Company registration number 01499177 (England and Wales)
Fimdon Commercial Leasing Limited
Unaudited financial statements
For the year ended 30 April 2024
Fimdon Commercial Leasing Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Fimdon Commercial Leasing Limited
Statement of financial position
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1,347,678
1,262,669
Cash at bank and in hand
55,321
222,174
1,402,999
1,484,843
Creditors: amounts falling due within one year
5
(862,256)
(979,235)
Net current assets
540,743
505,608
Creditors: amounts falling due after more than one year
6
(202,370)
(182,134)
Provisions for liabilities
Deferred tax liability
7
69,359
65,634
(69,359)
(65,634)
Net assets
269,014
257,840
Capital and reserves
Called up share capital
8
2,000
2,000
Profit and loss reserves
267,014
255,840
Total equity
269,014
257,840
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Fimdon Commercial Leasing Limited
Statement of financial position (continued)
As at 30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 January 2025 and are signed on its behalf by:
Mr M A Whiting
Director
Company registration number 01499177 (England and Wales)
Fimdon Commercial Leasing Limited
Notes to the financial statements
For the year ended 30 April 2024
- 3 -
1
Accounting policies
Company information
Fimdon Commercial Leasing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lancaster House, 78 Blackburn Street, Radcliffe, Manchester, United Kingdom, M26 2JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents finance charges less refunds before deducting depreciation of leased equipment. Net income is apportioned on an approximation to the actuarial basis over the period of each finance agreement.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Fimdon Commercial Leasing Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Depreciation of leased equipment
Depreciation of leased equipment is charged on an actuarial basis being the difference between rental income and leasing charges attributable to the year.
Fimdon Commercial Leasing Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised costs, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income 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.
1.8
Provisions are recognised when the company has a legal or constructive present obligation 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.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Ant adjustments to the amounts previously recognised are recognised in the statement of comprehensive income unless the provision was originally recognised as part of the costs of an asset. When a provision is measured are the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in the finance costs in the statement of comprehensive income in the period it arises.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Allowance for doubtful debts
The company makes allowances for doubtful debts based on an assessment of the recoverability of the trade debtors. Allowances are applied to trade debtors where events or changes in circumstances indicate that the carrying amount may not be recoverable.
Fimdon Commercial Leasing Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
25,000
25,000
Finance leases receivable
502,615
415,562
Other debtors
28,456
94,255
556,071
534,817
2024
2023
Amounts falling due after more than one year:
£
£
Finance leases receivable
791,607
727,852
Total debtors
1,347,678
1,262,669
5
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
10,000
10,000
Trade creditors
213,635
147,745
Other creditors
635,816
819,088
Accruals and deferred income
2,805
2,402
862,256
979,235
Trade creditors, bank overdrafts and bank loans falling due within one year amounting to £213,635 (2023:£147,745) are secured by charges on specific finance agreements.
Fimdon Commercial Leasing Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,833
20,833
Trade creditors
191,537
161,301
202,370
182,134
Trade creditors, bank overdrafts and bank loans falling due after more than one year amounting to £191,537 (2023:£161,301) are secured by charges on specific finance agreements.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
69,359
65,634
2024
Movements in the year:
£
Liability at 1 May 2023
65,634
Charge to profit or loss
3,725
Liability at 30 April 2024
69,359
Deferred tax is based on the corporation tax rate of 25% (2023:25%).
8
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
All ordinary shares have the right to participate in dividends and capital distribution and are non redeemable. Each Ordinary share shall carry one vote at all meetings of members.
Fimdon Commercial Leasing Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 8 -
9
Financial commitments, guarantees and contingent liabilities
A cross guarantee between the company and Fimdon Finance Leasing Limited has been given to the company's bankers. Trade creditors includes block discounting facilities secured by finance agreements. The company is party to the group and it's associated company guarantee.
10
Events after the reporting date
There are no events since the balance sheet date.
11
Related party disclosures
The directors of Fimdon Commercial Leasing Limited have control, joint control or significant influence over other companies. At the year end, debtor balances of £25,000 (2023:£25,000) are due from those companies and creditor balances of £613,428 (2023:£819,088) are due to those companies. In the year, purchases of £53,000 (2023:£41,000) were made from those companies.
12
Reserves
The profit and loss account reserve records retained earnings and accumulated losses.
13
Ultimate controlling party
There was no ultimate controlling party at the balance sheet date.
14
Ultimate parent undertaking
The company's ultimate parent undertaking is Associated Credits Holdings Limited, a company registered in England and Wales.
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