Firstword Limited - Accounts to registrar (filleted) - small 18.2

Firstword Limited - Accounts to registrar (filleted) - small 18.2

FIRSTWORD LIMITED - Company Information

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REGISTERED NUMBER: 03169709 (England and Wales)















FIRSTWORD LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018





DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN








FIRSTWORD LIMITED (REGISTERED NUMBER: 03169709)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


FIRSTWORD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2018







DIRECTOR: D Feltham





REGISTERED OFFICE: 20 Aldwych Avenue
Rusholme
Manchester
M14 5NL





REGISTERED NUMBER: 03169709 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN
1
FIRSTWORD LIMITED (REGISTERED NUMBER: 03169709)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2018

2018 2017
Notes £    £   
FIXED ASSETS
Investment property 4 1,560,000 1,560,000

CURRENT ASSETS
Debtors 5 355,525 329,492
Cash at bank and in hand 364 112
355,889 329,604
CREDITORS
Amounts falling due within one year 6 (1,657,660 ) (1,682,048 )
NET CURRENT LIABILITIES (1,301,771 ) (1,352,444 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
258,229
207,556

CAPITAL AND RESERVES
Called up share capital 70 70
Share premium 27,827 27,827
Other reserves (57,017 ) (57,017 )
Retained earnings 287,349 236,676
SHAREHOLDERS' FUNDS 258,229 207,556

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 27 March 2019 and were signed by:




D Feltham - Director


The notes form part of these financial statements

2
FIRSTWORD LIMITED (REGISTERED NUMBER: 03169709)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018


1. STATUTORY INFORMATION

Firstword Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number is 03169709 and its registered office address is 20 Aldwych Avenue, Rusholme, Manchester,
M14 5NL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been 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 under the historical cost convention as modified by the revaluation of certain assets.

The director has considered the business risks and believes that the company is well placed to manage these risks
successfully, thus the going concern basis of accounting has been adopted in preparing these financial statements.

Critical accounting estimates and judgements
In the application of the companies accounting policies, the director is required to make estimates and
judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ
from those estimates.

Estimating the value of investment property is considered to be a key judgement.

Revenue recognition
Revenue comprises the aggregate of the fair value of the rental services provided. Revenue is recognised as those
services are provided to the occupants of the properties.

Investment property
Investment properties are recognised at fair value. Revaluation surpluses are recognised in the income statement.
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third
parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost,
being the transaction price less any amounts settled.

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 statement of financial position date.


3 continued...
FIRSTWORD LIMITED (REGISTERED NUMBER: 03169709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2018


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2017
and 30 June 2018 1,560,000
NET BOOK VALUE
At 30 June 2018 1,560,000
At 30 June 2017 1,560,000

Fair value at 30 June 2018 is represented by:

£   
Valuation in 2017 (57,017 )
Cost 1,617,017
1,560,000

Investment properties were valued by Bilfinger GVA, property consultants, in September 2016.

The director valued the properties as at 30 June 2018 at the same carrying value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Amounts due from related parties 253,269 227,236
Amounts due from fellow subsidiaries 102,256 102,256
355,525 329,492

4 continued...
FIRSTWORD LIMITED (REGISTERED NUMBER: 03169709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2018


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 45,131 46,605
Amounts due to ultimate holding company 58,870 -
Amounts due to holding company 1,180,258 1,273,042
Amounts due to related parties 96,908 81,875
Amounts due to fellow subsidiaries 52,973 57,006
Accruals and deferred income 223,520 223,520
1,657,660 1,682,048

7. SECURED DEBTS

There is a fixed charge over the company's properties

5