Finesse_Furniture_Limited - Accounts

FINESSE FURNITURE LIMITED - Company Information

Company Registration No. 01374363 (England and Wales)

Finesse Furniture Limited

Unaudited Abbreviated Financial Statements

For The Year Ended 31 March 2016

FINESSE FURNITURE LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FINESSE FURNITURE LIMITED FOR THE YEAR ENDED 31 MARCH 2016

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The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Finesse Furniture Limited for the year ended 31 March 2016 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/.

This report is made solely to the Board of Directors of Finesse Furniture Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Finesse Furniture Limited and state those matters that we have agreed to state to the Board of Directors of Finesse Furniture Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finesse Furniture Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Finesse Furniture 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 Finesse Furniture Limited. You consider that Finesse Furniture 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 Finesse Furniture 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.

Clark Howes Ltd

Chartered Certified Accountants

7 October 2016

11 Bell Business Park

Smeaton Close

Aylesbury

Buckinghamshire

HP19 8JR

FINESSE FURNITURE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

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2016

2015

Notes

Fixed assets

Tangible assets

6,126

3,312

Current assets

Debtors

11,013

5,651

Cash at bank and in hand

42,971

58,807

53,984

64,458

Creditors: amounts falling due within one year

(7,822)

(18,529)

Net current assets

46,162

45,929

Total assets less current liabilities

52,288

49,241

Provisions for liabilities

(114)

(191)

52,174

49,050

Capital and reserves

Called up share capital

100

Profit and loss account

52,074

48,950

Shareholders' funds

52,174

49,050

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

Approved by the Board for issue on 7 October 2016

Mr J Williams

Director

Company Registration No. 01374363

FINESSE FURNITURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

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Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover is recognised when the goods are physically delivered to customers and when services are provided.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% straight line

Motor vehicles

25% straight line

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Deferred taxation

Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing difference will reverse.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to Profit and Loss Account.

FINESSE FURNITURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

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Fixed assets

Tangible assets

Cost

At 1 April 2015

10,796

Additions

5,903

Disposals

(3,400)

At 31 March 2016

13,299

Depreciation

At 1 April 2015

7,484

On disposals

(1,584)

Charge for the year

1,273

At 31 March 2016

7,173

Net book value

At 31 March 2016

6,126

At 31 March 2015

3,312

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Transactions in relation to the loan with director during the year is outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr J Williams - Loan

6,079

6,114

6,079

6,114