Caseware UK (AP4) 2022.0.179 2022.0.179 false2022-04-01No description of principal activity66truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02263007 2022-04-01 2023-03-31 02263007 2021-04-01 2022-03-31 02263007 2023-03-31 02263007 2022-03-31 02263007 c:Director1 2022-04-01 2023-03-31 02263007 d:PlantMachinery 2022-04-01 2023-03-31 02263007 d:PlantMachinery 2023-03-31 02263007 d:PlantMachinery 2022-03-31 02263007 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02263007 d:MotorVehicles 2022-04-01 2023-03-31 02263007 d:MotorVehicles 2023-03-31 02263007 d:MotorVehicles 2022-03-31 02263007 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02263007 d:OfficeEquipment 2022-04-01 2023-03-31 02263007 d:OfficeEquipment 2023-03-31 02263007 d:OfficeEquipment 2022-03-31 02263007 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02263007 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02263007 d:CurrentFinancialInstruments 2023-03-31 02263007 d:CurrentFinancialInstruments 2022-03-31 02263007 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02263007 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02263007 d:ShareCapital 2023-03-31 02263007 d:ShareCapital 2022-03-31 02263007 d:RetainedEarningsAccumulatedLosses 2023-03-31 02263007 d:RetainedEarningsAccumulatedLosses 2022-03-31 02263007 c:FRS102 2022-04-01 2023-03-31 02263007 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02263007 c:FullAccounts 2022-04-01 2023-03-31 02263007 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02263007 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 02263007










FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 March 2023

 
FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED
Registered number: 02263007

STATEMENT OF FINANCIAL POSITION
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
72,547
95,696

  
72,547
95,696

Current assets
  

Stocks
  
243,225
115,655

Debtors: amounts falling due within one year
 5 
384,553
403,895

Cash at bank and in hand
  
371,108
210,800

  
998,886
730,350

Creditors: amounts falling due within one year
 6 
(889,308)
(639,980)

Net current assets
  
 
 
109,578
 
 
90,370

Total assets less current liabilities
  
182,125
186,066

Provisions for liabilities
  

Deferred tax
  
(18,137)
(23,924)

  
 
 
(18,137)
 
 
(23,924)

Net assets
  
163,988
162,142


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
163,888
162,042

  
163,988
162,142


Page 1

 
FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED
Registered number: 02263007
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 March 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






P M Ashley
Director

Date: 18 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

1.


General information

Fairways Engineering (Electrical) Limited (02263007), is a private company limited by shares. It is  incorporated in England & Wales. The registered office is 7 Minster Court, Tuscam Way, Camberley, Surrey, GU15 5YY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless
Page 5

 
FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
438
116,945
51,887
169,270


Additions
-
-
1,213
1,213



At 31 March 2023

438
116,945
53,100
170,483



Depreciation


At 1 April 2022
438
26,970
46,166
73,574


Charge for the year on owned assets
-
22,494
1,868
24,362



At 31 March 2023

438
49,464
48,034
97,936



Net book value



At 31 March 2023
-
67,481
5,066
72,547



At 31 March 2022
-
89,975
5,721
95,696

Page 6

 
FAIRWAYS ENGINEERING (ELECTRICAL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2023

5.


Debtors

2023
2022
£
£


Trade debtors
328,770
358,979

Other debtors
48,227
39,919

Prepayments and accrued income
7,556
4,997

384,553
403,895



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
302,708
273,911

Corporation tax
89,405
64,160

Other taxation and social security
20,918
37,780

Other creditors
436,730
258,661

Accruals and deferred income
39,547
5,468

889,308
639,980


 
Page 7