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Financial Statements for the Year Ended 31 December 2019 |
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First Industrial Developments Limited |
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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First Industrial Developments Limited |
First Industrial Developments Limited (Registered number: 07024125) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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First Industrial Developments Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Certified Accountants & |
Statutory Auditors |
48 Belle Vue Terrace |
Malvern |
Worcestershire |
WR14 4QG |
First Industrial Developments Limited (Registered number: 07024125) |
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Abridged Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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First Industrial Developments Limited (Registered number: 07024125) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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First Industrial Developments Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover arises wholly in the UK. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
First Industrial Developments Limited (Registered number: 07024125) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The Directors are required to prepare the statutory financial statements on the going concern basis unless it is |
inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the |
Directors have also considered the Company’s ability to meet its liabilities as they fall due. |
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The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated |
impact on the Company. |
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The Directors have therefore reviewed the current and future financial position of the Company, its cash flows, |
and its liquidity position, specifically in respect of the above and the potential disruption to the business arising |
from a prolonged period of economic downturn, and any impact that this may have on the future of the industry |
both on the markets specifically targeted by the company and the industry as a whole. |
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Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of |
approval of the financial statements, the Directors were confident that the existing reserves and support from |
external facilities will provide sufficient headroom to meet the forecast cash requirements that may arise from a |
downturn in activity as a result of the COVID-19 pandemic. |
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As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern |
basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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First Industrial Developments Limited (Registered number: 07024125) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2019 | 555,866 |
Disposals | (287,223 | ) |
At 31 December 2019 | 268,643 |
NET BOOK VALUE |
At 31 December 2019 | 268,643 |
At 31 December 2018 | 555,866 |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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First Industrial Developments Limited (Registered number: 07024125) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemptions available under FRS 102 not to disclose related party |
transactions with wholly owned subsidiaries. |
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First Renewable Developments Limited |
A 66.6% owned subsidiary |
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At the balance sheet date FRD owed the Company £800,000 (2018 : £800,000). This balance is included within |
Amounts owed from group undertakings and disclosed under "Debtors: Amounts falling due within one year". |
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Ducks Ditty Limited |
A company owned and controlled by O C R Bertram |
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During the year the Company paid £2,500,000 to Ducks Ditty Limited in respect of consultancy charges. |
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These charges are outstanding in full at the balance sheet date. |
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First Industrial Designs Limited |
A company owned and controlled by M Byrom |
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During the year the Company paid £7,500,000 to First Industrial Designs Limited in respect of consultancy |
charges. |
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These charges are outstanding in full at the balance sheet date. |
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Keelaw Consulting Limited |
A company owned and controlled by J F Taylor |
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During the year the Company paid £2,500,000 to Keelaw Consulting Limited in respect of consultancy charges. |
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These charges are outstanding in full at the balance sheet date. |
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A P Watkins |
A director of the company |
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Mr A P Watkins is also a director of Monnow Consulting Limited (MCL). |
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During the period there have been charges made by MCL of £Nil (£45,451) included within Consultancy Fees. |
At the balance sheet date there are no amounts due to or from MCL. |
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8. | ULTIMATE CONTROLLING PARTY |
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The controlling party is M Byrom. |