REGISTERED NUMBER: 11643687 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ACTION FIRST ASSESSMENTS LTD

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

FIXED ASSETS

Property, plant and equipment

4

446,950

332,749

Investments

5

-

397,500

446,950

730,249

CURRENT ASSETS

Debtors

6

4,622,112

1,413,751

Cash at bank and in hand

69,454

80,628

4,691,566

1,494,379

CREDITORS

Amounts falling due within one year

7

4,637,152

1,667,628

NET CURRENT ASSETS/(LIABILITIES)

54,414

(173,249

)

TOTAL ASSETS LESS CURRENT LIABILITIES

501,364

557,000

CREDITORS

Amounts falling due after more than one year

8

(144,000

)

(374,574

)

PROVISIONS FOR LIABILITIES

10

(31,831

)

-

NET ASSETS

325,533

182,426

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

325,433

182,326

325,533

182,426

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

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

The director acknowledges his 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 director and authorised for issue on 29 September 2025 and were signed by:

Mr R F Nealon - Director

1.	STATUTORY INFORMATION

Action First Assessments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

11643687

Registered office:

5 Jewry Street

Dawson House

London

EC3N 2EX

The presentation currency of the financial statements is the Pound Sterling (£).

CHANGE IN COMPARATIVES

The accounts have been prepared for a period of 12 months whereas the comparatives are for a period of 14 months.

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.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates

In the application of the company's accounting policies, the director is 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 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.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered .

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent

Financial instruments

Factored debts

The company has its sales invoices factored . The company's factoring arrangements can neither be called as derecognition nor linked presentation. Hence a separate presentation has been adopted whereby gross debts are shown as an asset on the balance sheet and proceeds from the factors are included within creditors as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2024

407,329

Additions

180,750

At 31 December 2024

588,079

DEPRECIATION

At 1 January 2024

74,580

Charge for year

66,549

At 31 December 2024

141,129

NET BOOK VALUE

At 31 December 2024

446,950

At 31 December 2023

332,749

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

397,500

Disposals

(397,500

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

397,500

Fixed asset investments are stated at cost less any impairment.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

3,783,595

636,192

Amounts owed by group undertakings

-

175,000

Other debtors

838,517

602,559

4,622,112

1,413,751

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

12,000

48,000

Trade creditors

3,093

160

Taxation and social security

553,501

498,612

Other creditors

4,068,558

1,120,856

4,637,152

1,667,628

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

-

12,463

Taxation and social security

-

223,111

Other creditors

144,000

139,000

144,000

374,574

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other loan

685,148

60,463

Invoice factoring

3,346,564

1,063,898

4,031,712

1,124,361

The loan is secured by way of fixed and floating charge over the assets of the company and contains negative pledge.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

31,831

-

Deferred

tax

£

Provided during year

31,831

Balance at 31 December 2024

31,831

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.