Company Registration No. 10745058 (England and Wales)
FINELK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FINELK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FINELK LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,382
11,234
Current assets
Debtors
5
569,153
567,112
Cash at bank and in hand
1,286,689
867,477
1,855,842
1,434,589
Creditors: amounts falling due within one year
6
(703,796)
(563,166)
Net current assets
1,152,046
871,423
Net assets
1,165,428
882,657
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,165,228
882,457
Total equity
1,165,428
882,657
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
R Haddrill
Director
Company registration number 10745058 (England and Wales)
FINELK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Finelk Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Red Lion Street, London, WC1R 4PS.
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 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
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% straight line
Computers
33.3% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
FINELK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
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.
1.7
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
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 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.
FINELK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
8
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2023
5,398
35,752
41,150
Additions
1,129
9,559
10,688
Disposals
(1,562)
(1,562)
At 30 April 2024
1,129
5,398
43,749
50,276
Depreciation and impairment
At 1 May 2023
4,406
25,510
29,916
Depreciation charged in the year
24
666
6,938
7,628
Eliminated in respect of disposals
(650)
(650)
At 30 April 2024
24
5,072
31,798
36,894
Carrying amount
At 30 April 2024
1,105
326
11,951
13,382
At 30 April 2023
992
10,242
11,234
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
486,047
508,454
Amounts owed by group undertakings
21,394
Other debtors
61,712
58,658
569,153
567,112
FINELK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,422
45,537
Amounts owed to group undertakings
24,800
Taxation and social security
385,486
146,823
Other creditors
269,088
370,806
703,796
563,166
7
Financial commitments, guarantees and contingent liabilities
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £33,814 (2023: £5,310) were payable to the fund at the balance sheet date and are included in creditors.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
28,000
28,000
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company issued a dividend of £440,000 to its parent company Finelk UK Holdco Limited of which £415,200 was paid, leaving a balance outstanding to Finelk UK Holdco Limited at 30th April 2024 of £24,800 (2023: £Nil). This was repaid after the reporting period end date.
During the year the company made a loan totalling £21,394 to its former parent company Finelk Holdings Limited. This loan remaining outstanding at 30th April 2024.
10
Parent company
As of 21 March 2024 the company is a wholly owed subsidiary of Finelk UK Holdco Limited which is the ultimate parent company. The registered office of Finelk UK Holdco Limited is 136 High Holborn, London, United Kingdom, WC1V 6PX. Prior to this date the company was a wholly owned subsidiary of Finelk Holdings Limited, a company incorporated in Ireland. The registered office of Finelk Holdings Limited is 5th Floor, Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland.