1.
General Information
First Business Securities Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06932579
. The registered office is The Studio, Kings Langley, Matts Hill Road, Hartlip, Sittingbourne, Kent, ME9 7XA.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover represents finance lease and hire purchase interest and miscellaneous fees.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.5. Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.5.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.6.
Equipment leased to customers
Equipments are leased to customers under finance leases and hire purchase agreements. Debtors under finance leases and hire purchase agreements represent outstanding amounts due under these agreements less finance charges allocated to future periods. Interest is recognised over the primary period of the lease and rental agreement so as to produce a constant rate of return on the net cash investments.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2024: 6)
First Business Securities Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
4.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2024 |
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| As at 31 March 2025 |
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| Depreciation | |||
| As at 1 April 2024 |
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| Provided during the period |
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| As at 31 March 2025 |
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| Net Book Value | |||
| As at 31 March 2025 |
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| As at 1 April 2024 |
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During the year, the company acquired assets totalling £3,248,891 (2024: £3,974,014) for the purpose of letting under
finance leases and hire purchase contracts.
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Amounts receivable re loans |
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| Amounts recv re fin leases |
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| Amounts recv re HP contracts |
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| Other debtors |
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| Due after more than one year | |||
| Amounts receivable re loans >1 |
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| Amounts recv re fin leases >1 |
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| Amounts recv re HP contracts >1 |
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First Business Securities Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Block discounting funding |
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| Other creditors |
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| Accruals and deferred income |
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Included within other creditors are dividends of £11,956 (2024: £11,956) due on preference shares.
7.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans-2-5 years |
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| Other loans-2-5 Years |
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| Block discounting funding>1 |
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| Preference shares |
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Preference Shares
Details of shares shown as liabilities are as follows:
Allotted, issued and fully paid:
|
Number:
|
Class:
|
Nominal Value:
|
2025
|
2024
|
|
|
£
|
£
|
||||
|
150,000
|
Preference shares - Non Equity - 1 Year
|
£1
|
150,000
|
150,000
|
|
|
1,945,000
|
Preference shares - Non Equity - 3 Year
|
£1
|
1,945,000
|
1,985,000
|
|
|
1,500,000
|
Preference shares - Non Equity - 5 Year
|
£1
|
1,500,000
|
1,500,000
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
|
||||
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3,595,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
<line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
3,635,000
|
No shares were allotted and fully paid for cash at par during the year.
The following shares were redeemed during the year:
40,000 Preference shares - Non Equity - 3 Year shares at £1 each.
The preference shares issued are redeemable at par. The earliest redemption date for some of these shares is May 2023 and the latest date is March 2025.
There is a mutual 180 days notice period after the initial term has expired.
First Business Securities Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
8.
Secured Creditors
Of the creditors the following amounts are secured.
Siemens Financial Services Ltd hold a first floating charge over all of the company's right title and interest in and to the debts and goods purchased by Siemens Financial Services Ltd under a block discounting agreement not otherwise assigned thereunder together with the full benefit of all contract rights including all guarantees and securities. The charge was created on 27.07.2010 and registered on 28.07.2010.
Hampshire Trust Bank PLC holds a floating charge that covers all the property or undertaking of the company. The charge was created and registered on 11.01.2016.
Seneca Capital Ltd holds a fixed and a floating charge over all of the company's right title and interest in and to the debts and goods purchased by Seneca Capital Ltd under a block discounting agreement. The charge also contains a negative pledge. The charge was created and registered on 08.05.2017. The charge was satisfied on 12.09.2023.
Shawbrook Bank Ltd holds a fixed charge over all of the company's right title and interest in and to the debts and goods purchased by Shawbrook Bank Ltd under a block discounting agreement. The charge also contains a negative pledge. The charge was created on 18.09.2017 and registered on 19.09.2017.
Arkle Finance Ltd holds a fixed and floating charge over all of the company's right title and interest in and to the debts and goods purchased by Arkle Finance Ltd under a block discounting agreement. The charge was created and registered on 21.12.2017.
Conister Bank Ltd holds a fixed and floating charge over all of the company's right title and interest in and to the debts and goods purchased by Conister Bank Ltd under a block discounting agreement. The charge also contains a negative pledge. The charge was created on 23.03.2018 and registered on 26.03.2018. The charge was satisfied on 28.05.2024.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | 3,504,046 | 4,639,464 |
9.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 April 2024 |
|
461,229 |
| Additions |
|
78,320 |
| Balance at 31 March 2025 |
|
539,549 |
11.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year | - |
|
|
| - |
|
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First Business Securities Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Dividends
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
13.
Related Party Transactions
First Business Finance (UK) Ltd
A company in which Mr D Jordan is a director and former shareholder.
At the Balance Sheet date, the company was owed a total of £Nil (2024: £2,754) from First Business Finance (UK) Ltd. This is included within trade debtors.
At the Balance Sheet date, the company owed a total of £635 (2024: £344) to First Business Finance (UK) Ltd. This is included within trade creditors.
At the Balance Sheet date, the company owed £Nil (2024: £675,000) in loan notes to First Business Finance (UK) Ltd. See details below.
The company owed £Nil (2024: £325,000) in loan notes to First Business Finance (UK) Ltd. The minimum term is 3 years with 8% interest and is not repayable on demand. This is included within other creditors falling due after more than one year.
The company owed £Nil (2024: £350,000) in loan notes to First Business Finance (UK) Ltd. The minimum term is 3 years with 5% interest and is not repayable on demand. This is included within other creditors falling due after more than one year.
First Investment Properties Ltd
At the year end, the company was owed £Nil (2024: £20) from First Investment Properties Ltd, a company in which Mr D Jordan is a director and shareholder. This is included within trade debtors.
First Business Protection Ltd
At the year end, the company was owed £Nil (2024: £100) from First Business Protection Ltd, a company in which Mr D Jordan is a director and shareholder. This is included within trade debtors.
First Business Solutions Ltd
At the year end, the company was owed £1,320 (2024: £960) from First Business Solutions Ltd (Formerly First Salvage Ltd), a company in which Mr D Jordan is a director and shareholder. This is included within trade debtors.
Mr David Jordan
During the year, the company paid dividends totalling £74,000 (2024: £60,000) to Mr David Jordan.
During the year, the company paid preference share dividends totalling £8,000 (2024: £8,022) to Mr David Jordan.
At the Balance Sheet date, the company owed £875,000 (2024: £Nil) in loan notes to Mr David Jordan. See details below.
The company owed £525,000 (2024: £Nil) in loan notes to Mr David Jordan. The minimum term is 3 years with 8% interest and is not repayable on demand. This is included within other creditors falling due after more than one year.
The company owed £350,000 (2024: £Nil) in loan notes to Mr David Jordan. The minimum term is 3 years with 5% interest and is not repayable on demand. This is included within other creditors falling due after more than one year.
14.
Controlling Party
The company's controlling party is
Mr David Jordan
by virtue of his interest in the issued share capital of the company.