First Business Finance (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06720787 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

First Business Finance (UK) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D C Jordan

REGISTERED OFFICE:

Unit 7

Mulberry Place

Pinnell Road

Eltham

London

SE9 6AR

REGISTERED NUMBER:

06720787 (England and Wales)

ACCOUNTANTS:

Nichols & Co ( Accountancy ) Limited

Chartered Accountants

Unit 7

Mulberry Place

Pinnell Road

Eltham

London

SE9 6AR

FIXED ASSETS

Intangible assets

4

144

798

Tangible assets

5

47,287

45,593

47,431

46,391

CURRENT ASSETS

Debtors

6

602,480

462,487

Cash at bank

51,351

150,530

653,831

613,017

CREDITORS

Amounts falling due within one year

7

(124,747

)

(152,557

)

NET CURRENT ASSETS

529,084

460,460

TOTAL ASSETS LESS CURRENT LIABILITIES

576,515

506,851

PROVISIONS FOR LIABILITIES

-

(1,016

)

NET ASSETS

576,515

505,835

CAPITAL AND RESERVES

Called up share capital

9

1,100

1,100

Capital redemption reserve

1

1

Retained earnings

575,414

504,734

SHAREHOLDERS' FUNDS

576,515

505,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 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 director on 19 December 2019 and were signed by:

D C Jordan - Director

1.	STATUTORY INFORMATION

First Business Finance (UK) 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 have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

INTANGIBLE FIXED ASSETS

Amortisation is provided using the straight-line method to write off each asset over its estimated useful life.

Computer software licences etc - five years

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the property

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2018

and 31 March 2019

3,270

AMORTISATION

At 1 April 2018

2,472

Amortisation for year

654

At 31 March 2019

3,126

NET BOOK VALUE

At 31 March 2019

144

At 31 March 2018

798

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

17,220

21,655

5,538

32,689

77,102

Additions

8,787

-

-

-

8,787

At 31 March 2019

26,007

21,655

5,538

32,689

85,889

DEPRECIATION

At 1 April 2018

-

9,210

1,385

20,914

31,509

Charge for year

-

3,111

1,038

2,944

7,093

At 31 March 2019

-

12,321

2,423

23,858

38,602

NET BOOK VALUE

At 31 March 2019

26,007

9,334

3,115

8,831

47,287

At 31 March 2018

17,220

12,445

4,153

11,775

45,593

6.

DEBTORS

31.3.19

31.3.18

£

£

Amounts falling due within one year:

Trade debtors

28,998

75,155

Other debtors

298,482

6,332

327,480

81,487

Amounts falling due after more than one year:

Other debtors

275,000

381,000

Aggregate amounts

602,480

462,487

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

9,072

2,050

Taxation and social security

104,813

132,600

Other creditors

10,862

17,907

124,747

152,557

8.	LEASING AGREEMENTS

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

31.3.19

31.3.18

£

£

Within one year

9,393

13,214

Between one and five years

9,268

9,486

18,661

22,700

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

1

Ordinary

£1

1,000

1,000

100

Ordinary A

£1

100

100

1,100

1,100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

31.3.19

31.3.18

£

£

D C Jordan

Balance outstanding at start of year

(7,176

)

(10,453

)

Amounts advanced

26,209

91,916

Amounts repaid

(8,424

)

(88,639

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,609

(7,176

)

The above loan is interest free and repayable upon demand.

11.	RELATED PARTY DISCLOSURES

The company declared and paid dividends of £111,400 (2018: £75,000) during the year to Mr D C Jordan,

director of the company.

At the year end, Mr D C Jordan, director of the company, owed the company £10,609 (2018 £7,176 was owed

by the company to Mr D C Jordan).

At the year end the company was owed £3,900 (2018: £3,900) by First Business Solutions Ltd (Formerly First

Salvage Ltd), a company in which Mr D C Jordan is a director and shareholder. This is included within other

debtors.

At the year end the company was owed £280,000 (2018: nil) by First Investment Properties Ltd, a company in

which Mr D C Jordan is a director and shareholder. This is included within other debtors.

During the year, the company loaned £55,000 (2018: 100,000) to First Business Securities Ltd, a company in

which Mr D C Jordan is a director and shareholder.The following amounts were repaid by First Business

Securities Ltd:

03.04.18 - £20,000

13.04.18 - £86,000

10.05.18 - £15,000

22.08.18 - £40,000

At the year end the company was owed £276,183 (2018: £390,939) by First Business Securities Ltd.

£275,000 (2018: £381,000) is included within other debtors and the remaining £1,183 (2018: £9,939) is included

within trade debtors.

At the year end the company owed £408 (2018: £127) to First Business Securities Ltd. This is included within

trade creditors.

12.	ULTIMATE CONTROLLING PARTY

The company was controlled by D C Jordan by virtue of his shareholding in the company.