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REGISTERED NUMBER: 00886570 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FIRST IN SERVICE LIMITED

FIRST IN SERVICE LIMITED (REGISTERED NUMBER: 00886570)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


FIRST IN SERVICE LIMITED (REGISTERED NUMBER: 00886570)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 597 1,621
Tangible assets 5 55,508 89,447
56,105 91,068

CURRENT ASSETS
Stocks 344,786 395,298
Debtors 6 2,265,094 2,616,454
Cash at bank 228,908 79,382
2,838,788 3,091,134
CREDITORS
Amounts falling due within one year 7 1,895,207 2,194,208
NET CURRENT ASSETS 943,581 896,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

999,686

987,994

CREDITORS
Amounts falling due after more than one
year

8

250,454

358,729
NET ASSETS 749,232 629,265

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Capital redemption reserve 2,000 2,000
Retained earnings 745,232 625,265
749,232 629,265

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 IN SERVICE LIMITED (REGISTERED NUMBER: 00886570)

BALANCE SHEET - continued
31 OCTOBER 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 30 July 2024 and were signed on its behalf by:





Mr K W Fletcher - Director


FIRST IN SERVICE LIMITED (REGISTERED NUMBER: 00886570)

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


1. STATUTORY INFORMATION

First in Service Limited is a private company limited by shares and incorporated in England, registered number 00886570. Its registered office is Windsor Industrial Estate, Rupert Street, Birmingham, B7 4PR.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

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 - between 10% on 33% on cost, 25% on cost and 33% on cost and between 33% & 50% on cost

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

Financial instruments
Basic financial liabilities, including trade and other debtors, bank loans and other loans 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.

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.


FIRST IN SERVICE LIMITED (REGISTERED NUMBER: 00886570)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 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.

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 63 (2022 - 64 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022
and 31 October 2023 5,120
AMORTISATION
At 1 November 2022 3,499
Charge for year 1,024
At 31 October 2023 4,523
NET BOOK VALUE
At 31 October 2023 597
At 31 October 2022 1,621

FIRST IN SERVICE LIMITED (REGISTERED NUMBER: 00886570)

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


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 312,555
DEPRECIATION
At 1 November 2022 223,108
Charge for year 33,939
At 31 October 2023 257,047
NET BOOK VALUE
At 31 October 2023 55,508
At 31 October 2022 89,447

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,587,581 1,941,431
Amounts owed by group undertakings 588,295 588,295
Other debtors 89,218 86,728
2,265,094 2,616,454

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts (see note 9) 13,515 13,515
Trade creditors 536,171 891,530
Taxation and social security 560,362 558,201
Other creditors 745,159 690,962
1,895,207 2,194,208

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 52,701 106,667
Hire purchase contracts (see note 9) 30,700 44,215
Other creditors 167,053 207,847
250,454 358,729

FIRST IN SERVICE LIMITED (REGISTERED NUMBER: 00886570)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.10.23 31.10.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 26,396

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 13,515 13,515
Between one and five years 30,700 44,215
44,215 57,730

Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 93,128 142,038
Between one and five years 79,992 -
In more than five years 59,994 -
233,114 142,038

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Other creditors 514,723 653,550
Hire purchase contracts 44,215 57,730
558,938 711,280

The other creditors are secured by way of a fixed and floating charge over the assets of the company.