Company registration number 02285477 (England and Wales)
ASBESTOS FIRST LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
ASBESTOS FIRST LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ASBESTOS FIRST LTD
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
100
120
Tangible assets
5
1,251
4,082
1,351
4,202
Current assets
-
-
Creditors: amounts falling due within one year
6
(155,010)
(143,706)
Net current liabilities
(155,010)
(143,706)
Total assets less current liabilities
(153,659)
(139,504)
Creditors: amounts falling due after more than one year
7
-
0
(10,104)
Net liabilities
(153,659)
(149,608)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(153,661)
(149,610)
Total equity
(153,659)
(149,608)

For the financial year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 January 2026 and are signed on its behalf by:
J C Richardson
Director
Company registration number 02285477 (England and Wales)
ASBESTOS FIRST LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
30 June 2025
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Asbestos First Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Going concern

These financial statements are prepared on the going concern basis. The company will receive support from its parent company for the foreseeable future.

2.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

2.4
Intangible fixed assets other than goodwill
Intellectual Property
10% on cost
2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
ASBESTOS FIRST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.6
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.

2.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

2.8
Taxation

The tax expense represents tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
ASBESTOS FIRST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
4
Intangible fixed assets
Goodwill
Intellectual Property
Total
£
£
£
Cost
At 1 July 2024 and 30 June 2025
333,333
200
333,533
Amortisation and impairment
At 1 July 2024
333,333
80
333,413
Amortisation charged for the year
-
0
20
20
At 30 June 2025
333,333
100
333,433
Carrying amount
At 30 June 2025
-
0
100
100
At 30 June 2024
-
0
120
120
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2024
12,652
94,177
106,829
Disposals
-
0
(49,737)
(49,737)
At 30 June 2025
12,652
44,440
57,092
Depreciation and impairment
At 1 July 2024
12,652
90,095
102,747
Depreciation charged in the year
-
0
1,022
1,022
Eliminated in respect of disposals
-
0
(47,928)
(47,928)
At 30 June 2025
12,652
43,189
55,841
Carrying amount
At 30 June 2025
-
0
1,251
1,251
At 30 June 2024
-
0
4,082
4,082
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,493
10,648
Other creditors
144,517
133,058
155,010
143,706
ASBESTOS FIRST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Creditors: amounts falling due within one year
(Continued)
- 5 -

Included within bank loans is a bounce back loan totalling £10,493. The full term of the loan is 6 years, inclusive of a 12 month interest free period which is subsidised by the government in full. It attracts a fixed interest rate of 2.5% from the 13th month.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
10,104
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