Company No:
Contents
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Investments | 3 |
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368,804 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
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1,982,176 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (90,319) | |
Total assets less current liabilities | 278,485 | |
Provision for liabilities | 6, 7 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Fina Group Ltd (registered number:
E B Burrows
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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 £.
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 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 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.
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.
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.
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.
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.
Period from 02.03.2023 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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31.03.2024 | |
£ | |
Subsidiary undertakings |
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Investments in subsidiaries
31.03.2024 | |
£ | |
Cost | |
At 02 March 2023 | 0 |
Additions |
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Revaluation | 368,801 |
At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Investments in shares
Name of entity | Registered office | Class of shares |
Ownership 31.03.2024 |
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10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE |
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10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE |
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10 Tuddenham Avenue, Ipswich, Suffolk, England, IP4 2HE |
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31.03.2024 | |
£ | |
Amounts owed by own subsidiaries |
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Amounts owed by directors |
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Prepayments |
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31.03.2024 | |
£ | |
Trade creditors |
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Amounts owed to directors |
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Accruals |
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31.03.2024 | |
£ | |
Deferred tax |
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31.03.2024 | |
£ | |
At the beginning of financial period |
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Charged to the Income Statement | (
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At the end of financial period | (
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The deferred taxation balance is made up as follows:
31.03.2024 | |
£ | |
Revaluation of investment in subsidiary | (
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