Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30trueNo description of principal activity2023-10-01false55falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 5222496 2023-10-01 2024-09-30 5222496 2022-10-01 2023-09-30 5222496 2024-09-30 5222496 2023-09-30 5222496 c:Director1 2023-10-01 2024-09-30 5222496 d:MotorVehicles 2023-10-01 2024-09-30 5222496 d:MotorVehicles 2024-09-30 5222496 d:MotorVehicles 2023-09-30 5222496 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 5222496 d:FurnitureFittings 2023-10-01 2024-09-30 5222496 d:FurnitureFittings 2024-09-30 5222496 d:FurnitureFittings 2023-09-30 5222496 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 5222496 d:OfficeEquipment 2023-10-01 2024-09-30 5222496 d:OfficeEquipment 2024-09-30 5222496 d:OfficeEquipment 2023-09-30 5222496 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 5222496 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 5222496 d:CurrentFinancialInstruments 2024-09-30 5222496 d:CurrentFinancialInstruments 2023-09-30 5222496 d:Non-currentFinancialInstruments 2024-09-30 5222496 d:Non-currentFinancialInstruments 2023-09-30 5222496 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 5222496 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 5222496 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 5222496 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 5222496 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 5222496 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 5222496 d:ShareCapital 2024-09-30 5222496 d:ShareCapital 2023-09-30 5222496 d:RetainedEarningsAccumulatedLosses 2024-09-30 5222496 d:RetainedEarningsAccumulatedLosses 2023-09-30 5222496 c:FRS102 2023-10-01 2024-09-30 5222496 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 5222496 c:FullAccounts 2023-10-01 2024-09-30 5222496 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 5222496 d:HirePurchaseContracts d:WithinOneYear 2024-09-30 5222496 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 5222496 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-30 5222496 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 5222496 2 2023-10-01 2024-09-30 5222496 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 5222496









FIRST AUTOS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
FIRST AUTOS LIMITED
REGISTERED NUMBER: 5222496

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
59,233
46,766

  
59,233
46,766

Current assets
  

Stocks
  
20,000
15,000

Debtors: amounts falling due within one year
 5 
115,390
86,692

Cash at bank and in hand
 6 
263,757
202,238

  
399,147
303,930

Creditors: amounts falling due within one year
 7 
(133,400)
(92,579)

Net current assets
  
 
 
265,747
 
 
211,351

Total assets less current liabilities
  
324,980
258,117

Creditors: amounts falling due after more than one year
 8 
(4,500)
(13,948)

  

Net assets
  
320,480
244,169


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
320,380
244,069

  
320,480
244,169


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2025.
Page 1

 
FIRST AUTOS LIMITED
REGISTERED NUMBER: 5222496
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024







Simon Firth
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FIRST AUTOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

First Autos Limited (company number 5222496) is a private company limited by shares, registered in England and Wales.  Its registered office is at Bushbury House, 435 Wilmslow Road, Withington, Manchester, M20 4AF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
FIRST AUTOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
FIRST AUTOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Plant & machinery
-
15%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
FIRST AUTOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
93,379
6,089
22,404
121,872


Additions
30,995
-
1,665
32,660



At 30 September 2024

124,374
6,089
24,069
154,532



Depreciation


At 1 October 2023
52,484
4,497
18,125
75,106


Charge for the year on owned assets
17,973
239
1,981
20,193



At 30 September 2024

70,457
4,736
20,106
95,299



Net book value



At 30 September 2024
53,917
1,353
3,963
59,233



At 30 September 2023
40,895
1,592
4,279
46,766


5.


Debtors

2024
2023
£
£


Trade debtors
114,403
84,592

Other debtors
887
2,000

Called up share capital not paid
100
100

115,390
86,692


Page 6

 
FIRST AUTOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
263,757
202,238

263,757
202,238



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,000
6,000

Trade creditors
7,923
2,412

Corporation tax
39,734
22,361

Other taxation and social security
58,767
32,867

Obligations under finance lease and hire purchase contracts
3,378
11,354

Other creditors
615
10,655

Accruals and deferred income
16,983
6,930

133,400
92,579



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,500
10,500

Net obligations under finance leases and hire purchase contracts
-
3,448

4,500
13,948


Page 7

 
FIRST AUTOS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,000
6,000


6,000
6,000


Amounts falling due 2-5 years

Bank loans
4,500
10,500


4,500
10,500


10,500
16,500


Included in bank loans is an unsecured bounce back loan. Interest is charged at the rate of 2.5% and is fully backed by the UK government under the BBLS rules.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
11,354

Between 1-5 years
-
3,448

-
14,802


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,620 (2023 - £2,339) . Contributions totalling £615 (2023 - £576) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8