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Company Registration No. 03961120 (England and Wales)
Fairburn Developments Limited Unaudited accounts for the year ended 31 March 2023
Fairburn Developments Limited Unaudited accounts Contents
Page
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Fairburn Developments Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
649 
743 
Investment property
4,849,583 
4,295,000 
Investments
10,000 
- 
4,860,232 
4,295,743 
Current assets
Debtors
15,324 
14,350 
Cash at bank and in hand
250,065 
335,242 
265,389 
349,592 
Creditors: amounts falling due within one year
(502,468)
(347,302)
Net current (liabilities)/assets
(237,079)
2,290 
Total assets less current liabilities
4,623,153 
4,298,033 
Creditors: amounts falling due after more than one year
(624,427)
(432,500)
Provisions for liabilities
Deferred tax
(437,543)
(437,561)
Net assets
3,561,183 
3,427,972 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
3,561,083 
3,427,872 
Shareholders' funds
3,561,183 
3,427,972 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2023 and were signed on its behalf by
Mr David Thornes Director Company Registration No. 03961120
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Fairburn Developments Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Fairburn Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 03961120. The registered office is 507 Thornton Road, Girlington, Bradford, West Yorkshire, BD8 9RB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance Basis
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover
Turnover represents amounts receivable in respect of rent.
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Fairburn Developments Limited Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2022
2,730 
Additions
20 
At 31 March 2023
2,750 
Depreciation
At 1 April 2022
1,987 
Charge for the year
114 
At 31 March 2023
2,101 
Net book value
At 31 March 2023
649 
At 31 March 2022
743 
5
Investment property
2023 
£ 
Fair value at 1 April 2022
4,295,000 
Additions
554,583 
At 31 March 2023
4,849,583 
The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Investments
Other investments 
£ 
Valuation at 1 April 2022
- 
Additions
10,000 
Valuation at 31 March 2023
10,000 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
10,535 
14,350 
Other debtors
4,789 
- 
15,324 
14,350 
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Fairburn Developments Limited Notes to the Accounts for the year ended 31 March 2023
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
8,000 
10,000 
Trade creditors
- 
3,265 
Taxes and social security
31,270 
33,447 
Other creditors
463,198 
300,590 
502,468 
347,302 
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
24,427 
32,500 
Other creditors
600,000 
400,000 
624,427 
432,500 
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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