Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr S Pantling 10/02/2021 Mr T Pantling 26/08/2020 Mrs L Pantling 26/08/2020 Mr T Pantling 10/02/2021 11 October 2024 The principal activity of the Company during the financial year was owning and operating a care home. 12838636 2024-03-31 12838636 bus:Director1 2024-03-31 12838636 bus:Director2 2024-03-31 12838636 bus:Director3 2024-03-31 12838636 bus:Director4 2024-03-31 12838636 2023-03-31 12838636 core:CurrentFinancialInstruments 2024-03-31 12838636 core:CurrentFinancialInstruments 2023-03-31 12838636 core:Non-currentFinancialInstruments 2024-03-31 12838636 core:Non-currentFinancialInstruments 2023-03-31 12838636 core:ShareCapital 2024-03-31 12838636 core:ShareCapital 2023-03-31 12838636 core:SharePremium 2024-03-31 12838636 core:SharePremium 2023-03-31 12838636 core:RetainedEarningsAccumulatedLosses 2024-03-31 12838636 core:RetainedEarningsAccumulatedLosses 2023-03-31 12838636 core:LandBuildings 2023-03-31 12838636 core:PlantMachinery 2023-03-31 12838636 core:Vehicles 2023-03-31 12838636 core:ComputerEquipment 2023-03-31 12838636 core:LandBuildings 2024-03-31 12838636 core:PlantMachinery 2024-03-31 12838636 core:Vehicles 2024-03-31 12838636 core:ComputerEquipment 2024-03-31 12838636 core:MoreThanFiveYears 2024-03-31 12838636 core:MoreThanFiveYears 2023-03-31 12838636 bus:OrdinaryShareClass1 2024-03-31 12838636 bus:OrdinaryShareClass2 2024-03-31 12838636 bus:OrdinaryShareClass3 2024-03-31 12838636 bus:OrdinaryShareClass4 2024-03-31 12838636 bus:OrdinaryShareClass5 2024-03-31 12838636 2023-04-01 2024-03-31 12838636 bus:FilletedAccounts 2023-04-01 2024-03-31 12838636 bus:SmallEntities 2023-04-01 2024-03-31 12838636 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12838636 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12838636 bus:Director1 2023-04-01 2024-03-31 12838636 bus:Director2 2023-04-01 2024-03-31 12838636 bus:Director3 2023-04-01 2024-03-31 12838636 bus:Director4 2023-04-01 2024-03-31 12838636 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 12838636 core:PlantMachinery 2023-04-01 2024-03-31 12838636 core:Vehicles 2023-04-01 2024-03-31 12838636 core:ComputerEquipment 2023-04-01 2024-03-31 12838636 2022-04-01 2023-03-31 12838636 core:LandBuildings 2023-04-01 2024-03-31 12838636 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 12838636 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 12838636 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12838636 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 12838636 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 12838636 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 12838636 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 12838636 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 12838636 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 12838636 bus:OrdinaryShareClass5 2023-04-01 2024-03-31 12838636 bus:OrdinaryShareClass5 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12838636 (England and Wales)

FAIRFIELD COUNTRY REST HOME LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FAIRFIELD COUNTRY REST HOME LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FAIRFIELD COUNTRY REST HOME LIMITED

BALANCE SHEET

As at 31 March 2024
FAIRFIELD COUNTRY REST HOME LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,428,905 2,414,671
2,428,905 2,414,671
Current assets
Debtors 4 872,226 852,557
Cash at bank and in hand 57,806 37,558
930,032 890,115
Creditors: amounts falling due within one year 5 ( 817,552) ( 840,787)
Net current assets 112,480 49,328
Total assets less current liabilities 2,541,385 2,463,999
Creditors: amounts falling due after more than one year 6 ( 678,122) ( 727,522)
Provision for liabilities ( 13,728) 0
Net assets 1,849,535 1,736,477
Capital and reserves
Called-up share capital 7 100 100
Share premium account 1,604,511 1,604,511
Profit and loss account 244,924 131,866
Total shareholders' funds 1,849,535 1,736,477

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fairfield Country Rest Home Limited (registered number: 12838636) were approved and authorised for issue by the Board of Directors on 11 October 2024. They were signed on its behalf by:

Mr S Pantling
Director
FAIRFIELD COUNTRY REST HOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FAIRFIELD COUNTRY REST HOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fairfield Country Rest Home Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fairfield Country Rest Home Launcells, Nr Bude, Cornwall, EX23 9NH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Change in accounting estimate

Depreciation on land and buildings has been adjusted this year due to a revision in the estimated split of the land value. Depreciation has been decreased this year accordingly.

Turnover

Turnover is stated net of trade discounts and is recognised as services are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 50 years straight line
not depreciated
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 43 39

3. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 2,500,000 590 0 2,332 2,502,922
Additions 0 43,840 11,500 5,879 61,219
At 31 March 2024 2,500,000 44,430 11,500 8,211 2,564,141
Accumulated depreciation
At 01 April 2023 87,500 189 0 562 88,251
Charge for the financial year 39,637 4,379 2,108 861 46,985
At 31 March 2024 127,137 4,568 2,108 1,423 135,236
Net book value
At 31 March 2024 2,372,863 39,862 9,392 6,788 2,428,905
At 31 March 2023 2,412,500 401 0 1,770 2,414,671

4. Debtors

2024 2023
£ £
Prepayments 2,955 2,557
Other debtors 869,271 850,000
872,226 852,557

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 48,130 46,147
Amounts owed to directors 590,684 683,919
Accruals 28,228 35,049
Taxation and social security 110,745 73,394
Other creditors 39,765 2,278
817,552 840,787

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 678,122 727,522

The bank loan is secured by way of fixed and floating charges over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 485,602 542,935

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
22 Ordinary A shares of £ 1.00 each 22 22
22 Ordinary B shares of £ 1.00 each 22 22
25 Ordinary C shares of £ 1.00 each 25 25
25 Ordinary D shares of £ 1.00 each 25 25
6 Ordinary E shares of £ 1.00 each 6 6
100 100

8. Related party transactions

Other related party transactions

2024 2023
£ £
Loan to related party 850,000 850,000

During the year, the company had a loan to Ace Invest Ltd, a company under common control. The loan is interest free and repayable on demand.