Company registration number 03473272 (England and Wales)
FIRST PROPERTIES (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
PAGES FOR FILING WITH REGISTRAR
FIRST PROPERTIES (MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FIRST PROPERTIES (MIDLANDS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2026
30 April 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,656
42,322
Investment property
4
1,705,000
1,447,254
1,726,656
1,489,576
Current assets
Debtors
5
5,462
4,573
Cash at bank and in hand
572,453
595,193
577,915
599,766
Creditors: amounts falling due within one year
6
(286,483)
(370,201)
Net current assets
291,432
229,565
Total assets less current liabilities
2,018,088
1,719,141
Creditors: amounts falling due after more than one year
7
(59,922)
(49,276)
Provisions for liabilities
(69,851)
(9,856)
Net assets
1,888,315
1,660,009
Capital and reserves
Called up share capital
8
58,000
58,000
Share premium account
57,000
57,000
Fair value reserves
193,310
-
0
Profit and loss reserves
1,580,005
1,545,009
Total equity
1,888,315
1,660,009
FIRST PROPERTIES (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2026
30 April 2026
- 2 -

For the financial year ended 30 April 2026 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 director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 May 2026
P Oliver
Director
Company registration number 03473272 (England and Wales)
FIRST PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
- 3 -
1
Accounting policies
Company information

First Properties (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.

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

Rental income is recognised on an accruals basis when the rent is due, excluding VAT.

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:

Motor vehicles
20% reducing balance

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 property

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. Changes in fair value are recognised in profit or loss.

1.5
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).

FIRST PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price.

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. Trade creditors are recognised initially at transaction price.

1.8
Taxation

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

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.

FIRST PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

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

2026
2025
Number
Number
Total
1
2
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 May 2025 and 30 April 2026
82,662
Depreciation and impairment
At 1 May 2025
40,340
Depreciation charged in the year
20,666
At 30 April 2026
61,006
Carrying amount
At 30 April 2026
21,656
At 30 April 2025
42,322
FIRST PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
- 6 -
4
Investment property
2026
£
Fair value
At 1 May 2025
1,447,253
Revaluations
257,747
At 30 April 2026
1,705,000

The fair value for four of the investment properties has been arrived at on the basis of a valuation carried out by Musson Liggins, a third party surveyor, on 30 April 2026, in accordance with RICS Red Book standards. The other investment property valuation has been valued by the director as at the balance sheet date.

5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
4,660
4,468
Other debtors
802
105
5,462
4,573
6
Creditors: amounts falling due within one year
2026
2025
£
£
Corporation tax
18,926
8,800
Other taxation and social security
817
550
Other creditors
266,740
360,851
286,483
370,201
7
Creditors: amounts falling due after more than one year
2026
2025
£
£
Other creditors
59,922
49,276
FIRST PROPERTIES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
- 7 -
8
Called up share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
25,535
25,535
25,535
25,535
Ordinary B shares of £1 each
2,700
2,700
2,700
2,700
Ordinary C shares of £1 each
2,700
2,700
2,700
2,700
Ordinary D shares of £1 each
2,700
2,700
2,700
2,700
Ordinary E shares of £1 each
24,365
24,365
24,365
24,365
58,000
58,000
58,000
58,000
9
Related party transactions

At 30 April 202 6, the company owed loans to various family members of £218,877 (202 5: £329,460), this balance has been included within creditors due within 1 year.

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