Finchdean Ltd Accounts






Finchdean Ltd

	Company No. 10011892
		Information for Filing with The Registrar
		28 February 2019

at	28 February 2019
Company No.		10011892	Notes	2019	2018
				£	£
Fixed assets


	Investment property		3	160,000	160,000

				160,000	160,000
Current assets

	Debtors		4	1,025	1,025

	Cash at bank and in hand			3,135	12,198
				4,160	13,223
Creditors: Amount falling due within one year			5	(163,068)	(163,772)
Net current liabilities				(158,908)	(150,549)
Total assets less current liabilities				1,092	9,451




Net assets				1,092	9,451

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		6	992	9,351

Total equity				1,092	9,451



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 18 November 2019
And signed on its behalf by:
Y. Mindel
Director

for the year ended 28 February 2019

Accounting policies

Basis of preparation

The accounts have been prepared 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) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The accounts are presented in Sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	2	2

Investment property

Freehold Investment Property

Valuation

At 1 March 2018

160,000

At 28 February 2019

160,000

Freehold Investment Property

The freehold investment property was acquired on 21 March 2016.

4	Debtors
			2019	2018
			£	£






		Other debtors	1,025	1,025

			1,025	1,025

5	Creditors:
		amounts falling due within one year
			2019	2018
			£	£






		Corporation tax	-	1,269
		Other taxes and social security	34	115
		Loans from directors	162,009	161,363
		Other creditors	1,025	1,025

			163,068	163,772

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

7	Related party disclosures
				2019	2018
		Transactions with related parties		£	£

























































		Name of related party	I. Gorringe
		Description of relationship between the parties	Director
		Description of transaction and general amounts involved	Loan to company
		Amount due from/(to) the related party		(81,004)	(80,681)
		Provision for doubtful debts due from the related party		-	-
		Amounts written off in the period in respect of debts from/(to) the related party		-	-

		Name of related party	Y. Mindel
		Description of relationship between the parties	Director
		Description of transaction and general amounts involved	Loan to company
		Amount due from/(to) the related party		(81,004)	(80,681)
		Provision for doubtful debts due from the related party		-	-
		Amounts written off in the period in respect of debts from/(to) the related party		-	-

Additional information

Its registered number is:

10011892

Castle Court

1 Castle Street

Fareham

Hampshire

PO16 9QD