Registered number
11850294
FINCH & FRANCIS LTD
Filleted Accounts
31 March 2023
FINCH & FRANCIS LTD
Registered number: 11850294
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 205,671 215,485
Tangible assets 4 106,205 104,923
311,876 320,408
Current assets
Stocks 29,611 24,498
Debtors 5 263,382 282,594
Cash at bank and in hand 39,542 30,166
332,535 337,258
Creditors: amounts falling due within one year 6 (177,498) (247,656)
Net current assets 155,037 89,602
Total assets less current liabilities 466,913 410,010
Creditors: amounts falling due after more than one year 7 (228,761) (224,428)
Provisions for liabilities (16,970) (11,587)
Net assets 221,182 173,995
Capital and reserves
Called up share capital 1 1
Profit and loss account 221,181 173,994
Shareholders' funds 221,182 173,995
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L G Howard
Director
Approved by the board on 17 November 2023
FINCH & FRANCIS LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Motor cars over 4 years
Plant and machinery Between 4 and 5 years
Fixtures, fittings, tools and equipment Between 4 and 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 245,354
At 31 March 2023 245,354
Amortisation
At 1 April 2022 29,869
Provided during the year 9,814
At 31 March 2023 39,683
Net book value
At 31 March 2023 205,671
At 31 March 2022 215,485
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 2 128,299 41,120 169,421
Additions - 2,800 57,990 60,790
Disposals - - (41,120) (41,120)
At 31 March 2023 2 131,099 57,990 189,091
Depreciation
At 1 April 2022 - 42,170 22,328 64,498
Charge for the year - 26,219 14,497 40,716
On disposals - - (22,328) (22,328)
At 31 March 2023 - 68,389 14,497 82,886
Net book value
At 31 March 2023 2 62,710 43,493 106,205
At 31 March 2022 2 86,129 18,792 104,923
5 Debtors 2023 2022
£ £
Other debtors 263,382 282,594
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,575 21,318
Obligations under finance lease and hire purchase contracts 17,819 34,445
Trade creditors 39,024 28,765
Taxation and social security costs 22,049 6,240
Other creditors 77,031 156,888
177,498 247,656
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 152,436 174,052
Obligations under finance lease and hire purchase contracts 76,325 50,376
228,761 224,428
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 129,006 140,364
Bank loan secured by fixed and floating charge over all property and undertaking.
9 Other information
FINCH & FRANCIS LTD is a private company limited by shares and incorporated in England. Its registered office is:
10 Middle Row
East Grinstead
West Sussex
RH19 3AX
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