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COMPANY REGISTRATION NUMBER: 00375444
Fishers' (Crouch End) Limited
Filleted Unaudited Financial Statements
31 December 2023
Fishers' (Crouch End) Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Fishers' (Crouch End) Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
3,420,053
3,420,063
Investments
6
301,952
275,713
------------
------------
3,722,005
3,695,776
Current assets
Debtors
7
632,467
626,459
Cash at bank and in hand
191,456
167,205
---------
---------
823,923
793,664
Creditors: amounts falling due within one year
8
54,481
45,335
---------
---------
Net current assets
769,442
748,329
------------
------------
Total assets less current liabilities
4,491,447
4,444,105
Provisions
Taxation including deferred tax
662,700
503,600
------------
------------
Net assets
3,828,747
3,940,505
------------
------------
Capital and reserves
Called up share capital
2,500
2,500
Fair value reserve
2,704,980
2,838,283
Capital redemption reserve
2,500
2,500
Capital Reserve
130,617
130,617
Profit and loss account
988,150
966,605
------------
------------
Shareholders funds
3,828,747
3,940,505
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fishers' (Crouch End) Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Dr R A Garson
Director
Company registration number: 00375444
Fishers' (Crouch End) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 0037544. The address of the registered office is Bramley, Legh Road, Knutsford, Cheshire, WA16 8LS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
The turnover shown in the profit and loss accounts represents amounts invoiced for rents due during the year. Rental income from operating leases is recognised on a straight line basis over the term of the lease.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment properties are measured at fair value with changes in fair value being recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% reducing balance
Equipment
-
25% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment Properties
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
3,420,000
12,072
775
3,432,847
------------
--------
----
------------
Depreciation
At 1 January 2023
12,009
775
12,784
Charge for the year
10
10
------------
--------
----
------------
At 31 December 2023
12,019
775
12,794
------------
--------
----
------------
Carrying amount
At 31 December 2023
3,420,000
53
3,420,053
------------
--------
----
------------
At 31 December 2022
3,420,000
63
3,420,063
------------
--------
----
------------
The investment properties are held for use in operating leases. The investment properties were valued by Dr R A Garson , a company director, at the balance sheet date. No depreciation is provided in respect of these properties. On a historical cost basis they would have been included at a historic cost of £155,729 (2022 - £155,729).
6. Investments
Investments
£
Cost
At 1 January 2023
275,713
Additions
441
Revaluations
25,798
---------
At 31 December 2023
301,952
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
301,952
---------
At 31 December 2022
275,713
---------
7. Debtors
2023
2022
£
£
Trade debtors
1,951
3,303
Other debtors
630,516
623,156
---------
---------
632,467
626,459
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,727
17,727
Corporation tax
26,661
19,000
Social security and other taxes
7,123
5,854
Other creditors
2,970
2,754
--------
--------
54,481
45,335
--------
--------
9. Related party transactions
Dr R A Garson is a trustee of the R A Garson Settlement, dividends paid to the trust in the year were £34,000 (2022 - £32,000).