General Information
Finecal Group Limited is a private company, limited by shares, registered in England & Wales, registration number 01236608, registration address Leigh Court Business Centre, Pill Road, Bristol, North Somerset, BS8 3RA.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. The company finances its operations by means of an invoice discount facility. The directors are not aware of any reason why the facilities will not be maintained at their current levels. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
20% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
20% Reducing Balance
|
| Computer Equipment |
33% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Number of employees
Average number of employees during the year was 44 (2023 : 42).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 January 2024 |
618,795 |
|
618,795 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 December 2024 |
618,795 |
|
618,795 |
| Amortisation |
| At 01 January 2024 |
206,265 |
|
206,265 |
| Charge for year |
61,880 |
|
61,880 |
| On disposals |
- |
|
- |
| At 31 December 2024 |
268,145 |
|
268,145 |
| Net book values |
| At 31 December 2024 |
350,650 |
|
350,650 |
| At 31 December 2023 |
412,530 |
|
412,530 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 January 2024 |
307,718 |
|
315,438 |
|
20,148 |
|
111,500 |
|
754,804 |
| Additions |
3,750 |
|
36,945 |
|
- |
|
4,011 |
|
44,706 |
| Disposals |
- |
|
(43,875) |
|
- |
|
- |
|
(43,875) |
| At 31 December 2024 |
311,468 |
|
308,508 |
|
20,148 |
|
115,511 |
|
755,635 |
| Depreciation |
| At 01 January 2024 |
171,232 |
|
115,047 |
|
13,625 |
|
64,847 |
|
364,751 |
| Charge for year |
27,983 |
|
53,965 |
|
1,305 |
|
16,500 |
|
99,753 |
| On disposals |
- |
|
(19,933) |
|
- |
|
- |
|
(19,933) |
| At 31 December 2024 |
199,215 |
|
149,079 |
|
14,930 |
|
81,347 |
|
444,571 |
| Net book values |
| Closing balance as at 31 December 2024 |
112,253 |
|
159,429 |
|
5,218 |
|
34,164 |
|
311,064 |
| Opening balance as at 01 January 2024 |
136,486 |
|
200,391 |
|
6,523 |
|
46,653 |
|
390,053 |
|
| 5. |
Investments
| Cost |
Investments in group undertakings |
|
Total |
| |
£ |
|
£ |
| At 01 January 2024 |
284,000 |
|
284,000 |
| Additions |
- |
|
- |
| Disposals |
(283,900) |
|
(283,900) |
| At 31 December 2024 |
100 |
|
100 |
Preline Ltd
The investment represents the shareholding of Preline Ltd (company no: 03986705), a non-trading, wholly owned subsidiary of Finecal Group Ltd. On 19th December 2024 the directors of Preline Ltd agreed by special resolution to reduce the company's share capital to 100 £1 ordinary shares.
|
| 6. |
Stocks
|
2024
£ |
|
2023
£ |
| Stocks |
694,339 |
|
728,888 |
|
694,339 |
|
728,888 |
|
| 7. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
1,427,978 |
|
1,497,249 |
| Provision for Doubtful Debts |
(17,118) |
|
(1,315) |
| Prepayments & Accrued Income |
75,230 |
|
78,686 |
| Other Debtors |
2,790 |
|
8,000 |
|
1,488,880 |
|
1,582,620 |
Debts subject to invoice discounting included within trade debtors amount to £1,427,978 (2023: £1,497,249).
|
| 7. |
Debtors: amounts falling due after one year
|
2024
£ |
|
2023
£ |
| Amount Owed by Group Undertakings |
1,200,000 |
|
- |
|
1,200,000 |
|
- |
As at the year end, the company was owed £1,200,000 from it's parent company, Jeaton Limited. The amount carries no repayment or payable interest terms. |
| 8. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
1,080,880 |
|
1,320,041 |
| Bank Loans & Overdrafts (Secured) |
892,704 |
|
- |
| Bank Loans & Overdrafts |
10,000 |
|
10,000 |
| Amounts Owed to Group Undertakings |
- |
|
291,000 |
| Corporation Tax |
74,805 |
|
- |
| PAYE & Social Security |
35,655 |
|
41,397 |
| Accruals |
23,285 |
|
41,582 |
| Other Creditors |
3,674 |
|
13,507 |
| Obligations under HP/Financial Leases |
65,293 |
|
62,251 |
| Pension Control |
9,768 |
|
8,973 |
| VAT |
99,850 |
|
87,023 |
|
2,295,914 |
|
1,875,774 |
Bank Loans & Overdrafts (Secured) represents amounts owing to invoice financing. Amounts owing on invoice finance are secured on the debts to which they relate.
Obligations under HP/Financial Leases are secured by fixed charges on the assets concerned.
|
| 9. |
Creditors: amount falling due after more than one year
|
2024
£ |
|
2023
£ |
| Bank Loans & Overdrafts |
4,900 |
|
14,900 |
| Obligations Under HP/Financial Leases |
50,509 |
|
94,225 |
| Directors' Loan Accounts |
55,954 |
|
204,774 |
|
111,363 |
|
313,899 |
Obligations under HP/Financial Leases are secured by fixed charges on the assets concerned.
|
| 10. |
Provisions for liabilities
|
2024
£ |
|
2023
£ |
| Deferred Tax |
62,322 |
|
53,906 |
| Charged to Profit & Loss |
8,327 |
|
8,416 |
|
70,649 |
|
62,322 |
|
| 11. |
Share Capital
Allotted, called up and fully paid
|
2024
£ |
|
2023
£ |
|
2,000
ordinary shares of £1.00 each |
2,000 |
|
2,000 |
|
2,000 |
|
2,000 |
|
| 12. |
Share premium account
|
2024
£ |
|
2023
£ |
| Equity Share Premium b/fwd |
1,342,872 |
|
1,342,872 |
|
1,342,872 |
|
1,342,872 |
|
| 13. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2024
£ | | 2023
£ | | 2024
£ | | 2023
£ |
|---|
| Preline Ltd | - | | - | | - | | (291,000) |
Preline Ltd is the wholly owned subsidiary of Finecal Group Limited, Preline Ltd ceased to trade and will
remain dormant for the foreseeable future.
There were no other related party transactions in the current or previous year that require disclosure. |
|
Simon Gough
As at the year end the company owed Simon Gough £55,954 (2023: £204,774), this loan is interest free with no repayment commitment. Simon Gough ceased to be director on 8th October 2024.
|
| 15. |
Ultimate Controlling Party
The ultimate controlling party is Jeaton Limited who controls 100% of the shares of Finecal Group Limited.
|
2
|