REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2024 |
for |
First Step Rentals Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2024 |
for |
First Step Rentals Limited |
First Step Rentals Limited (Registered number: 06894526) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
First Step Rentals Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
First Step Rentals Limited (Registered number: 06894526) |
Abridged Statement of Financial Position |
30 September 2024 |
30.9.24 | 30.9.23 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
First Step Rentals Limited (Registered number: 06894526) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
First Step Rentals Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 directors consider that there are no critical estimates or judgement in preparing the financial statements. |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Freehold property - 10% reducing balance |
Motor vehicles - 13% reducing balance |
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. |
First Step Rentals Limited (Registered number: 06894526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
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 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
First Step Rentals Limited (Registered number: 06894526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
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 £Nil (2023: £92,559). |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Hire purchase contracts | - | 96,850 |
The hire purchase contracts in 2023 were secured on the value of vehicles to which they related. |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for 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 £36,579, 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. |
for and on behalf of |
7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
30.9.24 | 30.9.23 |
(Unaudited) |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
First Step Rentals Limited (Registered number: 06894526) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued |
The amounts are interest free, unsecured and repayable on demand. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party during the year was V R Ganley by virtue of his shareholding, related shareholding and directorship 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 Rentals Limited. |
On 23 October 2024, V R Ganley sold 100% of his 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. |