IRIS Accounts Production v24.1.4.33 03343365 director 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033433652023-03-31033433652024-03-31033433652023-04-012024-03-31033433652022-03-31033433652022-04-012023-03-31033433652023-03-3103343365ns15:EnglandWales2023-04-012024-03-3103343365ns14:PoundSterling2023-04-012024-03-3103343365ns10:Director12023-04-012024-03-3103343365ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103343365ns10:SmallEntities2023-04-012024-03-3103343365ns10:AuditExemptWithAccountantsReport2023-04-012024-03-3103343365ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103343365ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103343365ns10:FullAccounts2023-04-012024-03-3103343365ns10:CompanySecretary12023-04-012024-03-3103343365ns10:RegisteredOffice2023-04-012024-03-3103343365ns5:CurrentFinancialInstruments2024-03-3103343365ns5:CurrentFinancialInstruments2023-03-3103343365ns5:Non-currentFinancialInstruments2024-03-3103343365ns5:Non-currentFinancialInstruments2023-03-3103343365ns5:ShareCapital2024-03-3103343365ns5:ShareCapital2023-03-3103343365ns5:CapitalRedemptionReserve2024-03-3103343365ns5:CapitalRedemptionReserve2023-03-3103343365ns5:RetainedEarningsAccumulatedLosses2024-03-3103343365ns5:RetainedEarningsAccumulatedLosses2023-03-3103343365ns5:PlantMachinery2023-03-3103343365ns5:FurnitureFittings2023-03-3103343365ns5:MotorVehicles2023-03-3103343365ns5:PlantMachinery2023-04-012024-03-3103343365ns5:FurnitureFittings2023-04-012024-03-3103343365ns5:MotorVehicles2023-04-012024-03-3103343365ns5:PlantMachinery2024-03-3103343365ns5:FurnitureFittings2024-03-3103343365ns5:MotorVehicles2024-03-3103343365ns5:PlantMachinery2023-03-3103343365ns5:FurnitureFittings2023-03-3103343365ns5:MotorVehicles2023-03-3103343365ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103343365ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103343365ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3103343365ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3103343365ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3103343365ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3103343365ns5:WithinOneYear2024-03-3103343365ns5:WithinOneYear2023-03-3103343365ns5:BetweenOneFiveYears2024-03-3103343365ns5:BetweenOneFiveYears2023-03-3103343365ns5:AllPeriods2024-03-3103343365ns5:AllPeriods2023-03-3103343365ns5:DeferredTaxation2023-03-3103343365ns5:OtherProvisionsContingentLiabilities2023-03-3103343365ns5:DeferredTaxation2023-04-012024-03-3103343365ns5:OtherProvisionsContingentLiabilities2023-04-012024-03-3103343365ns5:DeferredTaxation2024-03-3103343365ns5:OtherProvisionsContingentLiabilities2024-03-31
REGISTERED NUMBER: 03343365 (England and Wales)















FINNEGAN FLOORING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






FINNEGAN FLOORING LIMITED (REGISTERED NUMBER: 03343365)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


FINNEGAN FLOORING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr A J Finnegan





SECRETARY: Mrs E L Finnegan





REGISTERED OFFICE: Unit 4 Fernacre Business Park
Budds Lane Trading Estate
Budds Lane
Romsey
Hampshire
SO51 0HA





REGISTERED NUMBER: 03343365 (England and Wales)





ACCOUNTANTS: Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FINNEGAN FLOORING LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finnegan Flooring Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Finnegan Flooring Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Finnegan Flooring Limited and state those matters that we have agreed to state to the director of Finnegan Flooring Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finnegan Flooring Limited and its director for our work or for this report.

It is your duty to ensure that Finnegan Flooring Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Finnegan Flooring Limited. You consider that Finnegan Flooring Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Finnegan Flooring Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR


31 July 2024

FINNEGAN FLOORING LIMITED (REGISTERED NUMBER: 03343365)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 216,788 136,980

CURRENT ASSETS
Debtors 5 243,987 282,359
Cash at bank 787,808 516,916
1,031,795 799,275
CREDITORS
Amounts falling due within one year 6 414,809 333,386
NET CURRENT ASSETS 616,986 465,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

833,774

602,869

CREDITORS
Amounts falling due after more than one
year

7

(32,000

)

(56,000

)

PROVISIONS FOR LIABILITIES 9 (193,000 ) (173,746 )
NET ASSETS 608,774 373,123

CAPITAL AND RESERVES
Called up share capital 7,000 7,000
Capital redemption reserve 3,000 3,000
Retained earnings 598,774 363,123
608,774 373,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:



Mr A J Finnegan - Director


FINNEGAN FLOORING LIMITED (REGISTERED NUMBER: 03343365)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Finnegan Flooring Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03343365 and the registered office address is Unit 4 Fernacre Business Park, Budds Lane Trading Estate, Budds Lane, Romsey, Hampshire, SO51 0HA.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational currency of the financial statements is the Pound Sterling (£).

Going concern
The financial statements have been prepared on the going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires the director to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

There have been no judgements which have had a significant effect on amounts recognised in the financial statements during the year.

Other key sources of estimation uncertainty;

Tangible assets

The director estimates the useful life and residual value of tangible assets based on market information
and their knowledge of the business, the remaining life of the asset and projected disposal value.

Rectification provision

The director estimates the level of rectification work required in future periods in relation to work carried
out in the current or prior periods.

Turnover
Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover relates to flooring services and represents the value of work done in the year, including estimates of amounts not invoiced.

FINNEGAN FLOORING LIMITED (REGISTERED NUMBER: 03343365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
All tangible fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and machinery10% reducing balance
Fixtures and fittings25% straight line
Motor vehicles20% reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of Income and Retained Earnings.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Statement of Income and Retained Earnings in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Rectification provision
The rectification provision represents the value of work to be carried out in future periods in relation to work carried out in the current or prior periods.

FINNEGAN FLOORING LIMITED (REGISTERED NUMBER: 03343365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 April 2023 165,069 8,065 101,520 274,654
Additions - - 114,493 114,493
At 31 March 2024 165,069 8,065 216,013 389,147
DEPRECIATION
At 1 April 2023 102,169 4,223 31,282 137,674
Charge for year 6,290 990 27,405 34,685
At 31 March 2024 108,459 5,213 58,687 172,359
NET BOOK VALUE
At 31 March 2024 56,610 2,852 157,326 216,788
At 31 March 2023 62,900 3,842 70,238 136,980

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 126,292 125,836
Amounts recoverable on
contracts 21,823 54,201
VAT 84,395 93,140
Prepayments and accrued income 11,477 9,182
243,987 282,359

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 24,000 24,000
Trade creditors 252,838 238,707
Social security and other taxes 130,302 56,237
Other creditors - 7,528
Directors' current accounts 2,852 2,540
Accruals and deferred income 4,817 4,374
414,809 333,386

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 1-2 years 24,000 24,000
Bank loans - 2-5 years 8,000 32,000
32,000 56,000

FINNEGAN FLOORING LIMITED (REGISTERED NUMBER: 03343365)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 16,849 16,849
Between one and five years 3,183 20,031
20,032 36,880

9. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 30,726 34,245
Other provisions 162,274 139,501
193,000 173,746

Rectificat
Deferred ion
tax provision
£ £
Balance at 1 April 2023 34,245 139,501
(Credit)/charge to Statement of Income and Retained Earnings during year (3,519 ) 22,773
Balance at 31 March 2024 30,726 162,274

The provision for deferred tax relates to accelerated capital allowances.

The rectification provision relates to the estimated cost of work to be carried out in future periods in relation to work carried in the current or prior periods.