First Class Assets Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10244452 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

First Class Assets Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D J Manchester

SECRETARY:

D J Manchester

REGISTERED OFFICE:

Building 1000

Lakeside

North Harbour

Portsmouth

Hampshire

PO6 3EZ

REGISTERED NUMBER:

10244452 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Tangible assets

4

3,846

5,769

Investment property

5

2,330,000

2,167,889

2,333,846

2,173,658

CURRENT ASSETS

Cash at bank

80

1,052

CREDITORS

Amounts falling due within one year

6

1,415,600

1,484,912

NET CURRENT LIABILITIES

(1,415,520

)

(1,483,860

)

TOTAL ASSETS LESS CURRENT LIABILITIES

918,326

689,798

PROVISIONS FOR LIABILITIES

7

183,860

108,932

NET ASSETS

734,466

580,866

CAPITAL AND RESERVES

Called up share capital

8

100

100

Fair value reserve

9

570,072

482,889

Retained earnings

164,294

97,877

SHAREHOLDERS' FUNDS

734,466

580,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 16 October 2023 and were signed by:

D J Manchester - Director

1.	STATUTORY INFORMATION

First Class Assets Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover

Turnover comprises rents receivable, net of any discounts and 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.

Fixtures and fittings

-

33% on reducing balance

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.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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, adjusted for indexation where applicable.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2022

and 30 June 2023

18,184

DEPRECIATION

At 1 July 2022

12,415

Charge for year

1,923

At 30 June 2023

14,338

NET BOOK VALUE

At 30 June 2023

3,846

At 30 June 2022

5,769

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

2,167,889

Revaluations

162,111

At 30 June 2023

2,330,000

NET BOOK VALUE

At 30 June 2023

2,330,000

At 30 June 2022

2,167,889

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Taxation and social security

11,905

-

Other creditors

1,403,695

1,484,912

1,415,600

1,484,912

7.	PROVISIONS FOR LIABILITIES

30.6.23

30.6.22

£

£

Deferred tax

183,860

108,932

Deferred

tax

£

Balance at 1 July 2022

108,932

Revaluation

74,928

Balance at 30 June 2023

183,860

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Fair

value

reserve

£

At 1 July 2022

482,889

Transfer between reserves

87,183

At 30 June 2023

570,072