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Registered number: 10928873
Fairview Europe Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
C&H Stedman
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10928873
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 13,242 15,078
Tangible Assets 5 143,287 179,948
156,529 195,026
CURRENT ASSETS
Stocks 6 786,578 764,107
Debtors 7 4,549,561 3,441,278
Cash at bank and in hand 121,978 1,405,769
5,458,117 5,611,154
Creditors: Amounts Falling Due Within One Year 8 (3,893,917 ) (3,071,107 )
NET CURRENT ASSETS (LIABILITIES) 1,564,200 2,540,047
TOTAL ASSETS LESS CURRENT LIABILITIES 1,720,729 2,735,073
PROVISIONS FOR LIABILITIES
Deferred Taxation (35,822 ) (27,555 )
NET ASSETS 1,684,907 2,707,518
CAPITAL AND RESERVES
Called up share capital 9 120 120
Profit and Loss Account 1,684,787 2,707,398
SHAREHOLDERS' FUNDS 1,684,907 2,707,518
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S Tennent
Director
10 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fairview Europe Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10928873 . The registered office is Dunball House Woodlands Court Business Park, Bristol Road, Bridgwater, Somerset, TA6 4FJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relates to computer software. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets relate to trademarks. It is amortised to the profit and loss account over its estimated economic life of ten years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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.
...CONTINUED
Page 3
Page 4
2.8. Taxation - continued
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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
The average number of employees during the year was 21 (2022: 20)
21 20
4. Intangible Assets
Other Intellectual Property Total
£ £ £
Cost
As at 1 January 2023 11,103 7,250 18,353
As at 31 December 2023 11,103 7,250 18,353
Amortisation
As at 1 January 2023 2,429 846 3,275
Provided during the period 1,111 725 1,836
As at 31 December 2023 3,540 1,571 5,111
Net Book Value
As at 31 December 2023 7,563 5,679 13,242
As at 1 January 2023 8,674 6,404 15,078
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 161,476 133,819 25,360 8,371 329,026
Additions 4,828 - - 2,714 7,542
As at 31 December 2023 166,304 133,819 25,360 11,085 336,568
Depreciation
As at 1 January 2023 77,083 59,504 8,753 3,738 149,078
Provided during the period 21,603 18,580 2,582 1,438 44,203
As at 31 December 2023 98,686 78,084 11,335 5,176 193,281
Net Book Value
As at 31 December 2023 67,618 55,735 14,025 5,909 143,287
As at 1 January 2023 84,393 74,315 16,607 4,633 179,948
Page 4
Page 5
6. Stocks
2023 2022
£ £
Stock 786,578 764,107
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,430,964 2,345,845
Other debtors 118,597 1,095,433
4,549,561 3,441,278
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 306,158 145,302
Other creditors 2,558,342 2,086,912
Taxation and social security 1,029,417 838,893
3,893,917 3,071,107
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 120 120
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 85,000 85,000
Later than one year and not later than five years 85,000 170,000
170,000 255,000
Page 5