Registered number
11248849
Fagins Old Town Limited
Filleted Accounts
31 March 2024
Fagins Old Town Limited
Registered number: 11248849
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 12,554 13,544
Current assets
Stocks 6,007 4,655
Debtors 5 - 3,265
Cash at bank and in hand 29,886 5,222
35,893 13,142
Creditors: amounts falling due within one year 6 (173,869) (177,377)
Net current liabilities (137,976) (164,235)
Net liabilities (125,422) (150,691)
Capital and reserves
Called up share capital 100 100
Profit and loss account (125,522) (150,791)
Shareholders' funds (125,422) (150,691)
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.
P Piggott
Director
Approved by the board on 23 April 2024
Fagins Old Town Limited
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery @ 25% RB
Fixtures, fittings, tools and equipment @ 25% RB
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 2,332
At 31 March 2024 2,332
Amortisation
At 1 April 2023 2,332
At 31 March 2024 2,332
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 15,868 33,520 49,388
Additions - 285 285
At 31 March 2024 15,868 33,805 49,673
Depreciation
At 1 April 2023 3,966 31,878 35,844
Charge for the year 793 482 1,275
At 31 March 2024 4,759 32,360 37,119
Net book value
At 31 March 2024 11,109 1,445 12,554
At 31 March 2023 11,902 1,642 13,544
5 Debtors 2024 2023
£ £
Other debtors - 3,265
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,309 3,036
Amounts owed to group undertakings and undertakings in which the company has a participating interest 148,863 155,810
Taxation and social security costs 11,432 16,258
Other creditors 2,265 2,273
173,869 177,377
7 Other information
Fagins Old Town Limited is a private company limited by shares and incorporated in England. Its registered office is:
71 George Street
Hastings
TN34 3EE
Fagins Old Town Limited 11248849 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 P Piggott No description of principal activity 11248849 2022-04-01 2023-03-31 11248849 core:WithinOneYear 2023-03-31 11248849 core:ShareCapital 2023-03-31 11248849 core:RetainedEarningsAccumulatedLosses 2023-03-31 11248849 2023-04-01 2024-03-31 11248849 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11248849 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11248849 bus:Director40 2023-04-01 2024-03-31 11248849 core:LandBuildings 2023-04-01 2024-03-31 11248849 core:PlantMachinery 2023-04-01 2024-03-31 11248849 countries:England 2023-04-01 2024-03-31 11248849 bus:FRS102 2023-04-01 2024-03-31 11248849 bus:FilletedAccounts 2023-04-01 2024-03-31 11248849 2024-03-31 11248849 core:WithinOneYear 2024-03-31 11248849 core:ShareCapital 2024-03-31 11248849 core:RetainedEarningsAccumulatedLosses 2024-03-31 11248849 core:Goodwill 2024-03-31 11248849 core:LandBuildings 2024-03-31 11248849 core:PlantMachinery 2024-03-31 11248849 2023-03-31 11248849 core:Goodwill 2023-03-31 11248849 core:LandBuildings 2023-03-31 11248849 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure