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Registration number: 00689208

G J Finch Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

G J Finch Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

G J Finch Limited

(Registration number: 00689208)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

75,971

76,929

Investment property

5

500,000

500,000

Other financial assets

6

57

54

 

576,028

576,983

Current assets

 

Debtors

7

398

468

Cash at bank and in hand

 

23,181

16,817

 

23,579

17,285

Creditors: Amounts falling due within one year

8

(8,139)

(8,699)

Net current assets

 

15,440

8,586

Total assets less current liabilities

 

591,468

585,569

Provisions for liabilities

(62,779)

(62,779)

Net assets

 

528,689

522,790

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

527,689

521,790

Shareholders' funds

 

528,689

522,790

 

G J Finch Limited

(Registration number: 00689208)
Statement of Financial Position as at 30 April 2024 (continued)

For the financial year ending 30 April 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.

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 


M J Finch
Director

 

G J Finch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is is that of property rentals.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

G J Finch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property (non-investment)

1% on revalued amount

Plant and machinery

15% on reducing balance

Rental furniture and equipment

15% on reducing balance

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

G J Finch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Investment property

Investment property, being property held to earn rentals or for capital appreciation or both is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value ay each reporting date and any changes in fair value are recognised in the profit and loss account.

Investments

Fixed assets investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

G J Finch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

90,000

4,860

26,619

2,870

124,349

Disposals

-

-

-

(2,870)

(2,870)

At 30 April 2024

90,000

4,860

26,619

-

121,479

Depreciation

At 1 May 2023

14,529

4,067

26,002

2,822

47,420

Charge for the year

699

119

92

10

920

Eliminated on disposal

-

-

-

(2,832)

(2,832)

At 30 April 2024

15,228

4,186

26,094

-

45,508

Carrying amount

At 30 April 2024

74,772

674

525

-

75,971

At 30 April 2023

75,471

793

617

48

76,929

Included within the net book value of land and buildings above is £74,772 (2023 - £75,471) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Property was revalued on 30 April 2022. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £6,540 (2023 - £6,540).

The fair value of the company's Investment property was revalued on 30 April 2022. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £125,699 (2023 - £125,699).

5

Investment properties

2024
£

At 1 May

500,000

At 30 April

500,000

The market valuation of the investment properties has been undertaken by the directors based on market conditions.

 

G J Finch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

54

54

Fair value adjustments

3

3

At 30 April 2024

57

57

Impairment

Carrying amount

At 30 April 2024

57

57

7

Debtors

2024
£

2023
£

Other debtors

398

468

398

468

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

5,349

3,169

Accruals and deferred income

2,790

2,640

Other creditors

-

2,890

8,139

8,699

 

G J Finch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses along with fair value gains and losses in relation to fixed assets revaluations.

An amount of £442,141 contained within reserves relates to revaluations, net of depreciation. Therefore this amount is undistributable.

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Directors

(2,890)

3,288

398

       
     

 

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Directors

(3,178)

288

(2,890)