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REGISTERED NUMBER: 06812039 (England and Wales)













Financial Statements

for the Year Ended 31 March 2023

for

Finchley Developments C&G Limited

Finchley Developments C&G Limited (Registered number: 06812039)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Finchley Developments C&G Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P L Murphy
M Slane
J G Murphy
M S M Murphy





SECRETARY: M M Slane





REGISTERED OFFICE: Winston House
2 Dollis Park
London
N3 1HF





REGISTERED NUMBER: 06812039 (England and Wales)





AUDITORS: Elliotts Shah
Statutory Auditor
Chartered Accountants
4th Floor
167 Fleet Street
London
EC4A 2EA

Finchley Developments C&G Limited (Registered number: 06812039)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 31,000,000 30,800,000

CURRENT ASSETS
Debtors 5 5,893,916 5,486,231
Cash at bank 295,512 402,697
6,189,428 5,888,928
CREDITORS
Amounts falling due within one year 6 1,181,745 924,012
NET CURRENT ASSETS 5,007,683 4,964,916
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,007,683

35,764,916

CREDITORS
Amounts falling due after more than one
year

7

(15,705,183

)

(16,184,020

)

PROVISIONS FOR LIABILITIES 9 (997,000 ) (875,000 )
NET ASSETS 19,305,500 18,705,896

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 19,305,499 18,705,895
SHAREHOLDERS' FUNDS 19,305,500 18,705,896

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





P L Murphy - Director


Finchley Developments C&G Limited (Registered number: 06812039)

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

1. STATUTORY INFORMATION

Finchley Developments C&G 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 as modified by the revaluation of certain assets.

Going concern
After considering the company's prospects and subject to the continuing support of the company's lenders, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing the financial statements, estimates and judgements are made that could affect the reported amounts of assets and liabilities within the next reporting period. Estimates and judgements are continually evaluated and are based on factors such as historical experience and current best estimates of uncertain future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The critical judgements and estimates made by management that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of investment properties
Investment properties are stated at fair value as determined by the directors who are experienced in property investment and have a good knowledge of the location and type of property owned. The valuation reflects the condition of the property and likely rental income.

Turnover
Turnover represents rents and service charges receivable, and lease surrender income, all net of VAT.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Finchley Developments C&G Limited (Registered number: 06812039)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 30,800,000
Revaluations 200,000
At 31 March 2023 31,000,000
NET BOOK VALUE
At 31 March 2023 31,000,000
At 31 March 2022 30,800,000

The investment property was revalued on a fair value basis by the directors of the company as at the year end. The historical cost of the property is £19,300,911 (2022: £19,300,911).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 106,005 127,627
Amounts owed by group undertakings 5,374,090 4,798,087
Other debtors 163,719 140,245
Prepayments and accrued income 250,102 420,272
5,893,916 5,486,231

Included within debtors are rent deposits held in a government regulated tenancy scheme.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 474,028 454,794
Trade creditors 48,319 46,283
VAT 40,015 24,286
Other creditors 163,706 164,787
Accruals and deferred income 455,677 233,862
1,181,745 924,012

Finchley Developments C&G Limited (Registered number: 06812039)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 474,028 454,794
Bank loans - 2-5 years 15,231,155 15,729,226
15,705,183 16,184,020

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 16,179,211 16,638,814

The bank loan is secured by a first legal charge over the company's investment property.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 997,000 875,000

Deferred
tax
£   
Balance at 1 April 2022 875,000
Charge to Income Statement during year 122,000
Balance at 31 March 2023 997,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Arvind Shah (Senior Statutory Auditor)
for and on behalf of Elliotts Shah

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover includes £56,000 (2022: £56,000) in respect of rents receivable from Roundpoll Limited, a company under the ultimate control of the director, P L Murphy.