Fine Consult Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01326580 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

FINE CONSULT LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

Mr J J Fine

SECRETARY:

Mrs J M Fine

REGISTERED OFFICE:

The Rathgowry

Gyllyngvase Hill

Falmouth

Cornwall

TR11 4DN

REGISTERED NUMBER:

01326580 (England and Wales)

ACCOUNTANTS:

Hive Accountancy Ltd

The Innovation Centre

Treliske

Truro

Cornwall

TR1 3FF

FIXED ASSETS

Tangible assets

4

905,110

905,297

CURRENT ASSETS

Debtors

24,790

32,647

Cash at bank

43,897

33,195

68,687

65,842

CREDITORS

Amounts falling due within one year

41,106

40,317

NET CURRENT ASSETS

27,581

25,525

TOTAL ASSETS LESS CURRENT LIABILITIES

932,691

930,822

CREDITORS

Amounts falling due after more than one year

5

(134,504

)

(145,478

)

PROVISIONS FOR LIABILITIES

(91,460

)

(91,542

)

NET ASSETS

706,727

693,802

CAPITAL AND RESERVES

Called up share capital

81,000

81,000

Capital redemption reserve

19,000

19,000

Retained earnings

606,727

593,802

SHAREHOLDERS' FUNDS

706,727

693,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

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

Mr J J Fine - Director

1.	STATUTORY INFORMATION

Fine Consult 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 wholly

undertaken in the UK.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Nil

Office equipment

-

20% straight line

The freehold property, which is investment property, is included in the balance sheet at open market

value.

Depreciation is not provided on investment properties. This treatment may be a departure from the

requirements of the Companies Act concerning depreciation of fixed assets. However, the property is

not held for consumption but for investment and the director considers that systematic annual

depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the

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

reflected in the annual valuation and the amount which might otherwise have been shown 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

and 31 March 2019

908,503

DEPRECIATION

At 1 April 2018

3,206

Charge for year

187

At 31 March 2019

3,393

NET BOOK VALUE

At 31 March 2019

905,110

At 31 March 2018

905,297

The freehold land and buildings was valued on 24th March 2016 by an independent firm of Chartered

Surveyors on an open market basis.

If the property had not been revalued, under the historical cost method the carrying amount would be

£361,302.

It is considered that the value of the property is not materially different from the revalued amount

shown, and so no valuation has been undertaken in the year ending 31st March 2019.

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2019

2018

£

£

Repayable by instalments

Bank loans more 5 yr by instal

86,544

99,256

6.	CONTINGENT LIABILITIES

Details of contingent liabilities are given in the Post Balance Sheet Events note to the financial

statements.

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

Mr J J Fine

Balance outstanding at start of year

28,763

17,360

Amounts advanced

27,436

14,408

Amounts repaid

(33,603

)

(3,005

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

22,596

28,763

Interest has been calculated on a daily basis on the above debt based on the official interest rate for

beneficial loan arrangements as specified by HM Revenue and Customs (2.5%).

The following amounts were advanced to Mr J J Fine and Mrs J M Fine during the period:

£

288

1 x £284

284

1 x £24,000

24,000

1 x £2,615

2,615

Interest on overdrawn loan account

249

27,436

The following amounts were repaid by Mr J J Fine and Mrs J M Fine during the period:

£

1 x £213

213

1 x £25,000

25,000

1 x £8,000

8,000

1 x £390

390

33,603

8.	RELATED PARTY DISCLOSURES

During the year, Fine Consult Ltd paid expenses on behalf of another entity which is under the control

and ownership of the Directors. The total of these transactions was £948, the full amount of which is

outstanding at the Company year end. This outstanding amount is shown under debtors in the financial

statements.

9.	POST BALANCE SHEET EVENTS

After the balance sheet date, the Company entered into discussions with HM Revenue & Customs

regarding the Disguised Remunerations Loan Charge. These discussions are with regards to

transactions undertaken in the company years ended 31 March 2015 and 31 March 2016.

If a settlement is agreed, it is estimated that the amount of economic outflow will be £53,499. Due to

the Disguised Remuneration: Independent Loan Charge review, there are uncertainties surrounding

both the value of any final settlement and the timing of the estimated outflows due.

It is possible, but not certain, that the company will receive reimbursement for jointly and severably

liable obligations in respect of the Loan Charge.