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REGISTERED NUMBER: 10872764 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

FIRST TIME DRAINAGE SOLUTIONS LTD

FIRST TIME DRAINAGE SOLUTIONS LTD (REGISTERED NUMBER: 10872764)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FIRST TIME DRAINAGE SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: L R Schofield
L A Wright





REGISTERED OFFICE: 43 High Street
Uppermill
Oldham
Lancashire
OL3 6HS





REGISTERED NUMBER: 10872764 (England and Wales)






FIRST TIME DRAINAGE SOLUTIONS LTD (REGISTERED NUMBER: 10872764)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 126,870 133,949

CURRENT ASSETS
Stocks 2,500 2,800
Debtors 5 50,969 42,446
Cash at bank and in hand 28,269 30,344
81,738 75,590
CREDITORS
Amounts falling due within one year 6 140,350 120,880
NET CURRENT LIABILITIES (58,612 ) (45,290 )
TOTAL ASSETS LESS CURRENT LIABILITIES 68,258 88,659

CREDITORS
Amounts falling due after more than one year 7 42,946 70,066
NET ASSETS 25,312 18,593

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 25,212 18,493
25,312 18,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 and authorised for issue on 28 November 2023 and were signed on its behalf by:




L R Schofield - Director



L A Wright - Director


FIRST TIME DRAINAGE SOLUTIONS LTD (REGISTERED NUMBER: 10872764)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

First Time Drainage Solutions Ltd 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.

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 at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on reducing balance

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

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.

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.

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.

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 174,669
Additions 8,961
At 31 May 2023 183,630
DEPRECIATION
At 1 June 2022 40,720
Charge for year 16,040
At 31 May 2023 56,760
NET BOOK VALUE
At 31 May 2023 126,870
At 31 May 2022 133,949

FIRST TIME DRAINAGE SOLUTIONS LTD (REGISTERED NUMBER: 10872764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,896 36,552
Other debtors 6,073 5,894
50,969 42,446

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,000 8,000
Hire purchase contracts 22,302 17,845
Taxation and social security 22,154 17,451
Other creditors 87,894 77,584
140,350 120,880

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,455 24,227
Hire purchase contracts 22,991 42,339
Other creditors 3,500 3,500
42,946 70,066