The Finnigan-McNeill Property Group Limited 11852957 false 2023-01-29 2024-01-27 2024-01-27 The principal activity of the company is property renovations. Digita Accounts Production Advanced 6.30.9574.0 true true 11852957 2023-01-29 2024-01-27 11852957 2024-01-27 11852957 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-01-27 11852957 core:CurrentFinancialInstruments 2024-01-27 11852957 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-27 11852957 core:Non-currentFinancialInstruments 2024-01-27 11852957 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-27 11852957 core:FurnitureFittingsToolsEquipment 2024-01-27 11852957 core:OtherRelatedParties 2024-01-27 11852957 bus:SmallEntities 2023-01-29 2024-01-27 11852957 bus:AuditExemptWithAccountantsReport 2023-01-29 2024-01-27 11852957 bus:FilletedAccounts 2023-01-29 2024-01-27 11852957 bus:SmallCompaniesRegimeForAccounts 2023-01-29 2024-01-27 11852957 bus:RegisteredOffice 2023-01-29 2024-01-27 11852957 bus:Director1 2023-01-29 2024-01-27 11852957 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-29 2024-01-27 11852957 bus:PrivateLimitedCompanyLtd 2023-01-29 2024-01-27 11852957 core:FurnitureFittingsToolsEquipment 2023-01-29 2024-01-27 11852957 core:OfficeEquipment 2023-01-29 2024-01-27 11852957 core:OtherRelatedParties 2023-01-29 2024-01-27 11852957 core:OtherRelatedParties core:TransfersUnderLicenceArrangementsRoyalties 2023-01-29 2024-01-27 11852957 countries:EnglandWales 2023-01-29 2024-01-27 11852957 2023-01-28 11852957 core:FurnitureFittingsToolsEquipment 2023-01-28 11852957 2022-01-30 2023-01-28 11852957 2023-01-28 11852957 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-28 11852957 core:CurrentFinancialInstruments 2023-01-28 11852957 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-28 11852957 core:Non-currentFinancialInstruments 2023-01-28 11852957 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-28 11852957 core:FurnitureFittingsToolsEquipment 2023-01-28 11852957 core:OtherRelatedParties 2023-01-28 11852957 1 2023-01-28 11852957 core:OtherRelatedParties 2022-01-30 2023-01-28 11852957 core:OtherRelatedParties core:RenderingOrReceivingServices 2022-01-30 2023-01-28 11852957 core:OtherRelatedParties core:TransfersUnderLicenceArrangementsRoyalties 2022-01-30 2023-01-28 11852957 1 2022-01-30 2023-01-28 11852957 1 2022-01-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11852957

The Finnigan-McNeill Property Group Limited

Unaudited Filleted Financial Statements

for the Period from 29 January 2023 to 27 January 2024

 

The Finnigan-McNeill Property Group Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

The Finnigan-McNeill Property Group Limited

(Registration number: 11852957)
Balance Sheet as at 27 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48

64

Current assets

 

Debtors

5

8,017

10,219

Cash at bank and in hand

 

1,629

3,073

 

9,646

13,292

Creditors: Amounts falling due within one year

6

(622,261)

(406,670)

Net current liabilities

 

(612,615)

(393,378)

Total assets less current liabilities

 

(612,567)

(393,314)

Creditors: Amounts falling due after more than one year

6

(5,679)

(9,333)

Net liabilities

 

(618,246)

(402,647)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(618,346)

(402,747)

Shareholders' deficit

 

(618,246)

(402,647)

For the financial period ending 27 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 January 2025
 

.........................................
Mr D J McNeill
Director

 

The Finnigan-McNeill Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

These financial statements were authorised for issue by the director on 11 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company relies on the continuing support of the director, and the director has indicated that this support will continue. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Finnigan-McNeill Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% per annum reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The Finnigan-McNeill Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4 (2023 - 4).

4

Tangible assets

Office equipment
 £

Total
£

Cost

Additions

115

115

At 27 January 2024

115

115

Depreciation

At 29 January 2023

51

51

Charge for the period

16

16

At 27 January 2024

67

67

Carrying amount

At 27 January 2024

48

48

At 28 January 2023

64

64

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

74

256

Amounts due from group undertakings

9

955

-

Other debtors

 

6,988

9,963

 

8,017

10,219

 

The Finnigan-McNeill Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

62,897

33,915

Amounts owed to group undertakings

9

512,618

308,892

Taxation and social security

 

25,253

17,909

Accruals and deferred income

 

1,200

1,200

Other creditors

 

797

1,065

Amounts owed to related parties

9

19,496

43,689

 

622,261

406,670

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,679

9,333

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,679

9,333

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,700

4,000

Other borrowings

59,197

29,915

62,897

33,915

 

The Finnigan-McNeill Property Group Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

9

Related party transactions

Transactions with the director

2023

At 30 January 2022
£

Repayments by director
£

At 28 January 2023
£

Loans to director

9,456

(9,456)

-

 

Summary of transactions with other related parties

Finnigan-McNeill Properties (Consultation) Ltd
Finnigan-McNeill Properties (Lettings Agency) Ltd
Finnigan-McNeill Properties (Sourcing) Ltd
FMP Rentals Limited
FMP Rentals 1 Limited
FMP Rentals 2 Limited
FMP Rentals 3 Ltd

 

Income and receivables from related parties

2024

Other related parties
£

Management charges receivable

15,000

Amounts receivable from related party

955

2023

Other related parties
£

Recharge of wages

10,000

Management charges receivable

30,000

40,000

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

532,114

2023

Other related parties
£

Amounts payable to related party

352,581