Registered number
12748594
Fineglatt Ltd
Filleted Accounts
31 July 2023
Fineglatt Ltd
Registered number: 12748594
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,513 12,435
Investments 4 11,500 -
24,013 12,435
Current assets
Stocks 45,000 45,000
Debtors 5 46,352 45,346
Cash at bank and in hand 14,982 2,276
106,334 92,622
Creditors: amounts falling due within one year 6 (171,524) (145,206)
Net current liabilities (65,190) (52,584)
Net liabilities (41,177) (40,149)
Capital and reserves
Called up share capital 2 2
Profit and loss account (41,179) (40,151)
Shareholder's funds (41,177) (40,149)
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.
Hershel Stolzberg
Director
Approved by the board on 30 July 2024
Fineglatt Ltd
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
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 August 2022 17,641
Additions 3,205
At 31 July 2023 20,846
Depreciation
At 1 August 2022 5,206
Charge for the year 3,127
At 31 July 2023 8,333
Net book value
At 31 July 2023 12,513
At 31 July 2022 12,435
4 Investments
Other
investments
£
Cost
Additions 11,500
At 31 July 2023 11,500
5 Debtors 2023 2022
£ £
Trade debtors 46,352 45,346
6 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 109,900 109,900
Taxation and social security costs 10,239 158
Other creditors 51,385 35,148
171,524 145,206
7 Other information
Fineglatt Ltd is a private company limited by shares and incorporated in England. Its registered office is:
70 Fairholt Road
London
N16 5HN
Fineglatt Ltd 12748594 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts April 2022 Hershel Stolzberg No description of principal activity 12748594 2021-07-31 2022-07-31 12748594 core:WithinOneYear 2022-07-31 12748594 core:ShareCapital 2022-07-31 12748594 core:RetainedEarningsAccumulatedLosses 2022-07-31 12748594 2022-08-01 2023-07-31 12748594 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12748594 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12748594 bus:Director40 2022-08-01 2023-07-31 12748594 1 2022-08-01 2023-07-31 12748594 2 2022-08-01 2023-07-31 12748594 core:PlantMachinery 2022-08-01 2023-07-31 12748594 countries:England 2022-08-01 2023-07-31 12748594 bus:FRS102 2022-08-01 2023-07-31 12748594 bus:FullAccounts 2022-08-01 2023-07-31 12748594 2023-07-31 12748594 core:WithinOneYear 2023-07-31 12748594 core:ShareCapital 2023-07-31 12748594 core:RetainedEarningsAccumulatedLosses 2023-07-31 12748594 core:PlantMachinery 2023-07-31 12748594 core:AdditionsToInvestments 2023-07-31 12748594 2022-07-31 12748594 core:PlantMachinery 2022-07-31 iso4217:GBP xbrli:pure