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REGISTERED NUMBER: 13703447 (England and Wales)















Unaudited Financial Statements for the Year Ended 2 December 2023

for

Preserve First Limited

Preserve First Limited (Registered number: 13703447)






Contents of the Financial Statements
for the Year Ended 2 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

Preserve First Limited

Company Information
for the Year Ended 2 December 2023







DIRECTORS: L R Wallace
K C Wallace
R Worswick





SECRETARY:





REGISTERED OFFICE: 8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW





REGISTERED NUMBER: 13703447 (England and Wales)





ACCOUNTANTS: Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Preserve First Limited (Registered number: 13703447)

Balance Sheet
2 December 2023

2.12.23 2.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,868 -

CURRENT ASSETS
Stocks 49,850 25,040
Debtors 5 467,813 368,061
Cash at bank 136,025 39,514
653,688 432,615
CREDITORS
Amounts falling due within one year 6 471,846 373,500
NET CURRENT ASSETS 181,842 59,115
TOTAL ASSETS LESS CURRENT
LIABILITIES

186,710

59,115

CAPITAL AND RESERVES
Called up share capital 8 3 3
Retained earnings 186,707 59,112
SHAREHOLDERS' FUNDS 186,710 59,115

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 2 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 2 December 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 26 March 2024 and were signed on its behalf by:





K C Wallace - Director


Preserve First Limited (Registered number: 13703447)

Notes to the Financial Statements
for the Year Ended 2 December 2023

1. STATUTORY INFORMATION

Preserve First 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.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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 - 25% on cost

Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.


Preserve First Limited (Registered number: 13703447)

Notes to the Financial Statements - continued
for the Year Ended 2 December 2023

2. ACCOUNTING POLICIES - continued
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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Preserve First Limited (Registered number: 13703447)

Notes to the Financial Statements - continued
for the Year Ended 2 December 2023

2. ACCOUNTING POLICIES - continued

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
Additions 1,706 1,795 2,124 5,625
At 2 December 2023 1,706 1,795 2,124 5,625
DEPRECIATION
Charge for year 314 112 331 757
At 2 December 2023 314 112 331 757
NET BOOK VALUE
At 2 December 2023 1,392 1,683 1,793 4,868

Preserve First Limited (Registered number: 13703447)

Notes to the Financial Statements - continued
for the Year Ended 2 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2.12.23 2.12.22
£    £   
Trade debtors 234,089 168,003
Amounts recoverable on contract 221,766 196,345
VAT - 2,122
Prepayments and accrued income 11,958 1,591
467,813 368,061

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2.12.23 2.12.22
£    £   
Trade creditors 272,516 162,944
Tax 46,282 13,875
Social security and other taxes 32,536 34,262
VAT 4,924 -
Other loans - 71,802
Directors' current accounts 30,000 753
Accruals and deferred income 85,588 89,864
471,846 373,500

7. SECURED DEBTS

The following secured debts are included within creditors:

2.12.23 2.12.22
£    £   
Other loans - 71,802

The other loans are secured by a fixed and floating charge over the company's assets. At the year end date, the company had not made any draw downs on the facility, (2022 £71,802).

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2.12.23 2.12.22
value: £    £   
3 Ordinary £1 3 3

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Preserve First Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Preserve First Limited for the year ended 2 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Preserve First Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Preserve First Limited and state those matters that we have agreed to state to the Board of Directors of Preserve First Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Preserve First Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Preserve First Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Preserve First Limited. You consider that Preserve First Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Preserve First Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW


26 March 2024