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FIRST ACHIEVE LIMITED

Registered Number
SC482585
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2023

FIRST ACHIEVE LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

BERNARD, Adam Ben

Registered Address

1 Spiersbridge Way
Speirsbridge Business Park
Glasgow
G46 8NG

Registered Number

SC482585 (Scotland)
FIRST ACHIEVE LIMITED
Statement of Financial Position
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets55,0363,695
5,0363,695
Current assets
Debtors895,73079,218
Cash at bank and on hand115,57289,733
211,302168,951
Creditors amounts falling due within one year9(76,424)(51,403)
Net current assets (liabilities)134,878117,548
Total assets less current liabilities139,914121,243
Creditors amounts falling due after one year10(26,676)(36,667)
Net assets113,23884,576
Capital and reserves
Called up share capital1,0001,000
Profit and loss account112,23883,576
Shareholders' funds113,23884,576
The financial statements were approved and authorised for issue by the Director on 13 March 2024, and are signed on its behalf by:
BERNARD, Adam Ben
Director
Registered Company No. SC482585
FIRST ACHIEVE LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment5
Revenue recognition policy
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the 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: Rendering of services: Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the deprecation on the assets to which the grant relates. The deferred element of grants is included in the creditors and defrred income. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
4.Employee information

20232022
Average number of employees during the year1116
5.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 August 2212,62412,624
Additions3,8763,876
Disposals(2,302)(2,302)
At 31 July 2314,19814,198
Depreciation and impairment
At 01 August 228,9298,929
Charge for year2,3432,343
On disposals(2,110)(2,110)
At 31 July 239,1629,162
Net book value
At 31 July 235,0365,036
At 31 July 223,6953,695
6.Off balance sheet pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £20,025 (2022: £17,885). Contributions totalling £1,660 (2022: £3,254) were payable to the fund at the reporting date and are included in creditors.
7.Description of nature of transactions and balances with related parties
During the year advances of £nil and repayments of £4,364 were made by A Bernard in respect of a loan with the company. The sum of £9,797 (2022: £5,433) was owed to A Bernard at the reporting date and is included within other creditors. The loan is interest-free, unsecured and repayable on demand.
8.Debtors

2023

2022

££
Trade debtors / trade receivables88,29472,839
Other debtors1,0951,095
Prepayments and accrued income6,3415,284
Total95,73079,218
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables31,45820,463
Bank borrowings and overdrafts10,00010,000
Taxation and social security16,4818,229
Other creditors14,6479,749
Accrued liabilities and deferred income3,8382,962
Total76,42451,403
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts26,67636,667
Total26,67636,667