Company Registration No. 04593152 (England and Wales)
Finger Industries Limited
Unaudited accounts
for the year ended 31 October 2023
Finger Industries Limited
Unaudited accounts
Contents
Finger Industries Limited
Company Information
for the year ended 31 October 2023
Directors
M J Kenyon
J Ford
Company Number
04593152 (England and Wales)
Registered Office
192 Shoreham Street
Sheffield
South Yorkshire
S1 4SQ
Accountants
Automated Accountancy
The Business Village
Innovation Way
Barnsley
South Yorkshire
S75 1JL
Finger Industries Limited
Statement of financial position
as at 31 October 2023
Tangible assets
13,794
10,862
Cash at bank and in hand
88,503
43,999
Creditors: amounts falling due within one year
(253,276)
(163,720)
Net current assets
18,799
25,490
Total assets less current liabilities
32,593
36,352
Creditors: amounts falling due after more than one year
(27,877)
(33,334)
Provisions for liabilities
Deferred tax
(3,449)
(2,716)
Called up share capital
2
2
Profit and loss account
1,265
300
Shareholders' funds
1,267
302
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by
M J Kenyon
Director
Company Registration No. 04593152
Finger Industries Limited
Notes to the Accounts
for the year ended 31 October 2023
Finger Industries Limited is a private company, limited by shares, registered in England and Wales, registration number 04593152. The registered office is 192 Shoreham Street, Sheffield, South Yorkshire, S1 4SQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10% on cost
Computer equipment
33% on cost
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Finger Industries Limited
Notes to the Accounts
for the year ended 31 October 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial Instruments. Financial Instruments are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
4,496
30,776
132,951
168,223
At 31 October 2023
4,496
30,776
139,432
174,704
At 1 November 2022
4,496
21,335
131,530
157,361
Charge for the year
-
711
2,838
3,549
At 31 October 2023
4,496
22,046
134,368
160,910
At 31 October 2023
-
8,730
5,064
13,794
At 31 October 2022
-
9,441
1,421
10,862
Amounts falling due within one year
Trade debtors
161,562
59,965
Accrued income and prepayments
22,010
-
Finger Industries Limited
Notes to the Accounts
for the year ended 31 October 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
8,333
8,333
Trade creditors
55,918
5,712
Taxes and social security
45,742
53,131
Other creditors
117,406
96,544
Loans from directors
153
-
7
Creditors: amounts falling due after more than one year
2023
2022
During the year advances and credits were made to directors with a market rate of interest charged. At the balance sheet date the balance was £nil (2022: £77,044).
9
Average number of employees
During the year the average number of employees was 10 (2022: 9).