IRIS Accounts Production v23.3.1.45 06903054 Board of Directors 1.7.22 30.6.23 30.6.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh069030542022-06-30069030542023-06-30069030542022-07-012023-06-30069030542021-06-30069030542021-07-012022-06-30069030542022-06-3006903054ns10:Originalns15:EnglandWales2022-07-012023-06-3006903054ns14:PoundSterlingns10:Original2022-07-012023-06-3006903054ns10:Originalns10:Director12022-07-012023-06-3006903054ns10:Original2022-07-012023-06-3006903054ns10:Original2023-06-3006903054ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3006903054ns10:Originalns10:SmallEntities2022-07-012023-06-3006903054ns10:Originalns10:AuditExempt-NoAccountantsReport2022-07-012023-06-3006903054ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3006903054ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3006903054ns10:Originalns10:AbridgedAccounts2022-07-012023-06-3006903054ns10:Originalns10:Director22022-07-012023-06-3006903054ns10:CompanySecretary1ns10:Original2022-07-012023-06-3006903054ns10:Originalns10:RegisteredOffice2022-07-012023-06-3006903054ns10:Original2022-06-3006903054ns10:Originalns5:CurrentFinancialInstruments2023-06-3006903054ns10:Originalns5:CurrentFinancialInstruments2022-06-3006903054ns10:Originalns5:Non-currentFinancialInstruments2023-06-3006903054ns10:Originalns5:Non-currentFinancialInstruments2022-06-3006903054ns5:ShareCapitalns10:Original2023-06-3006903054ns5:ShareCapitalns10:Original2022-06-3006903054ns10:Originalns5:RevaluationReserve2023-06-3006903054ns10:Originalns5:RevaluationReserve2022-06-3006903054ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-06-3006903054ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-06-3006903054ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3006903054ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3006903054ns10:Originalns5:PlantMachinery2022-07-012023-06-3006903054ns10:Originalns5:MotorVehicles2022-07-012023-06-3006903054ns10:Originalns5:ComputerEquipment2022-07-012023-06-3006903054ns10:Original2021-07-012022-06-3006903054ns10:Original2022-06-3006903054ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3006903054ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3006903054ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-06-3006903054ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-06-3006903054ns10:Originalns5:HirePurchaseContracts2023-06-3006903054ns10:Originalns5:HirePurchaseContracts2022-06-3006903054ns5:Securedns10:Original2023-06-3006903054ns5:Securedns10:Original2022-06-3006903054ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2023-06-3006903054ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2022-06-3006903054ns10:Originalns5:DeferredTaxation2022-06-3006903054ns10:Originalns5:DeferredTaxation2023-06-30
REGISTERED NUMBER: 06903054 (England and Wales)












C & L FAIRBURN PROPERTY DEVELOPMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


C & L FAIRBURN PROPERTY DEVELOPMENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: C J Fairburn
Mrs L M Fairburn





SECRETARY: Mrs L M Fairburn





REGISTERED OFFICE: 1 Eastgate
Louth
United Kingdom
Lincolnshire
LN11 9NB





REGISTERED NUMBER: 06903054 (England and Wales)





ACCOUNTANTS: Dexter & Sharpe (Louth)
Chartered Certified Accountants
1 Eastgate
Louth
United Kingdom
Lincolnshire
LN11 9NB

C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

ABRIDGED BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 1,055,795 1,031,676
Investments 4 197,423 197,423
Investment property 5 2,288,019 2,195,404
3,541,237 3,424,503

CURRENT ASSETS
Stocks 3,659,431 3,749,189
Debtors 39,457 174,446
Cash at bank 486,245 -
4,185,133 3,923,635
CREDITORS
Amounts falling due within one year 2,279,457 2,801,486
NET CURRENT ASSETS 1,905,676 1,122,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,446,913

4,546,652

CREDITORS
Amounts falling due after more than one year (2,203,389 ) (2,392,902 )

PROVISIONS FOR LIABILITIES 8 (292,252 ) (168,505 )
NET ASSETS 2,951,272 1,985,245

C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

ABRIDGED BALANCE SHEET - continued
30 JUNE 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9,339 10,086
Fair value reserve 244,651 186,794
Retained earnings 2,697,182 1,788,265
SHAREHOLDERS' FUNDS 2,951,272 1,985,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:





C J Fairburn - Director


C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income from the sale of property is recognised upon completion of the sale, when the risks and rewards of the property have been passed on. Any amounts received in advance are treated as deferred income until completion,

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Helicopter - 10% on cost
Computer equipment - Straight line over 3 years

Investment property
Investment property is shown at fair value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement, before a reserve transfer is made to move it to the fair value reserve, which is undistributable.

Stock and work in progress
Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

3. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 July 2022 1,560,694
Additions 391,824
Disposals (296,562 )
At 30 June 2023 1,655,956
DEPRECIATION
At 1 July 2022 529,018
Charge for year 197,886
Eliminated on disposal (126,743 )
At 30 June 2023 600,161
NET BOOK VALUE
At 30 June 2023 1,055,795
At 30 June 2022 1,031,676

C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. TANGIBLE FIXED ASSETS - continued

In the year to 30 June 2021, the directors, Mr & Mrs Fairburn chose to revalue the helicopter to its open market value at that date of £470,000, this increased its value by £12,542.

Cost or valuation at 30 June 2023 is represented by:

Totals
£   
Valuation in 2021 12,452
Cost 1,643,504
1,655,956

If the helicopter had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 504,834 504,834
Aggregate depreciation 148,253 97,770

The helicopter was valued on an open market basis on 30 June 2023 by the directors, Mr & Mrs Fairburn .

C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST OR VALUATION
At 1 July 2022 1,082,742
Additions 293,555
Disposals (203,995 )
Transfer to ownership (73,000 )
At 30 June 2023 1,099,302
DEPRECIATION
At 1 July 2022 332,895
Charge for year 130,655
Eliminated on disposal (107,453 )
Transfer to ownership (48,139 )
At 30 June 2023 307,958
NET BOOK VALUE
At 30 June 2023 791,344
At 30 June 2022 749,847

4. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Cost/valuation 197,423 -
Additions - 736,469
Disposals - (539,046 )
197,423 197,423

C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 2,195,404
Revaluations 92,615
At 30 June 2023 2,288,019
NET BOOK VALUE
At 30 June 2023 2,288,019
At 30 June 2022 2,195,404

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2015 21,337
Valuation in 2013 49,208
Valuation in 2020 151,905
Valuation in 2023 92,615
Cost 1,972,954
2,288,019

If the investment properties had not been revalued the would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,972,954 1,972,954

The investment properties were valued on an open market basis on 30 June 2023 by the Directors, Mr & Mrs Fairburn .

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 141,588 135,774
Between one and five years 602,177 578,441
743,765 714,215

C & L FAIRBURN PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 06903054)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,706,401 2,041,408

The bank have taken security on the outstanding loans by way of a charge against various freehold properties owned by the Company.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 218,726 130,484
Revaluation gain 73,526 38,021
292,252 168,505

Deferred
tax
£   
Balance at 1 July 2022 168,505
Accelerated capital allowances 123,747
Balance at 30 June 2023 292,252