Registration number:
Finiskin Limited
for the Year Ended 31 October 2024
Finiskin Limited
(Registration number: NI037076)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
(118,511) |
(21,729) |
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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:
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• |
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• |
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
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Finiskin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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2024 |
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At 1 November 2023 |
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Revaluation |
( |
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At 31 October 2024 |
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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
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Investment in Capital Estates Limited |
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2024 |
2023 |
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Valuation |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
- |
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Prepayments |
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Finiskin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Bank loans |
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Taxation and social security |
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Accruals |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Bank loans |
157,594 |
209,137 |
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Other creditors |
1,155,942 |
1,155,942 |
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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
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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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.