First Option Ltd

FIRST OPTION LIMITED - Company Information

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Registered number: 02453594

First Option Ltd

Abbreviated accounts

For The Year Ended 30 June 2015

First Option Ltd

Director's Report

For The Year Ended 30 June 2015

Director's Report

The director presents his report and the financial statements for the year ended 30 June 2015.

Statement of Director's Responsibilities

The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activity

The company's principal activity continues to be that of providers of IT and training services.

Directors

The directors who held office during the year were as follows:

Mr Timothy Considine

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

On behalf of the board

Mr Timothy Considine

23/06/2016

Page 1

First Option Ltd

Company No. 02453594

Abbreviated Balance Sheet 30 June 2015

Abbreviated Balance Sheet

		2015		2014
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		3,667		11,800
Tangible Assets	5		1,139,915		1,165,913

			1,143,582		1,177,713
CURRENT ASSETS
Debtors	6	96,799		26,350
Cash at bank and in hand		977		7,231

		97,776		33,581
Creditors: Amounts Falling Due Within One Year		(509,111)		(389,417)

NET CURRENT ASSETS (LIABILITIES)			(411,335)		(355,836)

TOTAL ASSETS LESS CURRENT LIABILITIES			732,247		821,877

Creditors: Amounts Falling Due After More Than One Year	7		-		(75,001)

NET ASSETS			732,247		746,876

CAPITAL AND RESERVES
Called up share capital	8		2,201		2,201
Revaluation reserve			517,779		517,779
Capital redemption reserve			50,200		50,200
Profit and Loss Account			162,067		176,696

SHAREHOLDERS' FUNDS	9		732,247		746,876

Page 2

First Option Ltd

Company No. 02453594

Abbreviated Balance Sheet (continued) 30 June 2015

For the year ending 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

On behalf of the board

Mr Timothy Considine

23/06/2016

Page 3

First Option Ltd

Notes to the Abbreviated Accounts

For The Year Ended 30 June 2015

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention.

Statement of Cash Flow

The company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small company.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	100
Leasehold	length of the lease
Plant & Machinery	25% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	25% straight line
Computer Equipment	25% straight line

Operating Profit

The operating profit is stated after charging:

	2015	2014
	£	£
Bad debts	-	2,489
Director's remuneration	8,616	17,583
Depreciation of tangible fixed assets	25,998	15,258
Amortisation of intangible fixed assets	8,133	8,133

Interest Payable

	2015	2014
	£	£
Bank loans and overdrafts	14,497	14,070
Finance charges payable under finance leases and hire purchase contracts	6,680	6,678
Other finance charges	-	929

	21,177	21,677

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First Option Ltd

Notes to the Abbreviated Accounts (continued)

For The Year Ended 30 June 2015

Intangible Assets


	Total
Cost	£
As at 1 July 2014	24,400

As at 30 June 2015	24,400

Amortisation
As at 1 July 2014	12,600
Provided during the period	8,133

As at 30 June 2015	20,733

Net Book Value
As at 30 June 2015	3,667

As at 1 July 2014	11,800

Tangible Assets


	Total
Cost	£
As at 1 July 2014	1,896,948

As at 30 June 2015	1,896,948

Depreciation
As at 1 July 2014	731,035
Provided during the period	25,998

As at 30 June 2015	757,033

Net Book Value
As at 30 June 2015	1,139,915

As at 1 July 2014	1,165,913

Debtors

Debtors include an amount of £ - (2014 - £ - ) falling due after more than one year.

Creditors: Amounts Falling Due After More Than One Year

	2015	2014
	£	£
Bank loans	-	75,001

Page 5

First Option Ltd

Notes to the Abbreviated Accounts (continued)

For The Year Ended 30 June 2015

Share Capital

	Value	Number	2015	2014
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	1800	1,800	1,800

Ordinary A shares	0.010	40100	401	401




		41900	2,201	2,201

Reconciliation of Reserves

	Share Capital	Revaluation reserve	Capital Redemption	Profit & Loss Account
	£	£	£	£
As at 1 July 2014	2,201	517,779	50,200	176,696
Profit for year	-	-	-	32,534
Dividends paid	-	-	-	(47,163)

As at 30 June 2015	2,201	517,779	50,200	162,067

Dividends

	2015	2014
	£	£
On equity shares:
Final dividend paid	47,163	36,359

Page 6