REGISTERED NUMBER: 02684778 (England and Wales)

First Network Ltd.

Unaudited Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

D Georgiou

C J Maisey

V Georgiou

Secretary:

V Georgiou

Registered office:

Unit 1

Rowdell Road

Northolt

Middlesex

UB5 5QR

Registered number:

02684778 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Bankers:

Barclays Bank PLC

PO Box 6549

London

N8 9RJ

Fixed assets

Tangible assets

4

333,141

270,427

Current assets

Debtors

5

6,561,918

6,570,909

Cash in hand

2,719,645

2,889,341

9,281,563

9,460,250

Creditors

Amounts falling due within one year

6

303,621

316,176

Net current assets

8,977,942

9,144,074

Total assets less current liabilities

9,311,083

9,414,501

Provisions for liabilities

50,375

15,664

Net assets

9,260,708

9,398,837

Capital and reserves

Called up share capital

8

2

2

Retained earnings

9

9,260,706

9,398,835

Shareholders' funds

9,260,708

9,398,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 9 January 2026 and were signed on its behalf by:

D Georgiou - Director

1.	Statutory information

First Network Ltd. 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 are the first annual financial statements of the company prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements have been prepared on a going concern basis, under the historical cost convention.

Going concern

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Hence the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about First Network Ltd. 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.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery

- 30% reducing balance

Motor vehicles

- 25% reducing balance

Office equipment

- 25% 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 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

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 transaction. Exchange differences are taken into account in arriving at the operating result.

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Key sources of estimation uncertainty and judgements

Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates.

Operating leases

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

3.	Employees and directors

The average number of employees during the year was 9 (2024 - 8 ) .

4.	Tangible fixed assets

Plant and

Office

machinery

equipment

Totals

£

£

£

Cost

At 1 April 2024

6,663,974

272,785

6,936,759

Additions

209,646

-

209,646

Disposals

(191

)

-

(191

)

At 31 March 2025

6,873,429

272,785

7,146,214

Depreciation

At 1 April 2024

6,412,515

253,817

6,666,332

Charge for year

140,803

5,938

146,741

At 31 March 2025

6,553,318

259,755

6,813,073

Net book value

At 31 March 2025

320,111

13,030

333,141

At 31 March 2024

251,459

18,968

270,427

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

461,280

205,628

Other debtors

6,100,638

6,365,281

6,561,918

6,570,909

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

133,978

64,058

Taxation and social security

71,364

177,958

Other creditors

98,279

74,160

303,621

316,176

7.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

259,008

259,008

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary

£1

2

2

9.

Reserves

Retained

earnings

£

At 1 April 2024

9,398,835

Profit for the year

75,871

Dividends

(214,000

)

At 31 March 2025

9,260,706

10.	Pension commitments

The annual pension contribution payable during the year to 31 March 2025 amounted to £233,745 (2024: £20,796). At year end £3,484 was included in other creditors (2024: £2,490).

11.	Other financial commitments

The company entered in to an arrangement with Barclays Bank Plc on 11 April 2000, of a cross guarantee and debenture of all monies due or becoming due by First Network Limited and First Network Properties Limited.

12.	Related party disclosures

The company occupies premises owned by a related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company. Rent charges were incurred during the year of £259,008 (2024: £246,867).

The company was due £3,305,788 (2024: £3,616,599) at the year end from a related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company.

The company was due £2,700,099 (2024: £2,698,141) at the year end from another related company in which D Georgiou is the ultimate owner by virtue of his shareholding in it's holding company.

The director was due £303 (2024: £269) at the year end from the company. This amount is unsecured, interest free and repayable on demand.

13.	Ultimate controlling party

First Network Limited is wholly owned by FNL (Holdings) Limited, a company incorporated in Great Britain.

The ultimate owner and controlling party is D Georgiou by virtue of his shareholding in FNL (Holdings) Limited.