Company Registration No. 14492189 (England and Wales)
FIRST PICK WEAVING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
FIRST PICK WEAVING LTD
COMPANY INFORMATION
Directors
Mr T Bates
Mr D Bates
Company number
14492189
Registered office
Units 3 & 4
Talewater Mills
Talaton
Devon
EX5 2RT
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
FIRST PICK WEAVING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FIRST PICK WEAVING LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
85,136
96,168
Current assets
Stocks
1,800
1,800
Debtors
4
54,319
73,336
Cash at bank and in hand
176,134
125,964
232,253
201,100
Creditors: amounts falling due within one year
5
(140,470)
(180,094)
Net current assets
91,783
21,006
Total assets less current liabilities
176,919
117,174
Creditors: amounts falling due after more than one year
6
(18,015)
(27,616)
Provisions for liabilities
(9,991)
(10,729)
Net assets
148,913
78,829
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
148,911
78,827
Total equity
148,913
78,829

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

FIRST PICK WEAVING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
Mr T Bates
Director
Company Registration No. 14492189
FIRST PICK WEAVING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

First Pick Weaving Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year, and management charges receivable.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value.

FIRST PICK WEAVING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.6
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was 9 (2024 - 12).

FIRST PICK WEAVING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2024
91,932
34,156
410
126,498
Additions
2,500
7,866
-
0
10,366
At 31 March 2025
94,432
42,022
410
136,864
Depreciation and impairment
At 1 April 2024
21,962
8,197
171
30,330
Depreciation charged in the Period
14,496
6,765
137
21,398
At 31 March 2025
36,458
14,962
308
51,728
Carrying amount
At 31 March 2025
57,974
27,060
102
85,136
At 31 March 2024
69,970
25,959
239
96,168
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
51,190
69,682
Other debtors
1,328
1,828
Prepayments and accrued income
1,801
1,826
54,319
73,336
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
8,910
8,910
Trade creditors
230
666
Corporation tax
29,373
34,040
Other taxation and social security
35,128
39,960
Other creditors
63,992
94,689
Accruals and deferred income
2,837
1,829
140,470
180,094
FIRST PICK WEAVING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 6 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
18,015
27,616
7
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
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