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

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

FIRST PRODUCT LIMITED - Company Information

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0 false false false false false false false false false true false false false false false false No description of principal activity 2021-03-28 Sage Accounts Production Advanced 2021 - FRS102_2021 15,000 9,000 1,500 10,500 4,500 6,000 700 358 38 396 304 342 xbrli:pure xbrli:shares iso4217:GBP 02864641 2021-03-28 2022-03-27 02864641 2022-03-27 02864641 2021-03-27 02864641 2021-03-27 02864641 core:PlantMachinery 2021-03-28 2022-03-27 02864641 bus:Director1 2021-03-28 2022-03-27 02864641 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-03-27 02864641 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-27 02864641 core:PlantMachinery 2021-03-27 02864641 core:PlantMachinery 2022-03-27 02864641 core:WithinOneYear 2022-03-27 02864641 core:WithinOneYear 2021-03-27 02864641 core:ShareCapital 2022-03-27 02864641 core:ShareCapital 2021-03-27 02864641 core:RetainedEarningsAccumulatedLosses 2022-03-27 02864641 core:RetainedEarningsAccumulatedLosses 2021-03-27 02864641 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-03-28 2022-03-27 02864641 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-03-27 02864641 core:PlantMachinery 2021-03-27 02864641 bus:SmallEntities 2021-03-28 2022-03-27 02864641 bus:AuditExemptWithAccountantsReport 2021-03-28 2022-03-27 02864641 bus:FullAccounts 2021-03-28 2022-03-27 02864641 bus:SmallCompaniesRegimeForAccounts 2021-03-28 2022-03-27 02864641 bus:PrivateLimitedCompanyLtd 2021-03-28 2022-03-27
COMPANY REGISTRATION NUMBER: 02864641
FIRST PRODUCT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
27 March 2022
FIRST PRODUCT LIMITED
STATEMENT OF FINANCIAL POSITION
27 March 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Intangible assets
4
4,500
6,000
Tangible assets
5
304
342
-------
-------
4,804
6,342
CURRENT ASSETS
Stocks
204,622
131,981
Debtors
6
119,415
129,510
Cash at bank and in hand
636
811
---------
---------
324,673
262,302
CREDITORS: amounts falling due within one year
7
320,776
262,867
---------
---------
NET CURRENT ASSETS/(LIABILITIES)
3,897
( 565)
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
8,701
5,777
-------
-------
NET ASSETS
8,701
5,777
-------
-------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
8,601
5,677
-------
-------
SHAREHOLDERS FUNDS
8,701
5,777
-------
-------
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 2022 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 2022
These financial statements were approved by the board of directors and authorised for issue on 27 March 2023 , 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 2022
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
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. INTANGIBLE ASSETS
Franchise cost
£
Cost
At 28 March 2021 and 27 March 2022
15,000
--------
Amortisation
At 28 March 2021
9,000
Charge for the year
1,500
--------
At 27 March 2022
10,500
--------
Carrying amount
At 27 March 2022
4,500
--------
At 27 March 2021
6,000
--------
5. TANGIBLE ASSETS
Plant and machinery
£
Cost
At 28 March 2021 and 27 March 2022
700
----
Depreciation
At 28 March 2021
358
Charge for the year
38
----
At 27 March 2022
396
----
Carrying amount
At 27 March 2022
304
----
At 27 March 2021
342
----
6. DEBTORS
2022
2021
£
£
Trade debtors
2,617
–
Other debtors
116,798
129,510
---------
---------
119,415
129,510
---------
---------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Trade creditors
88,632
48,014
Corporation tax
5,136
3,843
Social security and other taxes
14,736
–
Other creditors
212,272
211,010
---------
---------
320,776
262,867
---------
---------