Firstword Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03169709 (England and Wales)

FIRSTWORD LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D Feltham

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

03169709 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Investment property

4

1,570,591

1,560,000

CURRENT ASSETS

Debtors

5

1,094,516

1,132,207

Cash at bank and in hand

6,167

6,043

1,100,683

1,138,250

CREDITORS

Amounts falling due within one year

6

(398,146

)

(387,628

)

NET CURRENT ASSETS

702,537

750,622

TOTAL ASSETS LESS CURRENT LIABILITIES

2,273,128

2,310,622

CREDITORS

Amounts falling due after more than one year

7

(1,593,900

)

(1,593,900

)

NET ASSETS

679,228

716,722

CAPITAL AND RESERVES

Called up share capital

70

70

Share premium

27,827

27,827

Other reserves

(57,017

)

(57,017

)

Retained earnings

708,348

745,842

SHAREHOLDERS' FUNDS

679,228

716,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 6 March 2023 and were signed by:

D Feltham - Director

1.	STATUTORY INFORMATION

Firstword Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03169709 and its registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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 director has 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 director will endeavour to monitor and control costs as necessary and any available government backed support will be obtained as required.

The director has 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.

Critical accounting estimates and judgements

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

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.

Investment properties

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.

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 (2021 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2021

1,560,000

Additions

10,591

At 30 June 2022

1,570,591

NET BOOK VALUE

At 30 June 2022

1,570,591

At 30 June 2021

1,560,000

Fair value at 30 June 2022 is represented by:

£

Valuation in 2017

(17,016

)

Cost

1,587,607

1,570,591

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

The director valued the properties as at 30 June 2022 at the same carrying value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

1,094,516

1,132,207

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

16,722

25,201

Taxation and social security

8,952

11,310

Other creditors

372,472

351,117

398,146

387,628

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,593,900

1,593,900

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans payable after 5 years

1,593,900

1,593,900

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,593,900

1,593,900

There is a fixed charge on the company's properties.

9.	RELATED PARTY DISCLOSURES

Included within other debtors are amounts totalling £1,094,456 (2021: £1,132,147) due from related companies.

Included within trade creditors at the year end are amounts due to related companies totalling £16,722 (2021: £25,201).

Included within other creditors are amounts totalling £372,472 (2021: £351,117) due to related companies.