REGISTERED NUMBER: 03690919 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

1ST OFFICE EQUIPMENT LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

E J V Warrender

A R M Jones

SECRETARY:

R A Roper

REGISTERED OFFICE:

Unit 14 The Maltings

Brassmill Lane

Bath

Somerset

BA1 3JL

REGISTERED NUMBER:

03690919 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 1st Office Equipment Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of 1st Office Equipment Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 1st Office Equipment Limited and state those matters that we have agreed to state to the Board of Directors of 1st Office Equipment Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 1st Office Equipment Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 1st Office Equipment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 1st Office Equipment Limited. You consider that 1st Office Equipment 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 financial statements of 1st Office Equipment 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 financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

25 September 2025

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

107,145

112,324

Investments

6

875,338

875,338

Investment property

7

1,539,792

1,539,792

2,522,275

2,527,454

CURRENT ASSETS

Stocks

84,239

148,013

Debtors

8

592,724

1,004,242

Cash at bank and in hand

1,237,905

739,998

1,914,868

1,892,253

CREDITORS

Amounts falling due within one year

9

884,049

1,102,700

NET CURRENT ASSETS

1,030,819

789,553

TOTAL ASSETS LESS CURRENT LIABILITIES

3,553,094

3,317,007

PROVISIONS FOR LIABILITIES

10

109,949

104,205

NET ASSETS

3,443,145

3,212,802

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

3,443,143

3,212,800

SHAREHOLDERS' FUNDS

3,443,145

3,212,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 profit or loss 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 23 September 2025 and were signed on its behalf by:

A R M Jones - Director

1.	STATUTORY INFORMATION

1st Office Equipment 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about 1st Office Equipment Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. The revenue is recognised when goods are dispatched, except in respect of service contracts where turnover is recognised over the duration of the contract.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

The estimated useful economic life of goodwill is 3-5 years.

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.

Motor vehicles

-

25% on cost

Office equipment

-

33.3% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in the profit and loss account.

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 32 (2023 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

695,033

Disposals

(695,033

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

695,033

Eliminated on disposal

(695,033

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

138,390

291,691

430,081

Additions

20,795

38,336

59,131

Disposals

(63,090

)

(31,404

)

(94,494

)

At 31 December 2024

96,095

298,623

394,718

DEPRECIATION

At 1 January 2024

73,526

244,231

317,757

Charge for year

18,035

23,763

41,798

Eliminated on disposal

(40,578

)

(31,404

)

(71,982

)

At 31 December 2024

50,983

236,590

287,573

NET BOOK VALUE

At 31 December 2024

45,112

62,033

107,145

At 31 December 2023

64,864

47,460

112,324

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

875,338

NET BOOK VALUE

At 31 December 2024

875,338

At 31 December 2023

875,338

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Company

Class of shares

% Holding

Digital Systems UK (South & West Wales) Limited

Ordinary

100

Digital Systems UK Limited

Ordinary

100

Crown Copiers Limited

Ordinary

100

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

1,539,792

NET BOOK VALUE

At 31 December 2024

1,539,792

At 31 December 2023

1,539,792

The investment properties were valued by the Directors on an open market basis at the year end.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

312,867

698,002

Amounts owed by group undertakings

150,000

140,000

Other debtors

129,857

166,240

592,724

1,004,242

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Payments on account

179,179

169,441

Trade creditors

143,223

345,519

Taxation and social security

202,259

161,520

Other creditors

359,388

426,220

884,049

1,102,700

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

109,949

104,205

Deferred

tax

£

Balance at 1 January 2024

104,205

Capital allowances

5,744

Balance at 31 December 2024

109,949

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, a director owed the company a balance of £39,482 (2023: £52,414). During the year, £85,367 was advanced and £98,299 was repaid.

13.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

The directors believe that the value of the investment property in the accounts represents market value.

No other significant judgements or key assumptions have had to be made by the directors in preparing the financial statements.

14.	OPERATING LEASES AND COMMITMENTS

As at the year end, the company had future minimum lease payments under non-cancellable operating leases totalling £183,556 (2023: £176,605).