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Registration number: 04636984

Fairlight Vehicles Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Fairlight Vehicles Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

Fairlight Vehicles Limited

Company Information

Directors

Mr Geoffrey Wooffitt

Mr John Wooffitt

Mr David Wooffitt

Company secretary

Mr John Wooffitt

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Fairlight Vehicles Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Geoffrey Wooffitt

Mr John Wooffitt - Company secretary and director

Mr David Wooffitt

Principal activity

The principal activity of the company is the sale, scrap and maintenance of motor vehicles

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

.........................................
Mr Geoffrey Wooffitt
Director

.........................................
Mr John Wooffitt
Company secretary and director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fairlight Vehicles Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fairlight Vehicles Limited for the year ended 29 February 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Fairlight Vehicles 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 accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fairlight Vehicles Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Fairlight Vehicles 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 accounts of the Company. 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 accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

20 November 2024

 

Fairlight Vehicles Limited

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

 

1,315,808

1,021,726

Cost of sales

 

(867,169)

(689,648)

Gross profit

 

448,639

332,078

Administrative expenses

 

(444,227)

(320,635)

Operating profit

 

4,412

11,443

Interest payable and similar expenses

 

(256)

(217)

Profit before tax

4

4,156

11,226

Profit for the financial year

 

4,156

11,226

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Fairlight Vehicles Limited

Statement of Comprehensive Income for the Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

4,156

11,226

Total comprehensive income for the year

4,156

11,226

 

Fairlight Vehicles Limited

(Registration number: 04636984)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

447,958

433,162

Current assets

 

Stocks

6

105,750

175,000

Debtors

7

94,025

79,041

Cash at bank and in hand

 

24,970

24,953

 

224,745

278,994

Creditors: Amounts falling due within one year

8

(458,652)

(498,547)

Net current liabilities

 

(233,907)

(219,553)

Total assets less current liabilities

 

214,051

213,609

Creditors: Amounts falling due after more than one year

8

(8,346)

(12,060)

Net assets

 

205,705

201,549

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

205,605

201,449

Shareholders' funds

 

205,705

201,549

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

 

Fairlight Vehicles Limited

(Registration number: 04636984)
Balance Sheet as at 29 February 2024

.........................................
Mr Geoffrey Wooffitt
Director

 

Fairlight Vehicles Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

100

201,449

201,549

Profit for the year

-

4,156

4,156

At 29 February 2024

100

205,605

205,705

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

190,223

190,323

Profit for the year

-

11,226

11,226

At 28 February 2023

100

201,449

201,549

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the Board on 20 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold

5% on cost

Improvements to property

10% on cost

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

137,244

95,251

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

20,000

25,641

333,241

109,917

195,462

684,261

Additions

-

-

147,692

-

4,348

152,040

At 29 February 2024

20,000

25,641

480,933

109,917

199,810

836,301

Depreciation

At 1 March 2023

18,000

14,232

74,041

27,724

117,102

251,099

Charge for the year

1,000

2,852

101,723

10,992

20,677

137,244

At 29 February 2024

19,000

17,084

175,764

38,716

137,779

388,343

Carrying amount

At 29 February 2024

1,000

8,557

305,169

71,201

62,031

447,958

At 28 February 2023

2,000

11,409

259,200

82,193

78,360

433,162

Included within the net book value of land and buildings above is £1,000 (2023 - £2,000) in respect of long leasehold land and buildings.
 

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

105,750

175,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

86,422

67,585

Prepayments

7,603

11,456

 

94,025

79,041

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,172

8,572

Taxation and social security

33,438

9,404

Other creditors

413,042

480,571

458,652

498,547

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

8,346

12,060

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,346

12,060

11

Related party transactions

 

Fairlight Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

92,650

57,200