REGISTERED NUMBER: |
FAIRWAYS (NORTH WALES) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
6 FEBRUARY 2023 TO 31 MARCH 2024 |
REGISTERED NUMBER: |
FAIRWAYS (NORTH WALES) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
6 FEBRUARY 2023 TO 31 MARCH 2024 |
FAIRWAYS (NORTH WALES) LIMITED (REGISTERED NUMBER: 14640541) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 6 FEBRUARY 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
FAIRWAYS (NORTH WALES) LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 6 FEBRUARY 2023 TO 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Chartered Tax Advisers |
First Floor Suite |
23 Trinity Square |
LLANDUDNO |
North Wales |
LL30 2RH |
FAIRWAYS (NORTH WALES) LIMITED (REGISTERED NUMBER: 14640541) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FAIRWAYS (NORTH WALES) LIMITED (REGISTERED NUMBER: 14640541) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
FAIRWAYS (NORTH WALES) LIMITED (REGISTERED NUMBER: 14640541) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 6 FEBRUARY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Fairways (North Wales) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
In accordance with FRS 102, investment properties are revalued annually and the aggregate surplus or deficit is transferred to the statement of comprehensive income as a fair value adjustment. No depreciation is provided in respect of investment properties. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because these properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to adopt FRS 102 in order to give a true and fair view. |
If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Deferred tax is accounted for on revaluation surpluses. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
FAIRWAYS (NORTH WALES) LIMITED (REGISTERED NUMBER: 14640541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors are initially recognised at their transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. |
Trade and other creditors |
Trade and other creditors are initially recognised at their transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Investment |
property |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
The director has considered the value of the investment property as at 31 March 2024 and he has determined that no changes to the carrying value of the asset are required. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Tax |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |
Director's loan account | 149,390 |
FAIRWAYS (NORTH WALES) LIMITED (REGISTERED NUMBER: 14640541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 6 FEBRUARY 2023 TO 31 MARCH 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
100 Ordinary shares of £1 each were allotted and fully paid for |