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Company registration number: 03936432
Fieldpark Interiors Limited
Trading as Fieldpark Interiors Limited
Unaudited abridged financial statements
31 January 2024
Fieldpark Interiors Limited
Contents
Directors and other information
Directors report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Fieldpark Interiors Limited
Directors and other information
Directors Mr Stephen Langford
Mr Andrew Brown
Mr Lee Buchan (Appointed 2 March 2023)
Secretary Margaret Langford
Company number 03936432
Registered office 26 Donald Avenue
Hyde
Cheshire
SK14 5PB
Business address 26 Donald Avenue
Hyde
Cheshire
SK14 5PB
Accountants Lancashire Accountants Limited
3 Osborne Street
Bredbury
Stockport
Cheshire
SK6 2BT
Fieldpark Interiors Limited
Directors report
Year ended 31 January 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2024.
Directors
The directors who served the company during the year were as follows:
Mr Stephen Langford
Mr Andrew Brown
Mr Lee Buchan (Appointed 2 March 2023)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 October 2024 and signed on behalf of the board by:
Mr Stephen Langford
Director
Fieldpark Interiors Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fieldpark Interiors Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fieldpark Interiors Limited for the year ended 31 January 2024 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fieldpark Interiors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fieldpark Interiors Limited and state those matters that we have agreed to state to the board of directors of Fieldpark Interiors Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fieldpark Interiors Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fieldpark Interiors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fieldpark Interiors Limited. You consider that Fieldpark Interiors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Fieldpark Interiors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lancashire Accountants Limited
Chartered Accountants
3 Osborne Street
Bredbury
Stockport
Cheshire
SK6 2BT
14 October 2024
Fieldpark Interiors Limited
Abridged statement of comprehensive income
Year ended 31 January 2024
2024 2023
Note £ £
Gross profit 1,072,384 903,922
Administrative expenses ( 925,680) ( 892,495)
_______ _______
Operating profit 146,704 11,427
Interest payable and similar expenses ( 16,798) ( 1,151)
_______ _______
Profit before taxation 5 129,906 10,276
Tax on profit - 56,975
_______ _______
Profit for the financial year and total comprehensive income 129,906 67,251
_______ _______
All the activities of the company are from continuing operations.
Fieldpark Interiors Limited
Abridged statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 31,866 35,621
_______ _______
31,866 35,621
Current assets
Debtors 457,614 143,266
Cash at bank and in hand 32,731 101,882
_______ _______
490,345 245,148
Creditors: amounts falling due
within one year ( 241,769) ( 113,118)
_______ _______
Net current assets 248,576 132,030
_______ _______
Total assets less current liabilities 280,442 167,651
Creditors: amounts falling due
after more than one year ( 26,315) ( 43,430)
_______ _______
Net assets 254,127 124,221
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 254,126 124,220
_______ _______
Shareholders funds 254,127 124,221
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
Mr Stephen Langford
Director
Company registration number: 03936432
Fieldpark Interiors Limited
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2022 1 58,969 58,970
Profit for the year 67,251 67,251
_______ _______ _______
Total comprehensive income for the year - 67,251 67,251
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,000) ( 2,000)
_______ _______ _______
At 31 January 2023 and 1 February 2023 1 124,220 124,221
Profit for the year 129,906 129,906
_______ _______ _______
Total comprehensive income for the year - 129,906 129,906
_______ _______ _______
At 31 January 2024 1 254,126 254,127
_______ _______ _______
Fieldpark Interiors Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 26 Donald Avenue, Hyde, Cheshire, SK14 5PB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 16 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 10,251 6,852
_______ _______
6. Tangible assets
£
Cost
At 1 February 2023 77,929
Additions 7,500
Disposals ( 6,400)
_______
At 31 January 2024 79,029
_______
Depreciation
At 1 February 2023 42,309
Charge for the year 10,251
Disposals ( 5,397)
_______
At 31 January 2024 47,163
_______
Carrying amount
At 31 January 2024 31,866
_______
At 31 January 2023 35,620
_______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Stephen Langford ( 1,177) 69 - ( 1,108)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Stephen Langford ( 1,402) 2,225 ( 2,000) ( 1,177)
_______ _______ _______ _______
8. Controlling party
Mr S. Langford, the director of the company, is the controlling party, owning 100% of the issued share capital.