Fine Consult Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01326580 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

FINE CONSULT LIMITED

Page

Abbreviated Balance Sheet

1

to

2

Notes to the Abbreviated Accounts

3

to

5

FIXED ASSETS

Tangible assets

2

906,211

967,846

CURRENT ASSETS

Debtors

68,746

52,782

Cash at bank

45,639

8,938

114,385

61,720

CREDITORS

Amounts falling due within one year

42,067

33,052

NET CURRENT ASSETS

72,318

28,668

TOTAL ASSETS LESS CURRENT
LIABILITIES

978,529

996,514

CREDITORS

Amounts falling due after more than one
year

3

166,421

175,122

NET ASSETS

812,108

821,392

CAPITAL AND RESERVES

Called up share capital

4

81,000

Revaluation reserve

543,698

606,119

Capital redemption reserve

19,000

Profit & loss account

168,410

115,273

SHAREHOLDERS' FUNDS

812,108

821,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 30 August 2016 and were signed by:

Mr J J Fine - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period.

The total turnover of the company for the year has been derived from its principal activity wholly

undertaken in the UK.

Tangible fixed assets

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

Freehold property

-

Nil

Office equipment

-

20% straight line

The freehold property, which is investment property, is included in the balance sheet at open market

value.

Depreciation is not provided on investment properties. This treatment may be a departure from the

requirements of the Companies Act concerning depreciation of fixed assets. However, the property is

not held for consumption but for investment and the director considers that systematic annual

depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the

accounts to give a true and fair view. Depreciation or amortisation is only one of the many factors

reflected in the annual valuation and the amount which might otherwise have been shown cannot be

separately identified or quantified.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

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 the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

969,570

Additions

1,354

Impairments

(62,421

)

At 31 March 2016

908,503

DEPRECIATION

At 1 April 2015

1,724

Charge for year

568

At 31 March 2016

2,292

NET BOOK VALUE

At 31 March 2016

906,211

At 31 March 2015

967,846

3.

CREDITORS

Creditors include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

129,264

135,611

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

81,000

Ordinary Shares

£1

81,000

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

Mr J J Fine

Balance outstanding at start of year

30,194

90,986

Amounts advanced

56,812

82,663

Amounts repaid

(32,000

)

(143,455

)

Balance outstanding at end of year

55,006

30,194

Interest has been calculated on a daily basis on the above debt based on the official interest rate for

beneficial loan arrangements as specified by HM Revenue and Customs (3%).

The following amounts were advanced to Mr J J Fine and Mrs J M Fine during the period:

£

1 x £10,000

10,000

6 x £5,600

33,600

1 x £5,000

5,000

2 x £2,700

5,400

1 x £900

900

Overdrawn loan account interest

1,449

Various advances of less than £100

463

56,812

The following amounts were repaid by Mr J J Fine and Mrs J M Fine during the period:

£

1 x £32,000

32,000