditors.
Hitachi Capital (UK) Plc hold a fixed and floating charge over the assets of the company.
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
33,000
5,000
Later than 1 year and not later than 5 years
41,250
--------
-------
74,250
5,000
--------
-------
9. Directors' advances, credits and guarantees
As at the 31 December 2024 the company was owed £25,356 by G Noble (2023: the company owed £4,310 to G Noble). As at the 31 December 2024 the company was owed £36,022 by J Tucker (2023: the company owed £14,938 to J Tucker).