Finna Fans Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05310859 (England and Wales)

FINNA FANS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr. G. Finlow

SECRETARY:

Mrs. C. Finlow

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

BUSINESS ADDRESS:

Building 326, Unit 2

Rushock Trading Estate

Droitwich Road

Droitwich

Worcestershire

WR9 0NR

REGISTERED NUMBER:

05310859 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Finna Fans Limited for the year ended 31 December 2019 which comprise the Income Statement,

Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Finna Fans Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Finna Fans Limited and state those matters that we have agreed to state to the director of Finna Fans Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finna Fans Limited and its director for our work or for this report.

It is your duty to ensure that Finna Fans 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 Finna Fans Limited. You consider that Finna Fans 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 Finna Fans 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.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

10 February 2020

FIXED ASSETS

Tangible assets

4

45,762

53,030

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

5

226,398

256,364

Cash at bank

6,001

34,324

233,399

291,688

CREDITORS

Amounts falling due within one year

6

168,752

240,876

NET CURRENT ASSETS

64,647

50,812

TOTAL ASSETS LESS CURRENT LIABILITIES

110,409

103,842

CREDITORS

Amounts falling due after more than one year

7

(2,625

)

(5,263

)

PROVISIONS FOR LIABILITIES

(7,835

)

(9,114

)

NET ASSETS

99,949

89,465

CAPITAL AND RESERVES

Called up share capital

80

80

Revaluation reserve

8

16,000

16,000

Capital redemption reserve

20

20

Retained earnings

83,849

73,365

SHAREHOLDERS' FUNDS

99,949

89,465

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 10 February 2020 and were signed by:

Mr. G. Finlow - Director

1.	STATUTORY INFORMATION

Finna Fans 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 net sales of goods/services, excluding value added tax

Tangible fixed assets

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

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2019

and 31 December 2019

121,456

16,295

5,472

143,223

DEPRECIATION

At 1 January 2019

76,426

8,295

5,472

90,193

Charge for year

4,444

2,824

-

7,268

At 31 December 2019

80,870

11,119

5,472

97,461

NET BOOK VALUE

At 31 December 2019

40,586

5,176

-

45,762

At 31 December 2018

45,030

8,000

-

53,030

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

154,322

197,900

Other debtors

72,076

58,464

226,398

256,364

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

14,561

-

Hire purchase contracts

2,638

2,402

Trade creditors

39,795

70,091

Taxation and social security

74,309

40,085

Other creditors

37,449

128,298

168,752

240,876

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

2,625

5,263

8.

RESERVES

Revaluation

reserve

£

At 1 January 2019

and 31 December 2019

16,000

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31 December 2018:

2019

2018

£

£

Mr. G. Finlow

Balance outstanding at start of year

57,856

74,275

Amounts advanced

121,793

27,985

Amounts repaid

(113,962

)

(44,404

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

65,687

57,856

10.	ULTIMATE CONTROLLING PARTY

The control of the company is exercised by Mr. G.C. Finlow by virtue of his shareholding.