Registered number
08353738
Fineline Carpentry and Building Limited
Unaudited Filleted Accounts
31 January 2025
Fineline Carpentry and Building Limited
Registered number: 08353738
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 4 413,651 277,144
Current assets
Stocks 5,000 5,000
Debtors 5 572,923 597,425
Cash at bank and in hand 50,572 93,797
628,495 696,222
Creditors: amounts falling due within one year 6 (299,464) (304,623)
Net current assets 329,031 391,599
Total assets less current liabilities 742,682 668,743
Creditors: amounts falling due after more than one year 7 (119,731) (54,240)
Provisions for liabilities (94,496) (66,667)
Net assets 528,455 547,836
Capital and reserves
Called up share capital 100 100
Profit and loss account 528,355 547,736
Shareholders' funds 528,455 547,836
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Worthington
Director
Approved by the board on 5 March 2025
Fineline Carpentry and Building Limited
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% straight line
Fixtures, fittings, tools and equipment 33% straight line
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2024 21,200
At 31 January 2025 21,200
Amortisation
At 1 February 2024 21,200
At 31 January 2025 21,200
Net book value
At 31 January 2025 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2024 73,477 428,413 501,890
Additions 9,019 419,055 428,074
Disposals - (319,127) (319,127)
At 31 January 2025 82,496 528,341 610,837
Depreciation
At 1 February 2024 65,408 159,338 224,746
Charge for the year 6,511 80,348 86,859
On disposals - (114,419) (114,419)
At 31 January 2025 71,919 125,267 197,186
Net book value
At 31 January 2025 10,577 403,074 413,651
At 31 January 2024 8,069 269,075 277,144
5 Debtors 2025 2024
£ £
Trade debtors 478,007 411,738
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 131,587
Other debtors 94,916 54,100
572,923 597,425
6 Creditors: amounts falling due within one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 62,331 40,733
Trade creditors 98,841 93,560
Amounts owed to group undertakings and undertakings in which the company has a participating interest 86,163 -
Taxation and social security costs 42,721 114,838
Other creditors 9,408 55,492
299,464 304,623
7 Creditors: amounts falling due after one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 119,731 54,240
8 Loans 2025 2024
£ £
Creditors include:
Secured Finance Lease Contracts 182,062 94,973
Finance Lease contracts are secured on the assets to which they relate.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Simon Worthington
Directors Loan - 59,982 - 59,982
- 59,982 - 59,982
The director's loan is interest free, repayable on demand and shown on an aggregated basis.
10 Related party transactions
The company's parent company, Fineline Carpentry Holdings Limited, has a property loan. The amount outstanding on the loan at 31 January 2025 was £93,838 (31 January 2024: £99,759). The bank has a fixed and floating charge over the assets of the company in relation to the parent company's loan.
At 31 January 2025 the company owed its parent company £86,163 (31 January 2024: the company was owed £131,587). This loan is interest free and repayable on demand.
At 31 January 2024 the company was owed £23,037 by a company controlled by the directors (31 January 2024: £100) . This loan is interest free and shown on an aggregated basis.
11 Controlling party
Mr S Worthington is the ultimate controlling party by virtue of his shareholding in the company's parent company, Fineline Carpentry Holdings Limited.
12 Other information
Fineline Carpentry and Building Limited is a private company limited by shares and incorporated in England. Its registered office is:
30g Estover Close
Forresters Business Park
Plymouth
PL6 7PL
Fineline Carpentry and Building Limited 08353738 false 2024-02-01 2025-01-31 2025-01-31 VT Final Accounts July 2024 Simon Worthington No description of principal activity 08353738 2023-02-01 2024-01-31 08353738 core:WithinOneYear 2024-01-31 08353738 core:AfterOneYear 2024-01-31 08353738 core:ShareCapital 2024-01-31 08353738 core:RetainedEarningsAccumulatedLosses 2024-01-31 08353738 2024-02-01 2025-01-31 08353738 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 08353738 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 08353738 bus:Director40 2024-02-01 2025-01-31 08353738 1 2024-02-01 2025-01-31 08353738 2 2024-02-01 2025-01-31 08353738 core:PlantMachinery 2024-02-01 2025-01-31 08353738 core:Vehicles 2024-02-01 2025-01-31 08353738 bus:Director2 2024-02-01 2025-01-31 08353738 bus:Director2 1 2024-02-01 2025-01-31 08353738 countries:England 2024-02-01 2025-01-31 08353738 bus:FRS102 2024-02-01 2025-01-31 08353738 bus:FilletedAccounts 2024-02-01 2025-01-31 08353738 2025-01-31 08353738 core:WithinOneYear 2025-01-31 08353738 core:AfterOneYear 2025-01-31 08353738 core:ShareCapital 2025-01-31 08353738 core:RetainedEarningsAccumulatedLosses 2025-01-31 08353738 core:Goodwill 2025-01-31 08353738 core:PlantMachinery 2025-01-31 08353738 core:Vehicles 2025-01-31 08353738 bus:Director2 1 2025-01-31 08353738 2024-01-31 08353738 core:Goodwill 2024-01-31 08353738 core:PlantMachinery 2024-01-31 08353738 core:Vehicles 2024-01-31 08353738 bus:Director2 1 2024-01-31 iso4217:GBP xbrli:pure