REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FAIRBRIDGE DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FAIRBRIDGE DEVELOPMENTS LIMITED |
FAIRBRIDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04317983) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FAIRBRIDGE DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Ridgeland House |
15 Carfax |
Horsham |
West Sussex |
RH12 1DY |
FAIRBRIDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04317983) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FAIRBRIDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04317983) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Fairbridge Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, from the development and sale of land. |
Turnover is recognised at the point of exchange of contracts. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. |
Cost comprises land and associated acquisition costs, direct materials and subcontract work, other direct costs and those overheads that have been incurred in bringing the stock to its present location and condition, excluding borrowing costs. |
Going concern |
A major part of the company's working capital requirements are provided by investor and shareholder loans. Repayment of these loans is subject to funds being available at the end of the project, which completed after the year-end. |
As such, the directors continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue to operate for the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
VAT |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Investor loans | 6,662,421 | 6,455,974 |
Accrued expenses |
FAIRBRIDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04317983) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans due within 1 yr. |
Investor Loans - Short Term | 6,662,421 | 6,455,975 |
The above loans are secured on the freehold property included within the stock held in current assets at the year end. |
7. | RELATED PARTY DISCLOSURES |
During the year, the company accrued £206,446 (2022: £184,327) in interest on investor loans from related parties at an interest rate of 12% (2022: 12%). As of the year-end, the loan balances were £1,926,834 (2022: £1,720,387). |
The company has additional investor loans from related parties amounting to £4,445,161 (2022: £4,445,161), on which no interest is accruing. |
8. | POST BALANCE SHEET EVENTS |
On 30 January 2024, £850,000 of accrued interest on a loan from a related party was waived. |
On 28 February 2024, the final project phase came to completion. |