Registered number
08353738
Fineline Carpentry and Building Limited
Unaudited Filleted Accounts
31 January 2024
Fineline Carpentry and Building Limited
Registered number: 08353738
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 277,144 327,336
Current assets
Stocks 5,000 5,000
Debtors 5 597,425 423,008
Cash at bank and in hand 93,797 26,529
696,222 454,537
Creditors: amounts falling due within one year 6 (304,623) (161,071)
Net current assets 391,599 293,466
Total assets less current liabilities 668,743 620,802
Creditors: amounts falling due after more than one year 7 (54,240) (50,341)
Provisions for liabilities (66,667) (65,264)
Net assets 547,836 505,197
Capital and reserves
Called up share capital 100 100
Profit and loss account 547,736 505,097
Shareholder's funds 547,836 505,197
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 member has 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.
Simon Worthington
Director
Approved by the board on 19 April 2024
Fineline Carpentry and Building Limited
Notes to the Accounts
for the year ended 31 January 2024
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% straight line
Fixtures, fittings, tools and equipment 33% straight line
Motor Vehicles 25% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 21,200
At 31 January 2024 21,200
Amortisation
At 1 February 2023 21,200
At 31 January 2024 21,200
Net book value
At 31 January 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 69,722 445,430 515,152
Additions 3,755 184,626 188,381
Disposals - (201,643) (201,643)
At 31 January 2024 73,477 428,413 501,890
Depreciation
At 1 February 2023 56,313 131,503 187,816
Charge for the year 9,095 82,745 91,840
On disposals - (54,910) (54,910)
At 31 January 2024 65,408 159,338 224,746
Net book value
At 31 January 2024 8,069 269,075 277,144
At 31 January 2023 13,409 313,927 327,336
5 Debtors 2024 2023
£ £
Trade debtors 411,738 272,885
Amounts owed by group undertakings and undertakings in which the company has a participating interest 131,587 59,615
Other debtors 54,100 90,508
597,425 423,008
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 40,733 44,481
Trade creditors 93,560 56,596
Taxation and social security costs 114,838 54,909
Other creditors 55,492 5,085
304,623 161,071
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 54,240 50,341
8 Loans 2024 2023
£ £
Creditors include:
Secured Finance Lease Contracts 94,973 94,822
Finance Lease contracts are secured on the assets to which they relate.
9 Related party transactions
The company's parent company, Fineline Carpentry Holdings Limited, has a property loan. The amount outstanding on the loan at 31 January 2024 was £99,759 (31 January 2023: 105,130). The bank has a fixed and floating charge over the assets of the company in relation to the parent company's loan.
At 31 January 2024 the company was owed £131,587 by its parent company (31 January 2023: £59,615). This loan is interest free and repayable on demand.
At 31 January 2024 the company was owed £100 (31 January 2023: £100) by a company controlled by one of the directors. This loan is interest free and shown on an aggregated basis.
10 Controlling party
Mr S Worthington is the ultimate controlling party by virtue of his shareholding in the company's parent company, Fineline Carpentry Holdings Limited.
11 Other information
Fineline Carpentry and Building Limited is a private company limited by shares and incorporated in England. Its registered office is:
30g Estover Close
Forresters Business Park
Plymouth
PL6 7PL
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