Company registration number 07728252 (England and Wales)
FIRST DEGREE INVESTMENT MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
FIRST DEGREE INVESTMENT MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FIRST DEGREE INVESTMENT MANAGEMENT LTD
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,096
39,115
Investment property
4
2,675,000
2,675,000
Investments
5
1
1
2,699,097
2,714,116
Current assets
Debtors
6
167,166
159,173
Cash at bank and in hand
31,020
99,520
198,186
258,693
Creditors: amounts falling due within one year
7
(64,309)
(113,459)
Net current assets
133,877
145,234
Total assets less current liabilities
2,832,974
2,859,350
Creditors: amounts falling due after more than one year
8
(1,441,428)
(1,441,428)
Provisions for liabilities
(149,800)
(165,500)
Net assets
1,241,746
1,252,422
Capital and reserves
Called up share capital
9
42
42
Revaluation reserve
748,767
748,767
Capital redemption reserve
58
58
Profit and loss reserves
492,879
503,555
Total equity
1,241,746
1,252,422
FIRST DEGREE INVESTMENT MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2025
30 June 2025
- 2 -

For the financial year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 4 November 2025 and are signed on its behalf by:
J J Vardy
Director
Company registration number 07728252 (England and Wales)
FIRST DEGREE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
1
Accounting policies
Company information

First Degree Investment Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15 Arundel Gate, Sheffield, South Yorkshire, S1 2PN.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Fixtures, fittings & equipment
Straight line over 5 years
Motor vehicles
Straight line over 3 years

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FIRST DEGREE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash and cash equivalents

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

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 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.

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 and bank loans, 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 paymen ts 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. A m ounts 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.

1.9
Share capital

Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

FIRST DEGREE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

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

2
Employees

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

2025
2024
Number
Number
Total
3
3
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2024 and 30 June 2025
60,875
81,351
142,226
Depreciation and impairment
At 1 July 2024
60,037
43,074
103,111
Depreciation charged in the year
209
14,810
15,019
At 30 June 2025
60,246
57,884
118,130
Carrying amount
At 30 June 2025
629
23,467
24,096
At 30 June 2024
838
38,277
39,115
FIRST DEGREE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
4
Investment property
2025
£
Fair value
At 1 July 2024 and 30 June 2025
2,675,000

The investment properties were valued as at 12 February 2024 on an open market basis by SMC Brownill Vickers, a firm of independent Chartered Surveyors. The directors believe this valuation to be the fair value of the investment properties at 30 June 2025.

5
Fixed asset investments
2025
2024
£
£
Investments
1
1
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
47,746
42,317
Other debtors
108,186
100,394
Prepayments and accrued income
11,234
16,462
167,166
159,173
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
26,632
15,164
Corporation tax
-
0
23,996
Other taxation and social security
7,074
4,525
Other creditors
-
0
3,335
Accruals and deferred income
30,603
66,439
64,309
113,459

See note 8 for details of the bank loan security.

FIRST DEGREE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
1,241,428
1,241,428
Other creditors
200,000
200,000
1,441,428
1,441,428

The bank loans are secured by a floating charge against all assets of the company, and by fixed charges against investment property as detailed in note 4.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Y shares of £1 each
42
42
42
42
FIRST DEGREE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
10
Related party transactions

First Degree (Devonshire Works) Limited

During the year, management charges of £49,392 (202 4: £4 5,731) were received from First Degree (Devonshire Works) Limited, a company in which J J Vardy and A R Turner are directors. At the year end the total amounts owed to the company from First Degree (Devonshire Works) Limited were £100,000 (202 4: £100,000) which is included within other debtors, and £25,103 (202 4: £21,585) which is included within trade debtors. Interest has been charged on this loan during the year of £5,000 (202 4: £5,000).

Turner Investments Ltd

During the year, management charges of £12,000 (202 4: £59,167) and rent of £Nil (202 4: £33,333) were received from Turner Investments Ltd, a connected company. At the year end the total amount owed by the company to Turner Investments Ltd was £513 (202 4: £Nil) which is included within trade creditors. At the year end the total amount owed to the company from Turner Investments Ltd was £55 (202 4: £3,376) which is included within trade debtors. No interest has been charged on this loan.

Darlton Hall Estates Limited

During the year, management charges of £Nil (202 4: £2,25 0) were paid to Darlton Hall Estates Limited, a company in which A R Turner is a director. At the year end the total amounts owed from the company to Darlton Hall Estates Limited were £150,000 (202 4: £1 5 0,000) which is included within other creditors falling due after more than one year, and £3,000 (202 4: £3,000) which is included within trade creditors. Interest has been charged on the loan during the year of £12,000 (2024: £4,519 credit received).

Mountguard Properties Limited

At the year end the total amount owed from the company to Mountguard Properties Limited, a company in which J J Vardy is a director, was £50,000 (202 4: £5 0,000) and is included within other creditors falling due after more than one year. Interest has been charged on this loan during the year of £4,000 (202 4: £3,0 83).

HTS Directors' Pension Fund

During the year, management charges of £8,000 (202 4: £8,000) were received from the HTS Directors' Pension Fund, a fund in which A R Turner is a trustee. At the year end the total amount owed to the company from the HTS Directors' Pension Fund was £19 (202 4: £ 2,400) which is included within trade debtors.

GPF (NOH) Ltd

During the year, management charges of £26,948 (202 4: £9,790) were received from GPF (NOH) Ltd, a company in which A R Turner and J J Vardy are directors. At the year end the total amount owed to the company from GPF (NOH) Ltd was £15,319 (202 4: £10,675) which is included within trade debtors.

11
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
(1,349)
4,234
(1,438)
1,447
(1,349)
4,234
(1,438)
1,447
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