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Company No: 14665695 (England and Wales)

FINA CONSTRUCTION LTD

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

FINA CONSTRUCTION LTD

Unaudited Financial Statements

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

Contents

FINA CONSTRUCTION LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
FINA CONSTRUCTION LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 31,588
31,588
Current assets
Debtors 4 488,759
Cash at bank and in hand 22,116
510,875
Creditors: amounts falling due within one year 5 ( 658,053)
Net current liabilities (147,178)
Total assets less current liabilities (115,590)
Creditors: amounts falling due after more than one year 6 ( 23,630)
Net liabilities ( 139,220)
Capital and reserves
Called-up share capital 1
Profit and loss account ( 139,221 )
Total shareholder's deficit ( 139,220)

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 Construction Ltd (registered number: 14665695) 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 CONSTRUCTION LTD

NOTES TO THE FINANCIAL STATEMENTS

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

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 Construction Ltd (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 Tuddenham Avenue, Ipswich, IP4 2HE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 liabilities of £139,220. 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.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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:

Plant and machinery 5 years straight line
Vehicles 6.67 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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 4

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 15 February 2023 0 0 0 0 0
Additions 15,350 17,800 308 269 33,727
At 31 March 2024 15,350 17,800 308 269 33,727
Accumulated depreciation
At 15 February 2023 0 0 0 0 0
Charge for the financial period 1,535 445 77 82 2,139
At 31 March 2024 1,535 445 77 82 2,139
Net book value
At 31 March 2024 13,815 17,355 231 187 31,588
Leased assets included above:
Net book value
At 31 March 2024 13,815 17,355 0 0 31,170

4. Debtors

31.03.2024
£
Amounts owed by fellow subsidiaries 488,759

5. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 25,050
Amounts owed to Parent undertakings 576,270
Accruals 4,759
Other taxation and social security 41,110
Obligations under finance leases and hire purchase contracts (secured) 6,044
Other creditors 4,820
658,053

The hire purchase agreements are secured against the assets to which they relate.

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

6. Creditors: amounts falling due after more than one year

31.03.2024
£
Obligations under finance leases and hire purchase contracts (secured) 23,630

7. Ultimate controlling party

Parent Company:

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