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

REGISTERED NUMBER: 02532976

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

FIRST COUNTY FINANCE (UK) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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:

Fortus Midlands Limited

Baird House

Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

FIXED ASSETS

Tangible assets

4

795

1,060

CURRENT ASSETS

Debtors

5

99,533

96,041

Cash at bank

27,686

14,175

127,219

110,216

CREDITORS

Amounts falling due within one year

6

43,893

25,441

NET CURRENT ASSETS

83,326

84,775

TOTAL ASSETS LESS CURRENT LIABILITIES

84,121

85,835

CREDITORS

Amounts falling due after more than one year

7

(6,817

)

(5,564

)

PROVISIONS FOR LIABILITIES

(151

)

(3,654

)

NET ASSETS

77,153

76,617

CAPITAL AND RESERVES

Called up share capital

8

30,000

30,000

Retained earnings

47,153

46,617

SHAREHOLDERS' FUNDS

77,153

76,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 2 June 2021 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.

Going concern

The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Government grants

Government Grants relating to the Coronavirus Job retention scheme are recognised in the period in which it becomes receivable under the performance model

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2019

and 30 June 2020

43,648

19,840

10,291

73,779

DEPRECIATION

At 1 July 2019

43,049

19,693

9,977

72,719

Charge for year

150

37

78

265

At 30 June 2020

43,199

19,730

10,055

72,984

NET BOOK VALUE

At 30 June 2020

449

110

236

795

At 30 June 2019

599

147

314

1,060

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

13,613

720

Other debtors

85,920

95,321

99,533

96,041

Net investment in finance leases includes assets purchased of 2020 £18,871 (2019 - £27,470) for the purpose of letting under finance leases.

Other debtors includes sum of £ 67,047 (2019 £67,848) owed by a company Hogtons Limited, (see note 12.)

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

20,379

23,555

Taxation and social security

6,925

(1,999

)

Other creditors

16,589

3,885

43,893

25,441

Trade creditors includes £20,380 (2019- £23,555) owed to a related company First County Finance Limited (see note 12).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

6,817

5,564

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

30,000

Ordinary

£1

30,000

30,000

9.	RELATED PARTY DISCLOSURES

Included within trade debtors and creditors are the following balances:

30.06.2020 30.06.2019

£ £

First County Finance Limited

(20,380

)

(23,555)

Hogtons Limited

67,047

67,848

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.