REGISTERED NUMBER:
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1ST ACCESS GROUP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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REGISTERED NUMBER:
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1ST ACCESS GROUP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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1ST ACCESS GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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BALANCE SHEET |
30 JUNE 2020 |
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30.6.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Revaluation reserve |
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Retained earnings | 386,900 | 360,203 |
SHAREHOLDERS' FUNDS |
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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. |
1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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BALANCE SHEET - continued |
30 JUNE 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings 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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1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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1st Access Group Limited is a
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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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The accounts presented are for a 6 month period and therefore the comparatives are not entirely comparable. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of consideration received or receivable net of VAT and trade discounts. |
The policies adopted for recognition of turnover are as follows: |
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Construction contracts |
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are |
recognised by reference to the stage of completion at the balance sheet date. |
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When the outcome cannot be measured reliably, the contract costs are recognised as an expense in the period |
to which they relate and contract turnover is recognised to the extent of costs incurred that is probable will be |
recovered. |
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When it is probable that costs will exceed turnover then a loss is recognised immediately. |
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Rendering of services |
When the outcome of a transaction can be measured reliably, turnover is recognised by reference to the stage of |
completion at the balance sheet date. |
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Rental income |
Rental income is measured based on the periods of occupation. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Tangible fixed assets are included at cost less accumulated depreciation and impairment. Cost includes costs |
directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated |
residual value, of each asset on a systematic basis over its expected useful lives as follows: |
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Motor vehicles | - 25% reducing balance |
Plant and equipment | - 25% reducing balance |
Fixtures and fittings | - 25% reducing balance |
Freehold property - 2% straight line |
Computer equipment - 33% straight line |
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Stocks |
Stock has been valued at the lower of cost and estimated selling price less costs to sell. Cost is calculated on a |
first-in, first-out basis. |
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1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, 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 tax |
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 period 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Grants |
Capital grants are deferred and written off to reflect the assets depreciation policy in which it assisted the capital |
purchase. These amounts are shown separately on the profit and loss account. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, |
they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement |
constitutes a financing transaction it is measured at present value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
and 30 June 2020 |
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AMORTISATION |
At 1 January 2020 |
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Charge for period |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Disposals | ( |
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At 30 June 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for period |
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Eliminated on disposal | ( |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 31 December 2019 |
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6. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
30.6.20 | 31.12.19 |
£ | £ |
Other Investments | - | 1,399 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.20 | 31.12.19 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | - | 316,029 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.20 | 31.12.19 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 43,858 | 48,679 |
Amounts due to factors | - | 503,875 |
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The bank overdraft is secured by personal guarantees from the directors.The bank loan is secured by a legal |
charge over the freehold property together with a company debenture and personal guarantees from the |
directors.Hire purchase is secured on the asset to which it relates. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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A Ordinary | £1 | 200 | 200 |
1,200 | 1,200 |
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12. | OFF-BALANCE SHEET ARRANGEMENTS |
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Operating lease commitments at the period end total £36,353. |
1ST ACCESS GROUP LIMITED (REGISTERED NUMBER: 05518191) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2020 TO 30 JUNE 2020 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the period ended 30 June 2020 and the year |
ended 31 December 2019: |
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30.6.20 | 31.12.19 |
£ | £ |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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Loans were fully repaid on 3 July 2020 having been provided interest free and repayable on demand. |