Company Registration No. 5289287 (England and Wales)
FIRST CLASS CARS (FCC) LTD
Unaudited accounts
for the year ended 31 January 2023
FIRST CLASS CARS (FCC) LTD
Unaudited accounts
Contents
FIRST CLASS CARS (FCC) LTD
Company Information
for the year ended 31 January 2023
Company Number
5289287 (England and Wales)
Registered Office
UNIT 2A BARTON ROAD IND EST
BARTON ROAD
BURY ST EDMUNDS
IP32 7BE
Accountants
P Lacey & Associates Ltd
Office 17
2 Regent House
Lowestoft
NR32 1PA
FIRST CLASS CARS (FCC) LTD
Statement of financial position
as at 31 January 2023
Tangible assets
755,094
756,793
Inventories
906,402
721,565
Cash at bank and in hand
359,333
252,428
Creditors: amounts falling due within one year
(534,416)
(422,679)
Net current assets
731,319
551,314
Total assets less current liabilities
1,486,413
1,308,107
Creditors: amounts falling due after more than one year
(94,185)
(103,684)
Net assets
1,392,228
1,204,423
Called up share capital
1
1
Revaluation reserve
595,000
595,000
Profit and loss account
797,227
609,422
Shareholders' funds
1,392,228
1,204,423
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 July 2023 and were signed on its behalf by
Mr Darren Gundry
Director
Company Registration No. 5289287
FIRST CLASS CARS (FCC) LTD
Notes to the Accounts
for the year ended 31 January 2023
FIRST CLASS CARS (FCC) LTD is a private company, limited by shares, registered in England and Wales, registration number 5289287. The registered office is UNIT 2A BARTON ROAD IND EST, BARTON ROAD, BURY ST EDMUNDS, IP32 7BE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
FIRST CLASS CARS (FCC) LTD
Notes to the Accounts
for the year ended 31 January 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2022
750,000
4,167
24,784
778,951
At 31 January 2023
750,000
4,167
24,784
778,951
At 1 February 2022
-
-
22,158
22,158
Charge for the year
-
1,042
657
1,699
At 31 January 2023
-
1,042
22,815
23,857
At 31 January 2023
750,000
3,125
1,969
755,094
At 31 January 2022
750,000
4,167
2,626
756,793
5
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
108,391
29,788
Taxes and social security
52,661
40,776
Loans from directors
361,269
336,269
6
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
