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Registered number: 10566901












FAIROAKS GARDEN VILLAGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

FAIROAKS GARDEN VILLAGE LIMITED

CONTENTS



Page
Company Information
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 7


 

FAIROAKS GARDEN VILLAGE LIMITED
 
COMPANY INFORMATION


Directors
A Cole 
I Cox 
S Wallis 
M Mayall 




Company secretary
S Wood



Registered number
10566901



Registered office
Building Am1
Fairoaks Airport

Chobham

Surrey

England

GU24 8HU




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10566901
FAIROAKS GARDEN VILLAGE LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
789,675
787,070

Cash at bank and in hand
  
16,007
16,010

  
805,682
803,080

Creditors: amounts falling due within one year
 5 
(767,653)
(771,003)

Net current assets
  
 
 
38,029
 
 
32,077

Total assets less current liabilities
  
38,029
32,077

  

Net assets
  
38,029
32,077


Capital and reserves
  

Called up share capital 
 6 
250
250

Share premium account
  
954,893
954,893

Profit and loss account
  
(917,114)
(923,066)

Total equity
  
38,029
32,077


Page 2


 
REGISTERED NUMBER:10566901
FAIROAKS GARDEN VILLAGE LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Cole
Director

Date: 30 September 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 

FAIROAKS GARDEN VILLAGE LIMITED

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

1.


General information

Fairoaks Garden Village Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Building Am1, Fairoaks Airport, Chobham, Woking, Surrey, GU24 8HU.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.5

Share capital

Ordinary shares are classified as equity.

Page 4

 

FAIROAKS GARDEN VILLAGE LIMITED

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

2.Accounting policies (continued)


2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

FAIROAKS GARDEN VILLAGE LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets 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 profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

 

FAIROAKS GARDEN VILLAGE LIMITED

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

4.


Debtors

2023
2022
£
£


Other debtors
787,267
785,900

Prepayments and accrued income
2,408
1,170

789,675
787,070



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,200
4,800

Other creditors
760,000
760,000

Accruals and deferred income
6,453
6,203

767,653
771,003


Other creditors shown above totalling £760,000 (2022: £760,000) comprise loans from shareholders of the company which are interest-free and repayable on demand.


6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



250 (2022 - 250) Ordinary shares of £1.00 each
250
250



7.


Related party transactions

During a prior year, the company was issued a loan of £760,000 by its shareholders. This balance remained outstanding at the balance sheet date (2022: £760,000).


8.


Post balance sheet events

In the post balance sheet period on 22 March 2024 Albemarle Fairoaks Airport Limited transferred 100% of its shareholding in Fairoaks Garden Village Limited to Fairoaks Airport Holdings Limited, a company registered in England and Wales. Following this date Fairoaks Airport Holdings Limited was the parent undertaking of Fairoaks Garden Village Limited.

 
Page 7