REGISTERED NUMBER: 02828315 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2024

for

First Lease Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P M Garner

SECRETARY:

Mrs S G Garner

REGISTERED OFFICE:

The Coach House

Lancaster House,

St Michael’s Hill,

Milverton

Somerset

TA4 1JS

REGISTERED NUMBER:

02828315 (England and Wales)

FIXED ASSETS

Investments

4

-

8,451

CURRENT ASSETS

Debtors

5

-

1,578

Cash at bank

4,651

2,647

4,651

4,225

CREDITORS

Amounts falling due within one year

6

6,502

4,392

NET CURRENT LIABILITIES

(1,851

)

(167

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,851

)

8,284

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

(1,853

)

8,282

SHAREHOLDERS' FUNDS

(1,851

)

8,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

P M Garner - Director

1.	STATUTORY INFORMATION

First Lease Limited 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Leased assets and turnover

Assets leased to customers on finance leases are excluded from the fixed assets of the company, and are reported as a debtor in the balance sheet. Receipts from finance lease contracts contain a capital element which reduces the debtor and an interest charge which is credited to revenue using the "rule of 78".

The company accounts for other lease related income, including secondary rentals and fees on an accrued basis.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Funding creditors and cost of sales - interest

Finance received from funding providers is classified as creditors in the Balance Sheet. Payments to the funding providers contain a capital element which reduces the creditor and an interest charge which is debited to cost of sales using the "rule of 78".

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2023

8,451

Disposals

(8,451

)

At 30 September 2024

-

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

8,451

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

1,578

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Social security and other taxes

119

120

Other creditors

4,433

3,308

Accruals and deferred income

1,950

964

6,502

4,392

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

1

2

2

8.	RELATED PARTY TRANSACTIONS

Included in other creditor is £42 (2023: £1,552) owed by the company to its director Mr P Garner, and his wife Mrs S Garner. This amount is unsecured, interest free and repayable on demand.