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Registration number: NI037076

Finiskin Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Finiskin Limited

(Registration number: NI037076)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,195,000

1,335,268

Investments

5

82,596

82,596

 

1,277,596

1,417,864

Current assets

 

Debtors

6

959

5,955

Cash at bank and in hand

 

10,306

18,132

 

11,265

24,087

Creditors: Amounts falling due within one year

7

(93,834)

(98,599)

Net current liabilities

 

(82,569)

(74,512)

Total assets less current liabilities

 

1,195,027

1,343,352

Creditors: Amounts falling due after more than one year

7

(1,313,536)

(1,365,079)

Net liabilities

 

(118,509)

(21,727)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(118,511)

(21,729)

Shareholders' deficit

 

(118,509)

(21,727)

For the financial year ending 31 October 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.

 

Finiskin Limited

(Registration number: NI037076)
Balance Sheet as at 31 October 2024

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.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
Mr David Allister Lamont
Director

 

Finiskin Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Capital House, 28 Lodge Road, Coleraine, BT52 1NB.

These financial statements were authorised for issue by the Board on 30 April 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.

Going concern

Despite the fact that the Company's liabilities exceed its assets at the balance sheet date the Directors have prepared the accounts on a going concern basis for the following reasons:

- The parent company Blindgate Ltd has committed to continue to give support to the company.

- The company's lenders have continued to provide financial support to the company.

Rental income

Rental income represents total rents receivable, net of value added tax, in relation to investments in properties.

Tax

The tax expense for the period comprises current 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.

 

Finiskin Limited

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 November 2023

1,335,268

Revaluation

(140,268)

At 31 October 2024

1,195,000

The properties are included at market value per the directors. No provision has been made for corporation tax on the revaluation of these properties as no liability arises.

 

Finiskin Limited

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

5

Investment in Capital Estates Limited

2024
£

2023
£

Valuation

82,596

82,596

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

4,759

Prepayments

959

1,196

 

959

5,955

 

Finiskin Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans

51,900

51,100

Taxation and social security

 

1,837

3,352

Accruals

 

4,700

5,469

Other creditors

 

35,397

38,678

 

93,834

98,599

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank loans

157,594

209,137

Other creditors

1,155,942

1,155,942

1,313,536

1,365,079

The bank loans are secured by a legal mortgage over the properties, incorporating assignment of rentals, a debenture over the assets of the Company and a circular guarantee and indemnity from Blindgate Limited.

Other creditors due after one year represents balance due to Blindgate Limited which is payable on demand with one year and one day's notice.

 

Finiskin Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Related party transactions

Other creditors falling due after more than one year includes £1,155,942 owed to Blindgate Limited (2023: £1,155,942). The company is controlled by Blindgate Limited. The directors of Finiskin own the entire share capital of Blindgate Limited.

Other creditors falling due within one year includes £18,951 owed to Capital Trust Financial Management Limited (2023: £18,951). The directors of Finiskin own the entire share capital of Capital Trust Financial Management Limited.