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Registration number: 04871420

First Avenue Supplies Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

image-name
 

First Avenue Supplies Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

First Avenue Supplies Limited

Company Information

Directors

Mr SJR Temple

Mr IM Temple

Mr C Jackson

Company secretary

Mrs T Temple

Registered office

Unit 1
First Avenue
Bletchley
Milton Keynes
Buckinghamshire
MK1 1DX

Accountants

Michael J Emery & Co Limited
Chartered Accountants22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
First Avenue Supplies Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of First Avenue Supplies Limited for the year ended 31 December 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of First Avenue Supplies Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of First Avenue Supplies Limited and state those matters that we have agreed to state to the Board of Directors of First Avenue Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Avenue Supplies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that First Avenue Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of First Avenue Supplies Limited. You consider that First Avenue Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of First Avenue Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

8 May 2025

 

First Avenue Supplies Limited

(Registration number: 04871420)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,100

2,550

Tangible assets

5

57,183

67,049

 

59,283

69,599

Current assets

 

Stocks

6

70,250

56,400

Debtors

7

78,591

82,780

Cash at bank and in hand

 

122,104

94,324

 

270,945

233,504

Creditors: Amounts falling due within one year

8

(185,477)

(142,251)

Net current assets

 

85,468

91,253

Total assets less current liabilities

 

144,751

160,852

Creditors: Amounts falling due after more than one year

8

(26,334)

(42,348)

Provisions for liabilities

(14,554)

(16,230)

Net assets

 

103,863

102,274

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

93,863

92,274

Shareholders' funds

 

103,863

102,274

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 

 

First Avenue Supplies Limited

(Registration number: 04871420)
Balance Sheet as at 31 December 2024

.........................................
Mr SJR Temple
Director

 

First Avenue Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1
First Avenue
Bletchley
Milton Keynes
Buckinghamshire
MK1 1DX
UK

These financial statements were authorised for issue by the Board on 8 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

First Avenue Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Fixtures and fittings

at varying rates on cost

Plant and machinery

at varying rates on cost

Leasehold improvements

20% on cost

Motor vehicles

20% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

First Avenue Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

First Avenue Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 10 (2023 - 11).

4

Intangible assets

Website development
 £

Total
£

Cost or valuation

At 1 January 2024

3,000

3,000

At 31 December 2024

3,000

3,000

Amortisation

At 1 January 2024

450

450

Amortisation charge

450

450

At 31 December 2024

900

900

Carrying amount

At 31 December 2024

2,100

2,100

At 31 December 2023

2,550

2,550

 

First Avenue Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2024

5,328

12,125

107,559

9,285

1,000

Additions

-

383

3,190

655

-

At 31 December 2024

5,328

12,508

110,749

9,940

1,000

Depreciation

At 1 January 2024

3,197

9,676

47,569

7,439

367

Charge for the year

1,065

694

11,089

1,046

200

At 31 December 2024

4,262

10,370

58,658

8,485

567

Carrying amount

At 31 December 2024

1,066

2,138

52,091

1,455

433

At 31 December 2023

2,131

2,449

59,990

1,846

633

Total
£

Cost or valuation

At 1 January 2024

135,297

Additions

4,228

At 31 December 2024

139,525

Depreciation

At 1 January 2024

68,248

Charge for the year

14,094

At 31 December 2024

82,342

Carrying amount

At 31 December 2024

57,183

At 31 December 2023

67,049

 

First Avenue Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Inventory

70,250

56,400

7

Debtors

Current

2024
£

2023
£

Trade debtors

77,056

67,946

Prepayments

1,374

173

Other debtors

161

14,661

 

78,591

82,780

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

16,013

15,144

Trade creditors

 

89,435

92,050

Taxation and social security

 

51,362

30,433

Accruals and deferred income

 

1,858

1,662

Other creditors

 

26,809

2,962

 

185,477

142,251

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,334

42,348

 

First Avenue Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,998

10,068

Hire purchase contracts

23,336

32,280

26,334

42,348

2024
£

2023
£

Current loans and borrowings

Bank borrowings

7,070

6,895

Hire purchase contracts

8,943

8,249

16,013

15,144

10

Related party transactions

Summary of transactions with parent


First Avenue Holdings Limited

Owns 94% of this company's share capital in issue.

During the year, the company issued dividends of £91,539 (2023: £12,818) to the First Avenue Holdings Limited. At the balance sheet date, the amount due to First Avenue Holdings Limited in respect of interest-free intercompany loans was £24,087 (2023: - £14,661).