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COMPANY REGISTRATION NUMBER: 02864641
FIRST PRODUCT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
27 March 2024
FIRST PRODUCT LIMITED
STATEMENT OF FINANCIAL POSITION
27 March 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
5
1,500
3,000
Tangible assets
6
10,421
635
--------
-------
11,921
3,635
CURRENT ASSETS
Stocks
311,705
265,000
Debtors
7
35,167
47,278
Cash at bank and in hand
75
145
---------
---------
346,947
312,423
CREDITORS: amounts falling due within one year
8
322,202
286,425
---------
---------
NET CURRENT ASSETS
24,745
25,998
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
36,666
29,633
CREDITORS: amounts falling due after more than one year
9
19,304
22,254
--------
--------
NET ASSETS
17,362
7,379
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
17,262
7,279
--------
-------
SHAREHOLDERS FUNDS
17,362
7,379
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 27 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FIRST PRODUCT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
27 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
Mr P R Angell
Director
Company registration number: 02864641
FIRST PRODUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 27 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Pipewell Road, Desborough, Northamptonshire, NN14 2SW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.
Income tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Franchise cost
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. INTANGIBLE ASSETS
Franchise cost
£
Cost
At 28 March 2023 and 27 March 2024
15,000
--------
Amortisation
At 28 March 2023
12,000
Charge for the year
1,500
--------
At 27 March 2024
13,500
--------
Carrying amount
At 27 March 2024
1,500
--------
At 27 March 2023
3,000
--------
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 28 March 2023
700
546
1,246
Additions
13,250
13,250
----
--------
----
--------
At 27 March 2024
700
13,250
546
14,496
----
--------
----
--------
Depreciation
At 28 March 2023
431
180
611
Charge for the year
30
3,313
121
3,464
----
--------
----
--------
At 27 March 2024
461
3,313
301
4,075
----
--------
----
--------
Carrying amount
At 27 March 2024
239
9,937
245
10,421
----
--------
----
--------
At 27 March 2023
269
366
635
----
--------
----
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
3,029
12,613
Other debtors
32,138
34,665
--------
--------
35,167
47,278
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
48,472
47,894
Corporation tax
416
5,672
Social security and other taxes
64,418
20,899
Other creditors
208,896
211,960
---------
---------
322,202
286,425
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
19,304
22,254
--------
--------
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P R Angell
5,307
5,307
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr P R Angell
----
----
----