REGISTERED NUMBER: 03792378 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2013

FOR

FIRST CLASS MOTORS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

N Houghton

SECRETARY:

Mrs L M Houghton

REGISTERED OFFICE:

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

REGISTERED NUMBER:

03792378 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Intangible assets

2

28,500

38,000

Tangible assets

3

361,132

391,697

Investment property

4

222,323

57,828

611,955

487,525

CURRENT ASSETS

Stocks

903,578

908,802

Debtors

137,990

181,220

Cash at bank and in hand

193,150

280,328

1,234,718

1,370,350

CREDITORS

Amounts falling due within one year

78,264

89,420

NET CURRENT ASSETS

1,156,454

1,280,930

TOTAL ASSETS LESS CURRENT LIABILITIES

1,768,409

1,768,455

PROVISIONS FOR LIABILITIES

7,235

8,390

NET ASSETS

1,761,174

1,760,065

CAPITAL AND RESERVES

Called up share capital

5

2

2

Profit and loss account

1,761,172

1,760,063

SHAREHOLDERS' FUNDS

1,761,174

1,760,065

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2013 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 April 2014 and were signed by:

N Houghton - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the net invoice value of goods sold and services provided, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

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 etc

-

25% on reducing balance, 15% on reducing balance and 10% on cost

Investment property

Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008) and are revalued annually to open market value. Changes in market value would be

reflected in a revaluation reserve except when an impairment is deemed to be permanent, when the loss is

charged directly against the current year’s profit.

No depreciation is provided in respect of investment properties. This treatment is a departure from the

requirements of the Companies Act 2006 which requires all properties to be depreciated. However, the director

considers that these properties are not held for consumption but for investment and that to depreciate them would

not give a true and fair view. The amount of decertification which might otherwise have been charged cannot be

separately identified or quantified as it is not practical to asses the estimated useful lives of investment

properties.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account in the period to which they relate.

Leasing commitments

Amounts paid in respect of operating leases are charged to profit and loss account as incurred.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2012

and 31 August 2013

95,000

AMORTISATION

At 1 September 2012

57,000

Amortisation for year

9,500

At 31 August 2013

66,500

NET BOOK VALUE

At 31 August 2013

28,500

At 31 August 2012

38,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2012

487,862

Additions

46,623

Disposals

(75,779

)

At 31 August 2013

458,706

DEPRECIATION

At 1 September 2012

96,165

Charge for year

11,524

Eliminated on disposal

(10,115

)

At 31 August 2013

97,574

NET BOOK VALUE

At 31 August 2013

361,132

At 31 August 2012

391,697

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 September 2012

57,828

Additions

164,495

At 31 August 2013

222,323

NET BOOK VALUE

At 31 August 2013

222,323

At 31 August 2012

57,828

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

2

Ordinary

£1

2

2

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2013 and

31 August 2012:

2013

2012

£

£

N Houghton

Balance outstanding at start of year

67,701

27,469

Amounts advanced

74,969

67,701

Amounts repaid

(116,476

)

(27,469

)

Balance outstanding at end of year

26,194

67,701

The above amount will be repaid to the company by 31 May 2014.

7.

CONTROL

The company is controlled by the director.