First Class Builders Limited - Filleted accounts

Registered number

02614688

First Class Builders Limited

Filleted Accounts

31 May 2025

First Class Builders Limited
Registered number:		02614688
Balance Sheet
as at 31 May 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		319,172			358,465

Current assets
Stocks		500,587			501,515
Debtors	4	105,050			132,159
Cash at bank and in hand		72,928			39,496
		678,565			673,170

Creditors: amounts falling due within one year	5	(596,057)			(499,134)

Net current assets			82,508			174,036

Total assets less current liabilities			401,680			532,501

Creditors: amounts falling due after more than one year	6		(19,944)			(78,756)

Provisions for liabilities			(60,643)			(68,108)


Net assets			321,093			385,637

Capital and reserves
Called up share capital			10			10
Profit and loss account			321,083			385,627

Shareholders' funds			321,093			385,637

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




N F Golsworthy
Director
Approved by the board on 1 December 2025

First Class Builders Limited
Notes to the Accounts
for the year ended 31 May 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor vehicles			4% reducing balance
				(commencing year following addition)
	Leasehold land and buildings			Over lease term
	Plant and machinery			5% reducing balance
	Showroom displays			15% straight line
				(commencing year following addition)
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					31		28


3	Tangible fixed assets
		Land and buildings		Plant and machinery and showroom displays		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 June 2024	12,734		463,087		483,679		959,500
	Additions	-		2,383		15,950		18,333
	Disposals	-		-		(13,416)		(13,416)
	At 31 May 2025	12,734		465,470		486,213		964,417

	Depreciation
	At 1 June 2024	12,733		384,554		203,748		601,035
	Charge for the year	-		41,979		11,197		53,176
	On disposals	-		-		(8,966)		(8,966)
	At 31 May 2025	12,733		426,533		205,979		645,245

	Net book value
	At 31 May 2025	1		38,937		280,234		319,172
	At 31 May 2024	1		78,533		279,931		358,465


4	Debtors					2025		2024
£							£

	Trade debtors					65,514		90,965
	Other debtors					39,536		41,194
						105,050		132,159


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					25,000		25,000
	Obligations under finance lease and hire purchase contracts					44,443		47,445
	Trade creditors					140,813		189,448
	Other taxes and social security costs					19,830		14,681
	Directors' loan account					171,748		171,288
	Other creditors					194,223		51,272
						596,057		499,134


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					2,273		29,546
	Obligations under finance lease and hire purchase contracts					17,671		49,210
						19,944		78,756


7	Transactions with directors

	During the year the company was controlled by its directors.


7	Other information

	First Class Builders Limited is a private company limited by shares and incorporated in England. Its registered office is:
	The Mill
	Kingsteignton Road
	Newton Abbot
	Devon
	TQ12 2QA