FIELDACRE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 03737391
FIELDACRE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
FIELDACRE PROPERTIES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
Mrs A M Hornbrook
Mr M P Hornbrook
Mr S J Hornbrook
Mr T W Hornbrook
SECRETARY
Mrs A M Hornbrook
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Vllage
Langford Lane
Kidlington
OX5 1LQ
COMPANY REGISTRATION NUMBER
03737391 England and Wales
FIELDACRE PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 5,033 2,988
Investments 6 987,512 975,000
992,545 977,988
CURRENT ASSETS
Debtors 7 9,226 14,069
Cash at bank and in hand 48,425 36,495
57,651 50,564
CREDITORS: Amounts falling due within one year 8 23,099 24,903
NET CURRENT ASSETS 34,552 25,661
TOTAL ASSETS LESS CURRENT LIABILITIES 1,027,097 1,003,649
Provisions for liabilities and charges 61,309 58,203
NET ASSETS 965,788 945,446
CAPITAL AND RESERVES
Called up share capital 2 2
Distributable profit and loss account 573,654 561,458
Non distributable profit and loss account 392,132 383,986
SHAREHOLDERS' FUNDS 965,788 945,446
FIELDACRE PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mrs A M Hornbrook Mr M P Hornbrook
Director Director
Date approved by the board: 31 July 2024
FIELDACRE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
Fieldacre Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
C9 Glyme Court
Oxford Office Vllage
Langford Lane
Kidlington
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of project management and architectural services as soon as there is a right to consideration and is determined by reference to the value of the work performed. The company also rents out properties to tenants. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Computer equipment Reducing balance basis at 25% per annum
Furniture and fittings Reducing balance basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
FIELDACRE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
FIELDACRE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
FIELDACRE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 4 4
5 TANGIBLE ASSETS
Computer equipment Furniture and fittings Total
£ £ £
Cost
At 1 April 2023 5,608 4,960 10,568
Additions 2,176 759 2,935
At 31 March 2024 7,784 5,719 13,503
Accumulated depreciation and impairments
At 1 April 2023 3,424 4,156 7,580
Charge for year 610 280 890
At 31 March 2024 4,034 4,436 8,470
Net book value
At 1 April 2023 2,184 804 2,988
At 31 March 2024 3,750 1,283 5,033
FIELDACRE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6 FIXED ASSET INVESTMENTS
Investment property
£
Cost
At 1 April 2023 975,000
Additions 1,650
Revaluation 10,862
At 31 March 2024 987,512
Net book value
At 1 April 2023 975,000
At 31 March 2024 987,512
In the opinion of the director, all investment property has been stated at fair value.
7 DEBTORS
2024 2023
£ £
Trade debtors - 3,890
Prepayments and accrued income 1,760 2,491
Other debtors 7,466 7,688
9,226 14,069
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 3,335 6,543
Taxation and social security 5,490 4,346
Other creditors 14,274 14,014
23,099 24,903
9 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Mr M and Mrs A Hornbrook
Directors 2024 2023
£ £
Amounts owed to directors 7,364 7,121
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