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Financial Statements

for the Year Ended 31 May 2024

for

Finecourt Limited

Finecourt Limited (Registered number: 02501512)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Finecourt Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: T J Lyons





SECRETARY: Mrs P L Lyons





REGISTERED OFFICE: 8-10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 02501512 (England and Wales)





ACCOUNTANTS: Williams & Co
Chartered Accountants
8/10 South Street
Epsom
Surrey
KT18 7PF

Finecourt Limited (Registered number: 02501512)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,800 1,698

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 11,140 10,329
Cash at bank 10,134 12,942
22,274 24,271
CREDITORS
Amounts falling due within one year 6 27,724 29,708
NET CURRENT LIABILITIES (5,450 ) (5,437 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,650

)

(3,739

)

CREDITORS
Amounts falling due after more than one
year

7

(29,474

)

(36,161

)

PROVISIONS FOR LIABILITIES 9 - (425 )
NET LIABILITIES (33,124 ) (40,325 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 (33,126 ) (40,327 )
SHAREHOLDERS' FUNDS (33,124 ) (40,325 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 11 July 2024 and were signed by:





T J Lyons - Director


Finecourt Limited (Registered number: 02501512)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

Finecourt Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 accounts have been prepared on a going concern basis. However as the liabilities exceed the assets there is a significant risk of the company being able to meet its liabilities as they fall due. In these circumstances the accounts may require adjustment as liabilities may crystallise on the business ceasing to trade.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2023 41,873 8,383 50,256
Additions - 391 391
At 31 May 2024 41,873 8,774 50,647
DEPRECIATION
At 1 June 2023 40,727 7,831 48,558
Charge for year 172 117 289
At 31 May 2024 40,899 7,948 48,847
NET BOOK VALUE
At 31 May 2024 974 826 1,800
At 31 May 2023 1,146 552 1,698

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,307 9,068
Prepayments 1,833 1,261
11,140 10,329

Finecourt Limited (Registered number: 02501512)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 5,895 5,103
Trade creditors 11,028 11,686
VAT 3,735 4,434
Paye and other taxes 477 564
Wages control 522 344
Directors' current accounts 3,077 5,077
Accrued expenses 2,990 2,500
27,724 29,708

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 29,474 36,161

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,895 13,194

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,895 5,103

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,895 5,347

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,684 17,620

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,895 13,194

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - 425

Deferred
tax
£   
Balance at 1 June 2023 425
Credit to Statement of Income and Retained Earnings during year (425 )
Balance at 31 May 2024 -

Finecourt Limited (Registered number: 02501512)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £ 1 2 2

11. RESERVES
Retained
earnings
£   

At 1 June 2023 (40,327 )
Profit for the year 7,201
At 31 May 2024 (33,126 )

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs A Ludlow who owns 100% of the share capital.