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REGISTERED NUMBER: 10772880 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31st May 2024

for

Firstclass Managerial Ltd

Firstclass Managerial Ltd (Registered number: 10772880)

Contents of the Financial Statements
for the Year Ended 31st May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Firstclass Managerial Ltd

Company Information
for the Year Ended 31st May 2024







Director: M Parekh





Registered office: 29 Market Street
Westhoughton
Bolton
Lancashire
BL5 3AG





Registered number: 10772880 (England and Wales)





Accountants: DBF Associates
Chartered Accountants
South Cheetham B C
10 Park Place
Manchester
Lancashire
M4 4EY

Firstclass Managerial Ltd (Registered number: 10772880)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 501,484 551,484
Tangible assets 5 55,741 31,682
557,225 583,166

Current assets
Stocks 52,579 77,134
Debtors 6 117,099 90,511
Cash at bank and in hand 75,409 50,068
245,087 217,713
Creditors
Amounts falling due within one year 7 452,929 374,974
Net current liabilities (207,842 ) (157,261 )
Total assets less current liabilities 349,383 425,905

Creditors
Amounts falling due after more than one
year

8

267,015

378,842
Net assets 82,368 47,063

Capital and reserves
Called up share capital 9 100 100
Retained earnings 82,268 46,963
Shareholders' funds 82,368 47,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 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.

Firstclass Managerial Ltd (Registered number: 10772880)

Balance Sheet - continued
31st May 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 5th February 2025 and were signed by:





M Parekh - Director


Firstclass Managerial Ltd (Registered number: 10772880)

Notes to the Financial Statements
for the Year Ended 31st May 2024


1. Statutory information

Firstclass Managerial Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 18% on reducing balance

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 year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Firstclass Managerial Ltd (Registered number: 10772880)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024


2. Accounting policies - continued

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 year was 10 (2023 - 20 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1st June 2023 551,484
Impairments (50,000 )
At 31st May 2024 501,484
Net book value
At 31st May 2024 501,484
At 31st May 2023 551,484

5. Tangible fixed assets
Fixtures
and
fittings
£   
Cost
At 1st June 2023 89,908
Additions 36,294
At 31st May 2024 126,202
Depreciation
At 1st June 2023 58,226
Charge for year 12,235
At 31st May 2024 70,461
Net book value
At 31st May 2024 55,741
At 31st May 2023 31,682

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 44,006 9,641
Other debtors 73,093 80,870
117,099 90,511

Firstclass Managerial Ltd (Registered number: 10772880)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024


7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 63,872 -
Taxation and social security 451,085 348,367
Other creditors (62,028 ) 26,607
452,929 374,974

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 192,906 304,733
Other creditors 74,109 74,109
267,015 378,842

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 117,000 117,000
Just Cashflow Loan 7,677 35,277
HSBC Loan 23,154 61,408
Interim Enterprise Loan 41,292 80,048
189,123 293,733

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100