Company Registration No. 08726314 (England and Wales)
FINESTLINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
FINESTLINE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FINESTLINE LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr RN Fearnley
Company number
08726314
Registered office
Ground Floor
6 Queen Street
Leeds
West Yorkshire
United Kingdom
LS1 2TW
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
FINESTLINE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
14,338,571
12,433,938
Current assets
Debtors
4
2,623,114
2,690,528
Cash at bank and in hand
1,625,003
1,219,768
4,248,117
3,910,296
Creditors: amounts falling due within one year
5
(3,795,276)
(2,806,117)
Net current assets
452,841
1,104,179
Total assets less current liabilities
14,791,412
13,538,117
Creditors: amounts falling due after more than one year
6
(8,826,356)
(8,853,860)
Provisions for liabilities
(592,140)
(332,005)
Net assets
5,372,916
4,352,252
Capital and reserves
Called up share capital
190
190
Revaluation reserve
1,776,421
996,011
Profit and loss reserves
3,596,305
3,356,051
Total equity
5,372,916
4,352,252
FINESTLINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 7 August 2024
Mr RN Fearnley
Director
Company registration number 08726314 (England and Wales)
FINESTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Finestline Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 6 Queen Street, Leeds, West Yorkshire, United Kingdom, LS1 2TW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

FINESTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
FINESTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
14,338,571
12,433,938
Fixed asset investments revalued

Investments are adjusted to the market value at the balance sheet date. The directors are confident the market value is the same as fair value for the purposes of the accounts.

The book cost of investments held at the balance sheet date was £11,970,011 (2023 - £11,105,923).

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
12,433,938
Additions
2,673,416
Valuation changes
1,040,545
Disposals
(1,809,328)
At 31 March 2024
14,338,571
Carrying amount
At 31 March 2024
14,338,571
At 31 March 2023
12,433,938
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,623,114
2,690,528
FINESTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
12,880
-
0
Other creditors
3,778,928
2,802,817
Accruals and deferred income
3,468
3,300
3,795,276
2,806,117
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
8,826,356
8,853,860
FINESTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Related party transactions

At the balance sheet date, the company owed various family discretionary trusts (of which the shareholders are trustees) amounts totalling £1,208,246 (2023 - £1,208,246). The company also owed The Mrs SL Fearnley 2005 Grandchildrens Trust a further £944,159 (2023 - £944,159).

 

The loans are interest free and repayable after more than one year year or earlier (at the instance of the Company).

 

At the balance sheet date, the company owed shareholders amounts totalling £3,778,928 (2023 - £2,802,817).

 

The loans are interest free and repayable on demand.

 

Also, at the balance sheet date, the company owed shareholders amounts totalling £3,997,326 (2023 - £3,997,326).

 

The loans are interest free and repayable after more than one year or earlier (at the instance of the Company).

Common Directorship.

 

At the balance sheet date, the company was owed £795,000 (2023 - £885,000) by NYPD Grove Road Limited

At the balance sheet date, the company was owed £585,000 (2023 - £585,000) by NYPD (KR) Limited

At the balance sheet date, the company was owed £1,236,162 (2023 - £1,216,162) by NYPD (SR) Limited

 

The companies are under common directorship of Mr R Fearnley and all thel loans are interest free and repayable on demand.

8
Directors' transactions

At the balance sheet date, the company owed the director £2,676,625 (2023 - £2,704,129). The loan is interest free and repayable after more than one year or earlier (at the instance of the Company).

 

.

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