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REGISTERED NUMBER: 05070908 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

1ST FOUNDATIONS LTD

1ST FOUNDATIONS LTD (REGISTERED NUMBER: 05070908)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


1ST FOUNDATIONS LTD

Company Information
for the Year Ended 31 August 2023







DIRECTOR: A Fitzhugh





REGISTERED OFFICE: Poplars Farm
Moor Lane
Ockbrook
Derby
DE72 3SA





REGISTERED NUMBER: 05070908 (England and Wales)






1ST FOUNDATIONS LTD (REGISTERED NUMBER: 05070908)

Abridged Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,600,572 1,303,492

CURRENT ASSETS
Stocks 356,110 397,175
Debtors 168,701 92,379
Cash at bank and in hand 194,397 434,320
719,208 923,874
CREDITORS
Amounts falling due within one year 450,254 467,837
NET CURRENT ASSETS 268,954 456,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,869,526

1,759,529

CREDITORS
Amounts falling due after more than
one year

(240,479

)

(293,113

)

PROVISIONS FOR LIABILITIES (30,406 ) (23,756 )
NET ASSETS 1,598,641 1,442,660

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,598,541 1,442,560
1,598,641 1,442,660

1ST FOUNDATIONS LTD (REGISTERED NUMBER: 05070908)

Abridged Balance Sheet - continued
31 August 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 March 2024 and were signed by:





A Fitzhugh - Director


1ST FOUNDATIONS LTD (REGISTERED NUMBER: 05070908)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

1st Foundations 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 represents net invoiced sales of goods and services, excluding value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - at varying rates on cost
Plant and machinery etc - 20% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

1ST FOUNDATIONS LTD (REGISTERED NUMBER: 05070908)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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 13 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2022 1,621,502
Additions 337,419
Disposals (22,971 )
At 31 August 2023 1,935,950
DEPRECIATION
At 1 September 2022 318,010
Charge for year 33,946
Eliminated on disposal (16,578 )
At 31 August 2023 335,378
NET BOOK VALUE
At 31 August 2023 1,600,572
At 31 August 2022 1,303,492

Included in the cost of Land and buildings is Freehold land of £1,397,780 (2022: £1,088,360) which is not depreciated.

5. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 288,113 340,564

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the company.