REGISTERED NUMBER: 06034102 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FINELITE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mr S W Rathbone

Mr W S Rathbone

REGISTERED OFFICE:

Unit 8, Pillaton Hall Farm

Cannock Road

Pillaton

Penkridge

ST19 5RZ

REGISTERED NUMBER:

06034102 (England and Wales)

ACCOUNTANTS:

Lowson Ward

Chartered Accountants

292 Wake Green Road

Birmingham

B13 9QP

FIXED ASSETS

Tangible assets

3

2,412

3,217

CURRENT ASSETS

Stocks

537,028

620,862

Debtors

4

646,236

670,370

Cash at bank

172,327

41,953

1,355,591

1,333,185

CREDITORS

Amounts falling due within one year

5

(473,450

)

(543,952

)

NET CURRENT ASSETS

882,141

789,233

TOTAL ASSETS LESS CURRENT LIABILITIES

884,553

792,450

PROVISIONS FOR LIABILITIES

(600

)

(800

)

NET ASSETS

883,953

791,650

CAPITAL AND RESERVES

Called up share capital

300

200

Retained earnings

883,653

791,450

SHAREHOLDERS' FUNDS

7

883,953

791,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

Mr W S Rathbone - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property

-

33% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

All fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

3,690

300

7,617

11,607

DEPRECIATION

At 1 January 2024

3,690

229

4,471

8,390

Charge for year

-

18

787

805

At 31 December 2024

3,690

247

5,258

9,195

NET BOOK VALUE

At 31 December 2024

-

53

2,359

2,412

At 31 December 2023

-

71

3,146

3,217

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

639,829

646,026

Other debtors

750

750

Directors' current accounts

-

23,189

Prepayments and accrued income

5,657

405

646,236

670,370

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans and overdrafts

374,891

345,924

Trade creditors

11,413

116,112

Corporation tax

76,618

61,642

VAT

951

12,250

Other creditors

2,395

2,532

Directors' current accounts

538

-

Accruals and deferred income

6,644

5,492

473,450

543,952

6.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/24

31/12/23

£

£

Bank overdrafts

374,891

345,924

7.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

31/12/24

31/12/23

£

£

Profit for the financial year

226,203

197,522

Dividends

(134,000

)

(88,000

)

92,203

109,522

New share capital subscribed

100

-

Opening shareholders funds

-

682,128

Net addition to shareholders' funds

92,303

791,650

Opening shareholders' funds

791,650

-

Closing shareholders' funds

883,953

791,650

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finelite Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Finelite Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Finelite Limited and state those matters that we have agreed to state to the Board of Directors of Finelite Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finelite Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Finelite Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Finelite Limited. You consider that Finelite Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Finelite Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lowson Ward

Chartered Accountants

292 Wake Green Road

Birmingham

B13 9QP

11 September 2025