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Financial Statements for the Year Ended 31 December 2020 |
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First Industrial Developments Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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31.12.20 | 31.12.19 |
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 |
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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
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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 2020 |
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1. | STATUTORY INFORMATION |
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First Industrial Developments Limited is a
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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 2020 |
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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 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 have arisen 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 (2019 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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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 2020 |
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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 2020 |
and 31 December 2020 | 268,643 |
NET BOOK VALUE |
At 31 December 2020 | 268,643 |
At 31 December 2019 | 268,643 |
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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 2020 |
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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 (2019 : £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 £540,000 (2019 : £2,500,000) to Ducks Ditty Limited in respect of consultancy charges. |
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£100,000 was included in creditors 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 £1,320,000 (2019: £7,500,000) to First Industrial Designs Limited in respect of consultancy charges. |
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B1111 Holdings Limited |
A company owned and controlled by M Byrom |
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During the year the Company paid £300,000 to B1111 Holdings 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 £540,000 (2019 : £2,500,000) to Keelaw Consulting Limited in respect of consultancy charges. |
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£100,000 was included in creditors at the balance sheet date. |
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8. | ULTIMATE CONTROLLING PARTY |
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The controlling party is M Byrom. |