First Step Trading (Commercial) Ltd 09610701 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Supplying and fitting of flooring for commercial and business premises Digita Accounts Production Advanced 6.30.9574.0 true true 09610701 2023-04-01 2024-03-31 09610701 2024-03-31 09610701 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 09610701 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 09610701 core:CurrentFinancialInstruments 2024-03-31 09610701 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09610701 core:Non-currentFinancialInstruments 2024-03-31 09610701 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09610701 core:FurnitureFittingsToolsEquipment 2024-03-31 09610701 core:MotorVehicles 2024-03-31 09610701 bus:SmallEntities 2023-04-01 2024-03-31 09610701 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09610701 bus:FullAccounts 2023-04-01 2024-03-31 09610701 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09610701 bus:RegisteredOffice 2023-04-01 2024-03-31 09610701 bus:Director1 2023-04-01 2024-03-31 09610701 bus:Director2 2023-04-01 2024-03-31 09610701 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09610701 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09610701 core:MotorVehicles 2023-04-01 2024-03-31 09610701 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-01 2024-03-31 09610701 countries:UnitedKingdom 2023-04-01 2024-03-31 09610701 2023-03-31 09610701 core:FurnitureFittingsToolsEquipment 2023-03-31 09610701 core:MotorVehicles 2023-03-31 09610701 2022-04-01 2023-03-31 09610701 2023-03-31 09610701 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 09610701 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 09610701 core:CurrentFinancialInstruments 2023-03-31 09610701 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09610701 core:Non-currentFinancialInstruments 2023-03-31 09610701 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09610701 core:FurnitureFittingsToolsEquipment 2023-03-31 09610701 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09610701

First Step Trading (Commercial) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Company Information

Directors

D Potter

D Wakeham

Registered office

Brasilia House
Victoria Way
Newmarket
Suffolk
CB8 7SH

Registered number

09610701

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

16,279

20,450

Current assets

 

Debtors

5

118,957

69,162

Creditors: Amounts falling due within one year

6

(122,419)

(69,504)

Net current liabilities

 

(3,462)

(342)

Total assets less current liabilities

 

12,817

20,108

Creditors: Amounts falling due after more than one year

6

(12,057)

(19,999)

Net assets

 

760

109

Capital and Reserves

 

Called up share capital

2

2

Retained Earnings

758

107

Shareholders' funds

 

760

109

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

.........................................
D Wakeham
Director

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Brasilia House
Victoria Way
Newmarket
Suffolk
CB8 7SH
United Kingdom

These financial statements were authorised for issue by the Board on 6 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024


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 Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

805

30,184

30,989

Additions

962

-

962

At 31 March 2024

1,767

30,184

31,951

Depreciation

At 1 April 2023

805

9,734

10,539

Charge for the year

20

5,113

5,133

At 31 March 2024

825

14,847

15,672

Carrying amount

At 31 March 2024

942

15,337

16,279

At 31 March 2023

-

20,450

20,450

5

Debtors

The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2023 - £Nil)

All amounts are due within one year.

Current

2024
£

2023
£

Trade Debtors

35,784

27,414

Prepayments

-

160

Other debtors

83,173

41,588

 

118,957

69,162

Other debtors includes balances of £16,156 (2023 - £7,854) and £14,503 (2023 - £5,884) due from Directors of the company. The Directors have received (2023 - received) interest free loans from the company which are
repayable on demand and due for payment within nine months of the financial year end.

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

15,682

10,252

Trade Creditors

 

23,641

17,539

Taxation and social security

 

15,228

11,707

Accruals and deferred income

 

2,085

2,276

Other creditors

 

65,783

27,730

 

122,419

69,504

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

12,057

19,999

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,110

3,110

Bank overdrafts

7,740

3,019

Hire purchase contracts

4,832

4,123

15,682

10,252

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,628

6,738

Hire purchase contracts

8,429

13,261

12,057

19,999

 

First Step Trading (Commercial) Ltd
(Registration number: 09610701)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

At the year end, the company was due £52,514 (2023 £27,850) from First Step Trading Limited, a company of which D Potter and D Wakeham are the directors and shareholders. This balance is included in Other debtors (note 5).

Additionally, at 31 March 2024 the company owed £65,783 (2023 £27,730) to First Step Trading Limited. This balance is included in Other creditors (note 6).

The balances are due on demand, with no fixed date for repayment.