Registered number
05606963
Simon Finch Rare Books Ltd
Filleted Accounts
31 December 2023
Simon Finch Rare Books Ltd
Registered number: 05606963
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 46,572 52,884
Tangible assets 4 2,524,273 2,530,098
2,570,845 2,582,982
Current assets
Stocks 410,000 159,068
Debtors 5 173,574 151,523
Cash at bank and in hand 296,380 635,268
879,954 945,859
Creditors: amounts falling due within one year 6 (625,434) (563,040)
Net current assets 254,520 382,819
Total assets less current liabilities 2,825,365 2,965,801
Creditors: amounts falling due after more than one year 7 (897,231) (1,055,845)
Net assets 1,928,134 1,909,956
Capital and reserves
Called up share capital 300,000 300,000
Fair value reserve 9 1,689,667 1,689,667
Profit and loss account (61,533) (79,711)
Shareholder's funds 1,928,134 1,909,956
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.
Mr S Finch
Director
Approved by the board on 19 August 2024
Simon Finch Rare Books Ltd
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings NIL
Plant and machinery 20% reducing balance
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.
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 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 326,236
At 31 December 2023 326,236
Amortisation
At 1 January 2023 273,352
Provided during the year 6,312
At 31 December 2023 279,664
Net book value
At 31 December 2023 46,572
At 31 December 2022 52,884
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or fair value
At 1 January 2023 2,584,902 20,582 29,975 2,635,459
Additions - 2,929 - 2,929
Disposals - (18,072) - (18,072)
At 31 December 2023 2,584,902 5,439 29,975 2,620,316
Depreciation
At 1 January 2023 87,652 16,710 999 105,361
Charge for the year - 961 5,795 6,756
On disposals - (16,074) - (16,074)
At 31 December 2023 87,652 1,597 6,794 96,043
Net book value/fair value
At 31 December 2023 2,497,250 3,842 23,181 2,524,273
At 31 December 2022 2,497,250 3,872 28,976 2,530,098
Freehold land and buildings: 2023 2022
£ £
Historical cost 895,235 895,235
Cumulative depreciation based on historical cost 87,652 87,652
807,583 807,583
5 Debtors 2023 2022
£ £
Trade debtors 69,984 70,072
Directors loan 23,238 1,410
VAT repayment 1,719 392
Prepayments 295 561
Loans owed by connected companies 78,338 79,088
173,574 151,523
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 158,156 112,888
Trade creditors 11,031 6,361
Taxation and social security costs 9,562 7,798
Accruals 1,532 2,560
Loans owed to connected companies 445,153 433,433
625,434 563,040
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 897,231 1,055,845
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,031,221 1,134,544
Bank loans are secured on the freehold property, Voewood, High Kelling, Holt, and by way of fixed and floating charge over all the company's assets.
9 Fair value reserve 2023 2022
£ £
At 1 January 2023 1,689,667 1,689,667
At 31 December 2023 1,689,667 1,689,667
10 Related party transactions
Included in creditors is £445,153 (2022 - £433,433) owed by Voewood Events Limited, a company in which the director has a 100% shareholding.

Included in debtors are £59,088 owed by Voewood Festival Limited and £19,250 owed by Voewood Vaults Limited, companies in which the director has a 100% shareholding.

These loans are made interest free with no set repayment date.
11 Controlling party
The ultimate controlling party is the director S Finch who holds 100% of the issued shares in the company.
12 Other information
Simon Finch Rare Books Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Coach House
Voewood Cromer Road
High Kelling
Holt, Norfolk
NR25 6QS
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