Firstgust Limited - Accounts

Registered number

04789813

Firstgust Limited

Report and Accounts

31 December 2014

Firstgust Limited
Registered number:		04789813
Directors' Report

The directors present their report and accounts for the year ended 31 December 2014.

Principal activities
The company's principal activity during the year continued to be that of an investment holding company.

Directors
The following persons served as directors during the year:

	Benjamin Bateson (Appointed 01/08/2014)
	Versos Directors Limited
	Andrew Gilfillan (Resigned 01/08/2014)

Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 6 August 2015 and signed on its behalf.





Ben Bateson
Director

Firstgust Limited
Profit and Loss Account
for the year ended 31 December 2014


Notes		2014		2013
£			£


Administrative expenses		(4,976)		(9,436)

Operating loss		(4,976)		(9,436)

Income from investments		827,928		-
Interest receivable & other income	2	-		2,901
Interest payable & similar charges	3	(8,577)		-

Profit/(loss) on ordinary activities before taxation		814,375		(6,535)

Tax on profit/(loss) on ordinary activities	4	-		3,850

Profit/(loss) for the financial year		814,375		(2,685)

Firstgust Limited
Balance Sheet
as at 31 December 2014

Notes			2014			2013
£				£
Fixed assets
Investments	5		-			240,778

Current assets
Debtors	6	1,068,706			-
Cash at bank and in hand		125,619			139,172
		1,194,325			139,172


Net current assets			1,194,325			139,172

Total assets less current liabilities			1,194,325			379,950

Creditors: amounts falling due after more than one year	7		(371,670)			(371,670)



Net assets			822,655			8,280

Capital and reserves
Called up share capital	8		100			100
Profit and loss account	9		822,555			8,180

Shareholder's funds			822,655			8,280

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.




Ben Bateson
Director
Approved by the board on 6 August 2015

Firstgust Limited
Notes to the Accounts
for the year ended 31 December 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Pounds Sterling at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Investments
	Fixed asset investments are stated at cost less provision for diminution in value

	Group accounts
	The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.


2	Interest receivable & other income					2014		2013
£							£

	Gain on foreign exchange					-		2,901


3	Interest payable & similar charges					2014		2013
£							£

	Loss on foreign exchange					8,577		-


4	Taxation					2014		2013
£							£

	UK corporation tax					-		(3,850)


5	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 January 2014							240,778
	Disposals							(240,778)

	At 31 December 2014							-


6	Debtors					2014		2013
£							£

	Other debtors					1,068,706		-


7	Creditors: amounts falling due after one year					2014		2013
£							£

	Other creditors					371,670		371,670


8	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100


9	Profit and loss account					2014
£

	At 1 January 2014					8,180
	Profit for the year					814,375

	At 31 December 2014					822,555


10	Related party transactions

	At the balance sheet date the company owed the shareholders £371,670 (2013: £371,670)


11	Ultimate controlling party

	The Directors are aware of the identity of the ultimate controlling party. However they are under a duty of confidentiality that prevents them from disclosing certain information required by Financial Reporting Standard 8. Therefore they have taken the exemption offered by the Standard in respect of confidentiality.