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Company registration number: 13015752
Finchley Group Ltd
Unaudited filleted financial statements
30 November 2023
Finchley Group Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Finchley Group Ltd
Directors and other information
Directors Mr Adam Russo
Company number 13015752
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Accountants Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Finchley Group Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Finchley Group Ltd
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finchley Group Ltd for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Finchley Group Ltd, as a body, in accordance with the terms of our engagement letter dated 26 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Finchley Group Ltd and state those matters that we have agreed to state to the board of directors of Finchley Group Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finchley Group Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Finchley Group Ltd 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 loss of Finchley Group Ltd. You consider that Finchley Group Ltd 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 Finchley Group Ltd. 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.
Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
19 July 2024
Finchley Group Ltd
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 5,791 8,687
_______ _______
5,791 8,687
Current assets
Stocks 133,500 75,763
Debtors 8 43,483 8,965
Cash at bank and in hand 32,079 104,960
_______ _______
209,062 189,688
Creditors: amounts falling due
within one year 9 ( 133,152) ( 90,135)
_______ _______
Net current assets 75,910 99,553
_______ _______
Total assets less current liabilities 81,701 108,240
_______ _______
Net assets 81,701 108,240
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 81,601 108,140
_______ _______
Shareholders funds 81,701 108,240
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 July 2024 , and are signed on behalf of the board by:
Mr Adam Russo
Director
Company registration number: 13015752
Finchley Group Ltd
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 100 46,570 46,670
(Loss)/profit for the year 61,570 61,570
_______ _______ _______
Total comprehensive income for the year - 61,570 61,570
_______ _______ _______
At 30 November 2022 and 1 December 2022 100 108,140 108,240
(Loss)/profit for the year ( 24,039) ( 24,039)
_______ _______ _______
Total comprehensive income for the year - ( 24,039) ( 24,039)
Dividends paid and payable ( 2,500) ( 2,500)
_______ _______ _______
Total investments by and distributions to owners - ( 2,500) ( 2,500)
_______ _______ _______
At 30 November 2023 100 81,601 81,701
_______ _______ _______
Finchley Group Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Vechicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on loss/profit
Major components of tax income/expense
2023 2022
£ £
Current tax:
UK current tax income/expense ( 4,927) 11,616
_______ _______
Tax on loss/profit ( 4,927) 11,616
_______ _______
6. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 2,500 -
_______ _______
7. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 December 2022 and 30 November 2023 11,583 11,583
_______ _______
Depreciation
At 1 December 2022 2,896 2,896
Charge for the year 2,896 2,896
_______ _______
At 30 November 2023 5,792 5,792
_______ _______
Carrying amount
At 30 November 2023 5,791 5,791
_______ _______
At 30 November 2022 8,687 8,687
_______ _______
8. Debtors
2023 2022
£ £
Other debtors 43,483 8,965
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 5,808 -
Trade creditors - 75,853
Corporation tax ( 3) 11,616
Social security and other taxes - 585
Other creditors 127,347 2,081
_______ _______
133,152 90,135
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Adam Russo ( 81) 3,598 ( 5,627) ( 2,110)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Adam Russo - - ( 81) ( 81)
_______ _______ _______ _______