REGISTERED NUMBER: 08007072 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

UNITED FIRST MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S C Mardel

M Hadjedj

REGISTERED OFFICE:

4th Floor

100 Cannon Street

London

EC4N 6EU

REGISTERED NUMBER:

08007072 (England and Wales)

ACCOUNTANTS:

Platt Rushton LLP

Sutherland House

1759 London Road

Leigh on Sea

Essex

SS9 2RZ

FIXED ASSETS

Intangible assets

4

-

-

Investments

5

5,365,793

2,192,792

5,365,793

2,192,792

CURRENT ASSETS

Debtors

6

3,529,531

5,582,516

Cash at bank

713

94

3,530,244

5,582,610

CREDITORS

Amounts falling due within one year

7

4,848,755

1,915,323

NET CURRENT (LIABILITIES)/ASSETS

(1,318,511

)

3,667,287

TOTAL ASSETS LESS CURRENT LIABILITIES

4,047,282

5,860,079

CAPITAL AND RESERVES

Called up share capital

8

75,000

75,000

Retained earnings

9

3,972,282

5,785,079

SHAREHOLDERS' FUNDS

4,047,282

5,860,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th September 2025 and were signed on its behalf by:

S C Mardel - Director

1.	STATUTORY INFORMATION

United First Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about United First Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the group'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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Dividend income from subsidiaries is recognised when the right to receive payment is established.

Financial instruments

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies that are classified as debt, 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. Financing liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions passing through the Profit & Loss Account are converted to Sterling at the spot rate on the last day of the relevant month. Transactions on the Balance Sheet are converted into Sterling at the spot rate at the end of the month.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2024

and 31st December 2024

17,423

AMORTISATION

At 1st January 2024

and 31st December 2024

17,423

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2024

2,192,792

Additions

7,855,001

At 31st December 2024

10,047,793

PROVISIONS

Impairments

4,682,000

At 31st December 2024

4,682,000

NET BOOK VALUE

At 31st December 2024

5,365,793

At 31st December 2023

2,192,792

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

3,381,226

5,492,645

Other debtors

148,305

89,871

3,529,531

5,582,516

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

7,053

32,375

Amounts owed to group undertakings

4,593,668

1,740,711

Taxation and social security

-

7,602

Other creditors

248,034

134,635

4,848,755

1,915,323

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

75,000

Ordinary

£1.00

75,000

75,000

9.

RESERVES

Retained

earnings

£

At 1st January 2024

5,785,079

Deficit for the year

(1,499,797

)

Dividends

(313,000

)

At 31st December 2024

3,972,282

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2024 and 31st December 2023:

2024

2023

£

£

S C Mardel

Balance outstanding at start of year

-

19,763

Amounts repaid

-

(19,763

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within other debtors due within one year are loan balances of £141,635 (2023: £83,125) due from companies outside the group over which one of the directors has control or significant influence.

Included within other creditors due within one year are loans of £3,626 (2023: £27,214) due to companies outside the group over which one of the directors has control or significant influence.

All of these loans are interest free and repayable on demand.

The directors are of the opinion that all other material transactions with related parties are conducted under normal market conditions.