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2016-11-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
xbrli:pure
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iso4217:GBP
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2016-11-01
2017-10-31
04693018
2017-10-31
04693018
2016-10-31
04693018
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2017-10-31
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04693018
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04693018
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04693018
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04693018
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04693018
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04693018
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2016-10-31
04693018
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2017-10-31
04693018
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2016-10-31
04693018
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2017-10-31
04693018
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2017-10-31
04693018
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2016-10-31
04693018
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2016-11-01
2017-10-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Finnan Developments 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:
04693018
FINNAN DEVELOPMENTS LIMITED |
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
FINNAN DEVELOPMENTS LIMITED |
|
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
FINNAN DEVELOPMENTS LIMITED |
|
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 Developments 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 & Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
9 November 2018
FINNAN DEVELOPMENTS LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 October 2017
Fixed assets
Current assets
Stocks |
6,607,029 |
|
2,706,062 |
Debtors |
352,496 |
|
371,587 |
Cash at bank and in hand |
102 |
|
2,923 |
|
-------------- |
|
-------------- |
|
6,959,627 |
|
3,080,572 |
|
|
|
|
Creditors: amounts falling due within one year |
2,007,541 |
|
1,940,760 |
|
-------------- |
|
-------------- |
Net current assets |
|
4,952,086 |
1,139,812 |
|
|
-------------- |
-------------- |
Total assets less current liabilities |
|
4,952,087 |
1,139,813 |
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
5,230,905 |
1,351,518 |
|
|
-------------- |
-------------- |
Net liabilities |
|
(
278,818) |
(
211,705) |
|
|
-------------- |
-------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
22 |
22 |
Profit and loss account |
|
(
278,840) |
(
211,727) |
|
|
------------ |
------------ |
Shareholders deficit |
|
(
278,818) |
(
211,705) |
|
|
------------ |
------------ |
|
|
|
|
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
;
-
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 DEVELOPMENTS LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
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:
04693018
FINNAN DEVELOPMENTS LIMITED |
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
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.
Going concern
Attention is drawn to the insolvent position of the balance sheet. The directors have offered their continued financial support to the company and will not draw against their loan account in the foreseeable future. These accounts have therefore been prepared on a going concern basis.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Tangible Assets
|
£ |
Cost |
|
At 1 November 2016 and 31 October 2017 |
6,511 |
|
------------ |
Depreciation |
|
At 1 November 2016 and 31 October 2017 |
6,511 |
|
------------ |
Carrying amount |
|
At 31 October 2017 |
– |
|
------------ |
At 31 October 2016 |
– |
|
------------ |
|
|
5.
Investments
|
£ |
Cost |
|
At 1 November 2016 and 31 October 2017 |
1 |
|
------------ |
Impairment |
|
At 1 November 2016 and 31 October 2017 |
– |
|
------------ |
Carrying amount |
|
At 31 October 2017 |
1 |
|
------------ |
At 31 October 2016 |
1 |
|
------------ |
|
|
6.
Creditors:
amounts falling due after more than one year
Amounts owed to Close Brothers Limited are secured by a legal charge over certain assets of the company.
7.
Director's Advances, Credits and Guarantees
Amounts owed to the directors at the balance sheet date are included in creditors and totalled £1,628,936.(2016 £1,673,218).