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Company No: 14665593 (England and Wales)

FINA PROPERTIES LIMITED

Unaudited Financial Statements
For the financial period from 15 February 2023 to 31 March 2024
Pages for filing with the registrar

FINA PROPERTIES LIMITED

Unaudited Financial Statements

For the financial period from 15 February 2023 to 31 March 2024

Contents

FINA PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
FINA PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 3,402
Investment property 4 2,425,000
2,428,402
Current assets
Debtors 5 13,181
Cash at bank and in hand 6,967
20,148
Creditors: amounts falling due within one year 6 ( 1,906,057)
Net current liabilities (1,885,909)
Total assets less current liabilities 542,493
Provision for liabilities 7, 8 ( 173,691)
Net assets 368,802
Capital and reserves
Called-up share capital 1
Revaluation reserve 694,762
Profit and loss account ( 325,961 )
Total shareholder's funds 368,802

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fina Properties Limited (registered number: 14665593) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

E B Burrows
Director

13 November 2024

FINA PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 15 February 2023 to 31 March 2024
FINA PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 15 February 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Fina Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 10 Tuddenham Avenue, Ipswich, IP4 2HE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £1,885,909. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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 carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
15.02.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 15 February 2023 0 0
Additions 3,615 3,615
At 31 March 2024 3,615 3,615
Accumulated depreciation
At 15 February 2023 0 0
Charge for the financial period 213 213
At 31 March 2024 213 213
Net book value
At 31 March 2024 3,402 3,402

4. Investment property

Investment property
£
Valuation
As at 15 February 2023 0
Additions 1,730,237
Fair value movement 694,763
As at 31 March 2024 2,425,000

Valuation

A full market valuation of investment property was completed by the directors at the Statement of Financial Position date.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

31.03.2024
£
Historic cost 1,730,237

5. Debtors

31.03.2024
£
Amounts owed by Group undertakings 352
Prepayments 6,512
Other debtors 6,317
13,181

6. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 7,245
Amounts owed to Group undertakings 1,893,612
Accruals 4,200
Other creditors 1,000
1,906,057

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

7. Provision for liabilities

31.03.2024
£
Deferred tax 173,691

8. Deferred tax

31.03.2024
£
At the beginning of financial period 0
Charged to the Income Statement ( 173,691)
At the end of financial period ( 173,691)

The deferred taxation balance is made up as follows:

31.03.2024
£
Revaluation of investment property ( 173,691)

9. Ultimate controlling party

Parent Company:

Fina Group Limited
10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE