Finchale Estates Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09112123 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FINCHALE ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Holloway

D M Armstrong

R W Ribchester

REGISTERED OFFICE:

Finchale House

Belmont Business Park

Durham

Durham

DH1 1TW

REGISTERED NUMBER:

09112123 (England and Wales)

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

582,500

582,500

582,500

582,500

CURRENT ASSETS

Debtors

6

-

676

Cash at bank

52,652

49,681

52,652

50,357

CREDITORS

Amounts falling due within one year

7

61,027

59,207

NET CURRENT LIABILITIES

(8,375

)

(8,850

)

TOTAL ASSETS LESS CURRENT LIABILITIES

574,125

573,650

CREDITORS

Amounts falling due after more than one year

8

(239,770

)

(282,228

)

PROVISIONS FOR LIABILITIES

(23,438

)

(23,438

)

NET ASSETS

310,917

267,984

CAPITAL AND RESERVES

Called up share capital

10

30

30

Retained earnings

310,887

267,954

SHAREHOLDERS' FUNDS

310,917

267,984

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:

J D Holloway - Director

D M Armstrong - Director

R W Ribchester - Director

1.	STATUTORY INFORMATION

Finchale Estates 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 derives from the principal activity of the company which is that of property investment. Income from this activity is recognised in the profit and loss account when the company becomes entitled to it.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Investment property

Investment property is carried in the balance sheet at fair value in accordance with the requirements of FRS 102 (1A).

Financial instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, other loans, and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

525

DEPRECIATION

At 1 April 2022

and 31 March 2023

525

NET BOOK VALUE

At 31 March 2023

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

582,500

NET BOOK VALUE

At 31 March 2023

582,500

At 31 March 2022

582,500

The current investment property was acquired under an arm's length contract on 30 January 2015 for a price of £582,500. The directors consider that purchase price to remain the market value of the property at the balance sheet date.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

-

676

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

25,000

25,000

Taxation and social security

13,477

13,159

Other creditors

22,550

21,048

61,027

59,207

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

176,770

201,228

Other creditors

63,000

81,000

239,770

282,228

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

76,770

101,228

Other creditors due

after 5 years

-

9,000

76,770

110,228

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

201,770

226,228

Other creditors

81,000

99,000

282,770

325,228

The bank loan is secured by a fixed charge over the company's investment property, supported by a loan guarantee from a company under common management and control.

Other creditors are secured by way of a collective second charge over the company's investment property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

30

Ordinary

£1.00

30

30