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Registration number: 06237735

Finnick Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Finnick Group Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Finnick Group Limited

(Registration number: 06237735)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

16,000

32,000

Investments

6

572,337

572,337

 

588,337

604,337

Current assets

 

Debtors

7

5,721

10,051

Cash at bank and in hand

 

35,305

100,195

 

41,026

110,246

Creditors: Amounts falling due within one year

8

(30,941)

(102,009)

Net current assets

 

10,085

8,237

Total assets less current liabilities

 

598,422

612,574

Creditors: Amounts falling due after more than one year

8

(19,167)

(29,167)

Provisions for liabilities

(4,000)

(8,000)

Net assets

 

575,255

575,407

Capital and reserves

 

Called up share capital

100

100

Retained earnings

575,155

575,307

Shareholders' funds

 

575,255

575,407

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

 

Finnick Group Limited

(Registration number: 06237735)
Balance Sheet as at 31 July 2023

.........................................
Miss A Stock
Director

 

Finnick Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Finnick House
Longhill
Elmstone Hardwicke
Cheltenham
Gloucestershire
GL51 9TB

These financial statements were authorised for issue by the Board on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Finnick Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Office equipment

33.3% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Finnick Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Finnick Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

4,500

4,500

At 31 July 2023

4,500

4,500

Amortisation

At 1 August 2022

4,500

4,500

At 31 July 2023

4,500

4,500

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

81,013

9,734

90,747

At 31 July 2023

81,013

9,734

90,747

Depreciation

At 1 August 2022

49,013

9,734

58,747

Charge for the year

16,000

-

16,000

At 31 July 2023

65,013

9,734

74,747

Carrying amount

At 31 July 2023

16,000

-

16,000

At 31 July 2022

32,000

-

32,000

 

Finnick Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

572,337

572,337

Subsidiaries

£

Cost or valuation

At 1 August 2022

960,354

Provision

Provision

388,017

Carrying amount

At 31 July 2023

572,337

At 31 July 2022

572,337

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Mark Latchford Screen and Digital Print Limited

Finnick House, Longhill, Elmstone Hardwicke, Cheltenham, Gloucestershire, GL51 9TB.

England and Wales

Ordinary Shares

89.29%

89.29%

Typecraft (Cheltenham) Limited

Finnick House, Longhill, Elmstone Hardwicke, Cheltenham, Gloucestershire, GL51 9TB.

England and Wales

Ordinary Shares

100%

100%

 

Finnick Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Subsidiary undertakings

Mark Latchford Screen and Digital Print Limited

The principal activity of Mark Latchford Screen and Digital Print Limited is Printing. The profit for the financial period of Mark Latchford Screen and Digital Print Limited was £- and the aggregate amount of capital and reserves at the end of the period was £1.

Typecraft (Cheltenham) Limited

The principal activity of Typecraft (Cheltenham) Limited is Supply of document management systems. The profit for the financial period of Typecraft (Cheltenham) Limited was £175,039 and the aggregate amount of capital and reserves at the end of the period was £380,908.

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,890

5,891

Amounts owed by related parties

159

-

Prepayments

 

330

-

Other debtors

 

3,342

4,160

   

5,721

10,051

 

Finnick Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

10,000

10,000

Trade creditors

14,848

26,614

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

28,685

Taxation and social security

11

39

Accruals and deferred income

4,908

5,168

Other creditors

1,174

31,503

30,941

102,009

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

19,167

29,167

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,167

29,167

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000