Finest Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08295513 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2017

for

Finest Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs D Longmore

J R Eve

REGISTERED OFFICE:

16a Crossways

Market Place

Corbridge

Northumberland

NE45 5AW

REGISTERED NUMBER:

08295513 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Tangible assets

5

42,123

442

CURRENT ASSETS

Debtors

6

106,699

104,346

Cash at bank and in hand

52,860

343

159,559

104,689

CREDITORS

Amounts falling due within one year

7

131,931

90,028

NET CURRENT ASSETS

27,628

14,661

TOTAL ASSETS LESS CURRENT LIABILITIES

69,751

15,103

CREDITORS

Amounts falling due after more than one year

8

(32,908

)

-

PROVISIONS FOR LIABILITIES

(936

)

-

NET ASSETS

35,907

15,103

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

35,807

15,003

SHAREHOLDERS' FUNDS

35,907

15,103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 31 August 2018 and were signed on its behalf by:

Mrs D Longmore - Director

1.	STATUTORY INFORMATION

Finest Properties 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sale of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

Transition to frs 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st December 2015. Details of how FRS 102

has affected the reported financial position and financial performance is given in the notes to the financial

statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 December 2016

1,280

-

3,608

4,888

Additions

4,584

45,365

1,312

51,261

At 30 November 2017

5,864

45,365

4,920

56,149

DEPRECIATION

At 1 December 2016

1,173

-

3,273

4,446

Charge for year

616

8,505

459

9,580

At 30 November 2017

1,789

8,505

3,732

14,026

NET BOOK VALUE

At 30 November 2017

4,075

36,860

1,188

42,123

At 30 November 2016

107

-

335

442

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

45,365

At 30 November 2017

45,365

DEPRECIATION

Charge for year

8,505

At 30 November 2017

8,505

NET BOOK VALUE

At 30 November 2017

36,860

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

91,780

92,512

Other debtors

14,919

11,834

106,699

104,346

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans and overdrafts

-

11,764

Hire purchase contracts

7,882

-

Trade creditors

23,009

18,653

Taxation and social security

54,174

37,085

Other creditors

46,866

22,526

131,931

90,028

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Hire purchase contracts

32,908

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.17

30.11.16

£

£

Hire purchase contracts

40,790

-

The HP liability is secured over the asset to which it relates, and is also secured by a personal guarantee from

the director Mr. John Eve.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.17

30.11.16

value:

£

£

100

Ordinary

£1

100

100

11.	OTHER FINANCIAL COMMITMENTS

At the 30 November 2017 there were total leasing commitments of £20,588.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2017 and

30 November 2016:

30.11.17

30.11.16

£

£

J R Eve

Balance outstanding at start of year

7,311

-

Amounts advanced

43,337

7,311

Amounts repaid

(50,648

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

7,311

Loans to the directors are interest free and repayable on demand.

13.	TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st

December 2015.

No transitional adjustments were required in equity or profit or loss for the year.