John Finlay Ltd - Filleted accounts

JOHN FINLAY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2023

Company Registration Number: 07905357

JOHN FINLAY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 7

JOHN FINLAY LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023
DIRECTORS
S A McEwen
A P McEwen
A McEwen
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
07905357 England and Wales

JOHN FINLAY LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
			Notes		2023				2022
					£				£
CURRENT ASSETS
Debtors			5		11				11
Cash at bank and in hand					14				428
					25				439
CREDITORS: Amounts falling due within one year			6		9,412				7,115
NET CURRENT LIABILITIES							(9,387)				(6,676)
CURRENT LIABILITIES LESS TOTAL ASSETS							(9,387)				(6,676)
CREDITORS: Amounts falling due after more than one year			7				3,910				5,506
NET LIABILITIES							(13,297)				(12,182)
CAPITAL AND RESERVES
Called up share capital							28				28
Distributable profit and loss account							(13,325)				(12,210)
SHAREHOLDERS' DEFICIT							(13,297)				(12,182)

JOHN FINLAY LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
S A McEwen
Director
Date approved by the board: 21 October 2023

JOHN FINLAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
1	GENERAL INFORMATION
	John Finlay Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Cranbrook House				The Marlborough Arms
	287-291 Banbury Road				26 Oxford Street
	Oxford				Woodstock
	OX2 7JQ				Oxon
					OX20 1TS
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its bank £5,463 and a company under common control £7,059, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and the connected company. The directors do not consider the support of the bank or the company likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable and represents the rental income received, stated net of trade discounts.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

JOHN FINLAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
	Payments received under operating leases are recognised as income over the lease term on a straight-line basis.

JOHN FINLAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2023		2022
	Average number of employees								3		3
5	DEBTORS
									2023		2022
									£		£
	Other debtors								11		11
6	CREDITORS: Amounts falling due within one year
									2023		2022
									£		£
	Bank loans and overdrafts								1,553		1,538
	Trade creditors								-		996
	Accruals and deferred income								800		1,000
	Other creditors								7,059		3,581
									9,412		7,115

JOHN FINLAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
7	CREDITORS: Amounts falling due after more than one year
									2023		2022
									£		£
	Bank loans and overdrafts								3,910		5,506
8	CONTINGENCIES AND COMMITMENTS
									Not provided
	Deferred Tax Assets								2023		2022
									£		£
	Losses								1,878		1,667
	Balance carried forward								1,878		1,667
	Other Commitments
	Amounts falling due under operating leases:								2023		2022
									£		£
	In less than one year								32,000		32,000
	In more than one but less than five years								128,000		128,000
	In more than five years								158,597		190,597
									318,597		350,597
9	RELATED PARTY TRANSACTIONS
	During the year, the following transactions with related parties took place:
	The Marlborough Arms Ltd
	Company under common control								2023		2022
									£		£
	Loan account with The Marlborough Arms Ltd		Amount owed to related party						7,059		3,581