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Registered number: 07877166
The Finesse Collection (DMH) Limited
Unaudited Financial Statements
For The Year Ended 29 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07877166
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 17,559
Tangible Assets 5 1,880,017 909,509
1,880,017 927,068
CURRENT ASSETS
Stocks 6 4,538 1,959
Debtors 7 - (11,908 )
Cash at bank and in hand 33,064 36,208
37,602 26,259
Creditors: Amounts Falling Due Within One Year 8 (1,947,592 ) (1,986,592 )
NET CURRENT ASSETS (LIABILITIES) (1,909,990 ) (1,960,333 )
TOTAL ASSETS LESS CURRENT LIABILITIES (29,973 ) (1,033,265 )
NET LIABILITIES (29,973 ) (1,033,265 )
CAPITAL AND RESERVES
Called up share capital 9 1,100 1,100
Share premium account 940,000 940,000
Revaluation reserve 10 1,000,000 -
Profit and Loss Account (1,971,073 ) (1,974,365 )
SHAREHOLDERS' FUNDS (29,973) (1,033,265)
Page 1
Page 2
For the year ending 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Blick
Director
23rd May 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Finesse Collection (DMH) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07877166 . The registered office is Donington Manor Hotel, High Street, Castle Donington, Derbyshire, DE74 2PP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight Line
Plant & Machinery 20% Straight Line
Fixtures & Fittings 10% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 10)
10 10
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 30 December 2022 438,952
As at 29 December 2023 438,952
Amortisation
As at 30 December 2022 421,393
Provided during the period 17,559
As at 29 December 2023 438,952
Net Book Value
As at 29 December 2023 -
As at 30 December 2022 17,559
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 30 December 2022 887,884 44,348 116,512 1,048,744
Additions - 573 - 573
Revaluation 1,000,000 - - 1,000,000
As at 29 December 2023 1,887,884 44,921 116,512 2,049,317
Depreciation
As at 30 December 2022 26,562 44,264 68,409 139,235
Provided during the period 17,757 657 11,651 30,065
As at 29 December 2023 44,319 44,921 80,060 169,300
Net Book Value
As at 29 December 2023 1,843,565 - 36,452 1,880,017
As at 30 December 2022 861,322 84 48,103 909,509
6. Stocks
2023 2022
as restated
£ £
Stock 4,538 1,959
7. Debtors
2023 2022
as restated
£ £
Due within one year
Amounts owed by other participating interests - (11,908)
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 75,139 56,281
Bank loans and overdrafts 13,262 -
Other loans 13,906 -
Other taxes and social security 107,946 70,825
VAT - 19,639
Net wages 10,053 19,370
Accruals and deferred income 2,200 2,000
Director's loan account 1,725,086 1,818,477
1,947,592 1,986,592
9. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 1,100 1,100
10. Reserves
Revaluation Reserve
£
Surplus on revaluation 1,000,000
As at 29 December 2023 1,000,000
Page 5