First Business Finance (UK) Ltd - Accounts to registrar (filleted) - small 17.3
First Business Finance (UK) Ltd - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2017 |
for |
First Business Finance (UK) Ltd |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
First Business Finance (UK) Ltd |
Company Information |
for the Year Ended 31 March 2017 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 7 |
Mulberry Place |
Pinnell Road |
Eltham |
London |
SE9 6AR |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Balance Sheet |
31 March 2017 |
31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Balance Sheet - continued |
31 March 2017 |
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 on |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
1. | STATUTORY INFORMATION |
First Business Finance (UK) Ltd is a |
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 |
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 |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
2. | ACCOUNTING POLICIES - continued |
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. |
FIRST YEAR ADOPTION OF FRS 102 (SECTION 1A) |
There has been no impact on the adoption of FRS 102 (Section 1A) on the reported financial position and |
performance of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
AMORTISATION |
At 1 April 2016 |
Amortisation for year |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2016 |
Additions |
At 31 March 2017 |
DEPRECIATION |
At 1 April 2016 |
Charge for year |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
6. | DEBTORS |
31.3.17 | 31.3.16 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.17 | 31.3.16 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating |
leases |
31.3.17 | 31.3.16 |
£ | £ |
Within one year |
Between one and five years |
First Business Finance (UK) Ltd (Registered number: 06720787) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
Ordinary A | £1 | 100 | 100 |
101 | 101 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
31.3.17 | 31.3.16 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
12. | RELATED PARTY DISCLOSURES |
The company declared and paid dividends of £75,000 (2016: £120,000) during the year to Mr D C Jordan, |
director of the company. |
At the year end the company owed £10,453 (2016: £1,005) to Mr D C Jordan, director of the company. |
At the year end the company was owed £3,900 (2016: £2,863) 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. |
During the year, the company loaned £175,000 (2016: 75,000) to First Business Securities Ltd, a company in |
which Mr D C Jordan is a director and shareholder. This is included within other debtors falling due after more |
than one year in the accounts. The minimum term of the loan notes is as follows: |
£75,000 with 0% interest over a 5 year term |
£100,000 with 7% interest over a 3 year term |
At the year end the company was owed £205,076 (2016: £93,315) by First Business Securities Ltd. |
£173,800 (2016: £75,000) is included within other debtors and the remaining £31,276 (2016: £18,315) is |
included within trade debtors. |
At the year end the company was owed £738 (2016: £8,794) by First Business Solutions Ltd. This is included |
within trade debtors. |
13. | ULTIMATE CONTROLLING PARTY |
The company was controlled by D C Jordan by virtue of his shareholding in the company. |