Year Ended
Registration number:
Finisterre UK Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Finisterre UK Limited
Balance Sheet
31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
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Total equity |
( |
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Page 1 |
Finisterre UK Limited
Balance Sheet
31 December 2018
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04444480
Page 2 |
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The business address is the same as the registered office address although the entity operates shops across various locations in the UK.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors have prepared the financial statements on a going concern basis, on the understanding that Fitzroy Apparel Limited (the company's immediate parent) will continue to provide financial support if, and when it is required and, accordingly, the financial statements do not include any adjustments that would result if this support were not forthcoming.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Government grants
Grants received for capital expenditure have been deducted from the purchase price of the related asset, with a consequent reduction in the annual charge for depreciation.
Page 3 |
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Foreign currency transactions and balances
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
20% straight line |
Fixtures, fittings & equipment |
20-25% straight line |
Motor vehicles |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
3 years |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 4 |
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances
All financial instruments are classified as basic.
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Website |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions acquired separately |
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- |
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At 31 December 2018 |
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Amortisation |
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At 1 January 2018 |
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Amortisation charge |
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- |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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- |
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At 31 December 2017 |
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- |
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Page 5 |
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Tangible assets |
Leasehold property improvements |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2018 |
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- |
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Additions |
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Disposals |
( |
( |
- |
( |
At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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- |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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- |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Page 6 |
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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- |
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Accrued expenses |
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Corporation tax |
2,983 |
- |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Other borrowings |
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Finance lease liabilities |
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- |
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2018 |
2017 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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- |
Other borrowings |
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- |
Amount owed to group undertakings |
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- |
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- |
Security on finance lease liabilities is provided against the assets to which they relate.
Security on £769,557 (2017: £Nil) of other borrowings is provided by fixed and floating charges over the assets of the company.
Page 7 |
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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379.30 |
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379.30 |
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5,057,073 |
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5,057,073 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Advances to directors |
2018 |
At 1 January 2018 |
Advances to director |
Repayments by director |
At 31 December 2018 |
Director 1 |
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Interest free and repayable on demand |
9,177 |
- |
- |
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2017 |
At 1 January 2017 |
Advances to director |
Repayments by director |
At 31 December 2017 |
Director 1 |
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Interest free and repayable on demand |
4,542 |
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( |
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Page 8 |