Finmore Ltd - Period Ending 2016-03-31

Registration number: 07128537

Finmore Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Moneypad Limited
Chartered certified accountants
Queen Anne House
Bridge Road
Bagshot
Surrey
GU19 5AT

Finmore Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Finmore Ltd
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Finmore Ltd for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html .

This report is made solely to the Board of Directors of Finmore Ltd, as a body, in accordance with the terms of our engagement letterdated 18 December 2014. Our work has been undertaken solely to prepare for your approval the accounts of Finmore Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finmore Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Finmore Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Finmore Ltd. You consider that Finmore Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Finmore Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Moneypad Limited
Chartered certified accountants
Queen Anne House
Bridge Road
Bagshot
Surrey
GU19 5AT

24 November 2016

Page 1

Finmore Ltd
(Registration number: 07128537)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					195			45,571
Current assets
Debtors		3			211,047			264,718
Cash at bank and in hand					25,219			3,638
					236,266			268,356
Creditors: Amounts falling due within one year					(64,619)			(183,799)
Net current assets					171,647			84,557
Total assets less current liabilities					171,842			130,128
Creditors: Amounts falling due after more than one year					(191,646)			(154,452)
Net liabilities					(19,804)			(24,324)
Capital and reserves
Called up share capital		5			3			3
Profit and loss account					(19,807)			(24,327)
Shareholders' deficit					(19,804)			(24,324)

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 24 November 2016

.........................................
Mr Kenneth Charles Gunbie
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Finmore Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

After making enquiries and reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director considers the going concern basis to be appropriate and continues to adopt this basis in preparing the annual report and financial statements.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers. Total turnover derives from the provision of goods falling within the company's ordinary activities and is wholly attributable to the UK.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	20% and 25% reducing balance
Motor Vehicles	25% reducing balance

Deferred tax

Full provision is made for deferred taxation to take account of timing differences between the incidence of income and expenditure for taxation and accounting purposes. Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Lease payments receivable are apportioned between repayments of capital and interest so as to give a constant periodic rate of return on the net cash investment in the lease.

Page 3

Finmore Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		73,787			73,787
Disposals		(73,334)			(73,334)
At 31 March 2016		453			453
Depreciation
At 1 April 2015		28,216			28,216
Charge for the year		66			66
Eliminated on disposals		(28,024)			(28,024)
At 31 March 2016		258			258
Net book value
At 31 March 2016		195			195
At 31 March 2015		45,571			45,571

3

Debtors

Debtors includes £86,280 (2015 - £157,124) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 4

Finmore Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		52,807			135,584
Amounts falling due after more than one year		101,646			154,452
Total secured creditors		154,453			290,036

5	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		3			3			3			3

Page 5