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 2021

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

38,876

44,618

38,876

44,618

CURRENT ASSETS

Debtors

6

818,396

603,679

Investments

7

58,500

50,000

Cash at bank

318,171

50,225

1,195,067

703,904

CREDITORS

Amounts falling due within one year

8

(252,694

)

(131,544

)

NET CURRENT ASSETS

942,373

572,360

TOTAL ASSETS LESS CURRENT LIABILITIES

981,249

616,978

CREDITORS

Amounts falling due after more than one year

9

(175,926

)

-

NET ASSETS

805,323

616,978

CAPITAL AND RESERVES

Called up share capital

11

1,100

1,100

Capital redemption reserve

1

1

Retained earnings

804,222

615,877

SHAREHOLDERS' FUNDS

805,323

616,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 26 November 2021 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 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2020

and 31 March 2021

3,270

AMORTISATION

At 1 April 2020

and 31 March 2021

3,270

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

and 31 March 2021

28,658

21,655

5,538

32,689

88,540

DEPRECIATION

At 1 April 2020

-

14,655

3,202

26,065

43,922

Charge for year

-

1,750

2,336

1,656

5,742

At 31 March 2021

-

16,405

5,538

27,721

49,664

NET BOOK VALUE

At 31 March 2021

28,658

5,250

-

4,968

38,876

At 31 March 2020

28,658

7,000

2,336

6,624

44,618

6.

DEBTORS

31.3.21

31.3.20

£

£

Amounts falling due within one year:

Trade debtors

62,000

90,619

Other debtors

310,905

288,060

372,905

378,679

Amounts falling due after more than one year:

Other debtors

445,491

225,000

Aggregate amounts

818,396

603,679

7.	CURRENT ASSET INVESTMENTS

31.3.21

31.3.20

£

£

Other

58,500

50,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

55,556

-

Trade creditors

12,712

6,925

Taxation and social security

171,700

100,101

Other creditors

12,726

24,518

252,694

131,544

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

175,926

-

10.	LEASING AGREEMENTS

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

31.3.21

31.3.20

£

£

Within one year

22,000

16,038

Between one and five years

21,838

11,921

43,838

27,959

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

1

Ordinary

£1

1,000

1,000

100

Ordinary A

£1

100

100

1,100

1,100

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

D C Jordan

Balance outstanding at start of year

(5,217

)

10,609

Amounts advanced

14,001

2,802

Amounts repaid

(8,784

)

(18,628

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(5,217

)

The above loan is interest free and repayable upon demand.

13.	RELATED PARTY DISCLOSURES

The company declared and paid dividends of £71,999 (2020: £139,000) during the year to Mr D C Jordan, director of the company.

At the year end, the company owed Mr D C Jordan, director of the company, nil (2020 £5,217).

At the year end the company was owed £3,900 (2020: £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 £270,000 (2020: 275,000) by First Investment Properties Ltd, a company in which Mr D C Jordan is a director and shareholder. This is included within other debtors.

During the year, the company loaned £150,000 (2020: nil) 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:

24.11.20 - £18,800

23.12.20 - £4,700

26.02.21 - £9,400

30.03.21 - £4,700

At the year end the company was owed £448,186 (2020: £230,862) by First Business Securities Ltd.

£445,491 (2020: £225,000) is included within other debtors and the remaining £2,695 (2020: £5,862) is included within trade debtors.

At the year end the company was owed £817 (2020: £61) from First Business Securities Ltd. This is included within trade creditors.

14.	ULTIMATE CONTROLLING PARTY

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