First Business Finance (UK) Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06720787 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

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

-

-

Tangible assets

5

78,775

38,876

78,775

38,876

CURRENT ASSETS

Debtors

6

1,024,323

818,396

Investments

7

58,500

58,500

Cash at bank

307,361

318,171

1,390,184

1,195,067

CREDITORS

Amounts falling due within one year

8

(327,324

)

(252,694

)

NET CURRENT ASSETS

1,062,860

942,373

TOTAL ASSETS LESS CURRENT LIABILITIES

1,141,635

981,249

CREDITORS

Amounts falling due after more than one year

9

(120,370

)

(175,926

)

PROVISIONS FOR LIABILITIES

11

(1,711

)

-

NET ASSETS

1,019,554

805,323

CAPITAL AND RESERVES

Called up share capital

12

1,100

1,100

Capital redemption reserve

13

1

1

Retained earnings

13

1,018,453

804,222

SHAREHOLDERS' FUNDS

1,019,554

805,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue on 23 December 2022 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 10 (2021 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2021

and 31 March 2022

3,270

AMORTISATION

At 1 April 2021

and 31 March 2022

3,270

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Improvements

Plant and

and

to property

machinery

fittings

£

£

£

COST

At 1 April 2021

28,658

-

21,655

Additions

24,225

888

11,920

At 31 March 2022

52,883

888

33,575

DEPRECIATION

At 1 April 2021

-

-

16,405

Charge for year

-

222

4,292

At 31 March 2022

-

222

20,697

NET BOOK VALUE

At 31 March 2022

52,883

666

12,878

At 31 March 2021

28,658

-

5,250

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2021

5,538

32,689

88,540

Additions

-

11,496

48,529

At 31 March 2022

5,538

44,185

137,069

DEPRECIATION

At 1 April 2021

5,538

27,721

49,664

Charge for year

-

4,116

8,630

At 31 March 2022

5,538

31,837

58,294

NET BOOK VALUE

At 31 March 2022

-

12,348

78,775

At 31 March 2021

-

4,968

38,876

6.

DEBTORS

31.3.22

31.3.21

£

£

Amounts falling due within one year:

Trade debtors

150,365

62,000

Other debtors

327,377

310,905

477,742

372,905

Amounts falling due after more than one year:

Other debtors

546,581

445,491

Aggregate amounts

1,024,323

818,396

7.	CURRENT ASSET INVESTMENTS

31.3.22

31.3.21

£

£

Other

58,500

58,500

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

55,556

55,556

Trade creditors

106,543

12,712

Taxation and social security

150,586

171,700

Other creditors

14,639

12,726

327,324

252,694

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

120,370

175,926

10.	LEASING AGREEMENTS

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

31.3.22

31.3.21

£

£

Within one year

12,730

22,000

Between one and five years

11,759

21,838

24,489

43,838

11.	PROVISIONS FOR LIABILITIES

31.3.22

£

Deferred tax

1,711

Deferred tax

£

Balance at 1 April 2021

(1,528

)

Provided during year

3,239

Balance at 31 March 2022

1,711

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

1,000

Ordinary

£1

1,000

1,000

100

Ordinary A

£1

100

100

1,100

1,100

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2021

804,222

1

804,223

Profit for the year

388,915

388,915

Dividends

(174,684

)

(174,684

)

At 31 March 2022

1,018,453

1

1,018,454

14.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

D C Jordan

Balance outstanding at start of year

-

(5,217

)

Amounts advanced

12,360

14,001

Amounts repaid

(12,360

)

(8,784

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above loan is interest free and repayable upon demand.

15.	RELATED PARTY DISCLOSURES

The company declared and paid dividends of £107,954 (2021: £71,999) during the year to Mr D C Jordan, director of the company.

At the year end, the company was owed £3,900 (2021: £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 £295,000 (2021: 270,000) by First Investment Properties 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 £2,500 (2021: £2,500) by DK&I 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 £5,500 (2021: £Nil) by Tickety Boo Finance 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 £1,000 (2021: £Nil) by First Business Protection Ltd, a company in which Mr D C Jordan is a director and shareholder. This is included within trade debtors.

During the year, the company loaned £150,000 (2021: £150,000) 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:

28/05/2021 - £9,400

28/06/2021 - £4,700

30/07/2021 - £4,700

27/08/2021 - £4,700

29/09/2021 - £4,700

27/10/2021 - £4,700

30/11/2021 - £4,700

31/12/2021 - £4,700

31/01/2022 - £4,700

25/02/2022 - £4,700

31/03/2022 - £4,700

At the year end, First Business Securities Ltd owed the company £547,864 (2021: £448,186). £546,581 (2021: £445,491) is included within other debtors and the remaining £1,283 (2021: £2,695) is included within trade debtors.

At the year end, the company owed £Nil (2021: £817) to First Business Securities Ltd. This is included within trade creditors.

16.	ULTIMATE CONTROLLING PARTY

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