Registered number
13222854
FAIRFORD INNOVATIONS LIMITED
Filleted Accounts
29 February 2024
FAIRFORD INNOVATIONS LIMITED
Registered number: 13222854
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 291,792 291,792
Current assets
Debtors 4 7,818 11,418
Cash at bank and in hand 52,315 51,316
60,133 62,734
Creditors: amounts falling due within one year 5 (29,642) (29,974)
Net current assets 30,491 32,760
Total assets less current liabilities 322,283 324,552
Creditors: amounts falling due after more than one year 6 (339,816) (343,529)
Net liabilities (17,533) (18,977)
Capital and reserves
Called up share capital 100 100
Profit and loss account (17,633) (19,077)
Shareholders' funds (17,533) (18,977)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mohammad Imran Khan
Director
Approved by the board on 15 October 2024
FAIRFORD INNOVATIONS LIMITED
Notes to the Accounts
for the year ended 29 February 2024
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
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 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 291,792
At 29 February 2024 291,792
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 291,792
At 28 February 2023 291,792
4 Debtors 2024 2023
£ £
Trade debtors 7,818 11,418
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 25,148 27,593
Taxation and social security costs 1,604 1,582
Other creditors 2,890 799
29,642 29,974
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 161,655 161,655
Director's current account 178,161 181,874
339,816 343,529
7 Other information
FAIRFORD INNOVATIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
10 Fairford Leys Way
Aylesbury
Bucks
HP19 7FQ
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