Company registration number 02670618 (England and Wales)
FIRST CLASS COMMERCIALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FIRST CLASS COMMERCIALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FIRST CLASS COMMERCIALS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
184,460
139,612
Investment property
5
176,488
178,344
360,948
317,956
Current assets
Stocks
805,974
602,154
Debtors
7
262,051
77,855
Investments
8
2,006,411
2,006,411
Cash at bank and in hand
858,358
1,048,380
3,932,794
3,734,800
Creditors: amounts falling due within one year
9
(284,417)
(147,502)
Net current assets
3,648,377
3,587,298
Total assets less current liabilities
4,009,325
3,905,254
Provisions for liabilities
(15,497)
(3,847)
Net assets
3,993,828
3,901,407
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,993,728
3,901,307
Total equity
3,993,828
3,901,407
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FIRST CLASS COMMERCIALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr D A Nelson
Director
Company Registration No. 02670618
FIRST CLASS COMMERCIALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
First Class Commercials Limited is a private company limited by shares incorporated in England and Wales. The registered office is Durham Road, Birtley, County Durham, United Kingdom, DH3 2QZ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business and is shown net of VAT.
2.3
Tangible fixed assets
Tangible fixed assets are measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
1% straight line
Plant and machinery
10% straight line
Motor vehicles
20% straight line
2.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
2.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FIRST CLASS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.8
Leases
Assets acquired for leasing out are capitalised and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
175,491
56,462
71,419
303,372
Additions
749
63,935
64,684
At 31 December 2023
175,491
57,211
135,354
368,056
Depreciation and impairment
At 1 January 2023
51,268
55,954
56,538
163,760
Depreciation charged in the year
1,755
334
17,747
19,836
At 31 December 2023
53,023
56,288
74,285
183,596
Carrying amount
At 31 December 2023
122,468
923
61,069
184,460
At 31 December 2022
124,223
508
14,881
139,612
Included in motor vehicles are assets with a cost of £71,419 (2022: £71,419) which are leased out by the company. Depreciation on these assets amounted to £4,960 (2022: £11,744).
FIRST CLASS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
182,058
The fair value of the investment property is the purchase price as at the date of aquistion, 1st March 2021. The directors do not deem the market value of the property to have changed as at 31st December 2023.
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,006,411
2,006,411
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
190,396
51,858
Other debtors
48,152
18,045
Prepayments and accrued income
23,503
7,952
262,051
77,855
8
Current asset investments
2023
2022
£
£
Other investments
2,006,411
2,006,411
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
204,880
10,337
Corporation tax
67,712
126,692
Other creditors
5,571
4,149
Accruals and deferred income
6,254
6,324
284,417
147,502
FIRST CLASS COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
2,586
3,847
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
141,871
80,827