First Affordable Limited

	Page
Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3—4

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Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: 08733712

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS

CURRENT ASSETS
Debtors	5	80,335		68,507
Cash at bank and in hand		20		60,017

		80,355		128,524
Creditors: Amounts Falling Due Within One Year	6	(19,720 )		(97,349 )

NET CURRENT ASSETS (LIABILITIES)			60,635		31,175

TOTAL ASSETS LESS CURRENT LIABILITIES			60,635		31,175

NET ASSETS			60,635		31,175

CAPITAL AND RESERVES
Called up share capital			100		100
Profit and Loss Account			60,535		31,075

SHAREHOLDERS' FUNDS			60,635		31,175

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Elliot Lipton

Director

23 September 2025

The notes on pages 3 to 4 form part of these financial statements.

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First Affordable Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

First Affordable Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08733712 . The registered office is 40 Queen Anne Street, London, W1G 9EL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Taxation

Income tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2024: 5)

4. Investment Property

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2025	2024
	£	£
Cost	1	-

The company owns the leasehold of a site known as Adelaide Wharf. The cost is £0.01 (2024: £0.01).

The fair value of the property is £Nil (2024: £Nil) and has been arrived at on the basis of a valuation carried out by the directors. As the obligations under the lease are equivalent to the entitlements with respect to ground rent, the directors’ opinion is that the lease does not have any economic value.

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	43,883	64,041
Other debtors	36,452	4,466

	80,335	68,507

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First Affordable Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	7,720	43,660
Amounts owed to group undertakings	12,000	53,220
Taxation and social security	-	469

	19,720	97,349

7. Related Party Transactions

Summary of transactions with other related parties

First Base Limited, parent company

During the year the company repaid/(received) advances of £41,220 (2024:(£91,000)) to/(from) First Base Limited. During the year First Base Limited also waivered £Nil (2024: £53,221) of its loan with First Affordable Limited. At the balance sheet date the amount due to First Base Limited was £12,000 (2024: £53,220).

Directors' remuneration

The following directors' remuneration was paid by and accounted for in the accounts of First Base Limited, the parent company:

Dr Peter Williams £10,000 (2024: £10,000)

Mr John Stephens £5,000 (2024: £5,000)

Ms Susanne Coleman £5,000 (2024: £5,000)

8. Cladding Safety Fund

During the year, our managing agents continued to administer funds received from an application was made in the company’s name for funding from the government’s Cladding Safety Scheme in relation to façade remediation of the building. The funds are not reflected in these accounts as they do not form part of general company funds, and may not be utilised other than for the purpose described.

A summary of the receipt and utilisation of these funds during the year is as follows:

Balance brought forward as at 1st April 2024 300,000

(initial funding received)

CSS income received 140,506

Bank interest received 5,894

Expenditure (on cladding remediation preparatory works) (138,911)

Balance carried forward as at 31st March 2025 307,489

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Directors	Dr Peter Williams (Chairman & Non-Executive Director)
	Ms Susanne Coleman (Non-Executive Director)
	Mr Elliot Lipton
	Ms Nicola Marks
	Mr John Stephen (Non-Executive Director)

Secretary	Mr Andrew Shamash

Company Number	08733712

Registered Office	40 Queen Anne Street
	London
	W1G 9EL

Accountants	Merranti Accounting Ltd
	10 Scandia-Hus Business Park
	Felcourt Road, Felcourt
	East Grinstead
	West Sussex
	RH19 2LP