First Group Enterprises Limited - Accounts to registrar (filleted) - small 18.2
First Group Enterprises Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018 |
FOR |
FIRST GROUP ENTERPRISES LIMITED |
FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 28 February 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FIRST GROUP ENTERPRISES LIMITED |
COMPANY INFORMATION |
for the Year Ended 28 February 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 London Mews |
Paddington |
London |
W2 1HY |
FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759) |
BALANCE SHEET |
28 February 2018 |
28.2.18 | 28.2.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759) |
BALANCE SHEET - continued |
28 February 2018 |
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 |
FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 28 February 2018 |
1. | STATUTORY INFORMATION |
First Group Enterprises Limited is a |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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. |
FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28 February 2018 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2017 |
Additions |
At 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
FIRST GROUP ENTERPRISES LIMITED (REGISTERED NUMBER: 05705759) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28 February 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | OTHER FINANCIAL COMMITMENTS |
Operating lease commitments for leases expiring within five years amount to £95,016 (2017:£173,971). |
8. | RELATED PARTY DISCLOSURES |
As at 28 February 2017 a group company ceased to trade. All the assets and liabilities and trade of this company were |
transferred to First Group Enterprises Limited (previously First News (UK) Limited) as this date. The balance on the |
inter-company loan account at this date, in the sum of £294,537, was written off as unrecoverable. |