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Financial Statements

for the Year Ended 31 May 2023

for

Finecourt Limited

Finecourt Limited (Registered number: 02501512)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Finecourt Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: T J Lyons





SECRETARY: Mrs P L Lyons





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 02501512 (England and Wales)





ACCOUNTANTS: Williams & Co
Chartered Accountants
8/10 South Street
Epsom
Surrey
KT18 7PF

Finecourt Limited (Registered number: 02501512)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,698 1,618

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 10,329 5,799
Cash at bank 12,942 10,742
24,271 17,541
CREDITORS
Amounts falling due within one year 6 29,708 29,910
NET CURRENT LIABILITIES (5,437 ) (12,369 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,739

)

(10,751

)

CREDITORS
Amounts falling due after more than one
year

7

(36,161

)

(38,999

)

PROVISIONS FOR LIABILITIES (425 ) (280 )
NET LIABILITIES (40,325 ) (50,030 )

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings (40,327 ) (50,032 )
SHAREHOLDERS' FUNDS (40,325 ) (50,030 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 September 2023 and were signed by:




T J Lyons - Director


Finecourt Limited (Registered number: 02501512)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

Finecourt 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.

The accounts have been prepared on a going concern basis. However as the liabilities exceed the assets there is a significant risk of the company being able to meet its liabilities as they fall due. In these circumstances the accounts may require adjustment as liabilities may crystallise on the business ceasing to trade.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2022 41,873 8,034 49,907
Additions - 349 349
At 31 May 2023 41,873 8,383 50,256
DEPRECIATION
At 1 June 2022 40,524 7,765 48,289
Charge for year 203 66 269
At 31 May 2023 40,727 7,831 48,558
NET BOOK VALUE
At 31 May 2023 1,146 552 1,698
At 31 May 2022 1,349 269 1,618

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,068 4,642
Prepayments 1,261 1,157
10,329 5,799

Finecourt Limited (Registered number: 02501512)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 5,103 2,265
Trade creditors 11,686 13,016
VAT 4,434 5,047
Paye and other taxes 564 643
Wages control 344 216
Directors' current accounts 5,077 5,078
Accrued expenses 2,500 3,645
29,708 29,910

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 36,161 38,999

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,194 20,705

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,103 2,265

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,347 4,531

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,620 13,763

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,194 20,705

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £ 1 2 2

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs A Ludlow who owns 100% of the share capital.