38 01/05/2023 30/04/2024 2024-04-30 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-05-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11140667 2023-05-01 2024-04-30 11140667 2024-04-30 11140667 2023-04-30 11140667 2022-05-01 2023-04-30 11140667 2023-04-30 11140667 2022-04-30 11140667 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30 11140667 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 11140667 core:MotorVehicles 2023-05-01 2024-04-30 11140667 core:OnerousContractsExcludingVacantProperties 2023-05-01 2024-04-30 11140667 bus:Director1 2023-05-01 2024-04-30 11140667 core:IntangibleAssetsOtherThanGoodwill 2023-04-30 11140667 core:IntangibleAssetsOtherThanGoodwill 2024-04-30 11140667 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 11140667 core:FurnitureFittingsToolsEquipment 2023-04-30 11140667 core:MotorVehicles 2023-04-30 11140667 core:LandBuildings core:ShortLeaseholdAssets 2024-04-30 11140667 core:FurnitureFittingsToolsEquipment 2024-04-30 11140667 core:MotorVehicles 2024-04-30 11140667 core:WithinOneYear 2024-04-30 11140667 core:WithinOneYear 2023-04-30 11140667 core:AfterOneYear 2024-04-30 11140667 core:AfterOneYear 2023-04-30 11140667 core:ShareCapital 2024-04-30 11140667 core:ShareCapital 2023-04-30 11140667 core:RetainedEarningsAccumulatedLosses 2024-04-30 11140667 core:RetainedEarningsAccumulatedLosses 2023-04-30 11140667 core:IntangibleAssetsOtherThanGoodwill 2023-05-01 2024-04-30 11140667 core:IntangibleAssetsOtherThanGoodwill 2023-04-30 11140667 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 11140667 core:FurnitureFittingsToolsEquipment 2023-04-30 11140667 core:MotorVehicles 2023-04-30 11140667 bus:SmallEntities 2023-05-01 2024-04-30 11140667 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 11140667 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11140667 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11140667 bus:FullAccounts 2023-05-01 2024-04-30 11140667 core:AllAssociates 2023-05-01 2024-04-30 11140667 core:AllAssociates 2022-05-01 2023-04-30 11140667 core:ComputerEquipment 2023-05-01 2024-04-30 11140667 core:ComputerEquipment 2023-04-30 11140667 core:ComputerEquipment 2024-04-30 11140667 core:AllAssociates 2024-04-30 11140667 core:AllAssociates 2023-04-30
Company registration number: 11140667
First-Rate Maintenance Limited
Pages for filing with Registrar
30 April 2024
First-Rate Maintenance Limited
Contents
Statement of financial position
Notes to the financial statements
First-Rate Maintenance Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 50,234 13,969
Tangible assets 6 158,266 181,945
_______ _______
208,500 195,914
Current assets
Stocks 40,627 -
Debtors 7 282,880 133,818
Cash at bank and in hand 39,979 18,743
_______ _______
363,486 152,561
Creditors: amounts falling due
within one year 8 ( 466,677) ( 400,948)
_______ _______
Net current liabilities ( 103,191) ( 248,387)
_______ _______
Total assets less current liabilities 105,309 ( 52,473)
Creditors: amounts falling due
after more than one year 9 ( 71,736) ( 114,492)
_______ _______
Net assets/(liabilities) 33,573 ( 166,965)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 33,572 ( 166,966)
_______ _______
Shareholders funds/(deficit) 33,573 ( 166,965)
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2024 , and are signed on behalf of the board by:
M A Walton
Director
Company registration number: 11140667
First-Rate Maintenance Limited
Notes to the financial statements
Year ended 30 April 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 101 Percy Street, Newcastle upon Tyne, NE1 7RY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors of the company are satisfied that there are no material uncertainties concerning the company's ability to continue as a going concern for a period of at least 12 months from the date of approval od the financial statements. Accordingly, the financial statements continue to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 a revalued amount, 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:
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property improvements - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
Computer equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 38 (2023: 23 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 May 2023 18,220 18,220
Additions 49,886 49,886
_______ _______
At 30 April 2024 68,106 68,106
_______ _______
Amortisation
At 1 May 2023 4,251 4,251
Charge for the year 13,621 13,621
_______ _______
At 30 April 2024 17,872 17,872
_______ _______
Carrying amount
At 30 April 2024 50,234 50,234
_______ _______
At 30 April 2023 13,969 13,969
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 May 2023 9,592 1,063 194,864 11,234 216,753
Additions 13,893 - - 2,109 16,002
_______ _______ _______ _______ _______
At 30 April 2024 23,485 1,063 194,864 13,343 232,755
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 1,439 368 30,192 2,809 34,808
Charge for the year 3,307 104 32,934 3,336 39,681
_______ _______ _______ _______ _______
At 30 April 2024 4,746 472 63,126 6,145 74,489
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 18,739 591 131,738 7,198 158,266
_______ _______ _______ _______ _______
At 30 April 2023 8,153 695 164,672 8,425 181,945
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 151,353 97,269
Other debtors 131,527 36,549
_______ _______
282,880 133,818
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 49,007 29,695
Social security and other taxes 95,092 56,376
Other creditors 322,578 314,877
_______ _______
466,677 400,948
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 71,736 114,492
_______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Walton Robinson Limited 45,081 ( 254,037) ( 220,992) ( 266,073)
_______ _______ _______ _______
First-Rate Maintenance Limited and Walton Robinson Limited are subsidiaries of Westlands Acquisitions Limited.