First In Service Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00886570 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2020 TO 31 OCTOBER 2020

FOR

FIRST IN SERVICE LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

3,669

4,523

Tangible assets

5

2,725

5,282

6,394

9,805

CURRENT ASSETS

Stocks

337,951

339,160

Debtors

6

1,728,032

1,650,923

Cash at bank

226,790

34,372

2,292,773

2,024,455

CREDITORS

Amounts falling due within one year

7

1,874,920

1,904,167

NET CURRENT ASSETS

417,853

120,288

TOTAL ASSETS LESS CURRENT LIABILITIES

424,247

130,093

CREDITORS

Amounts falling due after more than one year

8

186,667

-

NET ASSETS

237,580

130,093

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Capital redemption reserve

2,000

2,000

Retained earnings

233,580

126,093

237,580

130,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2020 and were signed on its behalf by:

Mrs D J Egmore - Director

B J Hutchinson - Director

K W Fletcher - Director

1.	STATUTORY INFORMATION

First in Service Limited is a private company limited by shares and incorporated in England, registered number 00886570. Its registered office is Windsor Industrial Estate, Rupert Street, Birmingham, B7 4PR.

The financial statements are presented in Sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost, between 10% on 33% on cost and between 33% & 50% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 76 (2019 - 80 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 31 October 2020

5,120

AMORTISATION

At 1 January 2020

597

Charge for period

854

At 31 October 2020

1,451

NET BOOK VALUE

At 31 October 2020

3,669

At 31 December 2019

4,523

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

202,025

Additions

549

At 31 October 2020

202,574

DEPRECIATION

At 1 January 2020

196,743

Charge for period

3,106

At 31 October 2020

199,849

NET BOOK VALUE

At 31 October 2020

2,725

At 31 December 2019

5,282

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.12.19

£

£

Trade debtors

1,593,279

1,489,798

Other debtors

134,753

161,125

1,728,032

1,650,923

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.12.19

£

£

Bank loans and overdrafts

13,333

-

Trade creditors

725,241

1,061,731

Taxation and social security

591,063

200,092

Other creditors

545,283

642,344

1,874,920

1,904,167

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.12.19

£

£

Bank loans

186,667

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

26,667

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.20

31.12.19

£

£

Within one year

165,029

165,029

Between one and five years

307,749

442,769

472,778

607,798

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.20

31.12.19

£

£

Other creditors

432,514

500,919

The other creditors are secured by way of a fixed and floating charge over the assets of the company.