Registered number
09668034
Surface Finishing Holdings Limited
Filleted Accounts
31 July 2023
Surface Finishing Holdings Limited
Registered number: 09668034
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,415,821 2,415,821
Current assets
Debtors 4 44,582 40,895
Cash at bank and in hand 266 1,792
44,848 42,687
Creditors: amounts falling due within one year 5 (487,477) (480,717)
Net current liabilities (442,629) (438,030)
Total assets less current liabilities 1,973,192 1,977,791
Creditors: amounts falling due after more than one year 6 (1,551,223) (1,633,320)
Net assets 421,969 344,471
Capital and reserves
Called up share capital 100 100
Profit and loss account 421,869 344,371
Shareholder's funds 421,969 344,471
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
V Delveir
Director
Approved by the board on 11 April 2024 and signed on its behalf
Surface Finishing Holdings Limited
Notes to the Accounts
for the year ended 31 July 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.
Tangible fixed assets
No depreciation is provided in respect of freehold land and buildings. Although the Companies Act would normally require the systematic annual depreciation of these fixed assets, the directors believe that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2022 2,415,821
At 31 July 2023 2,415,821
Depreciation
At 31 July 2023 -
Net book value
At 31 July 2023 2,415,821
At 31 July 2022 2,415,821
4 Debtors 2023 2022
£ £
Trade debtors 36,534 40,734
Other debtors 8,048 161
44,582 40,895
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,023 61,897
Taxation and social security costs 50,589 47,856
Other creditors 386,865 370,964
487,477 480,717
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 556,619 594,768
Amounts owed to group undertakings and undertakings in which the company has a participating interest 994,604 1,038,552
1,551,223 1,633,320
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 356,528 407,693
Secured bank loans 606,642 656,665
The bank loans totalling £606,642 (2022 - £656,665) are secured on the freehold land and buildings.
8 Related party transactions
During the year, the company traded with Surface Finishing Engineering Limited, a company under common ownership. The company received property rental income in the sum of £174,000 (2022 - £174,000) and received and repaid various loans.

At the year end, the company owed £994,604 (2022 - £1,038,552) to Surface Finishing Engineering Limited.
9 Controlling party
The company is controlled by Mrs R Delveir, by virtue of her ownership of 100% of the issued share capital.
10 Other information
Surface Finishing Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Second Floor, West Wing
10 Harborne Road
Edgbaston
Birmingham
B15 3AA
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