Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08733712 Dr Peter Williams (Chairman & Non-Executive Director) Ms Susanne Coleman (Non-Executive Director) Mr Elliot Lipton Ms Nicola Marks Mr John Stephen (Non-Executive Director) Mr Andrew Shamash iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08733712 2023-03-31 08733712 2024-03-31 08733712 2023-04-01 2024-03-31 08733712 frs-core:CurrentFinancialInstruments 2024-03-31 08733712 frs-core:InvestmentPropertyIncludedWithinPPE 2024-03-31 08733712 frs-core:InvestmentPropertyIncludedWithinPPE 2023-03-31 08733712 frs-core:ShareCapital 2024-03-31 08733712 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08733712 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08733712 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08733712 frs-bus:SmallEntities 2023-04-01 2024-03-31 08733712 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08733712 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08733712 frs-bus:Director1 2023-04-01 2024-03-31 08733712 frs-bus:Director2 2023-04-01 2024-03-31 08733712 frs-bus:Director3 2023-04-01 2024-03-31 08733712 frs-bus:Director4 2023-04-01 2024-03-31 08733712 frs-bus:Director5 2023-04-01 2024-03-31 08733712 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 08733712 frs-countries:EnglandWales 2023-04-01 2024-03-31 08733712 2022-03-31 08733712 2023-03-31 08733712 2022-04-01 2023-03-31 08733712 frs-core:CurrentFinancialInstruments 2023-03-31 08733712 frs-core:ShareCapital 2023-03-31 08733712 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 08733712
First Affordable Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Merranti Accounting Ltd
Contents
Page
Company Information 1
Balance Sheet 2
Notes to the Financial Statements 3—4
Page 1
Company Information
Directors Dr Peter Williams (Chairman & Non-Executive Director)
Ms Susanne Coleman (Non-Executive Director)
Mr Elliot Lipton
Ms Nicola Marks
Mr John Stephen (Non-Executive Director)
Secretary Mr Andrew Shamash
Company Number 08733712
Registered Office 40 Queen Anne Street
London
W1G 9EL
Accountants Merranti Accounting Ltd
10 Scandia-Hus Business Park
Felcourt Road, Felcourt
East Grinstead
West Sussex
RH19 2LP
Page 1
Page 2
Balance Sheet
Registered number: 08733712
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Debtors 5 68,507 58,908
Cash at bank and in hand 60,017 24,587
128,524 83,495
Creditors: Amounts Falling Due Within One Year 6 (97,349 ) (59,198 )
NET CURRENT ASSETS (LIABILITIES) 31,175 24,297
TOTAL ASSETS LESS CURRENT LIABILITIES 31,175 24,297
NET ASSETS 31,175 24,297
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 31,075 24,197
SHAREHOLDERS' FUNDS 31,175 24,297
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Elliot Lipton
Director
16 September 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
First Affordable Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08733712 . The registered office is 40 Queen Anne Street, London, W1G 9EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Investment Properties
£
Cost
As at 1 April 2023 -
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
The company owns the leasehold of a site known as Adelaide Wharf. The cost is £0.01 (2023: £0.01). 
The fair value of the property is £Nil (2023: £Nil) and has been arrived at on the basis of a valuation carried out by the directors. As the obligations under the lease are equivalent to the entitlements with respect to ground rent, the directors’ opinion is that the lease does not have any economic value.
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 64,041 16,918
Other debtors 4,466 41,990
68,507 58,908
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 43,660 8,460
Amounts owed to group undertakings 53,220 15,441
Other creditors - 35,297
Taxation and social security 469 -
97,349 59,198
7. Related Party Transactions
Summary of transactions with other related parties
First Base Limited, parent company
During the year the company received advances of £91,000 (2023: £Nil) from First Base Limited. During the year First Base Limited also waivered £53,221 (2023: £Nil) of its loan with First Affordable Limited. At the balance sheet date the amount due to First Base Limited was £53,220 (2023: £15,441). 
Directors' remuneration
The following directors' remeration was paid by and accounted for in the accounts of First Base Limited, the parent company:
Dr Peter Williams £10,000 (2023: £10,000)
Mr John Stephens £5,000 (2023: £5,000)
Ms Susanne Coleman £5,000 (2023: £5,000)
8. Building Safety Fund
During the year, an application was made in the company’s name for funding from the government’s Building Safety Fund.  An initial £300,000 was received for the purposes of undertaking initial exploratory works in relation to façade remediation.  As required, these funds are held by our managing agents, and are not reflected in these accounts as they do not form part of general company funds, and may not be utilised other than for the purpose described.
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