First Editions Limited - Filleted accounts

Registered number

02956488

First Editions Limited

Filleted Accounts

31 December 2025

First Editions Limited
Registered number:		02956488
Balance Sheet
as at 31 December 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		591,999			705,026

Current assets
Stocks		206,000			223,922
Debtors	4	76,296			120,801
Cash at bank and in hand		65,577			118,238
		347,873			462,961

Creditors: amounts falling due within one year	5	(303,975)			(388,140)

Net current assets			43,898			74,821

Total assets less current liabilities			635,897			779,847

Creditors: amounts falling due after more than one year	6		(251,072)			(256,185)

Provisions for liabilities			(5,892)			(10,152)


Net assets			378,933			513,510

Capital and reserves
Called up share capital			100			100
Profit and loss account			378,833			513,410

Shareholders' funds			378,933			513,510

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mark Alderson
Director
Approved by the board on 29 July 2026

First Editions Limited
Notes to the Accounts
for the year ended 31 December 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold land and buildings			over the lease term
	Plant, fixtures & fittings			15% straight line
	Office equipment			25% straight line

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Research and development
	Expenditure on research and development is written off against profits in the year in which it is incurred. The company submitted a claim to HM Revenue and Customs for enhanced expenditure during the year to 31 December 2024 which resulted in a refund in this year of £38,124.77.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					11		13


3	Tangible fixed assets
		Leasehold improve- ments		Plant, fixtures & fittings		Office equipment		Total
£			£		£		£
	Cost
	At 1 January 2025	10,737		1,331,789		14,540		1,357,066
	Additions	-		7,513		-		7,513
	At 31 December 2025	10,737		1,339,302		14,540		1,364,579

	Depreciation
	At 1 January 2025	3,579		636,728		11,733		652,040
	Charge for the year	3,579		115,941		1,020		120,540
	At 31 December 2025	7,158		752,669		12,753		772,580

	Net book value
	At 31 December 2025	3,579		586,633		1,787		591,999
	At 31 December 2024	7,158		695,061		2,807		705,026


4	Debtors					2025		2024
£							£

	Trade debtors					61,658		79,632
	Other debtors					14,638		41,169
						76,296		120,801


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Accruals					10,103		20,004
	Obligations under finance lease and hire purchase contracts					89,751		94,991
	Trade creditors					63,315		179,477
	Taxation and social security costs					10,569		(34,189)
	Other creditors					130,237		127,857
						303,975		388,140


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Obligations under finance lease and hire purchase contracts					251,072		256,185


7	Other financial commitments					2025		2024
£							£

	Total future minimum payments under non-cancellable operating leases					34,993		57,094


8	Related party transactions

	The business operates from premises owned by the Brian Alderson SIPP. There is currently no formal lease in place. The rent paid during the year was £20,000 (2024 - £20,000).

	The company sold goods to the value of £29,990 (2024 - £48,248) to The Workwear Stores Limited and invoiced carriage charges which it had paid on its behalf of £5,712 (2024 - £6,290). Brian Alderson, a director, has a controlling interest in The Workwear Stores Limited; all transactions were made on an arm's length basis and the amount owed to First Editions Limited at the year end was £6,854 (2024 - £13,572).
	During the year, the business received temporary loans from The Workwear Stores totalling £91,000. The balance outstanding at the year end was £43,892.

9	Controlling party

	The company is controlled by the directors, together with members of their close family, by virtue of a controlling interest (either directly or indirectly) of 100 per cent of the authorised and issued ordinary share capital. The dividend payable to the directors was £nil (2024 - £26,450).


10	Other information

	First Editions Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 5 Weston Lane Ind Estate
	Weston Lane
	Birmingham
	B11 3RR