Company registration number 5739246 (England and Wales)
GROUP FIRST GLOBAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
GROUP FIRST GLOBAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
GROUP FIRST GLOBAL LIMITED
BALANCE SHEET
AS AT
19 OCTOBER 2021
19 October 2021
- 1 -
2021
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
15,873
7,111
Tangible assets
5
561,022
461,292
Investment properties
6
3,996,156
4,002,583
Investments
7
617
617
4,573,668
4,471,603
Current assets
Debtors
8
30,600,745
49,106,964
Cash at bank and in hand
132,244
146,506
30,732,989
49,253,470
Creditors: amounts falling due within one year
9
(25,096,227)
(20,729,350)
Net current assets
5,636,762
28,524,120
Net assets
10,210,430
32,995,723
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
10,210,429
32,995,722
Total equity
10,210,430
32,995,723
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 19 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 April 2023 and are signed on its behalf by:
Mr T S Whittaker
Director
Company Registration No. 5739246
GROUP FIRST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 19 OCTOBER 2021
- 2 -
1
Accounting policies
Company information
Group First Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is Group First House, 12a Mead Way, Burnley, BB12 7NG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Revenue and other operating income comprises mainly of recharges of shared expenses to group companies.
1.4
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Web Domain
Over 10 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GROUP FIRST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 19 OCTOBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GROUP FIRST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 19 OCTOBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
GROUP FIRST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 19 OCTOBER 2021
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2021
Number
Number
Total
Wages costs incurred in the period relate to recharges from a connected company.
4
Intangible fixed assets
Web Domain
£
Cost
At 1 July 2021
52,402
Additions
11,083
At 19 October 2021
63,485
Amortisation and impairment
At 1 July 2021
45,291
Amortisation charged for the period
2,321
At 19 October 2021
47,612
Carrying amount
At 19 October 2021
15,873
At 30 June 2021
7,111
GROUP FIRST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 19 OCTOBER 2021
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
2,625,939
Additions
152,000
Disposals
(25,009)
At 19 October 2021
2,752,930
Depreciation and impairment
At 1 July 2021
2,164,647
Depreciation charged in the period
51,905
Eliminated in respect of disposals
(24,644)
At 19 October 2021
2,191,908
Carrying amount
At 19 October 2021
561,022
At 30 June 2021
461,292
6
Investment property
2021
£
Fair value
At 1 July 2021
4,002,584
Additions
19,114
Disposals
(25,542)
At 19 October 2021
3,996,156
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Directors who based their valuation on an informal valuation provided by independent property advisors, who are not connected with the company.
7
Fixed asset investments
2021
2021
£
£
Shares in group undertakings and participating interests
617
617
GROUP FIRST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 19 OCTOBER 2021
- 7 -
8
Debtors
2021
2021
Amounts falling due within one year:
£
£
Trade debtors
4,662
974,775
Amounts owed by group undertakings
20,504,122
37,355,476
Other debtors
10,091,961
10,776,713
30,600,745
49,106,964
9
Creditors: amounts falling due within one year
2021
2021
£
£
Trade creditors
873,409
1,056,059
Amounts owed to group undertakings
181,281
17,901,102
Corporation tax
285,016
27,413
Other taxation and social security
4,099
Other creditors
23,756,521
1,740,677
25,096,227
20,729,350
10
Called up share capital
2021
2021
2021
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
11
Related party transactions
During the year there were no related party transactions outside the normal course of business
12
Directors' transactions
Included within other debtors for the period ended 19 October 2021 is an amount of £1,662,696 (30 June 2021: £1,286,905) due from T Whittaker, a director of the company.
During the period there were advancements of £375,791.
The loan is interest free and repayable on demand. The loan was repaid within 9 months following the reporting period end date.