Fimdon Finance Limited - Accounts to registrar (filleted) - small 18.2
Fimdon Finance Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Fimdon Finance Limited |
| Unaudited Financial Statements |
| For The Year Ended 30 April 2020 |
| Fimdon Finance Limited (Registered number: 01105159) |
| Contents of the Financial Statements |
| For The Year Ended 30 April 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Fimdon Finance Limited |
| Company Information |
| For The Year Ended 30 April 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Lancaster House |
| 70-76 Blackburn Street |
| Radcliffe |
| Manchester |
| M26 2JW |
| BANKERS: |
| North Street |
| Keighley |
| West Yorkshire |
| BD21 3SA |
| Fimdon Finance Limited (Registered number: 01105159) |
| Statement of Financial Position |
| 30 April 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 and authorised for issue on |
| Fimdon Finance Limited (Registered number: 01105159) |
| Notes to the Financial Statements |
| For The Year Ended 30 April 2020 |
| 1. | STATUTORY INFORMATION |
| Fimdon Finance Limited is a |
| The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in compliance with FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and Investment properties measured at fair value through profit or loss. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the these financial statements are rounded to the nearest £. |
| Consolidation |
| The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 (2A) of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. |
| Judgements and key sources of estimation uncertainty |
| In the application of the Company's accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
| Allowance for doubtful debts |
| The company makes allowances for doubtful debts based on an assessment of the recoverability of the trade debtors. Allowances are applied to trade debtors where events or changes in circumstances indicate that the carrying amount may not be recoverable. |
| Fixed asset investments |
| Fixed asset investment are initially recorded at cost, and subsequently stated at costs less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in the statement of comprehensive income. |
| Impairment |
| A review for indicators of improvement is carried out at each reporting date, with recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount,the asset os impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
| When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the assets and generate cash inflows that are largely independent of the cash inflows from other assets or group of assets. |
| Fimdon Finance Limited (Registered number: 01105159) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 April 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover represents finance charges less refunds before deducting depreciation of leased equipment. Net income is apportioned on an approximation to the actuarial basis over the period of each finance agreement. |
| Depreciation of leased equipment |
| Depreciation of leased equipment is charged on an actuarial basis being the difference between rental income and leasing charges attributable to the year. |
| Creditors |
| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised costs, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to to defer settlement of the liability for at least twelve months after the reporting date. |
| Provisions |
| Provisions are recognised when the entity has an obligations at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statements of financial position and the amount of the provision as an expense. |
| Provision are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the statement of comprehensive income unless the provision was originally recognised as part of the costs of an asset. When a provision is measured are the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in the finance costs in the statement of comprehensive income in the period it arises. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| 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. |
| Going concern |
| No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Fimdon Finance Limited (Registered number: 01105159) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 April 2020 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 May 2019 |
| and 30 April 2020 |
| NET BOOK VALUE |
| At 30 April 2020 |
| At 30 April 2019 |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Registered office: Lancaster House,78 Blackburn Street, Radcliffe, Manchester, M26 2JW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Lancaster House,78 Blackburn Street, Radcliffe, Manchester, M26 2JW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Lancaster House,78 Blackburn Street, Radcliffe, Manchester, M26 2JW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Lancaster House,78 Blackburn Street, Radcliffe, Manchester, M26 2JW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Lancaster House,78 Blackburn Street, Radcliffe, Manchester, M26 2JW |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Lancaster House,78 Blackburn Street, Radcliffe, Manchester, M26 2JW |
| Nature of business: |
| % |
| Class of shares: | holding |
| The principal activities of the trading companies are the leasing of capital equipment, instalment financing of capital goods and the provision of short term finance. |
| Fimdon Finance Limited (Registered number: 01105159) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 April 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| VAT |
| Trade receivables wholly represent finance leases, hire purchase contracts and loans receivables. |
| 2020 | 2019 |
| Gross receivables from finance lease, hire purchase contracts and loans: | £ | £ |
| Not later than 1 year | 842,705 | 836,068 |
| Later than 1 year and no later than 5 years | 1,664,571 | 1,356,116 |
| Later than 5 years | - | - |
| Unearned future finance income on finance leases, hire purchase contracts and loans | (323,828 | ) | (293,936 | ) |
| Net investment in finance leases, hire purchase contracts and loans | 2,183,448 | 1,898,248 |
| The net investment in finance leases, hire purchase contracts and loans are receivable as follows: |
| Not later than 1 year | 700,231 | 715,212 |
| Later than 1 year and no later than 5 years | 1,483,217 | 1,183,036 |
| Later than 5 years | - |
| 2,183,448 | 1,898,248 |
| The debtors above include the following amounts falling due after more than one year: |
| 2020 | 2019 |
| £ | £ |
| Trade debtors | 1,483,217 | 1,183,036 |
| The net value of assets relating to finance leases at the balance sheet date were as follows: Cost £1,805,722 (2019:£1,604,037), Depreciation £672,754 (2019:£746,313). |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| Accruals and deferred income |
| Fimdon Finance Limited (Registered number: 01105159) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 April 2020 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank overdraft |
| Trade creditors | 1,263,476 | 1,125,407 |
| Trade creditors, bank overdrafts and bank loans amounting to £1,263,476 (2019: £1,226,495) are secured by charges on specific finance agreements. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 May 2019 |
| Charges against provisions | 14,582 |
| Balance at 30 April 2020 |
| Deferred tax is based on a corporation tax rate of 19% (2019: 19%). |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary A | £1 | 1,000 | 1,000 |
| Ordinary B | £1 | 1,000 | 1,000 |
| 2,000 | 2,000 |
| All Ordinary A and B shares have the right to participate in dividends and capital distribution and are non redeemable. |
| Each Ordinary A and B share shall carry one vote at all meetings of members. |
| Fimdon Finance Limited (Registered number: 01105159) |
| Notes to the Financial Statements - continued |
| For The Year Ended 30 April 2020 |
| 13. | RESERVES |
| The profit and loss account reserve records retained earnings and accumulated losses. |
| 14. | CONTINGENT LIABILITIES AND LIABILITIES |
| Fimdon Finance Limited has guaranteed the bank overdraft of Fimdon Vehicle Leasing Limited to the extent of £200,000 (2019:£200,000). |
| A cross guarantee has been given by Fimdon Finance Limited to the bankers of Valdor Industrial Developments Limited to the extent of £250,000 (2019:£250,000). |
| A cross guarantee has been given by Fimdon Finance Limited to the bankers of Fimdon Motor Finance Limited to the extent of £200,000 (2019:£200,000). |
| Fimdon Finance Limited has guaranteed the bank overdraft of Valdor Commercial Leasing Limited to the extent of £190,000 (2019:£190,000). |
| Trade creditors include block discounting facilities secured by finance agreements. The company is a party to the group and it's associated company guarantees. |
| 15. | RELATED PARTY DISCLOSURES |
| The directors of Fimdom Finance Limited have control, joint control or significant influence over other companies. At the year end debtor balances of £749,847 (2019: £1,063,393) are due from those companies, and creditors balances of £2,000 (2019: £2,000) are due to those companies. In the year purchases of £53,600 (2019: £44,600) were made from those companies and sales of £25,000 (2019:nil) were made to those companies. |
| 16. | POST BALANCE SHEET EVENTS |
| There are no matters to report as post balance sheet events. |
| 17. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party at the balance sheet date was Mr P F Whiting. |
| 18. | ULTIMATE PARENT UNDERTAKING |
| The company's Ultimate Parent Undertaking is Associated Credits Holdings Limited, a company registered in England and Wales. |