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Company No: 14700259 (England and Wales)

FINA GROUP LTD

Unaudited Financial Statements
For the financial period from 02 March 2023 to 31 March 2024
Pages for filing with the registrar

FINA GROUP LTD

Unaudited Financial Statements

For the financial period from 02 March 2023 to 31 March 2024

Contents

FINA GROUP LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
FINA GROUP LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Investments 3 368,804
368,804
Current assets
Debtors 4 1,976,339
Cash at bank and in hand 5,837
1,982,176
Creditors: amounts falling due within one year 5 ( 2,072,495)
Net current liabilities (90,319)
Total assets less current liabilities 278,485
Provision for liabilities 6, 7 ( 92,200)
Net assets 186,285
Capital and reserves
Called-up share capital 100
Revaluation reserve 368,801
Profit and loss account ( 182,616 )
Total shareholders' funds 186,285

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 Group Ltd (registered number: 14700259) 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 GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 02 March 2023 to 31 March 2024
FINA GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 02 March 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 Group 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 current liabilities of £90,319. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, 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.

Finance costs

Finance costs are charged to the Income Statement 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.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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
02.03.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Fixed asset investments

31.03.2024
£
Subsidiary undertakings 368,804

Investments in subsidiaries

31.03.2024
£
Cost
At 02 March 2023 0
Additions 3
Revaluation 368,801
At 31 March 2024 368,804
Carrying value at 31 March 2024 368,804

Investments in shares

Name of entity Registered office Class of
shares
Ownership
31.03.2024
Fina Properties Limited 10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE Ordinary 100.00%
Fina Construction Limited 10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE Ordinary 100.00%
Fina Management Limited 10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE Ordinary 100.00%

4. Debtors

31.03.2024
£
Amounts owed by own subsidiaries 1,970,327
Amounts owed by directors 40
Prepayments 5,972
1,976,339

5. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 9,165
Amounts owed to directors 1,989,633
Accruals 73,697
2,072,495

The amounts owed to directors have a fixed charge over the assets of the group.

6. Provision for liabilities

31.03.2024
£
Deferred tax 92,200

7. Deferred tax

31.03.2024
£
At the beginning of financial period 0
Charged to the Income Statement ( 92,200)
At the end of financial period ( 92,200)

The deferred taxation balance is made up as follows:

31.03.2024
£
Revaluation of investment in subsidiary ( 92,200)