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REGISTERED NUMBER: 05326038 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

First Step (UK) Limited

First Step (UK) Limited (Registered number: 05326038)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


First Step (UK) Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: V R Ganley
J A Quinn





REGISTERED OFFICE: 70 Market Street
Tottington
Bury
Greater Manchester
BL8 3LJ





REGISTERED NUMBER: 05326038 (England and Wales)





INDEPENDENT AUDITORS: DJH Audit Limited
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

First Step (UK) Limited (Registered number: 05326038)

Strategic Report
for the Year Ended 30 September 2024

The directors of First Step (UK) Limited are pleased to report on the accounting period ended 30 September 2024.

REVIEW OF BUSINESS
Turnover for the year is £12,167,482 (2023: £15,128,266) and Net Profit for the year is £1,259,344 (2023: £1,596,623).

Key performance indicators:

Gross profit margin 31% (2023: 24%)
Return on assets 5% (2023: 7%)
Working capital ratio 0.45 (2023: 1.21)

PRINCIPAL RISKS AND UNCERTAINTIES
The directors do not believe there are any current significant risks or uncertainties that are expected to affect the company's business.

FUTURE DEVELOPMENTS
Just after the end of this reporting period, in October 2024, the company transitioned to employee ownership through the establishment of an Employee Ownership Trust (EOT).This milestone reinforces our commitment to sustainable growth and inclusive decision-making.

Our current strategic focus is to expand our rental fleet and grow our customer base organically, while ensuring a healthy work-life balance for our staff.We have engaged a marketing company to boost our online presence and attract new business opportunities.In addition, we have secured additional discounts on vehicles through agreements with the Stellantis Group, and their broker portal will enable us to sell directly to brokers.This innovation is expected to streamline sales processes, reduce staff workload, and lower marketing costs.

The directors believe the above intiatives, alongside the EOT structure, will help to secure the long-term success of First Step (UK) Limited.

ON BEHALF OF THE BOARD:





V R Ganley - Director


26 June 2025

First Step (UK) Limited (Registered number: 05326038)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of vehicle sales and leasing.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £550,000.

DIRECTORS
V R Ganley has held office during the whole of the period from 1 October 2023 to the date of this report.

Other changes in directors holding office are as follows:

J A Quinn was appointed as director on 23 October 2024.

L J Ganley resigned as director on 23 October 2024.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

First Step (UK) Limited (Registered number: 05326038)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, DJH Audit Limited, have indicated its willingness to be re-appointed for another term and appropriate arrangements are being made for it to be deemed re-appointed as auditor in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:





V R Ganley - Director


26 June 2025

Report of the Independent Auditors to the Members of
First Step (UK) Limited

Qualified opinion
We have audited the financial statements of First Step (UK) Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 September 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 qualified opinion
We were not appointed as auditor of the company until after 30 September 2024 and thus did not observe the counting of physical inventories at the end of the current or prior year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 September 2024, which are included in the Statement of Financial Position at £2,321,657, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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 qualified opinion.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

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.


Report of the Independent Auditors to the Members of
First Step (UK) Limited

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. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities with a value of £2,321,657 held at 30 September 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

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:
- 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.

Other matters
The comparative figures within the financial statements of the company as at 30 September 2023 were unaudited.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 3, 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:

Report of the Independent Auditors to the Members of
First Step (UK) Limited


As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008 and General Data Protection Regulations (GDPR).
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the inventory provisions at the year end, the categorisation of vehicles and the estimated useful life of the assets and residual value for depreciation.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entity's ability to continue in operation.
- Testing key revenue lines, in particular cut-off and walk-through, for evidence of management bias.
- Performing a physical verification of key assets.
- Obtaining third-party confirmation of material bank and loan balances.
- Documenting and verifying all significant related party balances.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

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.




Kate Hughes (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN


Report of the Independent Auditors to the Members of
First Step (UK) Limited

26 June 2025

First Step (UK) Limited (Registered number: 05326038)

Statement of Comprehensive
Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £   

TURNOVER 12,167,482 15,128,266

Cost of sales 8,408,761 11,511,432
GROSS PROFIT 3,758,721 3,616,834

Administrative expenses 1,040,646 738,416
OPERATING PROFIT 4 2,718,075 2,878,418

Interest receivable and similar income 6,569 -
2,724,644 2,878,418

Interest payable and similar expenses 5 1,465,300 1,281,795
PROFIT BEFORE TAXATION 1,259,344 1,596,623

Tax on profit 6 626,700 687,144
PROFIT FOR THE FINANCIAL YEAR 632,644 909,479

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

632,644

909,479

First Step (UK) Limited (Registered number: 05326038)

Statement of Financial Position
30 September 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 19,642,083 20,582,434

CURRENT ASSETS
Stocks 9 2,321,657 4,301,545
Debtors 10 572,567 1,683,401
Cash at bank and in hand 499,927 420,274
3,394,151 6,405,220
CREDITORS
Amounts falling due within one year 11 6,920,083 5,286,442
NET CURRENT (LIABILITIES)/ASSETS (3,525,932 ) 1,118,778
TOTAL ASSETS LESS CURRENT LIABILITIES 16,116,151 21,701,212

CREDITORS
Amounts falling due after more than one
year

12

(10,293,995

)

(16,588,400

)

PROVISIONS FOR LIABILITIES 15 (2,658,499 ) (2,031,799 )
NET ASSETS 3,163,657 3,081,013

CAPITAL AND RESERVES
Called up share capital 16 2 2
Retained earnings 17 3,163,655 3,081,011
SHAREHOLDERS' FUNDS 3,163,657 3,081,013

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





V R Ganley - Director


First Step (UK) Limited (Registered number: 05326038)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 2 2,351,532 2,351,534

Changes in equity
Dividends - (180,000 ) (180,000 )
Total comprehensive income - 909,479 909,479
Balance at 30 September 2023 2 3,081,011 3,081,013

Changes in equity
Dividends - (550,000 ) (550,000 )
Total comprehensive income - 632,644 632,644
Balance at 30 September 2024 2 3,163,655 3,163,657

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

First Step (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

Determining the useful economic life and residual value of an asset is considered the key judgement in calculating an appropriate depreciation charge.

Using judgment to determine whether a vehicle should be held as an tangible asset or a stock item depending on intended use for hire or sale.

Estimating the element of hire purchase interest to record in the current accounting period is considered a critical accounting estimate.

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.
Turnover from the sale and hire 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 turnover 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.

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - 15% reducing balance
Motor vehicles - 9% reducing balance

Fixtures and fittings have already been depreciated in full in previous years.

The residual values , estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date.The effects of any revision are recognised in the income statement when the change arises.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. 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 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
(Unaudited)
£    £   
Wages and salaries 361,858 274,148
Other pension costs 93,184 89,638
455,042 363,786

The average number of employees during the year was as follows:
30.9.24 30.9.23
(Unaudited)

Directors 2 2
Staff 7 7
9 9

30.9.24 30.9.23
(Unaudited)
£    £   
Directors' remuneration 21,690 22,140

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
(Unaudited)
£    £   
Hire of plant and machinery 2,255 2,352
Other operating leases 143,241 133,431
Depreciation - owned assets 1,736,971 1,332,490
Profit on disposal of fixed assets (264,084 ) (898,564 )
Auditors remuneration 13,500 -
Foreign exchange differences 90 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
(Unaudited)
£    £   
Other interest paid - 28
Hire purchase interest 1,465,300 1,281,767
1,465,300 1,281,795

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
(Unaudited)
£    £   
Deferred tax 626,700 687,144
Tax on profit 626,700 687,144

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
(Unaudited)
£    £   
Profit before tax 1,259,344 1,596,623
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

314,836

399,156

Effects of:
Expenses not deductible for tax purposes 17,369 4,962
Capital allowances in excess of depreciation (121,683 ) (98,136 )
Utilisation of tax losses (210,522 ) (305,982 )
Deferred tax 626,700 687,144
Total tax charge 626,700 687,144

7. DIVIDENDS
30.9.24 30.9.23
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 550,000 180,000

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2023 30,951 51,102 22,199,325 22,281,378
Additions 1,913 - 2,864,222 2,866,135
Disposals - - (2,740,612 ) (2,740,612 )
At 30 September 2024 32,864 51,102 22,322,935 22,406,901
DEPRECIATION
At 1 October 2023 13,616 51,102 1,634,226 1,698,944
Charge for year 2,766 - 1,734,205 1,736,971
Eliminated on disposal - - (671,097 ) (671,097 )
At 30 September 2024 16,382 51,102 2,697,334 2,764,818
NET BOOK VALUE
At 30 September 2024 16,482 - 19,625,601 19,642,083
At 30 September 2023 17,335 - 20,565,099 20,582,434

The cost and depreciation as at 1 October 2023 and net book values as at 30 September 2023 are unaudited.

The net book value of assets held under hire purchase agreements is £17,622,334 (2023: £20,565,099).

9. STOCKS
30.9.24 30.9.23
(Unaudited)
£    £   
Stocks 2,321,657 4,301,545

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
(Unaudited)
£    £   
Trade debtors 540,654 983,882
Bad debt provision (7,458 ) (7,458 )
Amounts owed by group undertakings 22,148 -
VAT - 690,416
Prepayments 17,223 16,561
572,567 1,683,401

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
(Unaudited)
£    £   
Hire purchase contracts (see note 13) 6,137,555 3,289,361
Trade creditors 363,035 1,430,901
Amounts owed to group undertakings 5,000 505,000
Social security and other taxes 8,117 7,524
VAT 348,730 -
Other creditors 8,558 11,857
Directors' current accounts 6,299 22,090
Accrued expenses 42,789 19,709
6,920,083 5,286,442

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
(Unaudited)
£    £   
Hire purchase contracts (see note 13) 10,293,995 16,588,400

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.24 30.9.23
(Unaudited
£    £   
Net obligations repayable:
Within one year 6,137,555 3,289,361
Between one and five years 10,293,995 16,588,400
16,431,550 19,877,761

14. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
(Unaudited)
£    £   
Hire purchase contracts 16,431,550 19,877,761

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

15. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
(Unaudited)
£    £   
Deferred tax
Accelerated capital allowances 3,622,803 3,000,303
Tax losses carried forward (964,304 ) (968,504 )
2,658,499 2,031,799

Deferred
tax
£   
Balance at 1 October 2023 2,031,799
Charge to Statement of Comprehensive Income during year 626,700
Balance at 30 September 2024 2,658,499

The deferred tax balance as at 1 October 2023 is unaudited.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
2 Ordinary £1 2 2

17. RESERVES
Retained
earnings
£   

At 1 October 2023 3,081,011
Profit for the year 632,644
Dividends (550,000 )
At 30 September 2024 3,163,655

The balance of reserves as at 1 October 2023 is unaudited.

First Step (UK) Limited (Registered number: 05326038)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties during the year were V R Ganley and L J Ganley by virtue of their shareholdings and directorships in First Step UK (Holdings) Limited, a company incorporated in England and Wales (company number 09483559). This company is the 100% holding company of First Step (UK) Limited.

On 23rd October 2024, V R Ganley and L J Ganley sold 100% of their shares in First Step UK (Holdings) Limited to First Step UK (EOT) Limited (company number 16004348), which is now the ultimate controlling party from that date.The directors of First Step UK (EOT) Limited are V R Ganley, D Hamilton and B L Miller.

The immediate and ultimate parent company is First Step UK (Holdings) Limited, a company registered in England and Wales, which prepares group consolidated accounts.Copies can be obtained from Companies House.