First Product Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02864641

FIRST PRODUCT LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

27 March 2025

FIRST PRODUCT LIMITED

STATEMENT OF FINANCIAL POSITION

27 March 2025

	2025		2024
Note	£	£	£

FIXED ASSETS

Intangible assets	5	–	1,500
Tangible assets	6	7,829	10,421
		-------	--------
		7,829	11,921

CURRENT ASSETS

Stocks		326,642	311,705
Debtors	7	50,722	35,167
Cash at bank and in hand		745	75
		---------	---------
		378,109	346,947

CREDITORS: amounts falling due within one year	8	355,290		322,202
		---------		---------
NET CURRENT ASSETS			22,819	24,745
			--------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES			30,648	36,666

CREDITORS: amounts falling due after more than one year	9	11,354	19,304
		--------	--------
NET ASSETS		19,294	17,362
		--------	--------

CAPITAL AND RESERVES

Called up share capital fully paid	100	100
Profit and loss account	19,194	17,262
	--------	--------
SHAREHOLDERS FUNDS	19,294	17,362
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 27 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

FIRST PRODUCT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

27 March 2025

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr P R Angell
Director

Company registration number: 02864641

FIRST PRODUCT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 27 MARCH 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Pipewell Road, Desborough, Northamptonshire, NN14 2SW.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.

Income tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Franchise cost	-	10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. INTANGIBLE ASSETS

	Franchise cost
	£
Cost
At 28 March 2024 and 27 March 2025	15,000
	--------
Amortisation
At 28 March 2024	13,500
Charge for the year	1,500
	--------
At 27 March 2025	15,000
	--------
Carrying amount
At 27 March 2025	–
	--------
At 27 March 2024	1,500
	--------

6. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 28 March 2024 and 27 March 2025	700	13,250	546	14,496
	----	--------	----	--------
Depreciation
At 28 March 2024	461	3,313	301	4,075
Charge for the year	27	2,484	81	2,592
	----	--------	----	--------
At 27 March 2025	488	5,797	382	6,667
	----	--------	----	--------
Carrying amount
At 27 March 2025	212	7,453	164	7,829
	----	--------	----	--------
At 27 March 2024	239	9,937	245	10,421
	----	--------	----	--------

7. DEBTORS

	2025	2024
	£	£
Trade debtors	5,439	3,029
Other debtors	45,283	32,138
	--------	--------
	50,722	35,167
	--------	--------

8. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	28,636	48,472
Corporation tax	1,477	416
Social security and other taxes	80,768	64,418
Other creditors	244,409	208,896
	---------	---------
	355,290	322,202
	---------	---------

9. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	11,354	19,304
	--------	--------

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr P R Angell	–	–	–
	----	----	----

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr P R Angell	–	5,307	5,307
	----	-------	-------