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REGISTERED NUMBER: 03607854 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FAIRFIELD LIMITED AND SUBSIDIARIES

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


FAIRFIELD LIMITED AND SUBSIDIARIES

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: 03607854 (England and Wales)





AUDITORS: Goldwyns Limited
Statutory Auditors and Chartered Accountants
Rutland House
90-92 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

REVIEW OF BUSINESS
During the preceding year, the group sold Fairfield Garage (Leigh on Sea) Limited to Group 1 Automotive UK Limited on 31 August 2022. That represented a disposal of the group's major trading interests and, since which, the proceeds have primarily been reinvested into various further properties held for a mixture of development and investment on an ongoing basis.

The directors have also been trialling a number of investment portfolios, whilst they take time to refresh their medium to longer term strategy for the business.

PRINCIPAL RISKS AND UNCERTAINTIES
Following the disposal of the primary BMW dealership within the group, the primary risk to which the business is now exposed are fluctuations in the property market. This is primarily mitigated by the group's diverse property interests, which comprise a mixture of residential and commercial interests, of varying sizes.

SECTION 172(1) STATEMENT
Stakeholder engagement
The board of directors have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders. This statement addresses the ways in which we as a board outwork this responsibility.

Decision making
Regular operational and strategic meetings are held by the directors and core management team. The attendance of appropriate individuals at each meeting ensures the board has access to the key factors affecting all areas of the business, shorter term or longer.

Shareholder engagement
The group is a family owned business with a very successful trading history. The Styles family continues to maintain an active interest in the business' activities and are personally represented on the board of directors.

ENGAGEMENT WITH EMPLOYEES
Since the disposal of Fairfield Garage (Leigh on Sea Limited), the business' employees are entirely represented by its directors.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Business relationships
Over its many years of operations, the group has fostered very strong relationships with its key suppliers and local customer base. The directors continue to deal with all customers and suppliers openly, fairly and with integrity.

Community and environmental impact
Since the divesting of the primary trading dealership, the group has substantially reduced its direct impact on the community and environment. It does not overlook its obligations, however, keeping its properties well maintained and ensuring its tenants likewise keep a high standard of cleanliness about its properties.

Business conduct
As above, the directors continue to deal with all of the business' stakeholders openly, fairly and with integrity.


FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

STREAMLINED ENERGY AND CARBON REPORTING
Following the sale of Fairfield Garage (Leigh on Sea) Limited, the group's energy output has substantially reduced. Indeed, the group itself consumes barely any energy at all with the majority borne by the properties' occupiers and hence, in the opinion of the directors, the tenants' consumption.

Consequently, the group no longer consumes in excess of 40 MWh per annum and chooses not to present its energy and carbon reporting for the year ended 31 December 2023.

During the course of the preceding period, the group consumed approximately 1,187 (2021 - 1,760) MWh of energy. This was made up of:
(a) electricity 470 MWh;
(b) gas 202 MWh; and
(c) road fuel 515 MWh.

Given the wide variety of vehicles (business owned and reimbursed personal) utilised by the group over the course of the year, it was inherently difficult to obtain precise consumption data particularly for road fuel. For the purposes of this reporting, the group therefore extrapolated its total fuel costs against an average fuel price of £1.71 per litre and an average energy content of 10kWh per litre of fuel (petrol and diesel).

Using Department for Business, Energy and Industrial Strategy published conversion factors, the group also estimated its total greenhouse gas emissions amounted to 260 tonnes of CO2. This was made up of:
(a) electricity 91 tonnes;
(b) gas 41 tonnes; and
(c) road fuel 128 tonnes.

This therefore equated to an approximate emission intensity of 4.9 tonnes of CO2 per £1m of sales revenue.

ON BEHALF OF THE BOARD:





M A K Styles - Director


11 September 2024

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
Interim dividends totalling £73.99 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £1,363,328.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M A K Styles
Miss H Styles
Miss O Styles

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Goldwyns Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M A K Styles - Director


11 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRFIELD LIMITED AND SUBSIDIARIES

Opinion
We have audited the financial statements of Fairfield Limited and subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRFIELD LIMITED AND SUBSIDIARIES


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

In order to address the risks of misstatements in respect of irregularities, including fraud, we have:

- obtained an understanding of the key laws and regulations applicable to the group, including the Companies Act 2006 and applicable taxation legislation;
- assessed the group's own internal controls and systems for the prevention and detection of irregularities and particularly the control environment within which they operate;
- determined a materiality level and audit approach sufficient to identify most irregularities, including fraud, that may occur;
- considered our own involvement in the preparation of the group's statutory financial statements and taxation returns;
- conducted audit verification work, on a sample basis, on the key audit areas and risks we have identified; and
- reflected on the outcome of our work, and the likelihood that conclusions drawn may be indicative of other areas of potential irregularity.

We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRFIELD LIMITED AND SUBSIDIARIES


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




S T Blundell FCA (Senior Statutory Auditor)
for and on behalf of Goldwyns Limited
Statutory Auditors and Chartered Accountants
Rutland House
90-92 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ

11 September 2024

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2023 2023
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 849,140 - 849,140
Cost of sales (318,975 ) - (318,975 )
GROSS PROFIT 530,165 - 530,165

Administrative expenses (124,533 ) - (124,533 )
405,632 - 405,632

Other operating income 3,299 - 3,299


OPERATING PROFIT 4 408,931 - 408,931

Interest receivable and similar income 6 795,288 - 795,288
Amounts written off investments 7 (11,752 ) - (11,752 )
Gain/loss on revaluation of assets 124,374 - 124,374
Interest payable and similar expenses 8 (769,353 ) - (769,353 )
PROFIT BEFORE TAXATION 547,488 - 547,488
Tax on profit 9 (93,113 ) - (93,113 )
PROFIT FOR THE FINANCIAL YEAR 454,375 - 454,375

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

454,375

Profit attributable to:
Owners of the parent 454,375

Total comprehensive income attributable to:
Owners of the parent 454,375

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2022 2022 2022
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 3,395,649 49,108,020 52,503,669
Cost of sales (3,055,862 ) (45,557,993 ) (48,613,855 )
GROSS PROFIT 339,787 3,550,027 3,889,814

Administrative expenses (132,957 ) (1,785,123 ) (1,918,080 )
206,830 1,764,904 1,971,734

Other operating income 27,369 - 27,369


OPERATING PROFIT 4 234,199 1,764,904 1,999,103

Profit on disposal of
operations 5 - 12,379,614 12,379,614
234,199 14,144,518 14,378,717

Interest receivable and similar income 6 130,154 46,071 176,225
Gain/loss on revaluation of assets (62,776 ) - (62,776 )
Interest payable and similar expenses 8 (99 ) (75,124 ) (75,223 )
PROFIT BEFORE TAXATION 301,478 14,115,465 14,416,943
Tax on profit 9 463,194 (334,756 ) 128,438
PROFIT FOR THE FINANCIAL YEAR 764,672 13,780,709 14,545,381

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

14,545,381

Profit attributable to:
Owners of the parent 14,545,381

Total comprehensive income attributable to:
Owners of the parent 14,545,381

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - 26,199
Tangible assets 13 33,794 -
Investments 14 - -
Investment property 15 11,606,366 12,596,593
11,640,160 12,622,792

CURRENT ASSETS
Stocks 16 5,417,174 1,902,835
Debtors 17 4,403,551 3,463,254
Investments 18 1,604,830 1,476,971
Cash at bank and in hand 13,130,987 16,940,424
24,556,542 23,783,484
CREDITORS
Amounts falling due within one year 19 8,490,074 7,790,695
NET CURRENT ASSETS 16,066,468 15,992,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,706,628

28,615,581

CAPITAL AND RESERVES
Called up share capital 21 18,426 18,426
Share premium 22 506,576 506,576
Revaluation reserve 22 124,374 -
Retained earnings 22 27,057,252 28,090,579
SHAREHOLDERS' FUNDS 27,706,628 28,615,581

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 LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 101 101
Investment property 15 - -
101 101

CURRENT ASSETS
Debtors 17 26,297,291 27,629,016

CREDITORS
Amounts falling due within one year 19 7,733 2,318
NET CURRENT ASSETS 26,289,558 27,626,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,289,659

27,626,799

CAPITAL AND RESERVES
Called up share capital 21 18,426 18,426
Share premium 22 506,576 506,576
Retained earnings 22 25,764,657 27,101,797
SHAREHOLDERS' FUNDS 26,289,659 27,626,799

Company's profit for the financial year 26,188 22,437,811

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 LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 18,426 15,546,923 506,576 49,287 16,121,212

Changes in equity
Dividends - (2,051,012 ) - - (2,051,012 )
Total comprehensive income - 14,594,668 - (49,287 ) 14,545,381
Balance at 31 December 2022 18,426 28,090,579 506,576 - 28,615,581

Changes in equity
Dividends - (1,363,328 ) - - (1,363,328 )
Total comprehensive income - 330,001 - 124,374 454,375
Balance at 31 December 2023 18,426 27,057,252 506,576 124,374 27,706,628

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 18,426 6,714,998 506,576 7,240,000

Changes in equity
Dividends - (2,051,012 ) - (2,051,012 )
Total comprehensive income - 22,437,811 - 22,437,811
Balance at 31 December 2022 18,426 27,101,797 506,576 27,626,799

Changes in equity
Dividends - (1,363,328 ) - (1,363,328 )
Total comprehensive income - 26,188 - 26,188
Balance at 31 December 2023 18,426 25,764,657 506,576 26,289,659

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (919,164 ) 3,054,881
Interest paid (769,353 ) (75,223 )
Tax paid (60,080 ) (591,677 )
Net cash from operating activities (1,748,597 ) 2,387,981

Cash flows from investing activities
Purchase of intangible fixed assets - (26,199 )
Purchase of tangible fixed assets (42,242 ) (58,716 )
Purchase of investment property (2,009,774 ) (8,893,370 )
Sale of tangible fixed assets - 8,591,266
Sale of investment property - 1,675,684
Purchase of current asset investment - (1,000,000 )
Profit on disposal of operations - 12,819,363
Impairment of intangible fixed assets 26,199 -
Interest received 795,288 176,225
Net cash from investing activities (1,230,529 ) 13,284,253

Cash flows from financing activities
Hire purchase financing - (1,657,864 )
Amount introduced by directors 533,017 5,169,253
Equity dividends paid (1,363,328 ) (2,051,012 )
Net cash from financing activities (830,311 ) 1,460,377

(Decrease)/increase in cash and cash equivalents (3,809,437 ) 17,132,611
Cash and cash equivalents at
beginning of year

2

16,940,424

(192,187

)

Cash and cash equivalents at end of
year

2

13,130,987

16,940,424

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 547,488 14,416,943
Depreciation charges 8,448 124,294
(Gain)/loss on revaluation of fixed assets (127,859 ) 68,147
Profit on disposal of operations - (12,379,614 )
Finance costs 769,353 75,223
Finance income (795,288 ) (176,225 )
402,142 2,128,768
(Increase)/decrease in stocks (514,338 ) 5,426,876
(Increase)/decrease in trade and other debtors (940,296 ) 679,148
Increase/(decrease) in trade and other creditors 133,328 (5,179,911 )
Cash generated from operations (919,164 ) 3,054,881

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 13,130,987 16,940,424
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 16,940,424 711
Bank overdrafts - (192,898 )
16,940,424 (192,187 )


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 16,940,424 (3,809,437 ) 13,130,987
16,940,424 (3,809,437 ) 13,130,987

Liquid resources
Current asset investments 1,476,971 127,859 1,604,830
1,476,971 127,859 1,604,830
Total 18,417,395 (3,681,578 ) 14,735,817

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Fairfield Limited and subsidiaries 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the net accrued income of a motor group, including a BMW and MINI retailer and finance commission, excluding value added tax. Income from the sale of cars, parts and associated goods are recognised in the period in which the customer takes legal responsibility for the goods. Income receivable for the provision of services, including bodyshop repair work, is recognised in the period to which entitlement is incurred.

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.

Goodwill
Positive goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided on all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life as follows:

Freehold property- fifty years
Leasehold property- evenly over the lease term
Plant and machinery- four to twenty years
Fixtures and fittings- two to twenty years
Motor vehicles- straight line over 5 years

Where substantial dealership refurbishment works have been apportioned to other fixed asset categories, the depreciation has instead been charged over the remaining period of the building's life.

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Current asset investments
The group has a policy of investing surplus reserves into short term property development agreements which are anticipated to return a higher yield than fixed term cash deposits.

When undertaking property development the properties are recognised at cost, less any necessary provision for impairment. Once the development is complete and the property is available for sale, the current asset investment is then recognised at market value with any gains or losses accruing reflected in the profit and loss account. At the final disposal of the current asset, the total surplus or deficit is recognised in the profit and loss account.

Basis of consolidation
The group accounts consolidate the accounts of Fairfield Limited and all its subsidiary undertakings drawn to 31 December each year. No profit and loss account is presented for Fairfield Limited as permitted by section 408 of the Companies Act 2006.

Fairfield Real Estate Limited and Fairfield Investment Properties Limited have been included in the group accounts using the acquisition method of accounting.

Fairfield Garage (Leigh-on-Sea) Limited left the group on 31 August 2022.

Fairfield Investment Property Limited disposed of its trading subsidiary Taylors (Hockley) Limited as part of the company being place into voluntary liquidation on 23 June 2023.

Listed 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

2023 2022
£ £
Wages and salaries - 2,963,330
Social security costs - 306,653
Other pension costs 10,000 59,989
10,000 3,329,972

The average monthly number of employees during the year was as follows:
2023 2022

Sales - 29
Service - 27
Parts - 9
Bodyshop - 7
Accounts and administration - 13
Directors 3 2
3 87

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
£    £   
Directors' remuneration - 64,942
Directors' pension contributions to money purchase schemes 10,000 4,739

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 2

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 8,448 124,294
Auditors' remuneration 10,000 40,000
Auditors' remuneration for non audit work 28,279 24,293

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit on disposal of
operations - 12,379,614

Fairfield Limited disposed of its primary trading subsidiary Fairfield Garage (Leigh on Sea) Limited on 31 August 2022 for a total consideration of £23.66m, resulting in a profit on disposal of £12.38m.

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Other interest received 795,288 176,225

7. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Impairment of fixed asset 11,752 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 88
Other interest 769,020 75,036
Interest payable 333 99
769,353 75,223

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 93,113 411,709

Deferred tax - (540,147 )
Tax on profit 93,113 (128,438 )

UK corporation tax has been charged at 25 % (2022 - 19 %).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 547,488 14,416,943
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

136,872

2,739,219

Effects of:
Expenses not deductible for tax purposes 2,409 -
Income not taxable for tax purposes (6,902 ) -
Capital allowances in excess of depreciation (9,773 ) -

Depreciation not deductible for tax purposes - 3,992
Profit on disposal of operations - (2,883,577 )
Fair value adjustment (31,094 ) 11,928
Impairment of fixed asset 7,800 -
Marginal relief (322 ) -
Effect of tax rate change in year (5,877 ) -
Total tax charge/(credit) 93,113 (128,438 )

In the preceding period, although the parent company made a substantial profit on the disposal of Fairfield Garage (Leigh on Sea) Limited, the proceeds are covered by substantial shareholding exemption and hence attracted no direct tax charge.

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

The profit and loss account for the parent shows a profit of £26,188 (2022 - £22,437,811).

11. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 1,363,328 2,051,012

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023 26,199
Impairments (26,199 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 26,199

13. TANGIBLE FIXED ASSETS

Group
Motor
vehicles
£   
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

14. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 101
NET BOOK VALUE
At 31 December 2023 101
At 31 December 2022 101

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. FIXED ASSET INVESTMENTS - continued

Fairfield Real Estate Limited
Registered office: Flat 30, Eden Point, 87 Rectory Grove, Leigh on Sea, Essex, SS9 2BF
Nature of business: Investment property
%
Class of shares: holding
Ordinary 100.00

Fairfield Real Estate Limited is currently inactive.

Fairfield Investment Properties Limited
Registered office: Flat 30, Eden Point, 87 Rectory Grove, Leigh on Sea, Essex, SS9 2BF
Nature of business: Investment property
%
Class of shares: holding
Ordinary 100.00

Fairfield Limited disposed of its trading subsidiary Fairfield Garage (Leigh on Sea) Limited on 31 August 2022.

Fairfield Investment Properties Limited disposed of its trading subsidiary Taylors (Hockley) Limited as part of the company being placed into voluntary liquidation on 23 June 2023.


15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 12,596,593
Additions 2,009,774
Disposals (3,000,001 )
At 31 December 2023 11,606,366
NET BOOK VALUE
At 31 December 2023 11,606,366
At 31 December 2022 12,596,593

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 87,471
Cost 11,518,895
11,606,366

The investment property was valued based on current market value.

16. STOCKS

Group
2023 2022
£    £   
Property development projects 5,417,174 1,902,835

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

17. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 37,299 22,057 - -
Amounts owed by group undertakings - - 25,250,625 26,391,838
Other debtors 1,000,480 459,193 - 225,511
VAT - 671,241 - -
Prepayments and accrued income 27,045 11,685 - -
1,064,824 1,164,176 25,250,625 26,617,349

Amounts falling due after more than one year:
Other debtors 3,338,727 2,299,078 1,046,666 1,011,667

Aggregate amounts 4,403,551 3,463,254 26,297,291 27,629,016

Although there are no formal terms deferring repayment, the majority of the balance owed by group undertakings is unlikely to be recovered within the next twelve months.

18. CURRENT ASSET INVESTMENTS

Group
2023 2022
£    £   
Listed investments 1,604,830 1,476,971

Market value of listed investments held by the group at 31 December 2023 - £1,604,830 (2022 - £1,476,971).

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 44,544 35,793 - -
Tax 94,987 61,954 7,632 2,217
VAT 3,670 - - -
Other creditors 790,704 816,645 101 101
Credit card 7,986 429 - -
Directors' loan accounts 7,331,881 6,798,864 - -
Accrued expenses 216,302 77,010 - -
8,490,074 7,790,695 7,733 2,318

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Director's loan account 5,301,800 5,998,864

The group 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).

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
18,426 Ordinary £1 18,426 18,426

22. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 28,090,579 506,576 - 28,597,155
Profit for the year 454,375 454,375
Dividends (1,363,328 ) (1,363,328 )
Transfer between reserves (124,374 ) - 124,374 -
At 31 December 2023 27,057,252 506,576 124,374 27,688,202

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 27,101,797 506,576 27,608,373
Profit for the year 26,188 26,188
Dividends (1,363,328 ) (1,363,328 )
At 31 December 2023 25,764,657 506,576 26,271,233


23. PENSION COMMITMENTS

The group operated a defined contribution scheme in respect of its employees. During the year premiums paid by the group amounted to £10,000 (2022 - £59,989). There were no premiums outstanding at the year end for either years.

FAIRFIELD LIMITED AND SUBSIDIARIES (REGISTERED NUMBER: 03607854)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

24. 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.

25. RELATED PARTY DISCLOSURES

During the year, the group's total compensation to key management personnel (including directors) amounted to £10,000 (2022 - £132,932). The group was also charged rent of £nil and interest of £761,170 (2022 - £222,875 and £56,986 respectively) by key management personnel. At the balance sheet date, the group owed key management personnel £7,331,880 (2022 - £6,798,864).

During the year, the group was charged interest of £1,262 (2022 - £740) by close members of the directors' families and, at the balance sheet date, the group owed them £100,000 (2022 - £nil)

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M A K Styles.