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Registration number: 03583177

Fieldcross Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Fieldcross Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Fieldcross Properties Limited

Company Information

Director

Mr S McIntyre

Registered office

15 Fenwick Street
Liverpool
L2 7LS

Accountants

EKWilliams Accountants Limited
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

 

Fieldcross Properties Limited

(Registration number: 03583177)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

362,327

362,327

Current assets

 

Debtors

5

228,787

25,409

Cash at bank and in hand

 

65,306

299,378

 

294,093

324,787

Creditors: Amounts falling due within one year

6

(542,782)

(548,977)

Net current liabilities

 

(248,689)

(224,190)

Total assets less current liabilities

 

113,638

138,137

Creditors: Amounts falling due after more than one year

6

(38,389)

(41,458)

Net assets

 

75,249

96,679

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

27,000

27,000

Retained earnings

48,247

69,677

Shareholders' funds

 

75,249

96,679

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 October 2023
 

.........................................
Mr S McIntyre
Director

 

Fieldcross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 Fenwick Street
Liverpool
L2 7LS
England

These financial statements were authorised for issue by the director on 19 October 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Fieldcross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Freehold property

Nil

Investment property

The investment property held in the accounts has initially been accounted for at cost and subsequently revalued at the market cost by the director.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Fieldcross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 July 2022

362,327

362,327

At 30 June 2023

362,327

362,327

Depreciation

Carrying amount

At 30 June 2023

362,327

362,327

At 30 June 2022

362,327

362,327

The director has confirmed that the value of the investment property held in the accounts is correctly valued at market value.

The investment properties include a revalutaion totalling £27,000 (2022: £27,000) with the original cost of the properties totalling £335,327 (2022: £335,327).

5

Debtors

2023
£

2022
£

Other debtors

 

228,787

-

Prepayments

 

-

56

Deferred tax assets

-

25,353

 

228,787

25,409

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

541,042

541,080

Accruals and deferred income

 

1,740

1,710

Other creditors

 

-

6,187

 

542,782

548,977

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £541,042 (2022 - £541,080).

 

Fieldcross Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

38,389

41,458

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £38,389 (2022 - £41,458).