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REGISTERED NUMBER: 12423955 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

FININVEST MC LIMITED

FININVEST MC LIMITED (REGISTERED NUMBER: 12423955)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


FININVEST MC LIMITED (REGISTERED NUMBER: 12423955)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 535,000 535,000

CURRENT ASSETS
Debtors 5 33,800 -
Cash at bank 8,198 26,522
41,998 26,522
CREDITORS
Amounts falling due within one year 6 6,800 6,976
NET CURRENT ASSETS 35,198 19,546
TOTAL ASSETS LESS CURRENT
LIABILITIES

570,198

554,546

CREDITORS
Amounts falling due after more than one year 7 (405,000 ) (405,000 )

PROVISIONS FOR LIABILITIES 9 (47,271 ) (35,926 )
NET ASSETS 117,927 113,620

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 141,812 153,156
Retained earnings (23,985 ) (39,636 )
117,927 113,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:



Mr M J Carrozzo - Director


FININVEST MC LIMITED (REGISTERED NUMBER: 12423955)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Fininvest MC Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12423955

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Taxation
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.


FININVEST MC LIMITED (REGISTERED NUMBER: 12423955)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 535,000
NET BOOK VALUE
At 31 January 2024 535,000
At 31 January 2023 535,000

Cost or valuation at 31 January 2024 is represented by:
£   
Valuation in 2021 189,082
Cost 345,918
535,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 345,918 345,918

The director considers the market value of the investment property at the year end to be as stated in the accounts.

FININVEST MC LIMITED (REGISTERED NUMBER: 12423955)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 33,800 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,320 120
Other creditors 5,480 6,856
6,800 6,976

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 405,000 405,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 405,000 405,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 405,000 405,000

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 35,926 35,926
Deferred tax 11,345 -
47,271 35,926

Deferred
tax
£   
Balance at 1 February 2023 35,926
Provided during year 11,345
Balance at 31 January 2024 47,271

Due to a change in the corporation tax rate from 19% to 25%, the company has adjusted its deferred tax provision to reflect the increased rate.

FININVEST MC LIMITED (REGISTERED NUMBER: 12423955)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. RELATED PARTY DISCLOSURES

Included in the other debtors due within a year is an amount of £33,800 (2023: £Nil) due from the connected companies with common directorship and shareholding. The loans were interest free and recoverable on demand.

Included in the other creditors due within a year is an amount of £Nil (2023: £1,200) due to a connected company with common directorship and shareholding. The loan was interest free and repayable on demand.