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REGISTERED NUMBER: 08636387 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

THE FINISHING COMPANY LIMITED

THE FINISHING COMPANY LIMITED (REGISTERED NUMBER: 08636387)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE FINISHING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: Mr D D Lewis





REGISTERED OFFICE: Mackenzies Accountants
4 Kings Row
Armstrong Road
Maidstone
Kent
ME15 6AQ





REGISTERED NUMBER: 08636387 (England and Wales)





ACCOUNTANTS: Mackenzies Accountants Limited
Chartered Accountants
4 Kings Row
Armstrong Road
Maidstone
Kent
ME15 6AQ

THE FINISHING COMPANY LIMITED (REGISTERED NUMBER: 08636387)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 22,969 28,658

CURRENT ASSETS
Stocks 33,568 52,134
Debtors 5 85,233 64,966
Cash at bank 50,294 78
169,095 117,178
CREDITORS
Amounts falling due within one year 6 110,252 92,389
NET CURRENT ASSETS 58,843 24,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

81,812

53,447

CREDITORS
Amounts falling due after more than one
year

7

(34,723

)

(40,279

)

PROVISIONS FOR LIABILITIES 8 (4,364 ) (5,445 )
NET ASSETS 42,725 7,723

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 42,625 7,623
SHAREHOLDERS' FUNDS 42,725 7,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 FINISHING COMPANY LIMITED (REGISTERED NUMBER: 08636387)

BALANCE SHEET - continued
28 FEBRUARY 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 November 2023 and were signed by:





Mr D D Lewis - Director


THE FINISHING COMPANY LIMITED (REGISTERED NUMBER: 08636387)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

The Finishing Company 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

THE FINISHING COMPANY LIMITED (REGISTERED NUMBER: 08636387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 March 2022 2,656 32,573 7,357 42,586
Additions - - 1,921 1,921
At 28 February 2023 2,656 32,573 9,278 44,507
DEPRECIATION
At 1 March 2022 1,886 5,906 6,136 13,928
Charge for year 350 6,667 593 7,610
At 28 February 2023 2,236 12,573 6,729 21,538
NET BOOK VALUE
At 28 February 2023 420 20,000 2,549 22,969
At 28 February 2022 770 26,667 1,221 28,658

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 61,422 44,365
Amounts owed by associates 1,000 -
Other debtors 3,412 3,844
Tax recoverable 16,000 16,000
VAT 2,652 -
Prepayments and accrued income 747 757
85,233 64,966

Other debtors represents an amount due of £3,412 (2022: £3,412) in relation to CIS recoverable.

Deferred income represents an amount deposited from customers for work due to be completed.

THE FINISHING COMPANY LIMITED (REGISTERED NUMBER: 08636387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 5,556 54,426
Tax 10,254 -
Social security and other taxes 3,623 61
VAT - 356
Directors' current accounts 19,309 34,309
Accruals and deferred income 71,510 3,237
110,252 92,389

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans - 1-2 years 5,556 5,556
Bank loans - 2-5 years 16,667 16,667
Bank loans - over 5 years 12,500 18,056
34,723 40,279

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - over 5 years 12,500 18,056

8. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 4,364 5,445

Deferred tax
£
Balance at 1 March 2022 5,445
Provided during year (1,081 )
Balance at 28 February 2023 4,364

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

THE FINISHING COMPANY LIMITED (REGISTERED NUMBER: 08636387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


10. RELATED PARTY DISCLOSURES

The Designers Company (UK) Limited, a company under common control of the director, was advanced funds by the company during the year. At the balance sheet date, the amount owed by The Designers Company (UK) Limited was £1,000 (2021: £Nil), which is included within amounts owed by associates.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D D Lewis.