Finecompany Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09796945 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

FINECOMPANY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTOR:

Mr J J Fine

SECRETARY:

Mrs J M Fine

REGISTERED OFFICE:

Rathgowry

Gyllyngvase Hill

Falmouth

Cornwall

TR11 4DN

REGISTERED NUMBER:

09796945 (England and Wales)

ACCOUNTANTS:

Hive Accountancy Ltd

The Innovation Centre

Treliske

Truro

Cornwall

TR1 3FF

FIXED ASSETS

Intangible assets

4

2,000

-

Tangible assets

5

2,348

3,825

4,348

3,825

CURRENT ASSETS

Stocks

98

112

Debtors

74,422

57,399

Cash at bank

33,413

199,483

107,933

256,994

CREDITORS

Amounts falling due within one year

69,283

42,439

NET CURRENT ASSETS

38,650

214,555

TOTAL ASSETS LESS CURRENT LIABILITIES

42,998

218,380

PROVISIONS FOR LIABILITIES

(314

)

(2,608

)

PENSION LIABILITY

-

(211,000

)

NET ASSETS

42,684

4,772

CAPITAL AND RESERVES

Called up share capital

150

150

Other reserves

-

8,000

Retained earnings

42,534

(3,378

)

SHAREHOLDERS' FUNDS

42,684

4,772

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 20 June 2019 and were signed by:

Mr J J Fine - Director

1.	STATUTORY INFORMATION

Finecompany 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period.

The total turnover of the company for the year has been derived from its principal activity undertaken in

the UK and the Republic of Ireland.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Statement of Comprehensive Income, following an

assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying

value.

Crypto investments are held in the Financial Statements at the lower of cost and net realisable value.

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

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 balance sheet date.

Deferred tax

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

the balance sheet 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.

Pensions

For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the

defined obligation at that date. The defined benefit obligation is calculated on an annual basis by

independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in

Other Comprehensive Income.

Current and past service costs, along with settlements or curtailments, are charged to the Income

Statement. Interest on pension plan liabilities are recognised within finance expense.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 1 ).

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

Additions

5,000

At 30 September 2018

5,000

AMORTISATION

Impairments

3,000

At 30 September 2018

3,000

NET BOOK VALUE

At 30 September 2018

2,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2017

6,607

Additions

234

At 30 September 2018

6,841

DEPRECIATION

At 1 October 2017

2,782

Charge for year

1,711

At 30 September 2018

4,493

NET BOOK VALUE

At 30 September 2018

2,348

At 30 September 2017

3,825

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2018

and 30 September 2017:

2018

2017

£

£

Mr J J Fine

Balance outstanding at start of year

27,729

11,146

Amounts advanced

308,770

68,551

Amounts repaid

(293,996

)

(51,968

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

42,503

27,729

The following amounts were advanced to the Directors during the period:

£

1 x £99,999

99,999

1 x £99,000

99,000

1 x £50,000

50,000

1 x £22,000

22,000

1 x £20,000

20,000

1 x £6,000

6,000

1 x £2,000

2,000

Sundry advances under £1,000

9,770

308,769

In addition, the Directors reimbursed the company the following amounts during the period:

£

1 x £211,000

211,000

1 x £35,000

35,000

1 x £20,000

20,000

1 x £11,000

11,000

1 x £3,082

3,082

1 x £1,877

1,877

1 x £1,598

1,598

1 x £1,535

1,535

1 x £1,340

1,340

1 x £1,126

1,126

Sundry introductions under £1,000

6,438

293,996

Interest on overdrawn loan balances has been charged on a daily basis, at the HMRC approved rate of

2.5%.

7.	RELATED PARTY DISCLOSURES

Fine Consult Ltd

During the year the company loaned Fine Consult Ltd, an associated company, a total of £1,000. This

balance remains outstanding at the year end, is interest free and is expected to be repaid within 12

months of the year end.

Mrs Janet Fine

During the period, Janet Fine, (a shareholder), agreed to take on the Company's pension obligation in

respect of Jonathan Fine. The Company agreed to pay Janet Fine £211,000 which is the actuarial

valuation of the pension obligation at transfer.

8.	EMPLOYER PENSION OBLIGATIONS

2018

2017

Present value of defined benefit obligations

£0

£211,000

Fair value of scheme assets

£0

£0

Liability recognised in the balance sheet

£0

£211,000

Movements in the present value of the defined benefit obligations were as follows:

2018

At the beginning of the year

£211,000

Current service cost

£0

Interest cost

£6,000

Actuarial gain

(£6,000)

Settlement

(£211,000)

At the end of the year

£0