Fineline Carpentry Holdings Limited |
Registered number: |
10440463 |
Balance Sheet |
as at 31 January 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
234,501 |
|
|
237,779 |
Investments |
4 |
|
|
100 |
|
|
100 |
|
|
|
|
234,601 |
|
|
237,879 |
|
Current assets |
Debtors |
5 |
|
5,000 |
|
|
5,000 |
Cash at bank and in hand |
|
|
564,473 |
|
|
442,576 |
|
|
|
569,473 |
|
|
447,576 |
|
Creditors: amounts falling due within one year |
6 |
|
(161,782) |
|
|
(79,612) |
|
Net current assets |
|
|
|
407,691 |
|
|
367,964 |
|
Total assets less current liabilities |
|
|
|
642,292 |
|
|
605,843 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(85,285) |
|
|
(91,831) |
|
Provisions for liabilities |
|
|
|
(3,716) |
|
|
(3,651) |
|
|
Net assets |
|
|
|
553,291 |
|
|
510,361 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
51 |
|
|
61 |
Capital Redemption Reserve |
|
|
|
51 |
|
|
41 |
Profit and loss account |
|
|
|
553,189 |
|
|
510,259 |
|
Shareholders' funds |
|
|
|
553,291 |
|
|
510,361 |
|
|
|
|
|
|
|
|
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. |
|
|
|
Simon Worthington |
Director |
Approved by the board on 19 April 2024 |
|
Fineline Carpentry Holdings 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). The financial statements contain information about Fineline Carpentry Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
|
|
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 |
|
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 50 years |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
|
|
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. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 February 2023 |
246,794 |
|
At 31 January 2024 |
246,794 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 February 2023 |
9,015 |
|
Charge for the year |
3,278 |
|
At 31 January 2024 |
12,293 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2024 |
234,501 |
|
At 31 January 2023 |
237,779 |
|
|
4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 February 2023 |
100 |
|
|
At 31 January 2024 |
100 |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
5,000 |
|
5,000 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
14,475 |
|
13,301 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
131,587 |
|
59,615 |
|
Taxation and social security costs |
14,760 |
|
5,736 |
|
Other creditors |
960 |
|
960 |
|
|
|
|
|
|
161,782 |
|
79,612 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
85,285 |
|
91,831 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
27,534 |
|
38,621 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
99,760 |
|
105,132 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by way of a fixed and floating charge over the assets of both the company and its subsidiary undertaking, Fineline Carpentry and Building Limited. |
|
|
9 |
Other financial commitments |
2024 |
|
2023 |
£ |
£ |
|
|
Share buy-back |
|
- |
|
88,235 |
|
|
|
|
|
|
|
|
|
|
The capital commitment relates to the remaining payments the company agreed to make in relation to a share buy-back agreement entered into during the year (see note 10 Related Party Transactions). |
|
10 |
Related party transactions |
|
|
During the period ending 31 January 2021 the company agreed to buy back 51 ordinary shares from a former director. The agreement provided for the shares to be paid for in 4 tranches, the final tranche of which was paid for in the current year. The beneficial interest in the shares was transferred to the Company on completion of the agreement and once purchased the shares were cancelled. Note 9 to the accounts discloses the remaining capital commitment relating to this share buy back. |
|
At 31 January 2023 the company owed £131,587 to its subsidiary company Fineline Carpentry and Building Limited (31 January 2023: £59,615). This loan is interest free and repayable on demand. |
|
During the previous year the company made a loan of £5,000 to a company controlled by one of the directors. The loan is interest free and repayable on demand. |
11 |
Controlling party |
|
|
The company is controlled by Mr Simon Worthington by virtue of his shareholding. |
|
12 |
Other information |
|
|
Fineline Carpentry Holdings 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 |