The Finishing Line Limited - Filleted accounts

Registered number

02120683

The Finishing Line Limited

Filleted Accounts

31 March 2026

The Finishing Line Limited
Registered number:		02120683
Balance sheet as at 31 March 2026

Notes			2026			2025
as restated
£				£
Fixed assets
Intangible assets	3		264,364			136,273
Tangible assets	4, 9		1,235,443			1,295,911
			1,499,807			1,432,184

Current assets
Stocks		99,471			113,670
Debtors	5	1,815,903			1,737,742
Cash at bank and in hand		41,137			111,211
		1,956,511			1,962,623

Creditors: amounts falling due within one year	6	(1,420,603)			(1,225,438)

Net current assets			535,908			737,185

Total assets less current liabilities			2,035,715			2,169,369

Creditors: amounts falling due after more than one year	7		(315,387)			(500,572)

Provisions for liabilities	9		(237,971)			(164,260)

Net assets			1,482,357			1,504,537

Capital and reserves
Called up share capital			2,550			2,550
Profit and loss account	9		1,479,807			1,501,987

Shareholder's funds			1,482,357			1,504,537

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors and authorised for issue on 7 September 2026 and signed on its behalf by:


Andrew Charles Mead		Drew Thomas Mead ACA
Managing Director		Finance Director

The Finishing Line Limited
Notes to the financial statements
for the year ended 31 March 2026


1	Accounting policies

	Basis of preparation
	The 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 requirement of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

	The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

	Going concern
	The directors have, at the time of approving the financial statements, a reasonable expectation that company has adequate resources to continue in operational existence for the foreseeable future, which is not less than 12 months from the date of signing the financial statements. The directors closely monitor the cash flow and profitability forecasts of the company and believe that any known risks have been suitably mitigated such that it is appropriate that the accounts have been prepared on a going concern basis.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is provided on all intangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Software development costs			over 10 years
	Other			over 10 years

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			over 50 years
	Leasehold land and buildings			over the lease term
	Plant and machinery			25% reducing balance
	Motor vehicles			25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.

2	Employees					2026		2025
Number							Number

	Average number of persons employed by the company					118		113

3	Intangible fixed assets							Total
£
	Cost
	At 1 April 2025							149,967
	Additions							149,835
	At 31 March 2026							299,802

	Amortisation
	At 1 April 2025							13,694
	Charge for the year							21,744
	At 31 March 2026							35,438

	Net book value
	At 31 March 2026							264,364
	At 31 March 2025							136,273

4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 April 2025 (as restated)	1,164,202		463,426		16,995		1,644,623
	Additions	25,328		65,686		-		91,014
	Disposals	-		(715)		-		(715)
	At 31 March 2026	1,189,530		528,397		16,995		1,734,922

	Depreciation
	At 1 April 2025 (as restated)	119,889		220,838		7,985		348,712
	Charge for the year	79,158		69,959		2,253		151,370
	Eliminated in respect of disposals	-		(603)		-		(603)
	At 31 March 2026	199,047		290,194		10,238		499,479

	Net book value
	At 31 March 2026	990,483		238,203		6,757		1,235,443
	At 31 March 2025 (as restated)	1,044,313		242,588		9,010		1,295,911

5	Debtors					2026		2025
as restated
£							£

	Trade debtors					956,340		911,940
	Other debtors					859,563		825,802
						1,815,903		1,737,742

6	Creditors: amounts falling due within one year					2026		2025
£							£

	Bank loans and overdrafts					296,598		189,733
	Obligations under finance lease and hire purchase contracts					185,186		173,966
	Trade creditors					387,848		421,253
	Taxation and social security costs					282,672		229,294
	Other creditors					268,299		211,192
						1,420,603		1,225,438

7	Creditors: amounts falling due after one year					2026		2025
£							£

	Obligations under finance lease and hire purchase contracts					315,387		500,572

8	Commitments under operating leases

	At the reporting date the Company had future minimum lease payments due under a non-cancellable operating lease for its premises as follows:
						2026		2025
£							£

	Within one year					916,272		916,272
	Between one and five years					3,665,088		3,665,088
	In over five years					2,099,790		3,016,062
						6,681,150		7,597,422

9	Prior period adjustments

	During the year, following the appointment of new members to the finance team, management completed a detailed review of the finance function to confirm key balances and strengthen controls.

	As part of this, management undertook a detailed assessment of the fixed asset register and identified assets that were no longer held by the company and depreciation errors relating to prior periods. These errors resulted in the misstatement of tangible fixed assets and retained earnings in prior years.

	The error has been corrected by restating the comparative figures and the opening balances at 1 April 2025. The impact of the correction is summarised below:
				As previously reported		Adjustment		As restated at 31 March 2025
£					£		£
	Changes to the balance sheet:

	Fixed assets
	Tangible assets			1,149,091		146,820		1,295,911

	Capital and reserves
	Profit and loss account			1,678,490		146,820		1,825,310

	Of the total adjustment of £146,820, £98,958 relates to the year ended 31 March 2025. The balance of £47,862 relates to periods prior to 1 April 2024 and has been recognised as an adjustment to the profit and loss account brought forward at that date.

	The error has been corrected retrospectively as the information required to determine the adjustments was available.

	Following the review, controls over the maintenance and periodic verification of the fixed asset register have been strengthened to reduce the risk of similar errors occurring in the future.

	During the year, management also undertook a review of the deferred tax provision recognised in the previous year's financial statements. This review identified an error in the calculation of the deferred tax provision, together with the deferred tax impact arising from the review of the Company's fixed asset register detailed above. As a result, the deferred tax provision recognised at the previous year end has been restated. A net deferred tax liability of £164,260 has now been recognised, representing an increase in the net deferred tax liability of £323,323. The comparative figures have been restated accordingly. The adjustment has no effect on the Company's cash flows or current tax liability and has been recognised as a prior year adjustment through opening reserves. The effect of the prior year adjustment is summarised as follows:
				As previously reported		Adjustment		As restated at 31 March 2025
£					£		£
	Deferred tax asset / (liability)			159,063		(323,323)		(164,260)


10	Other information

	The Finishing Line Limited is a private company limited by shares and incorporated in England. Its registered office is:
	2a Forest Drive
	Theydon Bois
	Epping
	Essex
	CM16 7EY