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Registration number: 02960601

Finesse (Home Improvements) Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Finesse (Home Improvements) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Finesse (Home Improvements) Limited

Company Information

Directors

Mr J N Barnet

Mr B P Jackson

Mr M A Phillips

Registered office

Unit 2A Wirksworth Industrial Centre
Ravens Tor Road
Wirksworth
Derbyshire
DE4 4FY

Accountants

Coates and Partners Limited
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Finesse (Home Improvements) Limited

(Registration number: 02960601)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

24,637

28,595

Current assets

 

Stocks

5

12,952

24,070

Debtors

6

20,210

30,050

Cash at bank and in hand

 

99,617

120,564

 

132,779

174,684

Creditors: Amounts falling due within one year

7

(91,876)

(142,913)

Net current assets

 

40,903

31,771

Total assets less current liabilities

 

65,540

60,366

Creditors: Amounts falling due after more than one year

7

(6,822)

(12,957)

Provisions for liabilities

(4,900)

(5,433)

Net assets

 

53,818

41,976

Capital and reserves

 

Called up share capital

100

100

Retained earnings

53,718

41,876

Shareholders' funds

 

53,818

41,976

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Finesse (Home Improvements) Limited

(Registration number: 02960601)
Balance Sheet as at 28 February 2025 (continued)

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
Mr J N Barnet
Director

.........................................
Mr B P Jackson
Director

.........................................
Mr M A Phillips
Director

     
 

Finesse (Home Improvements) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 02960601.

The address of its registered office is:
Unit 2A Wirksworth Industrial Centre
Ravens Tor Road
Wirksworth
Derbyshire
DE4 4FY

These financial statements were authorised for issue by the Board on 21 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Finesse (Home Improvements) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

 

Finesse (Home Improvements) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Finesse (Home Improvements) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2024 - 7).

 

Finesse (Home Improvements) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2024

2,514

78,504

13,740

94,758

Additions

3,188

-

-

3,188

At 28 February 2025

5,702

78,504

13,740

97,946

Depreciation

At 1 March 2024

2,323

54,669

9,171

66,163

Charge for the year

463

5,959

724

7,146

At 28 February 2025

2,786

60,628

9,895

73,309

Carrying amount

At 28 February 2025

2,916

17,876

3,845

24,637

At 29 February 2024

191

23,835

4,569

28,595

5

Stocks

2025
£

2024
£

Stock

12,952

24,070

6

Debtors

Current

2025
£

2024
£

Trade debtors

19,411

29,284

Prepayments

799

766

 

20,210

30,050

 

Finesse (Home Improvements) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

6,135

5,984

Trade creditors

 

18,681

54,856

Taxation and social security

 

30,477

38,132

Accruals and deferred income

 

6,858

-

Other creditors

 

29,725

43,941

 

91,876

142,913

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £6,135 (2024 - £5,984).

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

6,822

12,957

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £6,822 (2024 - £12,957).

 

Finesse (Home Improvements) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025 (continued)

8

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

6,135

5,984

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

6,822

12,957

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,500 (2024 - £30,750).