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REGISTERED NUMBER: 06448710 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31 December 2021

for

First Quality Services Limited

First Quality Services Limited (Registered number: 06448710)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

First Quality Services Limited

Company Information
for the Year Ended 31 December 2021







DIRECTOR: R J Lewsey





SECRETARY: Mrs I M Lewsey





REGISTERED OFFICE: Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ





REGISTERED NUMBER: 06448710 (England and Wales)





ACCOUNTANTS: Mudd Partners LLP
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

First Quality Services Limited (Registered number: 06448710)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,193 34,833

CURRENT ASSETS
Stocks 2,022 2,000
Debtors 5 26,468 23,213
Cash at bank 250 6,247
28,740 31,460
CREDITORS
Amounts falling due within one year 6 21,755 15,517
NET CURRENT ASSETS 6,985 15,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,178

50,776

CREDITORS
Amounts falling due after more than one
year

7

38,226

50,428
NET (LIABILITIES)/ASSETS (8,048 ) 348

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (8,050 ) 346
SHAREHOLDERS' FUNDS (8,048 ) 348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

First Quality Services Limited (Registered number: 06448710)

Balance Sheet - continued
31 December 2021


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 director and authorised for issue on 5 September 2022 and were signed by:





R J Lewsey - Director


First Quality Services Limited (Registered number: 06448710)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

First Quality Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The company has a balance sheet deficit of £8,048 (2020: £348 surplus). The director is confident that the company will trade out of its current position and therefore considers it necessary and appropriate to prepare the accounts on a going concern basis.

Turnover
Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers and excludes VAT. Sale of goods are recognised when the company has delivered product to the customer, the customer has accepted the products and collectability of the related receivable is reasonably assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Computer equipment - 33.3% straight line

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

First Quality Services Limited (Registered number: 06448710)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 2,645 2,935 62,205 1,461 69,246
Additions - - - 317 317
At 31 December 2021 2,645 2,935 62,205 1,778 69,563
DEPRECIATION
At 1 January 2021 2,502 1,740 28,710 1,461 34,413
Charge for year 36 299 11,517 105 11,957
At 31 December 2021 2,538 2,039 40,227 1,566 46,370
NET BOOK VALUE
At 31 December 2021 107 896 21,978 212 23,193
At 31 December 2020 143 1,195 33,495 - 34,833

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 January 2021
and 31 December 2021 55,116
DEPRECIATION
At 1 January 2021 21,780
Charge for year 11,477
At 31 December 2021 33,257
NET BOOK VALUE
At 31 December 2021 21,859
At 31 December 2020 33,336

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 474 175
Other debtors 25,994 23,038
26,468 23,213

First Quality Services Limited (Registered number: 06448710)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 1,750 1,750
Finance leases 12,406 10,055
Trade creditors 2,142 2,112
Taxation and social security 3,776 -
Other creditors 1,681 1,600
21,755 15,517

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Bank loans 12,242 13,250
Finance leases 25,984 37,178
38,226 50,428

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21 31.12.20
£    £   
R J Lewsey
Balance outstanding at start of year 9,247 8,198
Amounts advanced 14,515 29,685
Amounts repaid (5,337 ) (28,636 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,425 9,247

Interest on the above loan was applied using HMRC approved rates.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
First Quality Services Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Quality Services Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of First Quality Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of First Quality Services Limited and state those matters that we have agreed to state to the director of First Quality Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Quality Services Limited and its director for our work or for this report.

It is your duty to ensure that First Quality Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of First Quality Services Limited. You consider that First Quality Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of First Quality Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Mudd Partners LLP
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ


5 September 2022