REGISTERED NUMBER: |
C & L FAIRBURN PROPERTY DEVELOPMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
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 |
Revaluation reserve |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
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 |
Plant and machinery | - |
Helicopter | - |
Computer equipment | - |
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 |
3. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
Revaluations | 92,615 |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
Between one and five years |
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 |
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 |
Revaluation gain | 73,526 | 38,021 |
292,252 | 168,505 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Accelerated capital allowances | 123,747 |
Balance at 30 June 2023 |