Paisley First - Accounts to registrar (filleted)

REGISTERED NUMBER: SC493420 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

PAISLEY FIRST

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E W Templeton

R K A Ford

C Sweeney

H G Brown

D Fallon

I H Henderson

F McTaggart

A McLaren

J A MacIver

L Adamson

REGISTERED OFFICE:

1 County Place

Paisley

Renfrewshire

PA1 1BN

REGISTERED NUMBER:

SC493420 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

1,057

Tangible assets

5

32

CURRENT ASSETS

55,309

Debtors

6

37,414

130,738

Cash at bank and in hand

85,724

186,047

123,138

CREDITORS

186,412

Amounts falling due within one year

7

122,357

(365

)

NET CURRENT ASSETS/(LIABILITIES)

781

692

TOTAL ASSETS LESS CURRENT
LIABILITIES

813

RESERVES

692

Income and expenditure account

813

692

813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:

E W Templeton - Director

D Fallon - Director

1.	STATUTORY INFORMATION

Paisley First is a private company, limited by guarantee , registered in Scotland. 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The significant 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.

Turnover

The turnover in the income and expenditure account represents the services for town centre management during the year, together with income from ancillary sales and services, excluding value added tax and pertaining to the associated spend in the year.

Turnover is recognised in the financial statements as services are provided. Income received in the period but relating to future periods is recognised as deferred income in the balance sheet.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant & machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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.

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. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

Employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred. The cost of any unused holiday pay is recognised in the period in which the employee's services are received.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant &

and

Computer

Totals

machinery

fittings

equipment

£

COST

At 1 April 2024

and 31 March 2025

10,430

1,700

4,744

3,986

DEPRECIATION

At 1 April 2024

9,373

1,700

4,744

2,929

Charge for year

1,025

-

1,025

At 31 March 2025

10,398

1,700

4,744

3,954

NET BOOK VALUE

At 31 March 2025

32

-

32

At 31 March 2024

1,057

-

1,057

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Prepayments and accrued income

37,414

55,309

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade creditors

12,384

14,385

Social security and other taxes

2,192

1,988

VAT

15,318

11,249

Other creditors

95

-

Deferred income

89,540

155,938

Accrued expenses

2,828

2,852

122,357

186,412

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25

31.3.24

£

Within one year

-

9,750

9.	ULTIMATE CONTROLLING PARTY

The company did not have a controlling party during the accounting period

10.	LIMITED BY GUARANTEE

The company is a not for profit, private company limited by guarantee and consequently does not have a share capital.The liability of members is limited to an undertaking by each member to contribute to the net assets or liabilities on winding up such amounts as required not exceeding £1.