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Registration number: 04319517

First Step Housing Limited
Unaudited Financial Statements
for the Year Ended 30 November 2025

First Step Housing Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 12

First Step Housing Limited

Company Information

Directors | Mr K Neilson Mrs D J Neilson

Company secretary | Mrs D J Neilson

Registered office | 34 Boulevard Weston-Super-Mare North Somerset BS23 1NF

Accountants | Four Fifty Partnership Chartered Accountants 34 Boulevard Weston-Super-Mare North Somerset BS23 1NF

First Step Housing Limited

(Registration number: 04319517)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 44,164 | 56,314
Current assets |  |  |
Debtors | 5 | 1,872,298 | 1,557,911
Cash at bank and in hand |  | 17,875 | 27,842
|  | 1,890,173 | 1,585,753
Creditors: Amounts falling due within one year | 6 | (310,266) | (396,918)
Net current assets |  | 1,579,907 | 1,188,835
Total assets less current liabilities |  | 1,624,071 | 1,245,149
Creditors: Amounts falling due after more than one year | 6 | - | (24,495)
Provisions for liabilities |  | (4,765) | (6,447)
Net assets |  | 1,619,306 | 1,214,207
Capital and reserves |  |  |
Called up share capital | 7 | 2 | 2
Retained earnings |  | 1,619,304 | 1,214,205
Shareholders' funds |  | 1,619,306 | 1,214,207

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

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

First Step Housing Limited

(Registration number: 04319517)
Balance Sheet as at 30 November 2025

Approved and authorised by the Board on 18 August 2026 and signed on its behalf by:

......................................... Mr K Neilson Director
......................................... Mrs D J Neilson Company secretary and director

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Boulevard
Weston-Super-Mare
North Somerset
BS23 1NF
United Kingdom

The principal place of business is:
96 Worrall Road
Clifton
Bristol
BS8 2TU
UK

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

2 | Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

2 | Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 25% straight line
Land and buildings | 10 years straight line
Furniture, fittings and equipment | 20% reducing balance/25% straight line
Motor vehicles | 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

2 | Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

2 | Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 5).

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 December 2024 | 54,216 | 15,099 | 57,435 | 1,494 | 128,244
Additions | - | 822 | - | - | 822
Disposals | - | (410) | - | - | (410)
At 30 November 2025 | 54,216 | 15,511 | 57,435 | 1,494 | 128,656
Depreciation
At 1 December 2024 | 23,693 | 9,629 | 37,387 | 1,221 | 71,930
Charge for the year | 5,422 | 2,402 | 5,012 | 136 | 12,972
Eliminated on disposal | - | (410) | - | - | (410)
At 30 November 2025 | 29,115 | 11,621 | 42,399 | 1,357 | 84,492
Carrying amount
At 30 November 2025 | 25,101 | 3,890 | 15,036 | 137 | 44,164
At 30 November 2024 | 30,523 | 5,470 | 20,048 | 273 | 56,314

Included within the net book value of land and buildings above is £25,101 (2024 - £30,523) in respect of short leasehold land and buildings.

5 | Debtors

| 2025 £ | 2024 £
Prepayments | 1,406 | 4,004
Other debtors | 1,870,892 | 1,553,907
| 1,872,298 | 1,557,911

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings |  | 56,647 | 91,246
Trade creditors |  | 1,566 | 11,918
Taxation and social security |  | 216,691 | 229,431
Accruals and deferred income |  | 28,750 | 57,200
Other creditors |  | 6,612 | 7,123
|  | 310,266 | 396,918

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £24,495 (2024 - £3,867).

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings |  | - | 24,495

Creditors include net obligations under finance lease and hire purchase contracts which are secured of nil (2024 - £24,495).

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 2 | 2 | 2 | 2

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

8 | Related party transactions

Transactions with directors

2025 | At 1 December 2024 £ | Advances to director £ | Repayments by director £ | At 30 November 2025 £
Mr K and Mrs D J Neilson | 1,257,678 | 850,580 | (583,822) | 1,524,436

2024 | At 1 December 2023 £ | Advances to director £ | Repayments by director £ | At 30 November 2024 £
Mr K and Mrs D J Neilson | 901,333 | 1,066,702 | (710,357) | 1,257,678

Summary of related parties transactions

Loans to the directors have interest charged on them at the official rate of interest and are repayable on demand.

Summary of transactions with all entities with joint control or significant interest

First Step Housing (South West) Limited A company under common control of the directors.
During the period under review, the company received admin fees of £259,000 (2024 - £234,000) and rent of £709,800 (2024 - £588,120) from First Step Housing (South West) Limited.
As at the balance sheet date, the company owed £32,153 (2024 - £87,379) to First Step Housing (South West) Limited. The directors consider this loan as being interest free and repayable on demand.

First Step Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 7,481 | 7,481
Later than one year and not later than five years | 1,247 | 8,727
| 8,728 | 16,208