REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FAIRFIELD INVESTMENT PROPERTIES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FAIRFIELD INVESTMENT PROPERTIES LIMITED |
FAIRFIELD INVESTMENT PROPERTIES LIMITED (REGISTERED NUMBER: 12158706) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FAIRFIELD INVESTMENT PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
Rutland House |
90-92 Baxter Avenue |
Southend on Sea |
Essex |
SS2 6HZ |
FAIRFIELD INVESTMENT PROPERTIES LIMITED (REGISTERED NUMBER: 12158706) |
ABRIDGED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Investments |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
FAIRFIELD INVESTMENT PROPERTIES LIMITED (REGISTERED NUMBER: 12158706) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Fairfield Investment Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Fairfield Investment Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the financial statements of its parent: Fairfield Limited, Flat 30, Eden Point, 87 Rectory Grove, Leigh-on-Sea, SS9 2BF. |
Turnover |
Rental income and recharges represents net invoiced rental of property, excluding value added tax and is recognised in the period to which it relates. |
Development sales represents income from property development, excluding discounts, rebates, retentions, value added tax and other sales tax and is recognised when the development sale is complete. |
Tangible fixed assets |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stock represents the closing work in progress for the development of property projects which are valued at the lower of cost and estimated selling price less costs to complete and sell. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Listed investments are measured at their fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FAIRFIELD INVESTMENT PROPERTIES LIMITED (REGISTERED NUMBER: 12158706) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2023 | 3,031,199 |
Disposals | (3,031,199 | ) |
At 31 December 2023 | - |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | 3,031,199 |
During the year the company put its subsidiary, Taylors (Hockley) Limited, into voluntarily liquidation and took direct ownership of the investment properties, and incumbent tenants, itself. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
FAIRFIELD INVESTMENT PROPERTIES LIMITED (REGISTERED NUMBER: 12158706) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | SECURED DEBTS |
The company has given a fixed charge over two of its investment properties, known as Units 3 and 4 - Cabinet Way, and Flat 10 Oak Lodge, in support of the amounts owed to M A K Styles (a director). The charge encompasses all amounts owed to M A K Styles, which at the balance sheet date totalled £5,301,800 (2022 - £5,998,864). |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | RESERVES |
Revaluation |
reserve |
£ |
Fair value movement | 124,374 |
At 31 December 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CONTINGENT LIABILITIES |
Fairfield Limited and its subsidiaries (Fairfield Real Estate Limited and Fairfield Investment Properties Limited) have jointly entered into a VAT group and a corporation tax group payment arrangement. Fairfield Investment Properties Limited is the representative member for both taxes. Members of the VAT group are jointly and severally liable for the debts of any party within it, whilst members of the corporation tax group only implicitly bear financial obligations of their associates. |
The tax grouping arrangements were undertaken to ease the administrative burden of all parties involved. Other than the timing of payments, it is estimated there is no financial effect (positive or negative) to any party and in the unlikely event one party found itself bearing the cost of another it is anticipated the loss would be reimbursed accordingly. |
13. | RELATED PARTY DISCLOSURES |
14. | ULTIMATE PARENT COMPANY |
The company's ultimate parent undertaking at the balance sheet was Fairfield Limited, a company incorporated in England. The company's registered address is the same as Fairfield Investment Properties Limited and can be found on the company information page. |