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REGISTERED NUMBER: 04317983 (England and Wales)















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: J L Mcguffog
M G B Shaw
A E White
Mrs C A Ross





REGISTERED OFFICE: Biwater House
Station Approach
Dorking
Surrey
RH4 1TZ





REGISTERED NUMBER: 04317983 (England and Wales)





ACCOUNTANTS: Galloways Accounting
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 5,579,046 5,475,034
Debtors 4 112,099 103,206
Cash at bank 722,305 1,209,929
6,413,450 6,788,169
CREDITORS
Amounts falling due within one year 5 10,150,692 9,666,715
NET CURRENT LIABILITIES (3,737,242 ) (2,878,546 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,737,242 ) (2,878,546 )

CAPITAL AND RESERVES
Called up share capital 170,010 170,010
Retained earnings (3,907,252 ) (3,048,556 )
(3,737,242 ) (2,878,546 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 4 September 2024 and were signed on its behalf by:





A E White - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 73,426 73,426
VAT 37,513 25,252
Prepayments 1,160 4,528
112,099 103,206

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 2,312,971 2,102,356
Trade creditors 1,072,784 1,026,653
Investor loans 6,662,421 6,455,974
Accrued expenses 102,516 81,732
10,150,692 9,666,715

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. 2,312,971 2,102,356
Investor Loans - Short Term 6,662,421 6,455,975
8,975,392 8,558,331

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.