REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Fynamore Asset Management Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Fynamore Asset Management Limited |
Fynamore Asset Management Limited (Registered number: 03236615) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Fynamore Asset Management Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Fynamore Asset Management Limited (Registered number: 03236615) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Fynamore Asset Management Limited (Registered number: 03236615) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Fynamore Asset Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
For the period ended 31 March 2024 the Company incurred a loss before tax of £357,765 (2023: £527,191 profit). As at 31 March 2024 the Company had net liabilities of £2,701 (2023: £355,064 net assets). |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For long term finance the company relies on the loans provided by the director. In assessing going concern the director has assumed that these loans will not be repaid in the foreseeable future and therefore the director continues to adopt the going concern basis of accounting when preparing the annual financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
Turnover comprises revenue recognised by the company in respect of rent receivable during the year, exclusive of Value Added Tax and trade discounts. Rental income is recognised in accordance with the relevant tenancy agreements. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
Repairs and maintenance costs are expensed as incurred. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with an change recognised in the profit and loss account. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
Fynamore Asset Management Limited (Registered number: 03236615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Fynamore Asset Management Limited (Registered number: 03236615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Distributions to equity holders |
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. |
Investments |
Investments in unlisted company shares, which have been classified as fixed asset investments as the Company intends to hold them on a continuing basis, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
Investments in listed company shares, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
Impairments | ( |
) |
Reversal of impairments |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fynamore Asset Management Limited (Registered number: 03236615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2022 | (539,865 | ) |
Valuation in 2023 | 544,991 |
Valuation in 2024 | (392,655 | ) |
Cost | 1,309,613 |
922,084 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2004 | 172,234 |
Valuation in 2006 | 30,000 |
Valuation in 2007 | 11,386 |
Valuation in 2013 | 133,633 |
Valuation in 2014 | 44,555 |
Valuation in 2015 | (204,869 | ) |
Valuation in 2016 | 149,330 |
Valuation in 2019 | (296,276 | ) |
Valuation in 2023 | 166,200 |
Cost | 6,339,788 |
6,545,981 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 6,339,788 | 6,339,788 |
Investment properties were valued on an open market basis on 31 March 2023 by the director . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
Fynamore Asset Management Limited (Registered number: 03236615) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Social security and other taxes |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 1-2 years | 56,399 | 52,249 |
Other loans - 2-5 years | 197,455 |
Other loans more 5yrs instal | 882,297 |
Other creditors |
Directors' loan accounts | 3,909,105 | 5,413,120 |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 811,545 | 882,297 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
Mortgages are secured by way of fixed and floating charges over the investment property to which they relate. |
11. | RELATED PARTY DISCLOSURES |
During the year the company charged maintenance charges of £3,004 (2023: £1,629) to Rowden Financial Services Ltd (RFS), a company registered in England & Wales which is controlled by NA Money-Kyrle. During the year the company also paid management charges of £6,728 (2023: £39,534) to RFS. A balance of £191,273 (2023: £99,011) was due to RFS at the year end. This loan is unsecured and interest-free and is not repayable within twelve months of the balance sheet date. |
During the year the company charged rent of £6,000 (2023: £6,000) and management charges of £20,814 (2023: £19,934) to London & Economic Properties Ltd (LEP), a company registered in England & Wales which is controlled by NA Money-Kyrle. A total balance of £107,078 (2023: £98,870) was due from LEP at the year end. |
The company has a loan agreement with Jehovah Guernsey Holding Limited a company registered in Guernsey which is controlled by NA Money-Kyrle, one of the directors, for £1,800,000. The loan is unsecured and repayable in full in April 2036. Interest is charged at 3% annually. During the year the company recognised interest of £54,000 (2023: £54,000) in the relation to the loan. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is N A Money-Kyrle. |