Registered number
05733067
FAIRSEAT ESTATES LIMITED
Filleted Accounts
31 March 2024
Director K D Coulson F.C.A. Co. Reg No. 04671432
Keith Coulson & Co Ltd
Benvenuti
61 Norfield Road
0
Kent
DA2 7NY
Email: keith@keithcoulson.uk Tel: 01322 558 664
FAIRSEAT ESTATES LIMITED
Registered number: 05733067
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,503 4,671
Current assets
Stocks 1,655,979 29,000
VAT 19,992 3,713
Cash at bank and in hand 188,374 812,934
1,864,345 845,647
Creditors: amounts falling due within one year 4 (1,020,860) (230,799)
Net current assets 843,485 614,848
Total assets less current liabilities 846,988 619,519
Creditors: amounts falling due after more than one year 5 (287,867) -
Net assets 559,121 619,519
Capital and reserves
Called up share capital 1 1
Profit and loss account 559,120 619,518
Shareholders' funds 559,121 619,519
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 members have 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.
J Beslee
Director
Approved by the board on 21 August 2024
FAIRSEAT ESTATES 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.
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 25% reducing balance
Fixtures, fittings, tools and equipment 25 % reducing balance
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 2 2
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 26,254
At 31 March 2024 26,254
Depreciation
At 1 April 2023 21,583
Charge for the year 1,168
At 31 March 2024 22,751
Net book value
At 31 March 2024 3,503
At 31 March 2023 4,671
4 Creditors: amounts falling due within one year 2024 2023
£ £
DLA 1,014,952 187,749
PAYE - 86
Taxation and social security costs 3,015 41,796
Other creditors 2,893 1,168
1,020,860 230,799
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 287,867 -
6 Other information
FAIRSEAT ESTATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Spring Cottage,
Long Mill Lane,
Plaxtol
Sevenoaks
TN15 0QS
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