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2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
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SC032976
2022-04-01
2023-03-31
SC032976
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SC032976
2022-03-31
SC032976
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SC032976
2022-03-31
SC032976
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SC032976
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SC032976
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SC032976
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SC032976
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SC032976
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SC032976
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SC032976
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SC032976
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SC032976
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2023-03-31
COMPANY REGISTRATION NUMBER:
SC032976
J. F. Finlay & Company Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
J. F. Finlay & Company Limited |
|
Abridged Financial Statements |
|
Year ended 31 March 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
J. F. Finlay & Company Limited |
|
Abridged Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
6 |
88,159 |
90,577 |
|
|
|
|
Current assets
Stocks |
86,425 |
87,884 |
Debtors |
206,585 |
213,639 |
Cash at bank and in hand |
26,894 |
18,912 |
|
--------- |
--------- |
|
319,904 |
320,435 |
|
|
|
Creditors: amounts falling due within one year |
338,345 |
367,262 |
|
--------- |
--------- |
Net current liabilities |
18,441 |
46,827 |
|
-------- |
-------- |
Total assets less current liabilities |
69,718 |
43,750 |
|
|
|
Creditors: amounts falling due after more than one year |
|
|
Bank loans and overdrafts |
– |
32,353 |
|
-------- |
-------- |
Net assets |
69,718 |
11,397 |
|
-------- |
-------- |
|
|
|
Capital and reserves
Called up share capital |
8,008 |
8,008 |
Other reserves |
3,995 |
3,995 |
Profit and loss account |
57,715 |
(
606) |
|
-------- |
-------- |
Shareholder funds |
69,718 |
11,397 |
|
-------- |
-------- |
|
|
|
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 Section 1A of 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 comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
J. F. Finlay & Company Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 March 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
7 September 2023
, and are signed on behalf of the board by:
Mr N Ewing |
Mrs A Ewing |
Director |
Director |
|
|
Company registration number:
SC032976
J. F. Finlay & Company Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Pencil View, Largs, Ayrshire, KA30 8JZ.
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 financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements are prepared on the going concern basis and the directors are of the opinion that this is appropriate to the company's circumstances. The company meets its day to day working capital requirements through bank borrowings. The company has the support of its bankers and expects to be able to work within its overdraft facility.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
|
Plant and Machinery |
- |
25% reducing balance |
|
Motor Vehicles |
- |
15% reducing balance |
|
|
|
|
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Investments are measured at cost less impairment.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2022:
8
).
5.
Intangible assets
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
50,000 |
|
-------- |
Amortisation |
|
At 1 April 2022 and 31 March 2023 |
50,000 |
|
-------- |
Carrying amount |
|
At 31 March 2023 |
– |
|
-------- |
At 31 March 2022 |
– |
|
-------- |
|
|
The goodwill arose on the acquisition of the business of Allan & Allan in July 2001. Acquired goodwill has been amortised in equal amounts over a period of 10 years.
6.
Tangible assets
|
£ |
Cost |
|
At 1 April 2022 |
159,310 |
Additions |
46,522 |
Disposals |
(
48,342) |
|
--------- |
At 31 March 2023 |
157,490 |
|
--------- |
Depreciation |
|
At 1 April 2022 |
68,733 |
Charge for the year |
12,382 |
Disposals |
(
11,784) |
|
--------- |
At 31 March 2023 |
69,331 |
|
--------- |
Carrying amount |
|
At 31 March 2023 |
88,159 |
|
--------- |
At 31 March 2022 |
90,577 |
|
--------- |
|
|
7.
Charges on assets
The bank borrowing is secured by a bond and floating charge on all the assets of the company and by a personal guarantee given by the director. Hire purchase creditors are secured only on the assets concerned.
8.
Directors' advances, credits and guarantees
At 31st March 2023 the company owed the directors an amount of £443 (2022 - £835). There are no specific repayment terms. The maximum amount outstanding, due to the directors, during the year was £835 (2022 - £835).
9.
Related party transactions
The Company was under the control of
Mr N Ewing
throughout the current and previous year. Mr Ewing is the managing director and majority shareholder. Dividends of £110,000 (2022 - £96,400) were paid to the directors during the year to 31st March 2023. There were no other transactions with related parties undertaken such as are required to be disclosed under FRS 102.