Company registration number 05058836 (England and Wales)
FINEHEIGHT LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FINEHEIGHT LIMITED
COMPANY INFORMATION
Director
Mr J O Nesbitt
Secretary
Mrs F H C Nesbitt
Company number
05058836
Registered office
9 Bonhill Street
London
EC2A 4DJ
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
Stoke Court
Greete
Ludlow
Shropshire
SY8 3BX
FINEHEIGHT LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 11
FINEHEIGHT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of investment and consultancy.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr J O Nesbitt
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr J O Nesbitt
Director
23 January 2025
FINEHEIGHT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FINEHEIGHT LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fineheight Limited for the year ended 31 March 2024 set out on pages 4 to 11 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fineheight Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Fineheight Limited and state those matters that we have agreed to state to the Board of Directors of Fineheight Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fineheight Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Fineheight Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fineheight Limited. You consider that Fineheight Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fineheight Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Begbies
23 January 2025
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
FINEHEIGHT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
£
£
Turnover
155,206
118,800
Administrative expenses
(64,489)
(50,200)
Operating profit
90,717
68,600
Interest receivable and similar income
2,377
2,758
Interest payable and similar expenses
(20,319)
(14,111)
Amounts written off investments
26,156
(18,200)
Profit before taxation
98,931
39,047
Tax on profit
(17,217)
(9,282)
Profit for the financial year
81,714
29,765

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FINEHEIGHT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,368,168
1,368,250
Investments
5
389,138
174,171
1,757,306
1,542,421
Current assets
Debtors
7
1,383,389
1,386,676
Cash at bank and in hand
20,518
7,922
1,403,907
1,394,598
Creditors: amounts falling due within one year
8
(485,697)
(313,165)
Net current assets
918,210
1,081,433
Total assets less current liabilities
2,675,516
2,623,854
Creditors: amounts falling due after more than one year
9
(778,703)
(808,774)
Provisions for liabilities
(123)
(104)
Net assets
1,896,690
1,814,976
Capital and reserves
Called up share capital
10
2,000
2,000
Share premium account
948,100
948,100
Profit and loss reserves
946,590
864,876
Total equity
1,896,690
1,814,976

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

FINEHEIGHT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 5 -
The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
Mr J O Nesbitt
Director
Company Registration No. 05058836
FINEHEIGHT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
2,000
948,100
835,111
1,785,211
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
29,765
29,765
Balance at 31 March 2023
2,000
948,100
864,876
1,814,976
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
81,714
81,714
Balance at 31 March 2024
2,000
948,100
946,590
1,896,690
FINEHEIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Company information

Fineheight Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
None
Plant and machinery
15% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

Investments in listed companies are initially measured at cost and subsequently at valuation. Any valuation surplus or deficit is recognised in profit or loss.

FINEHEIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Basic financial assets

Basic financial assets, which include trade and other receivables 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 less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 profit and loss account 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.

FINEHEIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,367,703
11,000
1,378,703
Depreciation and impairment
At 1 April 2023
-
0
10,453
10,453
Depreciation charged in the year
-
0
82
82
At 31 March 2024
-
0
10,535
10,535
Carrying amount
At 31 March 2024
1,367,703
465
1,368,168
At 31 March 2023
1,367,703
547
1,368,250
FINEHEIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
389,038
174,071
389,138
174,171
Fixed asset investments revalued

Investments in listed companies are included at revalued amounts as provided by the portfolio manager. The historical costs amount to £349,866 (2023: £163,837) against a valuation of £389,038 (2023: £174,071).

Fixed asset investments not carried at market value

Investments in group companies have not been revalued on the basis that the directors have determined that the cost of obtaining fair values for the investment outweighs the benefits to the users of these accounts.

Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
100
174,071
174,171
Additions
-
273,845
273,845
Valuation changes
-
25,500
25,500
Disposals
-
(84,378)
(84,378)
At 31 March 2024
100
389,038
389,138
Carrying amount
At 31 March 2024
100
389,038
389,138
At 31 March 2023
100
174,071
174,171
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
389,038
174,071
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,440
7,800
Amounts owed by group undertakings
1,375,000
1,375,000
Other debtors
3,949
3,876
1,383,389
1,386,676
FINEHEIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,290
889
Amounts owed to group undertakings
432,734
260,309
Corporation tax
26,287
31,516
Other taxation and social security
2,608
1,300
Other creditors
12,778
19,151
485,697
313,165
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
248,703
278,774
Other creditors
530,000
530,000
778,703
808,774
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,000
2,000
2,000
2,000
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