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Registration number: 09322343

The Finer Dwelling Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

The Finer Dwelling Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Finer Dwelling Company Limited

Company Information

Directors

Mr Julius Irikefe Junior Amogbokpa

Miss Sophia Amogbokpa

Miss Christianna Salako

Dr Jason Ediri Amogbokpa

Company secretary

Miss Christianna Salako

Registered office

20-22 Wenlock Road
London
London
N1 7GU

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

The Finer Dwelling Company Limited

(Registration number: 09322343)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

15,408

12,730

Current assets

 

Debtors

6

36,656

34,854

Cash at bank and in hand

 

139,758

130,474

 

176,414

165,328

Creditors: Amounts falling due within one year

7

(107,915)

(256,319)

Net current assets/(liabilities)

 

68,499

(90,991)

Total assets less current liabilities

 

83,907

(78,261)

Creditors: Amounts falling due after more than one year

7

(25,785)

(35,655)

Net assets/(liabilities)

 

58,122

(113,916)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

58,022

(114,016)

Shareholders' funds/(deficit)

 

58,122

(113,916)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Miss Christianna Salako
Company secretary and director

 

The Finer Dwelling Company Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20-22 Wenlock Road
London
London
N1 7GU
England

These financial statements were authorised for issue by the Board on 8 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

The Finer Dwelling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Finer Dwelling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,501

6,058

 

The Finer Dwelling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

33,310

33,310

Additions

12,286

12,286

Disposals

(19,592)

(19,592)

At 30 November 2023

26,004

26,004

Depreciation

At 1 December 2022

20,580

20,580

Charge for the year

6,501

6,501

Eliminated on disposal

(16,485)

(16,485)

At 30 November 2023

10,596

10,596

Carrying amount

At 30 November 2023

15,408

15,408

At 30 November 2022

12,730

12,730

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,957

3,567

Prepayments

510

854

Other debtors

33,189

30,433

 

36,656

34,854

7

Creditors

Creditors: amounts falling due within one year

 

The Finer Dwelling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors (continued)

2023
£

2022
£

Due within one year

Trade creditors

250

14,541

Taxation and social security

83,843

197,544

Accruals and deferred income

4,364

7,397

Other creditors

19,458

36,837

107,915

256,319

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

25,785

35,655