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REGISTERED NUMBER: 08295513 (England and Wales)








Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Finest Properties Limited

Finest Properties Limited (Registered number: 08295513)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Finest Properties Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: D Longmore
J R Eve
L Dodds
S G Mason





REGISTERED OFFICE: 15 Crossways
Market Place
Corbridge
Northumberland
NE45 5AW





REGISTERED NUMBER: 08295513 (England and Wales)





ACCOUNTANTS: Inspire Chartered Accountants
6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU

Finest Properties Limited (Registered number: 08295513)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 18,930 18,930
Tangible assets 6 88,729 11,297
107,659 30,227

CURRENT ASSETS
Debtors 7 594,547 820,462
Cash at bank and in hand 173,794 386,581
768,341 1,207,043
CREDITORS
Amounts falling due within one year 8 147,478 266,748
NET CURRENT ASSETS 620,863 940,295
TOTAL ASSETS LESS CURRENT
LIABILITIES

728,522

970,522

CREDITORS
Amounts falling due after more than one
year

9

(76,548

)

-

PROVISIONS FOR LIABILITIES (2,519 ) (2,055 )
NET ASSETS 649,455 968,467

Finest Properties Limited (Registered number: 08295513)

Balance Sheet - continued
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 649,355 968,367
SHAREHOLDERS' FUNDS 649,455 968,467

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





J R Eve - Director


Finest Properties Limited (Registered number: 08295513)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Finest Properties 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade for the foreseeable future. In order to do so it relies on the continued support of the directors and the company's bankers. Should the company no longer receive such support, fixed assets will need to be reclassified as current assets and long term liabilities as current liabilities. Provisions would be required to reduce assets to their recoverable amount and to provide for any further liabilities that may arise.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on 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 or deferred taxation assets and liabilities are not discounted.

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.


Finest Properties Limited (Registered number: 08295513)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2022
and 30 November 2023 18,930
NET BOOK VALUE
At 30 November 2023 18,930
At 30 November 2022 18,930

Finest Properties Limited (Registered number: 08295513)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 3,750 17,889 - 15,101 36,740
Additions - 208 95,441 1,219 96,868
At 30 November 2023 3,750 18,097 95,441 16,320 133,608
DEPRECIATION
At 1 December 2022 - 12,945 - 12,498 25,443
Charge for year - 2,563 13,918 2,955 19,436
At 30 November 2023 - 15,508 13,918 15,453 44,879
NET BOOK VALUE
At 30 November 2023 3,750 2,589 81,523 867 88,729
At 30 November 2022 3,750 4,944 - 2,603 11,297

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 95,441
At 30 November 2023 95,441
DEPRECIATION
Charge for year 13,918
At 30 November 2023 13,918
NET BOOK VALUE
At 30 November 2023 81,523

Finest Properties Limited (Registered number: 08295513)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 46,254 149,367
Amounts owed by group undertakings 256,222 256,222
Other debtors 292,071 414,873
594,547 820,462

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 8,096 -
Trade creditors 24,301 35,001
Taxation and social security 37,288 162,870
Other creditors 77,793 68,877
147,478 266,748

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 76,548 -

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Hire purchase contracts 84,644 -

The hire purchase liabilities are secured against the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
100 Ordinary £1 100 100

Finest Properties Limited (Registered number: 08295513)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

12. OTHER FINANCIAL COMMITMENTS

At the 30 November 2022 there were total leasing commitments of £903 (2021: £29,812.90).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
J R Eve
Balance outstanding at start of year 181,800 215,417
Amounts advanced - 71,383
Amounts repaid (79,304 ) (105,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 102,496 181,800

D Longmore
Balance outstanding at start of year 133,581 24,096
Amounts advanced - 133,581
Amounts repaid (78,594 ) (24,096 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 54,987 133,581

The overdrawn directors loan account has been fully repaid within 9 months of the year end.

14. RELATED PARTY DISCLOSURES

During the year the company provided an interest free loan to Finest Property Developments Limited, a company which is owned by Ryan Eve and Diane Longmore, of £256,222.

The loan has no fixed repayment terms.