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Registration number: 03517159

Fionn Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Fionn Limited

Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,082,250

925,500

Current assets

 

Debtors

5

328,252

195,954

Cash at bank and in hand

 

14,444

104,515

 

342,696

300,469

Creditors: Amounts falling due within one year

6

(93,372)

(52,272)

Net current assets

 

249,324

248,197

Total assets less current liabilities

 

1,331,574

1,173,697

Provisions for liabilities

(167,117)

(127,929)

Net assets

 

1,164,457

1,045,768

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,164,455

1,045,766

Shareholders' funds

 

1,164,457

1,045,768

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

 

Fionn Limited

Statement of Financial Position as at 31 July 2024

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................

Mr R B Saddler

Director

Company registration number: 03517159

 

Fionn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rectory Farm
Rectory Lane
Sevenoaks
Kent
TN13 1JA

The principal activity of the company is that of property investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company made a profit for the year ended 31 July 2024 and had net assets of £1,164,457 at that date including cash at bank of £14,444.

The company continues to receive rental income and the directors do not believe the current economic conditions will have any significant effect on the company.

Having made enquiries the directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company's activities stated net of VAT, rebates and discounts.

The company recognises revenue evenly over the period of the leases or licenses.

 

Fionn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3

Staff numbers

The average number of persons employed by the company during the year was 2 (2023 - 2).

4

Investment properties

Fair value

2024
£

At 1 August 2023

925,500

Fair value adjustments

156,750

At 31 July 2024

1,082,250

The investment properties are stated at fair value as estimated by the directors at 31 July 2024 at an amount of £1,082,250.

 

Fionn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

2024
£

2023
£

Other debtors

328,252

195,954

328,252

195,954

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

5,066

5,292

Other creditors

88,306

46,980

93,372

52,272

7

Profit and Loss Account

The profit and loss account includes an amount of £659,017 (2023: £541,454) which is non-distributable.