Registered number
04907725
Finesse Paving and Civil Engineering Ltd
Filleted Accounts
30 November 2023
Finesse Paving and Civil Engineering Ltd
Registered number: 04907725
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 776,357 771,228
Investments 4 1 1
776,358 771,229
Current assets
Stocks 19,056 27,095
Debtors 5 668,447 561,251
Cash at bank and in hand 1,421,850 1,657,360
2,109,353 2,245,706
Creditors: amounts falling due within one year 6 (51,229) (68,886)
Net current assets 2,058,124 2,176,820
Total assets less current liabilities 2,834,482 2,948,049
Provisions for liabilities (144,494) (143,520)
Net assets 2,689,988 2,804,529
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,689,986 2,804,527
Shareholders' funds 2,689,988 2,804,529
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.
N Giddings
Director
Approved by the board on 15 April 2024
Finesse Paving and Civil Engineering Ltd
Notes to the Accounts
for the year ended 30 November 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, 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:
Freehold buildings over 10-50 years
Plant and machinery over 3-10 years
Fixtures, fittings, tools and equipment over 3-10 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current 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 2023 2022
Number Number
Average number of persons employed by the company 22 22
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 33,986 1,172,461 477,230 1,683,677
Additions - 292,624 279,175 571,799
Disposals - (255,333) (171,800) (427,133)
At 30 November 2023 33,986 1,209,752 584,605 1,828,343
Depreciation
At 1 December 2022 18,127 662,034 232,288 912,449
Charge for the year 215 155,150 98,817 254,182
On disposals - (71,695) (42,950) (114,645)
At 30 November 2023 18,342 745,489 288,155 1,051,986
Net book value
At 30 November 2023 15,644 464,263 296,450 776,357
At 30 November 2022 15,859 510,427 244,942 771,228
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2022 1
At 30 November 2023 1
The investment is a wholly owned subsidiary Finesse Motorsport Limited
5 Debtors 2023 2022
£ £
Trade debtors 417,648 226,021
Amounts owed by group undertakings and undertakings in which the company has a participating interest 82,537 82,537
Other debtors 168,262 252,693
668,447 561,251
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 17,007 31,101
Taxation and social security costs 24,923 32,700
Other creditors 9,299 5,085
51,229 68,886
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
N Giddings
Overdrawn dirs Ac repayable on demand with interest at the official rate 60,486 - (60,486) -
Loans to directors interest at the official rate - 50,000 - 50,000
D Giddings
Overdrawn dirs Ac repayable on demand with interest at the official rate 60,486 - (60,486) -
Loans to directors interest at the official rate - 50,000 - 50,000
120,972 100,000 (120,972) 100,000
8 Controlling party
The company is controloled by the directors N and D Giddings.
9 Other information
Finesse Paving and Civil Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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