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REGISTERED NUMBER: 03058953 (England and Wales)















FAIRVIEW MEATS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MAY 2024






FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FAIRVIEW MEATS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 MAY 2024







DIRECTORS: D Brisco
C Brisco





SECRETARY: C Brisco





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN





REGISTERED NUMBER: 03058953 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953)

STATEMENT OF FINANCIAL POSITION
30 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 21,223 25,123
Investment property 5 75,941 77,732
97,164 102,855

CURRENT ASSETS
Debtors 6 1,022 1,022
Cash at bank 12,892 11,942
13,914 12,964
CREDITORS
Amounts falling due within one year 7 (67,141 ) (66,017 )
NET CURRENT LIABILITIES (53,227 ) (53,053 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,937

49,802

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 43,837 49,702
43,937 49,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953)

STATEMENT OF FINANCIAL POSITION - continued
30 MAY 2024


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

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 18 September 2024 and were signed on its behalf by:





D Brisco - Director


FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024


1. STATUTORY INFORMATION

Fairview Meats Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03058953 and the registered office address is The Exchange, 5 Bank Street, Bury, Greater Manchester, England, BL9 0DN.

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.

Going concern
The directors recognise that the future cannot be predicted with certainty. The directors expect the company to continue trading and generating profit. Profit before tax for the year to 30 May 2024 was £50k (2023: £59k), and reserves were £44k (2023: £50k). Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and investment property and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings - 15% reducing balance
Computer equipment - 33% straight line
Investment Property - 2% straight line
Motor vehicles - 25% reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MAY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

Revenue
Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts, plus an appropriate proportion of maintenance contract income provided during the period. Revenue is recognised as follows:-

Revenue from property rental provided by the company is recognised on monthly basis on arrears based on the terms of the agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MAY 2024


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 31 May 2023
and 30 May 2024 60,510
DEPRECIATION
At 31 May 2023 35,387
Charge for year 3,899
At 30 May 2024 39,286
NET BOOK VALUE
At 30 May 2024 21,224
At 30 May 2023 25,123

5. INVESTMENT PROPERTY
Total
£   
COST
At 31 May 2023
and 30 May 2024 89,568
DEPRECIATION
At 31 May 2023 11,836
Charge for year 1,791
At 30 May 2024 13,627
NET BOOK VALUE
At 30 May 2024 75,941
At 30 May 2023 77,732

The historical cost of the investment property is £89,568.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,022 1,022

FAIRVIEW MEATS LIMITED (REGISTERED NUMBER: 03058953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MAY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 11,392 8,112
Other creditors 55,749 57,905
67,141 66,017