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1ST SELECT LIMITED

Registered Number
10297158
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

1ST SELECT LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

LEE, Jamie Alexander
LEE, Lisa
LEVINE, Noa

Registered Address

Third Floor
10 South Parade
Leeds
LS1 5QS

Registered Number

10297158 (England and Wales)
1ST SELECT LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets35,0154,170
5,0154,170
Current assets
Debtors244,777165,299
Cash at bank and on hand51,342185,549
296,119350,848
Creditors amounts falling due within one year4(211,622)(175,304)
Net current assets (liabilities)84,497175,544
Total assets less current liabilities89,512179,714
Creditors amounts falling due after one year5(36,336)(63,609)
Provisions for liabilities6(1,000)(1,000)
Net assets52,176115,105
Capital and reserves
Called up share capital44
Profit and loss account52,172115,101
Shareholders' funds52,176115,105
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
LEE, Jamie Alexander
Director
Registered Company No. 10297158
1ST SELECT LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Operating leases
At 31 December 2023 the company had future minimum lease payments under non-cancellable operating leases of £26,661 (2022: £nil).
Employee benefits
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.
Foreign currency translation
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
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
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:

Reducing balance (%)
Fixtures and fittings20
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year1110
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 January 239,4249,424
Additions1,8151,815
At 31 December 2311,23911,239
Depreciation and impairment
At 01 January 235,2545,254
Charge for year970970
At 31 December 236,2246,224
Net book value
At 31 December 235,0155,015
At 31 December 224,1704,170
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables8,33723,354
Bank borrowings and overdrafts27,27327,939
Taxation and social security84,50384,235
Other creditors81,21032,650
Accrued liabilities and deferred income10,2997,126
Total211,622175,304
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. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
5.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts36,33663,609
Total36,33663,609
Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
6.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

2023

2022

££
Net deferred tax liability (asset)1,0001,000
Total1,0001,000
7.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £2,244 (2022 - £2,739)