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

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

FIRSTSHOP LIMITED - Company Information

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REGISTERED NUMBER: 03363460 (England and Wales)















FIRSTSHOP LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020





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








FIRSTSHOP LIMITED (REGISTERED NUMBER: 03363460)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FIRSTSHOP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2020







DIRECTOR: D Feltham





REGISTERED OFFICE: 20 Aldwych Avenue
Rusholme
Manchester
M14 5NL





REGISTERED NUMBER: 03363460 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN
1
FIRSTSHOP LIMITED (REGISTERED NUMBER: 03363460)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2020

2020 2019
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 4,845 -
Investment property 5 183,900 183,900
188,745 183,900

CURRENT ASSETS
Debtors 6 81,159 81,159
Cash at bank 1,192 338
82,351 81,497
CREDITORS
Amounts falling due within one year 7 (259,641 ) (251,822 )
NET CURRENT LIABILITIES (177,290 ) (170,325 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
11,455
13,575

CAPITAL AND RESERVES
Called up share capital 70 70
Share premium 36,399 36,399
Other reserves 34,115 51,544
Retained earnings (59,129 ) (74,438 )
SHAREHOLDERS' FUNDS 11,455 13,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 notes form part of these financial statements

2 continued...
FIRSTSHOP LIMITED (REGISTERED NUMBER: 03363460)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2020


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 24 June 2021 and were signed by:





D Feltham - Director


The notes form part of these financial statements

3
FIRSTSHOP LIMITED (REGISTERED NUMBER: 03363460)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020


1. STATUTORY INFORMATION

Firstshop Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03363460 and its registered office 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 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 as modified by the revaluation of certain assets.

The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with any certainty. Procedures have been introduced to ensure that operations are conducted in accordance with official government advice as the company continues to trade. The directors will endeavour to monitor and control costs as necessary and any available government backed support will be obtained as required.

The directors have considered the business risks and believe 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

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

Revenue
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.

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

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.

4 continued...
FIRSTSHOP LIMITED (REGISTERED NUMBER: 03363460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2020


2. ACCOUNTING POLICIES - continued

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.

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 (2019 - 1 ) .

5 continued...
FIRSTSHOP LIMITED (REGISTERED NUMBER: 03363460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2020


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
Additions 5,700
At 30 June 2020 5,700
DEPRECIATION
Charge for year 855
At 30 June 2020 855
NET BOOK VALUE
At 30 June 2020 4,845

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2019
and 30 June 2020 183,900
NET BOOK VALUE
At 30 June 2020 183,900
At 30 June 2019 183,900

Fair value at 30 June 2020 is represented by:
£   
Valuation in 2017 34,115
Cost 149,785
183,900

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

The director valued the properties as at 30 June 2020 at the same carrying value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Other debtors 81,159 81,159

6 continued...
FIRSTSHOP LIMITED (REGISTERED NUMBER: 03363460)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2020


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 444 1,992
Taxation and social security 1,108 1,108
Other creditors 258,089 248,722
259,641 251,822

8. RELATED PARTY DISCLOSURES

Included within other debtors are amounts totalling £79,000 (2019: £79,000) due from related companies.

Included within trade creditors at the year end are amounts due to related companies totalling £444 (2019 £1,992).

Included within other creditors are amounts totalling £258,089 (2019: £248,722) due to related companies.

7