Registered number
01617038
Fernlee Estates Limited
Filleted Accounts
31 December 2023
Cross & Bowen
Chartered Certified Accountants
Riverside House
Normandy Road
Swansea
SA1 2JA
Fernlee Estates Limited
Registered number: 01617038
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 27,067 41,829
Investment properties 4 169,680 169,680
196,747 211,509
Current assets
Debtors 5 3,675 3,675
Cash at bank and in hand 423,458 465,025
427,133 468,700
Creditors: amounts falling due within one year 6 (1,898) (11,373)
Net current assets 425,235 457,327
Net assets 621,982 668,836
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 620,982 667,836
Shareholder's funds 621,982 668,836
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H.M. Parry
Director
Approved by the board on 24 September 2024
Fernlee Estates Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight line
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 3,258 59,049 62,307
At 31 December 2023 3,258 59,049 62,307
Depreciation
At 1 January 2023 3,256 17,222 20,478
Charge for the year - 14,762 14,762
At 31 December 2023 3,256 31,984 35,240
Net book value
At 31 December 2023 2 27,065 27,067
At 31 December 2022 2 41,827 41,829
4 Investment properties
Other
investments
£
Cost/market value
At 1 January 2023 169,680
At 31 December 2023 169,680
5 Debtors 2023 2022
£ £
Other debtors 3,675 3,675
6 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 1,898 11,373
7 Other information
Fernlee Estates Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
58 Heol Barcud
Birchgrove
Swansea
SA7 9NL
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