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Registration number: 04477269

First Class Systems Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

First Class Systems Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

First Class Systems Ltd

(Registration number: 04477269)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

142

Other financial assets

6

48,576

15,000

 

48,576

15,142

Current assets

 

Debtors

7

2,158

2,073

Cash at bank and in hand

 

47,290

101,718

 

49,448

103,791

Creditors: Amounts falling due within one year

8

(15,570)

(15,102)

Net current assets

 

33,878

88,689

Net assets

 

82,454

103,831

Capital and reserves

 

Called up share capital

1

1

Retained earnings

82,453

103,830

Shareholders' funds

 

82,454

103,831

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2025
 

.........................................
R Meredith
Company secretary and director

 

First Class Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
24 Castle Grove
Newbury
Berkshire
RG14 1PR
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line basis

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

First Class Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Taxation

2024

2023

£

£

Corporation tax

-

(2,073)

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

2,150

2,150

At 31 July 2024

2,150

2,150

Depreciation

At 1 August 2023

2,008

2,008

Charge for the year

142

142

At 31 July 2024

2,150

2,150

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

142

142

 

First Class Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2023

15,000

15,000

Fair value adjustments

3,576

3,576

Additions

30,000

30,000

At 31 July 2024

48,576

48,576

Impairment

Carrying amount

At 31 July 2024

48,576

48,576

7

Debtors

Current

2024
£

2023
£

Other debtors

2,158

2,073

 

2,158

2,073

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

15,570

15,102

9

Related party transactions

Other transactions with the director

R Meredith (director) had a loan account with the company. At the balance sheet date the amount due to R Meredith was £15,570 (2023: £15,102).