First Regional Accounting Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 09133841 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2022

for

First Regional Accounting Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Peters

C Cowley

J S Peters

REGISTERED OFFICE:

Parkgates

Bury New Road

Prestwich

Manchester

M25 0JW

REGISTERED NUMBER:

09133841 (England and Wales)

BANKERS:

Royal Bank of Scotland

2 Athol Street

Douglas

IM99 1AN

SOLICITORS:

Keystone Law Group Plc

47 Chancery Lane

London WC2A 1JF

FIXED ASSETS

Investments

5

1,108,171

1,269,876

CURRENT ASSETS

Debtors

6

36,569

114,493

Cash at bank

75,219

129,539

111,788

244,032

CREDITORS

Amounts falling due within one year

7

82,269

172,377

NET CURRENT ASSETS

29,519

71,655

TOTAL ASSETS LESS CURRENT LIABILITIES

1,137,690

1,341,531

CREDITORS

Amounts falling due after more than one year

8

797,373

929,923

NET ASSETS

340,317

411,608

CAPITAL AND RESERVES

Called up share capital

9

25,000

25,000

Retained earnings

315,317

386,608

SHAREHOLDERS' FUNDS

340,317

411,608

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 27 July 2023 and were signed on its behalf by:

M Peters - Director

C Cowley - Director

1.	STATUTORY INFORMATION

First Regional Accounting Limited ("the Company") is a Private Company limited by Shares, incorporated and domiciled in England and Wales - Registration No 9133841. Its Registered Office and principal place of business is at Parkgates, New Bury Road, Prestwich, Manchester M25 0JW

2.	STATEMENT OF COMPLIANCE

These Accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities (the Financial Reporting Standard applicable in the UK and Republic of Ireland). There are no material departures from that Standard.

The principal accounting policies adopted in the preparation of these Accounts are set out below; they have remained unchanged from the previous year, and have been consistently applied within the accounts.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts (excluding VAT) derived from Partnership, Investment and Consultancy Activities in the year.

Fixed assets and amortisation

Partnership Interests

Partnership Interests including any acquired Goodwill element are maintained at cost, unless, in the opinion of the Directors, a permanent reduction in value has occurred; any such deficit is dealt with through the profit & loss account.

This policy is a change from the previous policy of amortisation over a twenty year period in view of the sale by the Partnership of its Assets, including Goodwill, on a deferred basis.

Investment in Subsidiary

The Investment in Subsidiary is maintained at cost, including the Goodwill element plus or minus any change in its Net Tangible Assets since acquisition. The Goodwill element in the cost of the subsidiary has not been amortised as the Directors, in consultation with the Directors of the subsidiary, review the value on an annual basis: should such review reveal a reduction in value, the deficit will be dealt with through the Profit and Loss Account. The subsidiary amortises Goodwill over twenty years from the date of the Company's acquisition - 31st October 2017, when the Goodwill was revalued at the Company's acquisition cost.

Going concern

The Accounts have been prepared on the assumption that the Company is able to carry on business as a going concern which the Directors consider appropriate taking into account the circumstances of the shareholder loan as detailed in the Creditors note.

Foreign currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses are included in the profit & loss account.

Presentation currency and rounding

The Accounts are presented in Sterling, which is the functional currency of the Company, and rounded to the nearest £1.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 3 ).

5.	FIXED ASSET INVESTMENTS

Investment in Subsidiary

2022

2021

At cost - Alexander Bursk Limited

653,000

653,000

Increase in cost

60,000

Increase in net tangible assets from acquisition date

to 31st October 2022

29,759

128,346

Loan account

50,000

50,000

£792,759

£831,346

The increase of £60,000 in the cost of Alexander Bursk Limited relates to the agreed amount of Deferred Consideration payable in 2022/2023.

The decrease in Net Assets of Alexander Bursk Limited is derived from the Company's accounts for the year ended 31st October 2022.

At 31st October 2022, the net assets, including Goodwill, of Alexander Bursk Limited, as disclosed in its accounts, were £527,159 (2021 £651,904). Its loss after amortisation and tax for the year ending 31st October was £118,549 (2021: Profit £13,142).

Partnership Interests

2022

2021

Partnership Loan Capital Account in Jolliffe Cork LLP

500,000

500,000

In April 2021, Jolliffe Cork LLP (50% owned by the Company) disposed of its accounting business on deferred terms at approximately book value; a Capital repayment of £80,000, 11 monthly instalments of £11,250 and 4 monthly instalments of £9,750 have been received by the Company.

(242,750

)

(113,750

)

257,250

386,250

Partnership undrawn profits

48,637

38,136

£305,887

£427,386

Jolliffe Cork Consulting Limited - 40% owned

Net Asset Value at 31st July 2022

9,526

14,144

9,526

14,144

Total investment in Jolliffe Cork LLP Group

£315,412

£438,530

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Debtors due within one year

2022

2021

£

£

Alexander Bursk Limited

14,167

49,864

Jolliffe Cork LLP Capital repayment

9,750

11,250

WRC Accounting Limited

12,500

-

Sundry debtors

152

53,379

£114,493

£114,493

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Sundry creditors

1,421

-

UK Corporation tax

20,847

22,376

Acquisition costs - Alexander Bursk Limited

60,000

150,000

£82,268

£172,376

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

EIS Professional Participations Limited

82,873

132,873

Shareholder loans

714,500

797,050

£797,373

£929,923

During the year, the Company repaid £82,550 of the loan from the shareholder, FR Accounting Group Limited to fund that company's shareholder loan repayment

The Shareholder and the other Loan are unsecured and free of interest; repayment terms are yet to be agreed, but the Shareholder has confirmed that no withdrawal will be demanded that would cause disruption to the Company's current and anticipated activities.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

25,000

Ordinary Shares

£1

25,000

25,000

In accordance with the Company's Memorandum & Articles of Association, the Company has no set authorised Share Capital.

The entire issued share capital is owned by FR Accounting Group Limited.

10.	CONTINGENT LIABILITIES

The Company, in January 2022, entered into a Guarantee for the payment of rent in respect of the office premises of Alexander Bursk Limited amounting to approximately £40,000 per annum for five years from 26th March 2022.

11.	CAPITAL COMMITMENTS

The Company had no capital commitments at 31st July 2021 (2020 Nil).

12.	COMMITMENTS UNDER OPERATING LEASES

The Company has no commitments under operating or finance leases at 31st July 2021 (2020 Nil).

13.	RELATED PARTY DISCLOSURES

The interests of former Director David Pope and Current Director, Martin Peters, are together the majority Shareholders in FR Accounting Group Limited, the Company's Holding Company and Loan Creditor.

Director Christian Cowley is a director of Oak Group IoM Limited who are due fees of £5,000 (2020 £5,000) for the year in respect of company administration. These fees are charged at normal professional rates.

Martin Peters is the sole shareholder of EIS Professional Participations Limited

The Company has met the administrative costs of its holding company, FR Accounting Group Limited as it did in the preceding year.

No Director received fees for the year (2020 Nil)

14.	ULTIMATE CONTROLLING PARTY

100% of the issued share capital is owned by the Holding Company FR Accounting Group Limited, but the ultimate controlling parties of the Company are Martin Peters and interests of David Pope.

15.	CONSOLIDATED ACCOUNTS

In view of the diversity of year end dates, consolidated accounts have not been prepared. Details of the net assets and profits of the subsidiary are included in Note 7.