Fairfield Place Limited
Unaudited Financial Statements
For the year ended 31 August 2022
For Filing with Registrar
Company Registration No. 10337658 (England and Wales)
Fairfield Place Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Fairfield Place Limited
Balance Sheet
As at 31 August 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,509
4,679
Investments
5
100
100
3,609
4,779
Current assets
Stock
6
2,788,243
2,788,243
Debtors
7
27,500
Cash at bank and in hand
1,688
17,808
2,817,431
2,806,051
Creditors: amounts falling due within one year
8
(3,602,691)
(3,598,927)
Net current liabilities
(785,260)
(792,876)
Total assets less current liabilities
(781,651)
(788,097)
Creditors: amounts falling due after more than one year
9
(32,037)
(23,775)
Provisions for liabilities
(889)
(889)
Net liabilities
(814,577)
(812,761)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(814,677)
(812,861)
Total equity
(814,577)
(812,761)
Fairfield Place Limited
Balance Sheet (Continued)
As at 31 August 2022
Page 2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 October 2023
R Campbell
Director
Company Registration No. 10337658
Fairfield Place Limited
Notes to the Financial Statements
For the year ended 31 August 2022
Page 3
1
Accounting policies
Company information
Fairfield Place Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company has net liabilities of £814,577 (2021: £812,761), however included within this is amounts payable to a group company of £1,490,521 (2021: £1,490,521). The director has confirmed that this amount will not be called upon for at least 12 months from the date of approval of these financial statements. The director has also confirmed that he will provide financial support to the company if required to ensure the company can meet its liabilities as they fall due. Therefore, the accounts have been prepared on a going concern basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Fairfield Place Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2022
1
Accounting policies
(Continued)
Page 4
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Fairfield Place Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2022
1
Accounting policies
(Continued)
Page 5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
Fairfield Place Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2022
Page 6
3
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
(297)
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2021 and 31 August 2022
9,095
Depreciation and impairment
At 1 September 2021
4,416
Depreciation charged in the year
1,170
At 31 August 2022
5,586
Carrying amount
At 31 August 2022
3,509
At 31 August 2021
4,679
5
Fixed asset investments
2022
2021
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2021 & 31 August 2022
100
Carrying amount
At 31 August 2022
100
At 31 August 2021
100
Fairfield Place Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2022
Page 7
6
Stock
2022
2021
£
£
Stock
2,788,243
2,788,243
A mortgage is held by Fairfield Place Investments Limited over each of the properties owned by the company. All the properties are held in stock as the director's intention is to sell these properties in the next 12 months.
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
27,500
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,873
5,728
Trade creditors
51,638
52,124
Amounts owed to group undertakings
3,529,174
3,529,174
Other creditors
16,006
11,901
3,602,691
3,598,927
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
32,037
23,775
10
Called up share capital
2022
2021
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
Fairfield Place Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2022
Page 8
11
Related party transactions
As at 31 August 2022, Campbelltomato Limited, a company under common control, had provided the company finance loans of £1,490,521 (2021 - £1,490,521).
As at 31 August 2021, an amount of £11,246 (2021: £8,551) is owed to the director of the company.