Registered number
09347419
Fairchild Print Limited
Filleted Accounts
31 December 2023
Fairchild Print Limited
Registered number: 09347419
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 32,924 19,406
Current assets
Stocks 14,000 10,000
Debtors 4 13,677 14,380
Cash at bank and in hand 165,059 14,179
192,736 38,559
Creditors: amounts falling due within one year 5 (80,077) (49,097)
Net current assets/(liabilities) 112,659 (10,538)
Total assets less current liabilities 145,583 8,868
Creditors: amounts falling due after more than one year 6 (141,556) -
Net assets 4,027 8,868
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,927 8,768
Shareholders' funds 4,027 8,868
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Evren GUNES
Director
Approved by the board on 8 February 2024
Fairchild Print Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 56,788 6,300 63,088
Additions 21,750 - 21,750
At 31 December 2023 78,538 6,300 84,838
Depreciation
At 1 January 2023 40,608 3,074 43,682
Charge for the year 7,586 646 8,232
At 31 December 2023 48,194 3,720 51,914
Net book value
At 31 December 2023 30,344 2,580 32,924
At 31 December 2022 16,180 3,226 19,406
4 Debtors 2023 2022
£ £
Trade debtors 8,337 7,853
Other debtors 5,340 6,527
13,677 14,380
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,623 298
Taxation and social security costs 1,229 10,065
Other creditors 74,225 38,734
80,077 49,097
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 141,556 -
7 Controlling party
Company director Mr GUNES holds 50 originary shares and Mr Ali Haydar GUDER owns 50 ordinay shares out of all issued share capital.
8 Other information
Fairchild Print Limited is a private company limited by shares and incorporated in England. Its registered office is:
8 Clock House Parade
North Circular Road
London
N13 6BG
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