0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 940,000 357,812 470,000 827,812 827,812 940,000 529,675 53,732 475,943 475,943 xbrli:pure xbrli:shares iso4217:GBP 08476738 2023-04-01 2024-03-31 08476738 2024-03-31 08476738 2023-03-31 08476738 2022-04-01 2023-03-31 08476738 2023-03-31 08476738 2022-03-31 08476738 bus:Director1 2023-04-01 2024-03-31 08476738 core:LandBuildings 2023-04-01 2024-03-31 08476738 core:WithinOneYear 2024-03-31 08476738 core:WithinOneYear 2023-03-31 08476738 core:AfterOneYear 2024-03-31 08476738 core:AfterOneYear 2023-03-31 08476738 core:ShareCapital 2024-03-31 08476738 core:ShareCapital 2023-03-31 08476738 core:RetainedEarningsAccumulatedLosses 2024-03-31 08476738 core:RetainedEarningsAccumulatedLosses 2023-03-31 08476738 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 08476738 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-03-31 08476738 core:Non-currentFinancialInstruments 2024-03-31 08476738 core:Non-currentFinancialInstruments 2023-03-31 08476738 core:LandBuildings 2024-03-31 08476738 core:LandBuildings 2023-03-31 08476738 core:LandBuildings 2023-03-31 08476738 bus:SmallEntities 2023-04-01 2024-03-31 08476738 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08476738 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08476738 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08476738 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 08476738
Finosame Limited
Filleted Unaudited Financial Statements
31 March 2024
Finosame Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
827,812
940,000
Investments
5
475,943
475,943
------------
------------
1,303,755
1,415,943
Current assets
Debtors
6
503,987
450,999
Cash at bank and in hand
33,758
202,441
---------
---------
537,745
653,440
Creditors: amounts falling due within one year
7
( 30,572)
( 9,179)
---------
---------
Net current assets
507,173
644,261
------------
------------
Total assets less current liabilities
1,810,928
2,060,204
Creditors: amounts falling due after more than one year
8
( 1,154,846)
( 1,374,534)
Provisions
Taxation including deferred tax
( 24,967)
( 63,366)
------------
------------
Net assets
631,115
622,304
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
631,015
622,204
---------
---------
Shareholders funds
631,115
622,304
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Finosame Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr S C Casey
Director
Company registration number: 08476738
Finosame Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's major creditors are its director and shareholders who have confirmed they will not seek repayment of their loans for the foreseeable future. The company has sufficient reserves to meet its day to day liabilities as they fall due. On this basis, the director is of the opinion that the company can continue to trade as a going concern.
Revenue recognition
Rents receivable are recognised in the period to which they relate. Provision is made where rents receivable are overdue and there is a strong likelihood outstanding amounts will not be received. Interest receivable on loans is recognised in the period to which is relates in accordance with the individual loan agreements.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2023
940,000
Additions
357,812
Disposals
( 470,000)
---------
At 31 March 2024
827,812
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
827,812
---------
At 31 March 2023
940,000
---------
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
529,675
---------
Impairment
At 1 April 2023 and 31 March 2024
53,732
---------
Carrying amount
At 31 March 2024
475,943
---------
At 31 March 2023
475,943
---------
6. Debtors
2024
2023
£
£
Other debtors
503,987
450,999
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
250,000
----
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
27,736
6,343
Other creditors
2,836
2,836
--------
-------
30,572
9,179
--------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,154,846
1,374,534
------------
------------