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REGISTERED NUMBER: SC493420 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PAISLEY FIRST

PAISLEY FIRST (REGISTERED NUMBER: SC493420)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PAISLEY FIRST

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: E W Templeton
A Morrison
R K A Ford
R J Girvan
C Sweeney
H G Brown
D Fallon
I H Henderson





REGISTERED OFFICE: 1 County Place
Paisley
Renfrewshire
PA1 1BN





REGISTERED NUMBER: SC493420 (Scotland)





ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS

PAISLEY FIRST (REGISTERED NUMBER: SC493420)

BALANCE SHEET
31 March 2024

31.3.23 31.3.24
£    £    Notes £    £   
FIXED ASSETS
2,085 Tangible assets 5 1,057

CURRENT ASSETS
61,069 Debtors 6 55,309
64,480 Cash at bank and in hand 130,738
125,549 186,047
CREDITORS
127,008 Amounts falling due within one year 7 186,412
(1,459 ) NET CURRENT LIABILITIES (365 )
626 TOTAL ASSETS LESS CURRENT
LIABILITIES

692

RESERVES
626 Income and expenditure account 692
626 692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 surplus or deficit 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 22 August 2024 and were signed on its behalf by:




E W Templeton - Director



R J Girvan - Director


PAISLEY FIRST (REGISTERED NUMBER: SC493420)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Paisley First is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Turnover
The turnover in the income and expenditure account represents the services for town centre management during the year, together with income from ancillary sales and services, excluding value added tax and pertaining to the associated spend in the year.
Turnover is recognised in the financial statements as services are provided. Income received in the period but relating to future periods is recognised as deferred income in the balance sheet.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant & machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

PAISLEY FIRST (REGISTERED NUMBER: SC493420)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

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.

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

The organisation's future as a going concern will be determined by the forthcoming vote in September/October 2024 for the continuation of Paisley town centre’s Business Improvement District during the 2024 Renewal Ballot.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred. The cost of any unused holiday pay is recognised in the period in which the employee's services are received.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant & and Computer
Totals machinery fittings equipment
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 10,430 1,700 4,744 3,986
DEPRECIATION
At 1 April 2023 8,345 1,700 4,744 1,901
Charge for year 1,028 - - 1,028
At 31 March 2024 9,373 1,700 4,744 2,929
NET BOOK VALUE
At 31 March 2024 1,057 - - 1,057
At 31 March 2023 2,085 - - 2,085

PAISLEY FIRST (REGISTERED NUMBER: SC493420)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 2,000
VAT - 2,262
Prepayments and accrued income 55,309 56,807
55,309 61,069

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 14,385 9,303
Social security and other taxes 1,988 2,556
VAT 11,249 -
Other creditors - 104
Deferred income 155,938 112,271
Accrued expenses 2,852 2,774
186,412 127,008

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 9,750 13,000
Between one and five years - 9,750
9,750 22,750

9. ULTIMATE CONTROLLING PARTY

The company did not have a controlling party during the accounting period

10. LIMITED BY GUARANTEE

The company is a not for profit, private company limited by guarantee and consequently does not have a share capital.The liability of members is limited to an undertaking by each member to contribute to the net assets or liabilities on winding up such amounts as required not exceeding £1.