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REGISTERED NUMBER: 05159794 (England and Wales)















1st Step Solutions Limited

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 August 2024






1st Step Solutions Limited (Registered number: 05159794)

Contents of the Financial Statements
for the year ended 31 August 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Balance Sheet 10

Notes to the Financial Statements 11


1st Step Solutions Limited

Company Information
for the year ended 31 August 2024







Directors: R Preston
M Williams
A Brooks
C Dabbs
D A Farr
A Llufrio





Registered office: Suite 15, Ground Floor, Phoenix House
Christopher Martin Road
Basildon
Essex
SS14 3EZ





Registered number: 05159794 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

1st Step Solutions Limited (Registered number: 05159794)

Strategic Report
for the year ended 31 August 2024


Introduction
The Directors present their strategic report for the year ended 31st August 2024. This year has been marked by continued resilience and adaptability within 1st Step Solutions Ltd, which has successfully navigated a challenging economic landscape while achieving solid financial results.

Review of business
1st Step Solutions Ltd has maintained its core focus on the supply of temporary labour and permanent recruitment, specifically within the Mechanical and Electrical sectors. In a year characterised by economic uncertainty and ongoing skills shortages, we are pleased to report that the company achieved a turnover of £25.7 million and a profit of £230,515. While this represents a modest increase in turnover from the previous year, the profit reflects a strategic pivot to maintain operational efficiency and cost control amidst rising costs and market fluctuations.

The year began with cautious optimism following last year's management buyout, and our efforts have focused on strengthening our operational foundations and client relationships. While profit margins were under pressure due to higher operational costs, and strategic re-investment we successfully expanded our client base, and strengthened our foundations investing in operational changes, training and a renewed brand identity, which has received positive feedback from clients and partners alike.

The rebranding exercise has brought a fresh vision to our operations, aligning with the evolving demands of our clients and the market. Entering our 20th year, we are more committed than ever to providing exceptional recruitment solutions and building on the relationships that have driven our success.

We are extremely grateful for the dedication of our team and the loyalty of our clients, whose support has been invaluable in helping us reach this milestone.

Principal risks and uncertainties
In an ever-evolving market, the Directors continue to proactively manage and review risks associated with our business through a comprehensive management programme. Regular assessments of management accounts, cash flow analysis, and operational procedures have been integral to our strategy.

The primary risks identified this year include:

Skills Shortage: A persistent shortage of skilled labour remains a key challenge. We are addressing this through upskilling initiatives and targeted recruitment efforts aimed at new entrants and those with transferable skills, helping to ensure a sustainable talent pipeline.

Competitive Risk: Increased competition presents ongoing challenges to margins and recruitment opportunities. We mitigate this by providing flexible solutions, maintaining strong client relationships, prioritising service levels, and leveraging our expanded network within the industry.

Cashflow Management: Rigorous credit controls and effective cash management have allowed us to maintain a strong cash flow position. Our reserves, and finance facility, ensure that we can meet our obligations and continue to invest in growth initiatives.

Economic Uncertainty: Broader economic challenges, including inflationary pressures and geopolitical factors, have created an environment of unpredictability. Some established industry contractors have faced significant difficulties, underscoring the need for caution and resilience. The Directors remain committed to diversification within our area of specialism, and have expanded the client base to mitigate potential impacts. Strengthening cash reserves also remains a priority as part of the company's strategy to weather economic fluctuations.

Conclusion
The financial performance for the trading year ending August 2024, while not without its challenges, demonstrates our commitment to strategic planning and operational excellence. The modest increase in turnover, coupled with prudent cost management, has positioned us to sustain our market presence and navigate future uncertainties effectively.

Looking ahead, as we enter our 20th trading year we are optimistic about the company's prospects for continued growth and profitability. The Directors are committed to leveraging our strengths in operational efficiency, client relationships, and industry expertise to build on our achievements and ensure long-term success.


1st Step Solutions Limited (Registered number: 05159794)

Strategic Report
for the year ended 31 August 2024

Going concern statement
The Directors are confident in the company's financial standing and anticipate continued positive performance. Strong cash flow management, strategic reinvestment, and a trusted market position reinforce our going concern status, enabling us to meet financial obligations and pursue growth in the upcoming year.

Financial key performance indicators
The key financial results for the year were as follows:

2024 2023 Change
£    £    %
Turnover 25,698,472 25,622,316 0.3
Gross Profit 2,235,938 2,233,918 0.1
Operating Profit 484,141 623,295 -22.3
Profit Before Tax 309,911 448,769 -30.9
Shareholders' Funds 883,718 1,031,203 -16.6

On behalf of the board:





C Dabbs - Director


26 March 2025

1st Step Solutions Limited (Registered number: 05159794)

Report of the Directors
for the year ended 31 August 2024


Introduction
The Directors present their report with the financial statements of the Company for the year ended 31 August 2024.

Principal activity
The principal activity of the Company in the year under review was that of the supply of temporary labour and permanent recruitment, with the core focus being within the Mechanical and Electrical sectors.

Directors
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

R Preston
M Williams
A Brooks
C Dabbs
D A Farr
A Llufrio

Charitable donations and expenditure
During the year the company made donations of £2,437 (2023: £2,334).

Qualifying third party indemnity provisions
The Company has insurance which is granted an indemnity to one or more of its Directors against liability in the respect of proceedings brought by third parties, subject to conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Directors' report.

Results and dividends
The profit for the year, after taxation, amounted to £230,515 (2023: £443,554).

Dividends of £378,000 (2023: £159,000) were paid in the year.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


1st Step Solutions Limited (Registered number: 05159794)

Report of the Directors
for the year ended 31 August 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





C Dabbs - Director


26 March 2025

Report of the Independent Auditors to the Members of
1st Step Solutions Limited


Opinion
We have audited the financial statements of 1st Step Solutions Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
1st Step Solutions Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
1st Step Solutions Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Blundell (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

26 March 2025

1st Step Solutions Limited (Registered number: 05159794)

Income Statement
for the year ended 31 August 2024

2024 2023
Notes £ £

Turnover 25,698,472 25,622,316

Cost of sales (23,462,534 ) (23,388,398 )
Gross profit 2,235,938 2,233,918

Administrative expenses (1,751,797 ) (1,610,623 )
Operating profit 4 484,141 623,295


Interest payable and similar expenses (174,230 ) (174,526 )
Profit before taxation 309,911 448,769

Tax on profit (79,396 ) (5,215 )
Profit for the financial year 230,515 443,554

1st Step Solutions Limited (Registered number: 05159794)

Balance Sheet
31 August 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 39,759 41,398
39,759 41,398

Current assets
Debtors 8 4,294,845 4,685,911
Cash at bank 127,040 703,206
4,421,885 5,389,117
Creditors
Amounts falling due within one year 9 3,374,456 4,028,126
Net current assets 1,047,429 1,360,991
Total assets less current liabilities 1,087,188 1,402,389

Creditors
Amounts falling due after more than one
year

10

(151,581

)

(319,297

)

Provisions 12 (51,889 ) (51,889 )
Net assets 883,718 1,031,203

Capital and reserves
Called up share capital 150 150
Capital redemption reserve 101 101
Retained earnings 883,467 1,030,952
Shareholders' funds 883,718 1,031,203

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





C Dabbs - Director


1st Step Solutions Limited (Registered number: 05159794)

Notes to the Financial Statements
for the year ended 31 August 2024


1. Statutory information

1st Step Solutions Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 05159794 and registered office address is Suite 15, Ground Floor Phoenix House, Christopher Martin Road, Basildon, Essex, SS14 3EZ.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following sources of estimation uncertainty have had the most significant effect on amounts recognised in the financial statements:

Tangible and intangible fixed assets
Tangible and intangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives and residual values may vary taking in account future market conditions, technological innovation, product life cycles and maintenance programs. Goodwill recognised upon the acquisition of subsidiaries is amortised over the useful economic life.

Accruals
Management estimation is required to determine the amount of various liabilities incurred during the year and still due at the year end.

Accrued income
The balance sheet date falls part of the way through a working week. Management estimation is required to determine the amount of revenue from this week for which all performance obligations have been met.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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.

Revenue relating to temporary placements is recognised on a weekly basis on completion of the work by the operative. Revenue relating to permanent placements is recognised in the month of commencement of employment.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

1st Step Solutions Limited (Registered number: 05159794)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


2. Accounting policies - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

1st Step Solutions Limited (Registered number: 05159794)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


2. Accounting policies - continued

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset's original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


1st Step Solutions Limited (Registered number: 05159794)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement 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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3. Employees and directors

The average monthly number of employees, including the directors, during the period was 42 (2023: 49)

4. Operating profit

The operating profit is stated after charging:

2024 2023
£ £
Other operating leases 55,312 51,223
Depreciation - owned assets 8,612 5,864
Loss on disposal of fixed assets - 3,161
Auditors' remuneration 30,000 28,500
Auditors' remuneration for non audit work 8,000 5,590
Foreign exchange differences - 1,198
Other operating lease rentals 18,570 11,717

1st Step Solutions Limited (Registered number: 05159794)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


5. Dividends




Year ended
31/8/24
Period
15/7/22 to
31/8/23
£   £   
Ordinary shares of £1 each
Interim378,000159,000

6. Intangible fixed assets
Computer
software
£
Cost
At 1 September 2023
and 31 August 2024 18,050
Amortisation
At 1 September 2023
and 31 August 2024 18,050
Net book value
At 31 August 2024 -
At 31 August 2023 -

7. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 September 2023 91,972 27,880 119,852
Additions 1,067 5,906 6,973
At 31 August 2024 93,039 33,786 126,825
Depreciation
At 1 September 2023 77,099 1,355 78,454
Charge for year 3,010 5,602 8,612
At 31 August 2024 80,109 6,957 87,066
Net book value
At 31 August 2024 12,930 26,829 39,759
At 31 August 2023 14,873 26,525 41,398

8. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 3,787,270 4,072,755
Amounts owed by group undertakings - 201,998
Other debtors 14,620 8,520
Prepayments and accrued income 492,955 402,638
4,294,845 4,685,911

1st Step Solutions Limited (Registered number: 05159794)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 160,600 160,600
Hire purchase contracts 8,510 12,026
Trade creditors 128,953 46,122
Amounts owed to group undertakings 50 -
Tax 79,396 -
Social security and other taxes 88,278 59,601
VAT 152,152 204,419
Other creditors 2,215,684 2,589,884
Accruals and deferred income 540,833 955,474
3,374,456 4,028,126

10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years 145,199 164,888
Bank loans - 2-5 years - 140,451
Hire purchase contracts 6,382 13,958
151,581 319,297

Bank loans are repayable on a monthly basis with interest accruing annually at a rate of 2.97% for the first 5 years and 2.53% plus the lender's base rate for the remaining loan term.

11. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 305,799 465,939
Invoice financing facility 2,046,276 2,353,932
2,352,075 2,819,871

The invoice finance facility is included within other creditors. The above amounts are secured by fixed and floating charges over all of the Company's assets together with a guarantee from its parent, Team UK Solutions Limited and a personal guarantee from the Directors.

Bank loans are amounts secured by fixed and floating charges over all of the Company's assets.

12. Provisions

20242023
££   
Deferred taxation9,9809,980
Dilapidations41,90941,909
51,88951,889

1st Step Solutions Limited (Registered number: 05159794)

Notes to the Financial Statements - continued
for the year ended 31 August 2024


13. Related party transactions

The Company's invoice factoring liability is guaranteed by Team UK Solutions Limited, the parent Company and personally by the Directors.

All Directors and senior employees who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals is £510,626 (2023: £491,579).

14. Controlling entity

The company's parent is Team UK Solutions Limited which produces publically available consolidated financial statements and is registered at Suite 15, Ground Floor, Phoenix House, Christopher Martin Road, Basildon, Essex, SS14 3EZ.