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COMPANY REGISTRATION NUMBER: 03408042
Finella International Limited
Filleted Unaudited Financial Statements
30 June 2023
Finella International Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
120,158
197,270
Current Assets
Stocks
208,935
501,981
Debtors
6
219,437
808,575
Cash at bank and in hand
43,875
63,131
---------
------------
472,247
1,373,687
Creditors: amounts falling due within one year
7
779,048
1,781,324
---------
------------
Net Current Liabilities
306,801
407,637
---------
---------
Total Assets Less Current Liabilities
( 186,643)
( 210,367)
Creditors: amounts falling due after more than one year
8
40,011
60,010
---------
---------
Net Liabilities
( 226,654)
( 270,377)
---------
---------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
( 226,656)
( 270,379)
---------
---------
Shareholders Deficit
( 226,654)
( 270,377)
---------
---------
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 statement of comprehensive income has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Finella International Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr K Singh
Director
Company registration number: 03408042
Finella International Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 133 Loughborough Road, Leicester, LE4 5LQ.
2. Statement of Compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, Small Entities of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Income Tax
Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may crystallise.
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:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
The Company only enters into basic financial instruments 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 non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Defined Contribution Plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit of loss in the period to which they relate.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 75 (2022: 133 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
205,354
59,094
18,195
9,747
292,390
Additions
1,100
1,100
Disposals
( 15,000)
( 18,195)
( 33,195)
---------
--------
--------
--------
---------
At 30 June 2023
190,354
59,094
10,847
260,295
---------
--------
--------
--------
---------
Depreciation
At 1 July 2022
69,964
13,302
7,960
3,894
95,120
Charge for the year
46,631
10,198
1,599
2,711
61,139
Disposals
( 6,563)
( 9,559)
( 16,122)
---------
--------
--------
--------
---------
At 30 June 2023
110,032
23,500
6,605
140,137
---------
--------
--------
--------
---------
Carrying amount
At 30 June 2023
80,322
35,594
4,242
120,158
---------
--------
--------
--------
---------
At 30 June 2022
135,390
45,792
10,235
5,853
197,270
---------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
196,435
776,553
Other debtors
23,002
32,022
---------
---------
219,437
808,575
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,005
19,988
Trade creditors
397,385
1,334,500
Social security and other taxes
243,161
222,441
Other creditors
118,497
204,395
---------
------------
779,048
1,781,324
---------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,011
60,010
--------
--------
9. Controlling Party
The company is controlled by the director of the company.