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Company registration number: 11569514
London Fairoaks Lane Limited
Unaudited filleted financial statements
31 December 2023
London Fairoaks Lane Limited
Contents
Statement of financial position
Notes to the financial statements
London Fairoaks Lane Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 - 784,250
_______ _______
- 784,250
Current assets
Cash at bank and in hand 1 1
_______ _______
1 1
Creditors: amounts falling due
within one year 5 ( 930,535) ( 1,712,792)
_______ _______
Net current liabilities ( 930,534) ( 1,712,791)
_______ _______
Total assets less current liabilities ( 930,534) ( 928,541)
_______ _______
Net liabilities ( 930,534) ( 928,541)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 930,535) ( 928,542)
_______ _______
Shareholders deficit ( 930,534) ( 928,541)
_______ _______
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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
Hon. Thomas Borwick
Director
Company registration number: 11569514
London Fairoaks Lane 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. The address of the registered office is 15 Great College Street, London, SW1P 3RX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The financial statements have been prepared on a going concern basis. This assumes that the company continues to receive support from its parent undertaking, Bicester Lane Ltd. A letter of support has been received from the parent undertaking indicating that it will continue to provide financial support to the company for at least twelve months from the date of approval of these financial statements. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets and long term liabilities to current assets and liabilities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2023 784,250 784,250
Disposals ( 9,250) ( 9,250)
_______ _______
At 31 December 2023 775,000 775,000
_______ _______
Impairment
Impairment loss 775,000 775,000
At 1 January 2023 and 31 December 2023 775,000 775,000
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 784,250 784,250
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 788,253 793,890
Other creditors 142,282 918,902
_______ _______
930,535 1,712,792
_______ _______