Registered number
05295833
First Class Financial Limited
Unaudited Filleted Accounts
30 November 2023
First Class Financial Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of First Class Financial Limited for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of First Class Financial Limited for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Balance Sheet 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
….......................................
Fordhams & Co Limited
Chartered Accountants
Studio 6
6 Hornsey Street
London
N7 8GR
19 August 2024
First Class Financial Limited
Registered number: 05295833
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Investments 4 1 1
Current assets
Debtors 5 165,673 -
Cash at bank and in hand 28,541 176,461
194,214 176,461
Creditors: amounts falling due within one year 6 (12,149) (12,552)
Net current assets 182,065 163,909
Net assets 182,066 163,910
Capital and reserves
Called up share capital 100 100
Profit and loss account 181,966 163,810
Shareholder's funds 182,066 163,910
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
….......................
M P M'Clelland
Director
Approved by the board on 19 August 2024
First Class Financial Limited
Notes to the Accounts
for the year ended 30 November 2023
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 rendering of services. 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:
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 2,169
At 30 November 2023 2,169
Depreciation
At 1 December 2022 2,169
At 30 November 2023 2,169
Net book value
At 30 November 2023 -
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2022 1
At 30 November 2023 1
5 Debtors 2023 2022
£ £
Other debtors 165,673 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,308 610
Taxation and social security costs 7,848 9,662
Other creditors 2,993 2,280
12,149 12,552
7 Other information
First Class Financial Limited is a private company limited by shares and incorporated in England. Its registered office is:
132 Eastwood Road
Leigh On Sea
Essex
SS9 3AD
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