First Ascent Group Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03499793

First Ascent Group Ltd

Filleted Unaudited Financial Statements

For the year ended

31 May 2025

First Ascent Group Ltd

Statement of Financial Position

31 May 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	6	14,119	9,854
Investments	7	211	166,556
		--------	---------
		14,330	176,410

Current assets

Debtors	8	388,365	212,048
Cash at bank and in hand		914,348	563,297
		------------	---------
		1,302,713	775,345

Creditors: amounts falling due within one year	9	660,469		440,947
		------------		---------
Net current assets			642,244		334,398
			---------		---------
Total assets less current liabilities			656,574		510,808

Provisions	3,482	2,463
	---------	---------
Net assets	653,092	508,345
	---------	---------

Capital and reserves

Called up share capital	999	999
Share premium account	29,004	29,004
Profit and loss account	623,089	478,342
	---------	---------
Shareholders funds	653,092	508,345
	---------	---------

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 May 2025 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 .

First Ascent Group Ltd

Statement of Financial Position (continued)

31 May 2025

These financial statements were approved by the board of directors and authorised for issue on 23 October 2025 , and are signed on behalf of the board by:

Mr S Bentley

Director

Company registration number: 03499793

First Ascent Group Ltd

Notes to the Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St John's Innovation Centre, Cowley Road, St John's Innovation Park, Cambridge, CB4 0WS.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The turnover shown in the profit and loss account represents training services and the hire of facilities provided during the year, exclusive of Value Added Tax. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to stage of completion.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	Over the estimated life of 15 years
Other intangible asset	-	Over the estimated life of 6 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Fixtures and fittings	-	25% on cost
Equipment	-	25% on cost

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2024: 8 ).

5. Intangible assets

	Goodwill	Other intangibles	Total
	£	£	£
Cost
At 1 June 2024 and 31 May 2025	361,248	135,613	496,861
	---------	---------	---------
Amortisation
At 1 June 2024 and 31 May 2025	361,248	135,613	496,861
	---------	---------	---------
Carrying amount
At 31 May 2025	–	–	–
	---------	---------	---------
At 31 May 2024	–	–	–
	---------	---------	---------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 June 2024	19,570	42,359	61,929
Additions	–	8,524	8,524
Disposals	( 1,170)	( 250)	( 1,420)
	--------	--------	--------
At 31 May 2025	18,400	50,633	69,033
	--------	--------	--------
Depreciation
At 1 June 2024	14,499	37,576	52,075
Charge for the year	1,268	2,990	4,258
Disposals	( 1,170)	( 249)	( 1,419)
	--------	--------	--------
At 31 May 2025	14,597	40,317	54,914
	--------	--------	--------
Carrying amount
At 31 May 2025	3,803	10,316	14,119
	--------	--------	--------
At 31 May 2024	5,071	4,783	9,854
	--------	--------	--------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 June 2024	166,556
Additions	10,000
	---------
At 31 May 2025	176,556
	---------
Impairment
At 1 June 2024	–
Impairment losses	176,345
	---------
At 31 May 2025	176,345
	---------

Carrying amount
At 31 May 2025	211
	---------
At 31 May 2024	166,556
	---------

8. Debtors

	2025	2024
	£	£
Trade debtors	344,625	171,315
Other debtors	43,740	40,733
	---------	---------
	388,365	212,048
	---------	---------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	154,106	99,043
Amounts owed to group undertakings	211	8,042
Social security and other taxes	201,749	67,533
Other creditors	304,403	266,329
	---------	---------
	660,469	440,947
	---------	---------

10. Directors' advances, credits and guarantees

During the current and previous year the company made advances to and received repayments from a director. Interest has been charged at the official HMRC rate on any overdrawn loan account balances. There are no repayment terms.

	2025	2024
	£	£
Advances	5,229	12,302
Repayments	5,229	12,302

During the current and previous year the company made advances to and received repayments from a director. Interest has been charged at the official HMRC rate on any overdrawn loan account balances. There are no repayment terms.

	2025	2024
	£	£
Advances	–	6,735
Repayments	–	6,735

11. Operating leases

At 31 May 2025, the company had total commitments under non-cancellable obligations of £89,110 (2024: £61,957).