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FIRST ACHIEVE LIMITED

Registered Number
SC482585
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2024

FIRST ACHIEVE LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

BERNARD, Adam Ben

Registered Address

1 Spiersbridge Way
Speirsbridge Business Park
Glasgow
G46 8NG

Registered Number

SC482585 (Scotland)
FIRST ACHIEVE LIMITED
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets36,7925,036
6,7925,036
Current assets
Debtors4106,73495,730
Cash at bank and on hand207,708115,572
314,442211,302
Creditors amounts falling due within one year5(110,648)(76,424)
Net current assets (liabilities)203,794134,878
Total assets less current liabilities210,586139,914
Creditors amounts falling due after one year6(6,721)(26,676)
Provisions for liabilities7(1,600)-
Net assets202,265113,238
Capital and reserves
Called up share capital1,0001,000
Profit and loss account201,265112,238
Shareholders' funds202,265113,238
The financial statements were approved and authorised for issue by the Director on 24 January 2025, and are signed on its behalf by:
BERNARD, Adam Ben
Director
Registered Company No. SC482585
FIRST ACHIEVE LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services: Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: • the amount of revenue can be measured reliably; • it is probable that the company will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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 the Income Statement
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery5
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year1111
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 2314,19814,198
Additions4,8844,884
Disposals(4,878)(4,878)
At 31 July 2414,20414,204
Depreciation and impairment
At 01 August 239,1629,162
Charge for year3,1283,128
On disposals(4,878)(4,878)
At 31 July 247,4127,412
Net book value
At 31 July 246,7926,792
At 31 July 235,0365,036
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables99,97488,294
Other debtors-1,095
Prepayments and accrued income6,7606,341
Total106,73495,730
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables28,93031,458
Bank borrowings and overdrafts10,00010,000
Taxation and social security45,90516,481
Other creditors22,23614,647
Accrued liabilities and deferred income3,5773,838
Total110,64876,424
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,72126,676
Total6,72126,676
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,600-
Total1,600-
8.Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £20,944 (2023: £20,025). Contributions totalling £1,758 (2023: £1,660) were payable to the fund at the reporting date and are included in creditors.
9.Related party transactions
During the year no advances and repayments of £7,608 were made by A. Bernard in respect of a loan with the company. The sum of £17,405 (2023: £9,797) was owed to A. Bernard at the reporting date and is included within other creditors. The loan is interest-free, unsecured and repayable on demand.