FINER LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04341003 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

FINER LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J S Malhi

Mrs I K Malhi

SECRETARY:

Mr A Malhi

REGISTERED OFFICE:

35A HIGH STREET

RUISLIP

Middlesex

HA4 7AU

REGISTERED NUMBER:

04341003 (England and Wales)

ACCOUNTANTS:

Dawn & Co.

Chartered Certified Accountants

35A High Street

Ruislip

Middlesex

HA4 7AU

FIXED ASSETS

Tangible assets

4

252,306

315,386

Investment property

5

16,621,149

16,600,000

16,873,455

16,915,386

CURRENT ASSETS

Debtors

6

75,546

58,582

Cash at bank and in hand

120

84,088

75,666

142,670

CREDITORS

Amounts falling due within one year

7

186,241

310,571

NET CURRENT LIABILITIES

(110,575

)

(167,901

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,762,880

16,747,485

CREDITORS

Amounts falling due after more than one year

8

(5,159,000

)

(5,218,997

)

PROVISIONS FOR LIABILITIES

(587,785

)

(587,785

)

NET ASSETS

11,016,095

10,940,703

CAPITAL AND RESERVES

Called up share capital

2,420

2,420

Retained earnings

10

11,013,675

10,938,283

SHAREHOLDERS' FUNDS

11,016,095

10,940,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 July 2018 and were signed on its behalf by:

Mr J S Malhi - Director

1.	STATUTORY INFORMATION

FINER LIMITED is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

20% on reducing balance

Investment property

Investment properties are included in the balance sheet at their open market value. No depreciation is charged on

investment properties.

Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for

investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible

assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial

statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the

annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or

quantified.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - 1 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 November 2016

and 31 October 2017

630,798

186

630,984

DEPRECIATION

At 1 November 2016

315,412

186

315,598

Charge for year

63,080

-

63,080

At 31 October 2017

378,492

186

378,678

NET BOOK VALUE

At 31 October 2017

252,306

-

252,306

At 31 October 2016

315,386

-

315,386

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

16,600,000

Additions

21,149

At 31 October 2017

16,621,149

NET BOOK VALUE

At 31 October 2017

16,621,149

At 31 October 2016

16,600,000

Fair value at 31 October 2017 is represented by:

£

Valuation in 2016

16,600,000

Cost

21,149

16,621,149

Investment properties were valued on a fair value basis on 31 October 2016 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

75,546

58,582

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts (see note 9)

3,418

-

Trade creditors

11,238

110,524

Tax

37,723

44,938

Social security and other taxes

2,348

5,162

VAT

20,326

4,850

Other creditors

51,079

51,079

Wages control account

3,342

6,565

Directors' current accounts

50,387

82,253

Accrued expenses

6,380

5,200

186,241

310,571

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans (see note 9)

5,159,000

5,218,997

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,159,000

5,218,997

9.

LOANS

An analysis of the maturity of loans is given below:

31.10.17

31.10.16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

3,418

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,159,000

5,218,997

The loan is secured over the company's investment properties.

10.

RESERVES

Included in profit and loss reserves is a revaluation on investment property of £2,938,963 performed in year ended

2016.