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Registration number: 02708226

First Management Limited
Filleted Financial Statements
for the Year Ended 30 November 2025

First Management Limited

Contents

Company Information | 1
Balance Sheet | 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 to 9

First Management Limited

Company Information

Directors | Mr Mark Andrew Kelly Mr Mark David Enticott

Company secretary | Mrs Karen Wainwright

Registered office | Regis House Regis Business Centre Durban Road Bognor Regis West Sussex PO22 9QT

Auditors | Matthews Hanton Limited Chartered Certified Accountants93 Aldwick Road Bognor Regis West Sussex PO21 2NW

First Management Limited

(Registration number: 02708226)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 81,768 | 62,331
Current assets |  |  |
Debtors | 5 | 5,784,587 | 5,177,654
Cash at bank and in hand |  | 283,499 | 179,969
|  | 6,068,086 | 5,357,623
Creditors: Amounts falling due within one year | 9 | (284,532) | (231,817)
Net current assets |  | 5,783,554 | 5,125,806
Net assets |  | 5,865,322 | 5,188,137
Capital and reserves |  |  |
Called up share capital | 6 | 100 | 100
Retained earnings |  | 5,865,222 | 5,188,037
Shareholders' funds |  | 5,865,322 | 5,188,137

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 July 2026 and signed on its behalf by:

......................................... Mr Mark Andrew Kelly Director

First Management Limited

Statement of Changes in Equity for the Year Ended 30 November 2025

| Share capital £ | Retained earnings £ | Total £
At 1 December 2024 | 100 | 5,188,037 | 5,188,137
Profit for the year | - | 677,185 | 677,185
At 30 November 2025 | 100 | 5,865,222 | 5,865,322

| Share capital £ | Retained earnings £ | Total £
At 1 December 2023 | 100 | 4,627,062 | 4,627,162
Profit for the year | - | 560,975 | 560,975
At 30 November 2024 | 100 | 5,188,037 | 5,188,137

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

The principal place of business is:
Regis House
Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT
England

These financial statements were authorised for issue by the Board on 8 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 8 July 2026 was Nicola Merridue FCCA, who signed for and on behalf of Matthews Hanton Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of property management services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture and fitting | 15% & 20% on cost
Motor vehicles | 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2024 - 8).

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

4 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 December 2024 | 87,321 | 107,917 | 195,238
Additions | 23,295 | 25,290 | 48,585
At 30 November 2025 | 110,616 | 133,207 | 243,823
Depreciation
At 1 December 2024 | 71,119 | 61,788 | 132,907
Charge for the year | 11,293 | 17,855 | 29,148
At 30 November 2025 | 82,412 | 79,643 | 162,055
Carrying amount
At 30 November 2025 | 28,204 | 53,564 | 81,768
At 30 November 2024 | 16,202 | 46,129 | 62,331

5 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 48,395 | 47,595
Amounts owed by related parties | 7 | 5,723,537 | 5,119,537
Prepayments |  | 12,655 | 10,522
|  | 5,784,587 | 5,177,654

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

6 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

7 | Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 132,594 | 98,817
Contributions paid to money purchase schemes | 2,622 | 2,201
| 135,216 | 101,018

First Management Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

Summary of transactions with entities with joint control or significant interest

During the year the company sold services in the normal course of business to the tenant owned management companies and/or premises of Sinclair Gardens Investments (Kensington) Limited, a company subject to common control. The cost was recharged and paid by the tenants of the properties. The price charged was the normal market prive.
At the Balance Sheet date the following existed:-
Due from Sinclair Gardens Investments (Kensington) Limited £5,723,537 (2024 £5,119,537).
Due to Danaglade Developments Limited £13,523 (2024 £13,523).

8 | Parent and ultimate parent undertaking

The company's immediate parent is Forbes Corroon (Holdings) Limited, incorporated in British Virgin Islands.

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 6,337 | 3,657
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 7 | 13,523 | 13,523
Taxation and social security |  | 245,134 | 206,713
Accruals and deferred income |  | 7,702 | 6,505
Other creditors |  | 11,836 | 1,419
|  | 284,532 | 231,817