Registered number
10588744
FAIRDEAL (BRADFORD) LTD
Unaudited Filleted Accounts
31 January 2024
FAIRDEAL (BRADFORD) LTD
Registered number: 10588744
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,577,343 1,586,945
Current assets
Stocks 227,475 150,475
Debtors 4 11,331 21,976
Cash at bank and in hand 121,819 274,233
360,625 446,684
Creditors: amounts falling due within one year 5 (608,413) (461,256)
Net current liabilities (247,788) (14,572)
Total assets less current liabilities 1,329,555 1,572,373
Creditors: amounts falling due after more than one year 6 (548,311) (802,527)
Net assets 781,244 769,846
Capital and reserves
Called up share capital 50 50
Profit and loss account 781,194 769,796
Shareholder's funds 781,244 769,846
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Asif Khan
Director
Approved by the board on 8 March 2024
FAIRDEAL (BRADFORD) LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 1,538,936 93,000 1,631,936
At 31 January 2024 1,538,936 93,000 1,631,936
Depreciation
At 1 February 2023 - 44,991 44,991
Charge for the year - 9,602 9,602
At 31 January 2024 - 54,593 54,593
Net book value
At 31 January 2024 1,538,936 38,407 1,577,343
At 31 January 2023 1,538,936 48,009 1,586,945
4 Debtors 2024 2023
£ £
Trade debtors - 10,069
VAT debtors 11,331 11,907
11,331 21,976
5 Creditors: amounts falling due within one year 2024 2023
£ £
Director's account 28,615 28,615
Trade creditors 536,695 339,204
Corporation tax 11,915 77,085
Other taxes and social security costs 28,537 13,751
Accountant accruals 2,651 2,601
608,413 461,256
6 Creditors: amounts falling due after one year 2024 2023
£ £
Investments 245,953 336,070
Private Loans 302,358 466,457
548,311 802,527
7 Related party transactions
The credit balance on the director's loan account at the year end was £28,615 (2023:£28,615). Mr Asif Khan received a dividend from the company at end of year was £1,000 (2023:£2,000).
8 Controlling party
The director is the ultimate controlling party.
9 Other information
FAIRDEAL (BRADFORD) LTD is a private company limited by shares and incorporated in England. Its registered office is:
Carter Gear Works
Thornbury Road
Bradford
West Yorkshire
BD3 8HE
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