PTP Accounts Production v23.1.5.20 03313432 Board of Directors 1.5.22 30.4.23 30.4.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure033134322022-04-30033134322023-04-30033134322022-05-012023-04-30033134322021-04-30033134322021-05-012022-04-30033134322022-04-3003313432ns16:EnglandWales2022-05-012023-04-3003313432ns15:PoundSterling2022-05-012023-04-3003313432ns11:Director12022-05-012023-04-3003313432ns11:PrivateLimitedCompanyLtd2022-05-012023-04-3003313432ns11:SmallEntities2022-05-012023-04-3003313432ns11:AuditExempt-NoAccountantsReport2022-05-012023-04-3003313432ns11:SmallCompaniesRegimeForDirectorsReport2022-05-012023-04-3003313432ns11:SmallCompaniesRegimeForAccounts2022-05-012023-04-3003313432ns11:FullAccounts2022-05-012023-04-3003313432ns11:OrdinaryShareClass12022-05-012023-04-3003313432ns11:Director22022-05-012023-04-3003313432ns11:Director32022-05-012023-04-3003313432ns11:CompanySecretary12022-05-012023-04-3003313432ns11:RegisteredOffice2022-05-012023-04-3003313432ns6:CurrentFinancialInstruments2023-04-3003313432ns6:CurrentFinancialInstruments2022-04-3003313432ns6:ShareCapital2023-04-3003313432ns6:ShareCapital2022-04-3003313432ns6:RetainedEarningsAccumulatedLosses2023-04-3003313432ns6:RetainedEarningsAccumulatedLosses2022-04-3003313432ns6:FurnitureFittings2022-05-012023-04-3003313432ns6:MotorVehicles2022-05-012023-04-3003313432ns6:FurnitureFittings2022-04-3003313432ns6:MotorVehicles2022-04-3003313432ns6:FurnitureFittings2023-04-3003313432ns6:MotorVehicles2023-04-3003313432ns6:FurnitureFittings2022-04-3003313432ns6:MotorVehicles2022-04-3003313432ns6:CostValuation2023-04-3003313432ns6:WithinOneYearns6:CurrentFinancialInstruments2023-04-3003313432ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-3003313432ns6:Secured2023-04-3003313432ns6:Secured2022-04-3003313432ns11:OrdinaryShareClass12023-04-30
REGISTERED NUMBER: 03313432 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

FIRST STEP HOMES LIMITED

FIRST STEP HOMES LIMITED (REGISTERED NUMBER: 03313432)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FIRST STEP HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: T N Chastney
Mrs J Chastney
Mrs H M Wysocki





SECRETARY: T N Chastney





REGISTERED OFFICE: 30 Whiteladies Road
Clifton
Bristol
BS8 2LG





REGISTERED NUMBER: 03313432 (England and Wales)





ACCOUNTANTS: Gordon Wood Scott & Partners Limited
Chartered Accountants
Dean House
94 Whiteladies Road
Clifton
Bristol
BS8 2QX

FIRST STEP HOMES LIMITED (REGISTERED NUMBER: 03313432)

BALANCE SHEET
30 APRIL 2023

30.4.23 30.4.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,010 5,355
Investments 5 2 2
Investment property 6 24,110,000 20,050,000
24,114,012 20,055,357

CURRENT ASSETS
Debtors 7 400,698 484,848
Cash at bank 548,685 542,670
949,383 1,027,518
CREDITORS
Amounts falling due within one year 8 (8,202,878 ) (8,312,369 )
NET CURRENT LIABILITIES (7,253,495 ) (7,284,851 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,860,517

12,770,506

PROVISIONS FOR LIABILITIES (2,648,976 ) (1,667,185 )
NET ASSETS 14,211,541 11,103,321

CAPITAL AND RESERVES
Called up share capital 10 300,000 300,000
Retained earnings 11 13,911,541 10,803,321
SHAREHOLDERS' FUNDS 14,211,541 11,103,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

FIRST STEP HOMES LIMITED (REGISTERED NUMBER: 03313432)

BALANCE SHEET - continued
30 APRIL 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2023 and were signed on its behalf by:





T N Chastney - Director


FIRST STEP HOMES LIMITED (REGISTERED NUMBER: 03313432)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

First Step Homes 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 presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover, stated net of value added tax, represents property sales and rental income due to the company for the accounting period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 33% on cost
Motor vehicles - 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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 STEP HOMES LIMITED (REGISTERED NUMBER: 03313432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 May 2022 165,309 10,899 176,208
Additions 1,445 - 1,445
At 30 April 2023 166,754 10,899 177,653
DEPRECIATION
At 1 May 2022 163,403 7,450 170,853
Charge for year 1,927 863 2,790
At 30 April 2023 165,330 8,313 173,643
NET BOOK VALUE
At 30 April 2023 1,424 2,586 4,010
At 30 April 2022 1,906 3,449 5,355

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 May 2022
and 30 April 2023 2
NET BOOK VALUE
At 30 April 2023 2
At 30 April 2022 2

FIRST STEP HOMES LIMITED (REGISTERED NUMBER: 03313432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 20,050,000
Revaluations 4,060,000
At 30 April 2023 24,110,000
NET BOOK VALUE
At 30 April 2023 24,110,000
At 30 April 2022 20,050,000

The investment property was valued on an open market basis at the year end by the directors of the company, based on their knowledge of the local property market.

The values shown above are shown at cost except for Investment Property which is analysed as follows:


Investment
property
£

Revaluation surplus 14,057,814
Cost 10,052,186
Total 24,110,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 21,248 122,724
Other debtors 379,450 362,124
400,698 484,848

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 7,700,000 7,700,000
Trade creditors 54,518 80,764
Taxation and social security 17,596 84,386
Other creditors 430,764 447,219
8,202,878 8,312,369

FIRST STEP HOMES LIMITED (REGISTERED NUMBER: 03313432)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank loans 7,700,000 7,700,000

The bank loans are secured by fixed charges over the freehold property of the company and a floating charge held against the company's assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
300,000 Ordinary £1 300,000 300,000

11. RESERVES

Retained earnings include both realised and unrealised profits.

12. RELATED PARTY DISCLOSURES

At the year end the company owed £20,562 to its directors (2022 - £20,641). All of the the loans were interest free and repayable on demand.