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REGISTERED NUMBER: 05549116 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Finwood Designs Limited

Finwood Designs Limited (Registered number: 05549116)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Finwood Designs Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: W J Lancashire
Mrs H A Lancashire





SECRETARY: Mrs H A Lancashire





REGISTERED OFFICE: 1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL





REGISTERED NUMBER: 05549116 (England and Wales)





ACCOUNTANTS: Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL

Finwood Designs Limited (Registered number: 05549116)

Abridged Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,651 12,444

CURRENT ASSETS
Stocks 15,589 15,334
Debtors 90,669 59,861
Cash at bank and in hand 6,825 26,148
113,083 101,343
CREDITORS
Amounts falling due within one year 76,095 52,210
NET CURRENT ASSETS 36,988 49,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,639

61,577

CREDITORS
Amounts falling due after more than one year (38,869 ) (52,585 )

PROVISIONS FOR LIABILITIES (855 ) (1,032 )
NET ASSETS 7,915 7,960

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 6,915 6,960
SHAREHOLDERS' FUNDS 7,915 7,960

Finwood Designs Limited (Registered number: 05549116)

Abridged Balance Sheet - continued
31 August 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 January 2024 and were signed on its behalf by:




W J Lancashire - Director



Mrs H A Lancashire - Director


Finwood Designs Limited (Registered number: 05549116)

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

1. STATUTORY INFORMATION

Finwood Designs 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.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% 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.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Finwood Designs Limited (Registered number: 05549116)

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

2. ACCOUNTING POLICIES - continued

Operating leases
The relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term, unless they relate to vacant leasehold properties, in which case provision is made on a discounted basis for the net obligation under the lease The unwinding of the discount is disclosed within interest payable and similar charges. Where no lease is in place, the rentals are charged to the profit and loss account as and when paid.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2022
and 31 August 2023 46,500
DEPRECIATION
At 1 September 2022 34,056
Charge for year 1,793
At 31 August 2023 35,849
NET BOOK VALUE
At 31 August 2023 10,651
At 31 August 2022 12,444

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 54,191 67,907

The bank overdraft and loan is personally guaranteed by WJ Lancashire.

6. CONTINGENT LIABILITIES

There were no material contingent liabilities at the year end.

Finwood Designs Limited (Registered number: 05549116)

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

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
W J Lancashire and Mrs H A Lancashire
Balance outstanding at start of year 36,217 51,996
Amounts advanced 24,274 24,221
Amounts repaid (11,800 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,691 36,217

The amounts in brackets are due to the directors and the amounts without are due from directors. No interest is payable on the amount outstanding which is repayable on demand.The amounts shown are the aggregate transactions during the year.

8. POST BALANCE SHEET EVENTS

There were no known material post balance sheet events.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Finwood Designs Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finwood Designs Limited for the year ended 31 August 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Finwood Designs Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Finwood Designs Limited and state those matters that we have agreed to state to the Board of Directors of Finwood Designs Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finwood Designs Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Finwood Designs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Finwood Designs Limited. You consider that Finwood Designs Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Finwood Designs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL


23 January 2024