STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
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All of the members of Finnan Land & Property Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
06671973
FINNAN LAND & PROPERTY LIMITED |
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FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
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FINNAN LAND & PROPERTY LIMITED |
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REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
FINNAN LAND & PROPERTY LIMITED |
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YEAR ENDED 31 OCTOBER 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Finnan Land & Property Limited for the year ended 31 October 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
9 November 2018
FINNAN LAND & PROPERTY LIMITED |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
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31 October 2017
Current assets
Stocks |
4,910,672 |
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5,385,353 |
Debtors |
821,623 |
|
796,028 |
Cash at bank and in hand |
1,796 |
|
6,535 |
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-------------- |
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-------------- |
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5,734,091 |
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6,187,916 |
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|
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Creditors: amounts falling due within one year |
1,033,409 |
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1,083,758 |
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-------------- |
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Net current assets |
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4,700,682 |
5,104,158 |
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-------------- |
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Total assets less current liabilities |
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4,700,682 |
5,104,158 |
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|
|
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Creditors: amounts falling due after more than one year |
4 |
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3,894,338 |
4,316,446 |
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-------------- |
Net assets |
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806,344 |
787,712 |
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Capital and reserves
Called up share capital |
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1 |
1 |
Profit and loss account |
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806,343 |
787,711 |
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------------ |
------------ |
Shareholders funds |
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806,344 |
787,712 |
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------------ |
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
FINNAN LAND & PROPERTY LIMITED |
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
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31 October 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
9 November 2018
, and are signed on behalf of the board by:
Company registration number:
06671973
FINNAN LAND & PROPERTY LIMITED |
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
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YEAR ENDED 31 OCTOBER 2017
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss accounts represents the realisable value of work undertaken during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Creditors:
amounts falling due after more than one year
Bank loans are secured by a legal charge over the assets of the company.
5.
Director's Advances, Credits and Guarantees
Amounts owed by the directors at the balance sheet date are included in creditors and totalled £345,826.(2016 £310,083).
6.
Controlling Party
The ultimate parent company is
Finnan Developments Limited
, a company incorporated in England.