1st Class U Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09214994 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

1st Class U Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Investment property

4

366,064

366,064

CURRENT ASSETS

Stocks

2,950,032

3,828,009

Debtors

5

16,690

11,441

Investments

6

-

50,000

Cash at bank

628,130

210,498

3,594,852

4,099,948

CREDITORS

Amounts falling due within one year

7

3,883,491

4,423,487

NET CURRENT LIABILITIES

(288,639

)

(323,539

)

TOTAL ASSETS LESS CURRENT LIABILITIES

77,425

42,525

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

76,925

42,025

SHAREHOLDERS' FUNDS

77,425

42,525

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2021 and were signed on its behalf by:

S I Nicholls - Director

1.	STATUTORY INFORMATION

1st Class U Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09214994

Registered office:

116 Aylesbury Road

Bedford

Bedfordshire

MK41 9RF

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. cost is based on the cost of purchase, on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade creditors and other debtors and creditors and loans from third parties.

Debt instruments, other than those wholly repayable or receivable within one year, including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

and 30 September 2020

366,064

NET BOOK VALUE

At 30 September 2020

366,064

At 30 September 2019

366,064

Investment properties were valued on an open market basis on 30th September 2020 by the directors. The directors do not consider that the market value of the properties has changed significantly since their purchase during the period of these financial statements.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

415

-

Other debtors

16,275

11,441

16,690

11,441

6.	CURRENT ASSET INVESTMENTS

30.9.20

30.9.19

£

£

Unlisted investments

-

50,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Other creditors

3,883,491

4,423,487

8.	ULTIMATE CONTROLLING PARTY

The controlling party is S I Nicholls.