4 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,651,048 291,974 3,359,074 3,359,074 3,651,048 xbrli:pure xbrli:shares iso4217:GBP SC150604 2023-01-01 2023-12-31 SC150604 2023-12-31 SC150604 2022-12-31 SC150604 2022-01-01 2022-12-31 SC150604 2022-12-31 SC150604 core:FurnitureFittings 2023-01-01 2023-12-31 SC150604 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC150604 bus:Director1 2023-01-01 2023-12-31 SC150604 bus:Director2 2023-01-01 2023-12-31 SC150604 bus:Director3 2023-01-01 2023-12-31 SC150604 bus:Director4 2023-01-01 2023-12-31 SC150604 core:FurnitureFittings 2022-12-31 SC150604 core:FurnitureFittings 2023-12-31 SC150604 core:WithinOneYear 2023-12-31 SC150604 core:WithinOneYear 2022-12-31 SC150604 core:ShareCapital 2023-12-31 SC150604 core:ShareCapital 2022-12-31 SC150604 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC150604 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC150604 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 SC150604 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 SC150604 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 SC150604 core:Non-currentFinancialInstruments 2023-12-31 SC150604 core:Non-currentFinancialInstruments 2022-12-31 SC150604 core:FurnitureFittings 2022-12-31 SC150604 bus:SmallEntities 2023-01-01 2023-12-31 SC150604 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC150604 bus:FullAccounts 2023-01-01 2023-12-31 SC150604 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC150604 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC150604 bus:OrdinaryShareClass1 2023-12-31 SC150604 bus:OrdinaryShareClass1 2022-12-31 SC150604 core:OfficeEquipment 2023-01-01 2023-12-31 SC150604 core:OfficeEquipment 2022-12-31 SC150604 core:OfficeEquipment 2023-12-31 SC150604 bus:Director3 2023-12-31 SC150604 bus:Director3 2022-12-31 SC150604 bus:Director3 1 2023-01-01 2023-12-31 SC150604 core:EntitiesControlledByKeyManagementPersonnel 2023-12-31 SC150604 core:EntitiesControlledByKeyManagementPersonnel 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: SC150604
Finchpine Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Finchpine Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
13,224
15,528
Investments
6
3,359,074
3,651,048
------------
------------
3,372,298
3,666,576
Current assets
Debtors
7
569,189
433,342
Cash at bank and in hand
760,685
615,105
------------
------------
1,329,874
1,048,447
Creditors: amounts falling due within one year
8
97,654
16,680
------------
------------
Net current assets
1,232,220
1,031,767
------------
------------
Total assets less current liabilities
4,604,518
4,698,343
Provisions
Taxation including deferred tax
740,987
377,854
------------
------------
Net assets
3,863,531
4,320,489
------------
------------
Capital and reserves
Called up share capital
9
200
200
Profit and loss account
3,863,331
4,320,289
------------
------------
Shareholders funds
3,863,531
4,320,489
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Finchpine Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr J M Wilson
Mrs A N R Wilson
Director
Director
Mr G Wilson
Mrs C Dimmock
Director
Director
Company registration number: SC150604
Finchpine Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Marshall Place, Perth, PH2 8AH. The main place of business is A'Chomraich, Dull, Aberfeldy, PH15 2JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, and are measured subsequently at amortised cost using the effective interest method.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Disclosure exemptions
The individual accounts of Finchpine Ltd have also adopted the following disclosure exemptions: - the requirement to present a statement of cash flows and related notes - financial instrument disclosures, including - categories of financial instruments - items of income, expenses, gains or losses relating to financial instruments, and - exposure to and management of financial risks. - balances owed by and to related parties at the year end.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Office Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently at valuation less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023
29,988
2,368
32,356
Additions
999
999
--------
-------
--------
At 31 December 2023
29,988
3,367
33,355
--------
-------
--------
Depreciation
At 1 January 2023
14,460
2,368
16,828
Charge for the year
3,105
198
3,303
--------
-------
--------
At 31 December 2023
17,565
2,566
20,131
--------
-------
--------
Carrying amount
At 31 December 2023
12,423
801
13,224
--------
-------
--------
At 31 December 2022
15,528
15,528
--------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023
3,651,048
Disposals
( 291,974)
------------
At 31 December 2023
3,359,074
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
3,359,074
------------
At 31 December 2022
3,651,048
------------
Properties to which the company holds full title were revalued by Henderson & Loggie LLP and J & E Shepherd Chartered Surveyors during the year. The directors believe this represents their fair value as at 31 December 2023.
7. Debtors
2023
2022
£
£
Trade debtors
8,985
6,052
Other debtors
560,204
427,290
---------
---------
569,189
433,342
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
91,864
11,962
Other creditors
5,790
4,718
--------
--------
97,654
16,680
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
20,000
200
20,000
200
--------
----
--------
----
10. Directors' advances, credits and guarantees
At 31 December 2023, a director owed the company £ 392,232 (2022 - £ 290,894 ). Total advances during the year amounted to £ 165,000 whilst total repayments amounted to £ 63,662 . Interest charged on this loan amounted to £8,765 for the year .
11. Related party transactions
At 31 December 2023, the company was owed £ 62,160 (2022 - £62,160) by The Inn on the Tay Limited , a company jointly controlled by Geoffrey Wilson, a director and shareholder of Finchpine Limited . This loan is interest free and has no fixed terms for repayment.
12. Controlling party
The company was under the control of Mr & Mrs J Wilson throughout the current and previous year.