Company registration number 07022469 (England and Wales)
FINCHLEY DEVELOPMENTS C&G NO2 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
FINCHLEY DEVELOPMENTS C&G NO2 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FINCHLEY DEVELOPMENTS C&G NO2 LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
4
5,725,000
6,427,644
Debtors
5
23,284
62,261
Cash at bank and in hand
39,700
74,843
5,787,984
6,564,748
Creditors: amounts falling due within one year
6
(5,559,998)
(3,021,814)
Net current assets
227,986
3,542,934
Creditors: amounts falling due after more than one year
7
(865,594)
(3,454,860)
Net (liabilities)/assets
(637,608)
88,074
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(637,609)
88,073
Total equity
(637,608)
88,074

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 September 2025 and are signed on its behalf by:
M Slane
Director
Company registration number 07022469 (England and Wales)
FINCHLEY DEVELOPMENTS C&G NO2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Finchley Developments C&G No2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winston House, Dollis Park, London, England, N3 1HF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FINCHLEY DEVELOPMENTS C&G NO2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil.

2025
2024
Number
Number
Total
0
0
4
Stocks
2025
2024
£
£
Property stock
5,725,000
6,427,644
FINCHLEY DEVELOPMENTS C&G NO2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
22,317
Other debtors
6,136
2,880
Prepayments and accrued income
17,148
37,064
23,284
62,261
6
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
8
26,091
79,770
Amounts owed to group undertakings
8
5,503,795
2,888,529
Trade creditors
13,486
-
0
Taxation and social security
-
0
4,495
Other creditors
3,700
2,880
Accruals and deferred income
12,926
46,140
5,559,998
3,021,814
7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
8
865,594
3,454,860

8
Loans and overdrafts
2025
2024
£
£
Bank loans
891,685
3,534,630
Loans from group undertakings
5,503,795
2,888,529
6,395,480
6,423,159
Payable within one year
5,529,886
2,968,299
Payable after one year
865,594
3,454,860

The bank loan is secured by a legal charge over the company's properties.

FINCHLEY DEVELOPMENTS C&G NO2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
9
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Emphasis of matter

We would draw your attention to note in the financial statements which indicates that the stock of properties for the year ended 31 March 2025 have been revalued on an open market basis by the directors and internal consultants of the company on a yield basis. Adjustments to the financial statements would arise if property values were to differ materially from that disclosed in the financial statements. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Arvind Shah
Statutory Auditor:
Elliotts Shah
Date of audit report:
4 September 2025
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Ultimate controlling party

The company is a wholly owned subsidiary of MFC Estates plc, a company registered in England and Wales. MFC Estates plc was under the control of P L Murphy until his demise on January 27th 2025. The new controlling party will be determined when Probate is granted.

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