Company registration number 03231108 (England and Wales)
FINN'S (1865) LTD
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Finn's (1865) Ltd
FINN'S (1865) LTD
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
Notes to the financial statements
4 - 7
Finn's (1865) Ltd
FINN'S (1865) LTD
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Finn's (1865) Ltd For The Year Ended 30 April 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finn's (1865) Ltd for the year ended 30 April 2024 which comprise, the balance sheet and the 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Finn's (1865) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Finn's (1865) Ltd and state those matters that we have agreed to state to the board of directors of Finn's (1865) 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 Finn's (1865) Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Finn's (1865) 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 profit of Finn's (1865) Ltd. You consider that Finn's (1865) 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 Finn's (1865) 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.
Chavereys Limited
30 August 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Finn's (1865) Ltd
FINN'S (1865) LTD
Balance Sheet
As At 30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,252
12,724
Current assets
Debtors
4
267,364
268,952
Cash at bank and in hand
1,379,001
723,588
1,646,365
992,540
Creditors: amounts falling due within one year
5
(1,031,866)
(521,133)
Net current assets
614,499
471,407
Net assets
624,751
484,131
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
614,751
474,131
Total equity
624,751
484,131
The notes on pages 4 to 7 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
Finn's (1865) Ltd
FINN'S (1865) LTD
Balance Sheet (Continued)
As At 30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr J B Pace
Mr N A H Rooke
Director
Director
Mr M D S Chandler
Director
Company Registration No. 03231108
Finn's (1865) Ltd
FINN'S (1865) LTD
Notes To The Financial Statements
For The Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
Finn's (1865) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 82 Castle Street, Canterbury, Kent, England, CT1 2QD.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
33% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Finn's (1865) Ltd
FINN'S (1865) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
26
Finn's (1865) Ltd
FINN'S (1865) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 6 -
3
Tangible fixed assets
Office equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
32,716
11,395
12,750
56,861
Additions
4,022
4,022
Disposals
(12,750)
(12,750)
At 30 April 2024
36,738
11,395
48,133
Depreciation and impairment
At 1 May 2023
24,499
8,779
10,859
44,137
Depreciation charged in the year
4,080
523
4,603
Eliminated in respect of disposals
(10,859)
(10,859)
At 30 April 2024
28,579
9,302
37,881
Carrying amount
At 30 April 2024
8,159
2,093
10,252
At 30 April 2023
8,217
2,616
1,891
12,724
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
183,285
186,611
Other debtors
10,022
10,022
Prepayments and accrued income
74,057
72,319
267,364
268,952
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
38,868
27,993
Corporation tax
205,988
111,047
Other taxation and social security
97,080
91,317
Other creditors
673,520
277,001
Accruals and deferred income
16,410
13,775
1,031,866
521,133
Finn's (1865) Ltd
FINN'S (1865) LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 7 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
20,698
38,500