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Registration number: 08596214

The Fincon Service Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

The Fincon Service Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,667

Tangible assets

5

5,251

5,668

 

5,251

7,335

Current assets

 

Debtors

6

31,603

13,598

Cash at bank and in hand

 

220,839

255,533

 

252,442

269,131

Creditors: Amounts falling due within one year

7

(54,920)

(51,317)

Net current assets

 

197,522

217,814

Total assets less current liabilities

 

202,773

225,149

Provisions for liabilities

(1,313)

(1,417)

Net assets

 

201,460

223,732

Capital and reserves

 

Called up share capital

100

100

Retained earnings

201,360

223,632

Shareholders' funds

 

201,460

223,732

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

The directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

The Fincon Service Limited

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................

Mr P J Vandervennin

Director

Company registration number: 08596214

 

The Fincon Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
18 Oakhurst Gardens
Bexleyheath
Kent
DA7 5JP

The principal activity of the company is that of mortgage brokering services.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets of £201,460 at that date. The company continues to trade profitably and the directors do not believe the company will be materially affected by current economic conditions.

On the basis of the above and having made enquires the directors have reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the 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 on the inception of the financial product once the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Fincon Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

25% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

3 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Fincon Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 7 (2023 - 7).

4

Intangible assets

Goodwill
£

Total
£

Cost or valuation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Amortisation

At 1 April 2023

48,333

48,333

Amortisation charge

1,667

1,667

At 31 March 2024

50,000

50,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

1,667

1,667

 

The Fincon Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Computer equipment
 £

Total
£

Cost or valuation

At 1 April 2023

715

12,899

13,614

Additions

178

3,300

3,478

At 31 March 2024

893

16,199

17,092

Depreciation

At 1 April 2023

261

7,685

7,946

Charge for the year

121

3,774

3,895

At 31 March 2024

382

11,459

11,841

Carrying amount

At 31 March 2024

511

4,740

5,251

At 31 March 2023

454

5,214

5,668

6

Debtors

2024
£

2023
£

Trade debtors

19,248

8,658

Other debtors

12,355

4,940

31,603

13,598

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

33,304

43,480

Accruals and deferred income

3,720

2,400

Other creditors

17,896

5,437

54,920

51,317

8

Transactions with Directors

At the year end there were amounts owed by the directors of £Nil (2023: £Nil). During the year, there were advances to the directors of £2,075 and repayments of £2,075. No interest is payable to the company and there were no agreed terms in place.