Finebeam Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04014372 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

FOR

FINEBEAM LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A E Brinner

SECRETARY:

Y M Ciment

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

04014372 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

London

N15 6BL

FIXED ASSETS

Tangible assets

4

8,817

10,433

Investment property

5

5,708,900

5,650,500

5,717,717

5,660,933

CURRENT ASSETS

Debtors

6

877,832

877,832

Cash at bank

27,861

71,049

905,693

948,881

CREDITORS

Amounts falling due within one year

7

(1,682,567

)

(1,695,862

)

NET CURRENT LIABILITIES

(776,874

)

(746,981

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,940,843

4,913,952

CREDITORS

Amounts falling due after more than one year

8

(1,849,775

)

(1,950,339

)

PROVISIONS FOR LIABILITIES

(376,325

)

(376,325

)

NET ASSETS

2,714,743

2,587,288

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

1,980,660

1,980,660

Retained earnings

12

733,983

606,528

SHAREHOLDERS' FUNDS

2,714,743

2,587,288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 and authorised for issue on 20 May 2022 and were signed by:

Y Lock - Director

1.	STATUTORY INFORMATION

Finebeam Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Depreciation

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2020

and 31 July 2021

93,801

950

94,751

DEPRECIATION

At 1 August 2020

83,654

664

84,318

Charge for year

1,522

94

1,616

At 31 July 2021

85,176

758

85,934

NET BOOK VALUE

At 31 July 2021

8,625

192

8,817

At 31 July 2020

10,147

286

10,433

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

5,650,500

Additions

58,400

At 31 July 2021

5,708,900

NET BOOK VALUE

At 31 July 2021

5,708,900

At 31 July 2020

5,650,500

Fair value at 31 July 2021 is represented by:

£

Valuation in 2017

1,610,995

Valuation in 2020

369,665

Cost

3,728,240

5,708,900

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Other debtors

877,832

877,832

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade creditors

77,344

77,344

Taxation and social security

56,960

26,684

Other creditors

1,548,263

1,591,834

1,682,567

1,695,862

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans (see note 9)

1,849,775

1,950,339

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,801,442

1,772,839

Bank loans

-

127,500

1,801,442

1,900,339

9.

LOANS

An analysis of the maturity of loans is given below:

31.7.21

31.7.20

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

48,333

50,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,801,442

1,772,839

Bank loans

-

127,500

1,801,442

1,900,339

Under the bank loan, £50,000 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.21

31.7.20

£

£

Bank loans

1,849,775

1,950,339

The mortgage loans and bank overdrafts are secured by a first charge over the company's properties and a floating charge over the assets of the company, and bear interest at variable rates.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 August 2020

606,528

1,980,660

2,587,188

Profit for the year

127,455

127,455

At 31 July 2021

733,983

1,980,660

2,714,643

13.	ULTIMATE CONTROLLING PARTY

The controlling party is A E Brinner.