2023-04-012024-03-312024-03-31false11266098FIRST4DRAINS 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FIRST4DRAINS LTD

Registered Number
11266098
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

FIRST4DRAINS LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

LAWSON, Christopher Raymond
LAWSON, Connor John

Registered Address

Walnut Hill Nurseries
Walnut Hill Road
Gravesend
DA13 9HL

Registered Number

11266098 (England and Wales)
FIRST4DRAINS LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,579,069413,215
1,579,069413,215
Current assets
Debtors2,185,008860,707
Cash at bank and on hand170,536223,793
2,355,5441,084,500
Creditors amounts falling due within one year(1,177,805)(715,936)
Net current assets (liabilities)1,177,739368,564
Total assets less current liabilities2,756,808781,779
Creditors amounts falling due after one year(1,157,387)-
Net assets1,599,421781,779
Capital and reserves
Called up share capital200200
Profit and loss account1,599,221781,579
Shareholders' funds1,599,421781,779
The financial statements were approved and authorised for issue by the Board of Directors on 9 October 2024, and are signed on its behalf by:
LAWSON, Connor John
Director
Registered Company No. 11266098
FIRST4DRAINS LTD
Notes to the Financial Statements
for the year ended 31 March 2024

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.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
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 from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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 profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings10
Plant and machinery15
Fixtures and fittings25
Vehicles25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year2721
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 23635,235
Additions1,487,510
At 31 March 242,122,745
Depreciation and impairment
At 01 April 23222,020
Charge for year321,656
At 31 March 24543,676
Net book value
At 31 March 241,579,069
At 31 March 23413,215
4.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts1,120,333-
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payment which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and the reduction of the outstanding lease liability using the effective interest rate method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.