First County Finance (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02532976

FIRST COUNTY FINANCE (UK) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTOR:

Mr P McCullough

SECRETARY:

Mrs K E McCullough

REGISTERED OFFICE:

2nd Floor, Tickford Arcade

Newport Pagnell

Milton Keynes

Buckinghamshire

MK16 0EX

REGISTERED NUMBER:

02532976

ACCOUNTANTS:

Haines Watts (SEM) Limited

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Tangible assets

4

1,060

1,413

CURRENT ASSETS

Debtors

5

96,041

190,132

Cash at bank

14,175

11,351

110,216

201,483

CREDITORS

Amounts falling due within one year

6

25,441

109,847

NET CURRENT ASSETS

84,775

91,636

TOTAL ASSETS LESS CURRENT LIABILITIES

85,835

93,049

CREDITORS

Amounts falling due after more than one year

7

(5,564

)

(12,979

)

PROVISIONS FOR LIABILITIES

(3,654

)

(4,434

)

NET ASSETS

76,617

75,636

CAPITAL AND RESERVES

Called up share capital

8

30,000

30,000

Retained earnings

46,617

45,636

SHAREHOLDERS' FUNDS

76,617

75,636

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 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 on 27 March 2020 and were signed by:

Mr P McCullough - Director

1.	STATUTORY INFORMATION

First County Finance (UK) Ltd is a private company, limited by shares , registered in Not specified/Other. 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

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.

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 5 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2018

and 30 June 2019

43,648

19,840

10,291

73,779

DEPRECIATION

At 1 July 2018

42,849

19,644

9,873

72,366

Charge for year

200

49

104

353

At 30 June 2019

43,049

19,693

9,977

72,719

NET BOOK VALUE

At 30 June 2019

599

147

314

1,060

At 30 June 2018

799

196

418

1,413

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

720

15,758

Other debtors

95,321

174,374

96,041

190,132

Net investment in finance leases includes assets purchased of 2019 £27,470 (2019 - £120,812) for the purpose

of letting under finance leases.

Other debtors includes sum of £ 67,848 (2018 £53,562) owed by a company Hogtons Limited, (see note 12.)

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

23,555

34,072

Taxation and social security

(1,999

)

26,903

Other creditors

3,885

48,872

25,441

109,847

Trade creditors includes £23,555 (2018- £25,356) owed to a related company First County Finance Limited

(see note 12).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

5,564

12,979

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

30,000

Ordinary

£1

30,000

30,000

9.	RELATED PARTY DISCLOSURES

Included within trade debtors and creditors are the following balances:

30.06.2019 30.06.2018

£ £

First County Finance Limited

(23,555

)

(25,356)

Hogtons Limited

67,848

53,562

Mr P McCullough is a 70% shareholder in First County Finance Limited, and a 50% shareholder of Hogtons

limited all transactions are in the ordinary course of trading and are arms length transactions.

10.	ULTIMATE CONTROLLING PARTY

Mr MCCullough, with family members controls 100% of the issued share capital of the company.