FAIRPORT LIMITED |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 January 2023 |
2,000,000 |
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At 31 December 2023 |
2,000,000 |
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Depreciation |
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At 31 December 2023 |
- |
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Net book value |
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At 31 December 2023 |
2,000,000 |
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At 31 December 2022 |
2,000,000 |
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4 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
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Trade creditors |
22,154 |
|
22,154 |
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Taxation and social security costs |
63,571 |
|
115,005 |
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Other creditors |
117,648 |
|
100,373 |
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|
203,373 |
|
237,532 |
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5 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
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At 1 January 2023 |
1,707,599 |
|
1,707,599 |
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At 31 December 2023 |
1,707,599 |
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1,707,599 |
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6 |
Other information |
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FAIRPORT LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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37a Curzon Street |
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London |
|
W1J 7TX |