First Step Trading Ltd 09240396 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Supplying and fitting of flooring for residential property Digita Accounts Production Advanced 6.30.9574.0 true true 09240396 2023-04-01 2024-03-31 09240396 2024-03-31 09240396 core:CurrentFinancialInstruments 2024-03-31 09240396 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09240396 core:FurnitureFittingsToolsEquipment 2024-03-31 09240396 core:LandBuildings 2024-03-31 09240396 core:OtherPropertyPlantEquipment 2024-03-31 09240396 bus:SmallEntities 2023-04-01 2024-03-31 09240396 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09240396 bus:FullAccounts 2023-04-01 2024-03-31 09240396 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09240396 bus:RegisteredOffice 2023-04-01 2024-03-31 09240396 bus:Director1 2023-04-01 2024-03-31 09240396 bus:Director2 2023-04-01 2024-03-31 09240396 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09240396 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09240396 core:LandBuildings 2023-04-01 2024-03-31 09240396 core:LeaseholdImprovements 2023-04-01 2024-03-31 09240396 core:MotorVehicles 2023-04-01 2024-03-31 09240396 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09240396 core:PlantMachinery 2023-04-01 2024-03-31 09240396 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-01 2024-03-31 09240396 countries:EnglandWales 2023-04-01 2024-03-31 09240396 2023-03-31 09240396 core:FurnitureFittingsToolsEquipment 2023-03-31 09240396 core:LandBuildings 2023-03-31 09240396 core:OtherPropertyPlantEquipment 2023-03-31 09240396 2022-04-01 2023-03-31 09240396 2023-03-31 09240396 core:CurrentFinancialInstruments 2023-03-31 09240396 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09240396 core:FurnitureFittingsToolsEquipment 2023-03-31 09240396 core:LandBuildings 2023-03-31 09240396 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09240396

First Step Trading Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

First Step Trading Ltd
(Registration number: 09240396)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

First Step Trading Ltd
(Registration number: 09240396)

Company Information

Directors

D Potter

D Wakeham

Registered office

Brasilia House
Victoria Way
Newmarket
Suffolk
CB8 7SH

Registered number

09240396

 

First Step Trading Ltd
(Registration number: 09240396)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

2,249

4,236

Current assets

 

Stocks

300

300

Debtors

5

74,621

34,464

 

74,921

34,764

Creditors: Amounts falling due within one year

6

(76,819)

(39,019)

Net current liabilities

 

(1,898)

(4,255)

Net assets/(liabilities)

 

351

(19)

Capital and Reserves

 

Called up share capital

2

2

Retained Earnings

349

(21)

Shareholders' funds/(deficit)

 

351

(19)

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 Ltd
(Registration number: 09240396)

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 England and Wales.

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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

First Step Trading Ltd
(Registration number: 09240396)

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

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.

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Short leasehold property

Straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

First Step Trading Ltd
(Registration number: 09240396)

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

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.

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 Ltd
(Registration number: 09240396)

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

4

Tangible Assets

Short leasehold property
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

16,473

2,281

713

19,467

At 31 March 2024

16,473

2,281

713

19,467

Depreciation

At 1 April 2023

13,588

998

645

15,231

Charge for the year

1,649

321

17

1,987

At 31 March 2024

15,237

1,319

662

17,218

Carrying amount

At 31 March 2024

1,236

962

51

2,249

At 31 March 2023

2,885

1,283

68

4,236

 

First Step Trading Ltd
(Registration number: 09240396)

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

5

Debtors

Current

2024
£

2023
£

Trade Debtors

3,996

2,089

Prepayments

4,651

4,646

Other debtors

65,974

27,729

 

74,621

34,464

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.

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1,649

3,048

Trade Creditors

 

8,568

3,046

Taxation and social security

 

12,132

3,033

Accruals and deferred income

 

1,956

1,968

Other creditors

 

52,514

27,924

 

76,819

39,019

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

1,649

3,048

 

First Step Trading Ltd
(Registration number: 09240396)

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

8

Related party transactions

Transactions with entities with joint control

At the year end, the company was due £65,783 (2023 - £27,729) from First Step Trading (Commercial) 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 the company owed £52,514 (2023 - £27,850) to First Step Trading (Commercial) Limited. This balance is included in Other creditors (note 6).

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