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Registered number: 04238182 FIRSTSTEP ESTATES LTD Unaudited Financial statements Information for filing with the registrar For the Year Ended 31 March 2025
FIRSTSTEP ESTATES LTD Registered number: 04238182 Balance sheet As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 8,088 |  | 8,987
Investment property | 5 |  | 500,000 |  | 1,700,000
|  |  | 508,088 |  | 1,708,987
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 128,764 |  | 229,542 |
Cash at bank and in hand | 7 | 39 |  | 18,623 |
|  | 128,803 |  | 248,165 |
Creditors: amounts falling due within one year | 8 | (145,969) |  | (47,643) |
Net current (liabilities)/assets |  |  | (17,166) |  | 200,522
Total assets less current liabilities |  |  | 490,922 |  | 1,909,509
Creditors: amounts falling due after more than one year | 9 |  | (2,162) |  | (684,534)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (60,254) |  | (247,809) |
|  |  | (60,254) |  | (247,809)
Net assets |  |  | 428,506 |  | 977,166
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1,000 |  | 1,000
Fair value reserve |  |  | 270,586 |  | 997,997
Profit and loss account |  |  | 156,920 |  | (21,831)
|  |  | 428,506 |  | 977,166
Page 1
FIRSTSTEP ESTATES LTD Registered number: 04238182 Balance sheet (continued) As at 31 March 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2025.
Mr J Grunhut
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
FIRSTSTEP ESTATES LTD Notes to the financial statements For the Year Ended 31 March 2025
1. | General information
Firststep Estates Ltd is a private company limited by shares and registered in England and Wales. The registered address is 45 Dunsmure Road, London, N16 5PT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
FIRSTSTEP ESTATES LTD Notes to the financial statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.3 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 10% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 4
FIRSTSTEP ESTATES LTD Notes to the financial statements For the Year Ended 31 March 2025 2.Accounting policies (continued)
| 2.5 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
4. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 April 2024 | 36,243
| At 31 March 2025 | 36,243
| Depreciation |
| At 1 April 2024 | 27,256
| Charge for the year on owned assets | 899
| At 31 March 2025 | 28,155
| Net book value |
| At 31 March 2025 | 8,088
| At 31 March 2024 | 8,987
Page 5
FIRSTSTEP ESTATES LTD Notes to the financial statements For the Year Ended 31 March 2025
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 1,700,000
| Disposals | (1,200,000)
| At 31 March 2025 | 500,000
The 2025 valuations were made by the director, on an open market value for existing use basis.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Revaluation reserves |  |
| At 1 April 2024 | 997,997 | 997,997
| Net deficit in movement properties | (727,411) | -
| At 31 March 2025 | 270,586 | 997,997
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 169,160 | 454,194
|  | 169,160 | 454,194
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,058 | -
| Other debtors | 126,706 | 229,542
|  | 128,764 | 229,542
Page 6
FIRSTSTEP ESTATES LTD Notes to the financial statements For the Year Ended 31 March 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 39 | 18,624
|  | 39 | 18,624
| Difference to be cleared |  | (1)
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 9,044 | 8,922
| Other creditors | 135,965 | 38,001
| Accruals and deferred income | 960 | 720
|  | 145,969 | 47,643
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 2,162 | 684,534
|  | 2,162 | 684,534
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 673,206
|  | - | 673,206
| Details of security provided:
The bank loans are secured by a fixed charge over the company's investment property. Page 7
FIRSTSTEP ESTATES LTD Notes to the financial statements For the Year Ended 31 March 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 9,044 | 8,922
|  | 9,044 | 8,922
| Amounts falling due 2-5 years |  |
| Bank loans | 2,162 | 11,329
|  | 2,162 | 11,329
| Amounts falling due after more than 5 years |  |
| Bank loans | - | 673,206
|  | 11,206 | 693,457
11. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (247,809)
| Utilised in year | 187,555
| At end of year | (60,254)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred tax on unrealised gains | (60,254) | (247,809)
|  | (60,254) | (247,809)
Page 8