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Registered number: 12016083










FINEWISE LTD








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 30 September 2024

 
FINEWISE LTD
 
 
  
Report to the directors on the preparation of the unaudited statutory financial statements of FINEWISE LTD for the Period Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FINEWISE LTD for the period ended 30 September 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of FINEWISE LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of FINEWISE LTD and state those matters that we have agreed to state to the Board of directors of FINEWISE LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FINEWISE LTD and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that FINEWISE LTD 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 FINEWISE LTD. You consider that FINEWISE LTD is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of FINEWISE LTD. 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.

  



Accshire Accountancy LLP
 
11 March 2025
Page 1

 
FINEWISE LTD
Registered number: 12016083

Balance sheet
As at 30 September 2024

30 September
31 August
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
6,617,071
6,695,314

  
6,617,071
6,695,314

Current assets
  

Debtors: amounts falling due within one year
 5 
227,801
223,833

Cash at bank and in hand
  
15,884
27,373

  
243,685
251,206

Creditors: amounts falling due within one year
 6 
(1,158,747)
(1,247,840)

Net current liabilities
  
 
 
(915,062)
 
 
(996,634)

Total assets less current liabilities
  
5,702,009
5,698,680

Creditors: amounts falling due after more than one year
 7 
(5,698,717)
(5,698,717)

  

Net assets/(liabilities)
  
3,292
(37)


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
3,288
(41)

  
3,292
(37)


Page 2

 
FINEWISE LTD
Registered number: 12016083
    
Balance sheet (continued)
As at 30 September 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Yoel Deutsch
Director

Date: 11 March 2025

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
FINEWISE LTD
 
 
 
Notes to the financial statements
For the Period Ended 30 September 2024

1.


General information

Finewise Ltd is a company incorporated in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page. The principal activity of the company is that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.3

Revenue

Revenue represents gross rental income from the letting of property and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Rent reviews are only recognised as income once the review has been settled, agreed and concluded.

  
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 
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’s subsidiaries operate and generate taxable income.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Page 4

 
FINEWISE LTD
 
 
 
Notes to the financial statements
For the Period Ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

  
2.6

Reserves

The company's reserves are as follows:
Called up share capital represents the nominal value of the shares issued
Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments. 


3.


Employees

The average monthly number of employees, including directors, during the period was 0 (2023 - 0).


4.


Investment property





Freehold investment property

£



Valuation


At 1 September 2023
6,695,314


Additions at cost
13,507


Disposals
(91,750)



At 30 September 2024
6,617,071

The 2024 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

30 September
31 August
2024
2023
£
£


Other debtors
227,801
223,833
Page 5

 
FINEWISE LTD
 
 
 
Notes to the financial statements
For the Period Ended 30 September 2024

5.Debtors (continued)


227,801
223,833



6.


Creditors: Amounts falling due within one year

30 September
31 August
2024
2023
£
£

Bank loans
19,568
30,402

Amounts owed to group undertakings
1,139,179
1,217,438

1,158,747
1,247,840



7.


Creditors: Amounts falling due after more than one year

30 September
31 August
2024
2023
£
£

Bank loans
5,698,717
5,698,717

5,698,717
5,698,717


The bank loans are secured.

Page 6

 
FINEWISE LTD
 
 
 
Notes to the financial statements
For the Period Ended 30 September 2024

8.


Loans


Analysis of the maturity of loans is given below:


30 September
31 August
2024
2023
£
£

Amounts falling due within one year

Bank loans
19,568
30,402


19,568
30,402



Amounts falling due after more than 5 years

Bank loans
5,698,717
5,698,717

5,698,717
5,698,717



9.


Controlling party

The ultimate parent company is Fast Assets Ltd, a company incorporated in England and Wales.
 
Page 7