First Option Ltd

FIRST OPTION LIMITED - Company Information

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Registered number: 02453594

First Option Ltd

Abbreviated accounts

For The Year Ended 30 June 2014

First Option Ltd

Company No. 02453594

Abbreviated Balance Sheet 30 June 2014

Abbreviated Balance Sheet

		2014		2013
	Notes	£	£	£	£
FIXED ASSETS
Intangible assets	2		11,800		19,933
Tangible assets	3		1,165,913		1,181,171

			1,177,713		1,201,104
CURRENT ASSETS
Debtors		26,350		299,873
Cash at bank and in hand		720		120

		27,070		299,993
Creditors: Amounts Falling Due Within One Year		(382,906)		(495,095)

NET CURRENT ASSETS (LIABILITIES)			(355,836)		(195,102)

TOTAL ASSETS LESS CURRENT LIABILITIES			821,877		1,006,002

Creditors: Amounts Falling After More Than One Year	4		(75,001)		(169,930)

NET ASSETS			746,876		836,072

CAPITAL AND RESERVES
Called up share capital	5		2,201		2,201
Revaluation reserve			517,779		517,779
Capital redemption reserve			50,200		50,200
Profit and Loss account			176,696		265,892

SHAREHOLDERS' FUNDS			746,876		836,072

Page 1

First Option Ltd

Company No. 02453594

Abbreviated Balance Sheet (continued) 30 June 2014

For the year ending 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

On behalf of the board

Mr Timothy Considine

30th June 2015

Page 2

First Option Ltd

Notes to the Abbreviated Accounts

For The Year Ended 30 June 2014

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.

Tangible Fixed Assets and Depreciation

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

Freehold	100 years
Leasehold	length of the lease
Plant & Machinery	25% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	25% straight line
Computer Equipment	25% straight line

Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Intangible Assets


	Total
Cost	£
As at 1 July 2013	24,400

As at 30 June 2014	24,400

Amortisation
As at 1 July 2013	4,467
Provided during the period	8,133

As at 30 June 2014	12,600

Net Book Value
As at 30 June 2014	11,800

As at 1 July 2013	19,933

Page 3

First Option Ltd

Notes to the Abbreviated Accounts (continued)

For The Year Ended 30 June 2014

Tangible Assets


	Total
Cost	£
As at 1 July 2013	1,896,948

As at 30 June 2014	1,896,948

Depreciation
As at 1 July 2013	715,777
Provided during the period	15,258

As at 30 June 2014	731,035

Net Book Value
As at 30 June 2014	1,165,913

As at 1 July 2013	1,181,171

Creditors: Amounts Falling After More Than One Year

	2014	2013
	£	£
Net obligations under finance lease and hire purchase contracts	-	21,962
Bank loans	75,001	147,968

	75,001	169,930

Share Capital

	Value	Number	2014	2013
Allotted, called up and fully paid:	£		£	£
Ordinary shares	1.000	1800	1,800	1,800

Ordinary A shares	0.010	40100	401	401




		41900	2,201	2,201

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