Year Ended
Registration number:
Finisterre UK Limited
Balance Sheet
31 December 2019
Note |
2019 |
(As restated) |
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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 |
( |
( |
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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 |
( |
( |
Finisterre UK Limited
Balance Sheet
31 December 2019
For the financial year ending 31 December 2019 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
......................................... |
Company Registration Number: 04444480
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
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.
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Changes in accounting estimate
Depreciation on motor vehicles
To better estimate useful economic life, motor vehicles is now being depreciated over 4 years straight line. Previously this was estimated on a 25% reducing balance basis.
Prior period errors
Turnover was erroneously included for goods ordered which had not been dispatched by the year end.
Relating to the current period disclosed in these financial statements |
Relating to the prior period disclosed in these financial statements |
Relating to periods before the prior period disclosed in these financial statements |
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Turnover |
- |
(141,884) |
- |
Debtors |
- |
(64,805) |
- |
Creditors |
- |
77,079 |
- |
Retained earnings |
- |
(141,884) |
- |
Financial commitments were overstated as break dates in lease agreements were not factored in when calculating them.
Financial commitments in the previous year have been recalculated to £985,070 and were originally £1,787,882.
Marketing costs were erroniously posted to the director's loan account
Relating to the current period disclosed in these financial statements |
Relating to the prior period disclosed in these financial statements |
Relating to periods before the prior period disclosed in these financial statements |
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Marketing costs |
- |
6,386 |
- |
Director's loan account |
- |
(6,386) |
- |
Retained earnings |
- |
(6,386) |
- |
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
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
Government grants are recognised as income according to the “performance model” when they are receivable and all of the performance conditions imposed by the grant have been met.
Until such time that the performance conditions are met, government grants are recorded as deferred income on the balance sheet, included within creditors: amounts due within or after one year.
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 |
Motor vehicles |
25% straight line |
Fixtures, fittings & equipment |
20-25% straight line |
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.
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
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.
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
Derivatives
The company uses derivative financial instruments to reduce exposure to foreign exchange risk. The company does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately. The entity does not use hedge accounting.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Intangible assets |
Website |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions acquired separately |
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- |
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At 31 December 2019 |
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Amortisation |
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At 1 January 2019 |
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Amortisation charge |
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- |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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- |
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At 31 December 2018 |
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- |
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Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
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 2019 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Debtors |
2019 |
(As restated) |
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Other debtors |
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Prepayments |
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Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
(As restated) |
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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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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 |
2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
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HP and finance lease liabilities |
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2019 |
2018 |
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Non-current loans and borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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Amount owed to group undertakings |
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Security on finance lease liabilities is provided against the assets to which they relate.
Security on £808,757 (2018: £769,557) of other borrowings is provided by fixed and floating charges over the assets of the company.
Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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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 |
This loan is interest free and repayable on demand.
Advances to directors |
2019 |
At 1 January 2019 |
Advances to director |
Repayments by director |
At 31 December 2019 |
Director 1 |
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2,791 |
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- |
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2018 |
At 1 January 2018 |
Advances to director |
Repayments by director |
At 31 December 2018 |
Director 1 |
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2,791 |
- |
- |
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Finisterre UK Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Summary of transactions with parent
Loans from related parties
2019 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2018 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is Fitzroy Apparel Limited, incorporated in England and Wales. Fitzroy Apparel Limited is the most senior parent entity producing publicly available financial statements. These financial statements are available upon request from Companies House.
Fitzroy Apparel Limited does not have an ultimate controlling party.
Non adjusting events after the financial period |
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