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REGISTERED NUMBER: 12158706 (England and Wales)












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: M A K Styles
Miss H Styles
Miss O Styles





REGISTERED OFFICE: Flat 30
Eden Point
87 Rectory Grove
Leigh on Sea
Essex
SS9 2BF





REGISTERED NUMBER: 12158706 (England and Wales)





AUDITORS: Goldwyns Limited
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 33,794 -
Investments 5 - 3,031,199
Investment property 6 11,833,066 9,823,292
11,866,860 12,854,491

CURRENT ASSETS
Stocks 5,417,174 1,902,835
Debtors 7 3,356,886 2,223,778
Investments 1,604,830 1,476,971
Cash at bank 13,130,887 16,917,947
23,509,777 22,521,531
CREDITORS
Amounts falling due within one year 34,017,857 34,445,430
NET CURRENT LIABILITIES (10,508,080 ) (11,923,899 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,358,780

930,592

CAPITAL AND RESERVES
Called up share capital 9 1 1
Revaluation reserve 10 124,374 -
Retained earnings 1,234,405 930,591
SHAREHOLDERS' FUNDS 1,358,780 930,592

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 11 September 2024 and were signed on its behalf by:





M A K Styles - Director


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 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.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - Straight line over 5 years

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 3 (2022 - 2 ) .

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 42,242
At 31 December 2023 42,242
DEPRECIATION
Charge for year 8,448
At 31 December 2023 8,448
NET BOOK VALUE
At 31 December 2023 33,794

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 9,823,292
Additions 2,009,774
At 31 December 2023 11,833,066
NET BOOK VALUE
At 31 December 2023 11,833,066
At 31 December 2022 9,823,292

7. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other debtors 2,292,062 1,287,412

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: £    £   
1 Ordinary £1 1 1

10. RESERVES
Revaluation
reserve
£   
Fair value movement 124,374

At 31 December 2023 124,374

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S T Blundell FCA (Senior Statutory Auditor)
for and on behalf of Goldwyns Limited

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

At the balance sheet date, the company owed £25,535,848 to other group companies.

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.