First Group Enterprises Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05705759 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2019

FOR

FIRST GROUP ENTERPRISES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs N A Cox

S M Thomson

Mrs S J Thomson

SECRETARY:

Mrs N A Cox

REGISTERED OFFICE:

58 Southwark Bridge Road

London

SE1 0AS

REGISTERED NUMBER:

05705759 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

Paddington

London

W2 1HY

FIXED ASSETS

Tangible assets

4

27,414

43,697

CURRENT ASSETS

Stocks

125,904

20,138

Debtors

5

2,216,906

2,210,396

Cash at bank and in hand

1,215,050

1,304,912

3,557,860

3,535,446

CREDITORS

Amounts falling due within one year

6

2,532,892

2,585,135

NET CURRENT ASSETS

1,024,968

950,311

TOTAL ASSETS LESS CURRENT LIABILITIES

1,052,382

994,008

CAPITAL AND RESERVES

Called up share capital

2,331

2,321

Retained earnings

1,050,051

991,687

SHAREHOLDERS' FUNDS

1,052,382

994,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 November 2019 and were signed on its behalf by:

S M Thomson - Director

Mrs S J Thomson - Director

1.	STATUTORY INFORMATION

First Group Enterprises Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The company's previous name to 27 February 2018 was First News (UK) Limited.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Subscription income from newspaper issues

Revenue from subscription sales is recognised on a delivered basis. Revenue is matched to the issues delivered

within the period with advance subscriptions deferred to the balance sheet as applicable.

Non-subscription income from newspaper issues

Revenue from non-subscription sales are recognised on an actual sales basis in accordance with the issue date.

Advertising income

Revenue from advertising income physically published is recognised in accordance with the issue date of the

newspaper in which the advertising material is published. Revenue from advertisements on the company's

website are recognised in accordance with the period of display.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

over period of lease

Plant and machinery etc

-

25% straight line and 20% straight line

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment

losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and

condition necessary for it to be capable of operating in the manner intended by management.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors and loans to related parties.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at

amortised costs using the effective interest method, less any impairment. An impairment review is undertaken

annually at the balance sheet date.

Taxation

Taxation for the year comprises of current 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 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. Group losses have been utilised against the company's tax

liability as allowed by current legislation.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments

under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Pension costs

Pension contributions made to the directors personal pensions held outside the company are charged to the profit

and loss account on an accruals basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2018 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 March 2018

1,910

213,921

20,245

25,000

261,076

Additions

-

12,824

13,544

-

26,368

Disposals

-

(3,254

)

(14,199

)

-

(17,453

)

At 28 February 2019

1,910

223,491

19,590

25,000

269,991

DEPRECIATION

At 1 March 2018

1,486

180,501

10,392

25,000

217,379

Charge for year

424

28,916

4,721

-

34,061

Eliminated on disposal

-

(1,627

)

(7,236

)

-

(8,863

)

At 28 February 2019

1,910

207,790

7,877

25,000

242,577

NET BOOK VALUE

At 28 February 2019

-

15,701

11,713

-

27,414

At 28 February 2018

424

33,420

9,853

-

43,697

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade debtors

407,426

499,898

Other debtors

1,809,480

1,710,498

2,216,906

2,210,396

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade creditors

337,692

201,319

Taxation and social security

134,769

200,857

Other creditors

2,060,431

2,182,959

2,532,892

2,585,135

7.	OTHER FINANCIAL COMMITMENTS

Operating lease commitments for leases expiring within five years amount to £307,196 (2018 : £95,016).