REGISTERED NUMBER: |
Fairview Holiday Homes Limited |
Financial Statements for the Year Ended 31st May 2023 |
REGISTERED NUMBER: |
Fairview Holiday Homes Limited |
Financial Statements for the Year Ended 31st May 2023 |
Fairview Holiday Homes Limited (Registered number: 08575475) |
Contents of the Financial Statements |
for the year ended 31st May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Fairview Holiday Homes Limited |
Company Information |
for the year ended 31st May 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Fairview Holiday Homes Limited (Registered number: 08575475) |
Balance Sheet |
31st May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
Fairview Holiday Homes Limited (Registered number: 08575475) |
Balance Sheet - continued |
31st May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit & loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fairview Holiday Homes Limited (Registered number: 08575475) |
Notes to the Financial Statements |
for the year ended 31st May 2023 |
1. | STATUTORY INFORMATION |
Fairview Holiday Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation |
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives. |
The annual rates used are as follows: |
Land and buildings | 4% on cost |
Plant and machinery etc | 5% on cost, 10% on cost, 15% on cost, 33% on cost |
Current & deferred tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Fairview Holiday Homes Limited (Registered number: 08575475) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2023 |
2. | ACCOUNTING POLICIES - continued |
Loans & borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery | Totals |
£ | £ | £ | £ |
COST |
At 1st June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and accrued income |
Fairview Holiday Homes Limited (Registered number: 08575475) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Trade creditors |
Tax |
VAT | 3,734 | 11,338 |
Other creditors |
Accruals and deferred income |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other loans |
The company has been granted by PJR (Mile House) Limited a loan facility of £1.2m to be drawn on the request of the borrower. At 31 May 2023 the amount due to PJR (Mile House) Limited is £1,096,551 (2022 - £1,108,063). The loan is secured by a legal mortgage over the company's freehold and leasehold properties and is repayable on demand. Interest is paid at 1.70% over the base rate of Agricultural Mortgage Corporation for the first 10 years and 2.35% thereafter. |