Fairview Glazing Ltd


FINANCIAL STATEMENTS


for the year ended 31st October 2023



Fairview Glazing Ltd

CONTENTS

for the year ended 31st October 2023







The Accounts are comprised of the following:

Statement of Financial Position

Notes to the Accounts



Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.

Fairview Glazing Ltd

Company No. 09811857

STATEMENT OF FINANCIAL POSITION

as at 31st October 2023

20232022
Note£££
FIXED ASSETS
Property, plant and equipment451756468
51756468
CURRENT ASSETS
Stocks555017900
Cash at bank and in hand734312556
1284420456
CURRENT LIABILITIES
Creditors: amounts falling due
within one year61492723336
NET CURRENT LIABILITIES(2083)(2880)
TOTAL ASSETS LESS CURRENT LIABILITIES30923588
 
Creditors: amounts falling due
after more than one year--
 
Provisions for liabilities and charges
Deferred taxation16391639
 
NET ASSETS14531949
 
CAPITAL AND RESERVES
Called up share capital11
Retained earnings14521948
SHAREHOLDERS FUNDS14531949

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies which are subject to the small companies' regime. The Income Statement has not been delivered to the Registrar of Companies.

For the year ended 31st October 2023 the Company is entitled to the exemption from the requirement to obtain an audit conferred by section 477 of the Companies Act 2006 and 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.

Approved by the Board on 29 July 2024


D H Fenner

Director

Company Number 09811857 (England)

Fairview Glazing Ltd

NOTES TO THE ACCOUNTS

for the year ended 31st October 2023


1   Statutory information

Fairview Glazing Ltd is a private company limited by shares and registered under company number 09811857 in England. Its registered office address is 1 Overmead, Swanley, Kent. BR8 8DN.

These financial statements are presented in Sterling, which is the functional currency of the company.

2   Accounting policies

Basis of preparation of financial statements

The accounts have been prepared under the historical cost convention in accordance with the accounting policies set out below, and in accordance with Financial Reporting Standard 102 Section 1A and the Companies Act 2006.

Income Recognition

Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Depreciation

Depreciation is provided on all property, plant and equipment, 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:

Plant, machinery and vehicles25% reducing balance

Stocks

Stocks are valued at the lower of cost and expected selling price less any costs to sell.

Leasing

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

3   Employee information

The average number of employees during the accounting period was 2 (2022 - 2).

4   Property, plant and equipment
 
PlantFixtures
Motorandand
VehiclesMachineryFittingsTotal
££££
Cost
At 1st November 2022 and
At 31st October 20239804216965012623
 
Depreciation
At 1st November 2022 428913635036155
Charge for year1103161291293
At 31st October 2023539215245327448
 
Net Book Value
At 31st October 202344126451185175
At 31st October 202255158061476468

5   Stocks20232022
££
 
Work in progress55017900
55017900

The difference between purchase price or production cost of stocks and their replacement cost is not material.


6   Creditors: amounts falling due within one year20232022
££
 
Loans and Overdrafts63449153
Taxes and social security costs127532
Other creditors686012517
Accruals and deferred income15961134
1492723336

7   Transactions with Directors

There were no transactions with Directors except as reflected in the Director's loan account for each Director. The closing balances of each account are as detailed below. Credit balances are shown without brackets. These balances are included in the figure for "Creditors and Accruals" in the accounts. Overdrawn balances are included in the figure for "Other Debtors".

20232022
££
 
D H Fenner686012517
686012517

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