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COMPANY REGISTRATION NUMBER: 4577633
Fairfield Trading Company Limited
Filleted Financial Statements
31 March 2024
Fairfield Trading Company Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
35,826
43,531
Current assets
Stocks
316,458
528,506
Debtors
6
1,241,522
1,239,852
Cash at bank and in hand
615,232
562,755
------------
------------
2,173,212
2,331,113
Creditors: amounts falling due within one year
7
386,701
522,740
------------
------------
Net current assets
1,786,511
1,808,373
------------
------------
Total assets less current liabilities
1,822,337
1,851,904
Provisions
8,956
10,882
------------
------------
Net assets
1,813,381
1,841,022
------------
------------
Capital and reserves
Called up share capital
3
3
Profit and loss account
1,813,378
1,841,019
------------
------------
Shareholders funds
1,813,381
1,841,022
------------
------------
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 statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 31 May 2024 , and are signed on behalf of the board by:
Mr P Edwards
Director
Company registration number: 4577633
Fairfield Trading Company Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Ashgrove Farm, Piltdown, East Sussex, TN22 3XN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% reducing balance
Plant and machinery
-
20% straight line
Fixtures and fittings
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 11 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
60,947
20,295
32,775
114,017
Additions
10,960
10,960
--------
--------
--------
---------
At 31 March 2024
60,947
20,295
43,735
124,977
--------
--------
--------
---------
Depreciation
At 1 April 2023
60,947
2,091
7,448
70,486
Charge for the year
4,059
14,606
18,665
--------
--------
--------
---------
At 31 March 2024
60,947
6,150
22,054
89,151
--------
--------
--------
---------
Carrying amount
At 31 March 2024
14,145
21,681
35,826
--------
--------
--------
---------
At 31 March 2023
18,204
25,327
43,531
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
732,112
756,910
Amounts owed by group undertakings and undertakings in which the company has a participating interest
485,418
413,331
Other debtors
23,992
69,611
------------
------------
1,241,522
1,239,852
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
66,022
286,475
Corporation tax
117,394
114,548
Social security and other taxes
141,887
57,520
Other creditors
61,398
64,197
---------
---------
386,701
522,740
---------
---------
8. Summary audit opinion
The auditor's report dated 31 May 2024 was unqualified .
The senior statutory auditor was Edward Lindley , for and on behalf of Lindley & Co .
9. Ethical standards
Provisions Available for Small Entities have been applied and our auditors have assisted with the preparation of the financial statements and submission of returns to the tax authorities.
10. Controlling party
The company is a wholly owned subsidiary of Addtech Nordic AB, a company registered in Sweden.