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Registered Number: 13436843


 

 

 


Abridged Accounts


for the year ended 31 August 2024

for

FIRST CLASS SECOND HAND LTD

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 August 2024.

We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.



....................................................
MBS Accountants
Conway House
Worcester Street
Gloucester
GL1 3AJ
13 June 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 25,982    29,230 
Tangible fixed assets 4 17,160    21,568 
43,142    50,798 
Current assets      
Stocks 592,234    346,733 
Debtors 289,066    79,486 
Cash at bank and in hand 33,691    21,773 
914,991    447,992 
Creditors: amount falling due within one year (645,903)   (340,658)
Net current assets 269,088    107,334 
 
Total assets less current liabilities 312,230    158,132 
Provisions for liabilities (4,290)   (4,640)
Net assets 307,940    153,492 
 

Capital and reserves
     
Called up share capital 5 3    3 
Profit and loss account 307,937    153,489 
Shareholders' funds 307,940    153,492 
 


For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 13 June 2025 and were signed on its behalf by:


-------------------------------
William Patrick Johns
Director
2
General Information
First Class Second Hand Ltd is a private company, limited by shares, registered in , registration number 13436843, registration address Unit 3 Tuffley Park, Lower Tuffley Lane, Gloucester, GL2 5DE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 8).
3.

Intangible fixed assets

Cost Website Cost - 10% Straigh Line   Total
  £   £
At 01 September 2023 32,478    32,478 
Additions  
Disposals  
At 31 August 2024 32,478    32,478 
Amortisation
At 01 September 2023 3,248    3,248 
Charge for year 3,248    3,248 
On disposals  
At 31 August 2024 6,496    6,496 
Net book values
At 31 August 2024 25,982    25,982 
At 31 August 2023 29,230    29,230 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 September 2023 2,260    22,800    3,229    5,180    33,469 
Additions       129    129 
Disposals        
At 31 August 2024 2,260    22,800    3,229    5,309    33,598 
Depreciation
At 01 September 2023 627    8,208    896    2,683    12,414 
Charge for year 245    2,918    350    511    4,024 
On disposals        
At 31 August 2024 872    11,126    1,246    3,194    16,438 
Net book values
Closing balance as at 31 August 2024 1,388    11,674    1,983    2,115    17,160 
Opening balance as at 01 September 2023 1,633    14,592    2,333    3,010    21,568 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
1 Class B share of £1.00 each  
 

3