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Registration number: 04636984

Fairlight Vehicles Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Fairlight Vehicles Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 12

 

Fairlight Vehicles Limited

Company Information

Directors

Mr Geoffrey Wooffitt

Mr John Wooffitt

Mr David Wooffitt

Company secretary

Mr John Wooffitt

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Fairlight Vehicles Limited

Directors' Report for the Year Ended 28 February 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Geoffrey Wooffitt

Mr John Wooffitt - Company secretary and director

Mr David Wooffitt

Principal activity

The principal activity of the company is the sale, scrap and maintenance of motor vehicles

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

.........................................
Mr Geoffrey Wooffitt
Director

.........................................
Mr John Wooffitt
Company secretary and director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fairlight Vehicles Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fairlight Vehicles Limited for the year ended 28 February 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Fairlight Vehicles Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fairlight Vehicles Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Fairlight Vehicles Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

16 November 2023

 

Fairlight Vehicles Limited

(Registration number: 04636984)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

433,162

146,661

Current assets

 

Stocks

5

175,000

220,500

Debtors

6

79,041

560

Cash at bank and in hand

 

24,953

41,027

 

278,994

262,087

Creditors: Amounts falling due within one year

7

(498,547)

(202,427)

Net current (liabilities)/assets

 

(219,553)

59,660

Total assets less current liabilities

 

213,609

206,321

Creditors: Amounts falling due after more than one year

7

(12,060)

(15,998)

Net assets

 

201,549

190,323

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

201,449

190,223

Shareholders' funds

 

201,549

190,323

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 November 2023 and signed on its behalf by:
 

.........................................
Mr Geoffrey Wooffitt
Director

 

Fairlight Vehicles Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

190,223

190,323

Profit for the year

-

11,226

11,226

At 28 February 2023

100

201,449

201,549

Share capital
£

Retained earnings
£

Total
£

At 1 March 2021

100

214,150

214,250

Loss for the year

-

(23,927)

(23,927)

At 28 February 2022

100

190,223

190,323

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the Board on 16 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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 taxable income.

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.

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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

Long leasehold

5% on cost

Improvements to property

10% on cost

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 7).

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

20,000

16,891

21,235

100,921

143,462

302,509

Revaluations

-

-

96,700

-

-

96,700

Additions

-

8,750

215,306

8,996

52,000

285,052

At 28 February 2023

20,000

25,641

333,241

109,917

195,462

684,261

Depreciation

At 1 March 2022

17,000

10,429

19,874

17,562

90,983

155,848

Charge for the year

1,000

3,803

54,167

10,162

26,119

95,251

At 28 February 2023

18,000

14,232

74,041

27,724

117,102

251,099

Carrying amount

At 28 February 2023

2,000

11,409

259,200

82,193

78,360

433,162

At 28 February 2022

3,000

6,462

1,361

83,359

52,479

146,661

Included within the net book value of land and buildings above is £2,000 (2022 - £3,000) in respect of long leasehold land and buildings.
 

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Other inventories

175,000

220,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

67,585

560

Prepayments

11,456

-

 

79,041

560

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,572

10,270

Taxation and social security

9,405

19,222

Other creditors

480,570

172,935

498,547

202,427

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

12,060

15,998

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,060

15,998

10

Related party transactions

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

57,200

57,200