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Registered number: 06338112
FAIRBOURNE CARRIAGES LIMITED
Unaudited Financial Statements
For The Year Ended 31 August 2024
DIXON & CO
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06338112
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 23,639 31,484
23,639 31,484
CURRENT ASSETS
Debtors 6 11,965 14,729
Cash at bank and in hand 119,124 52,934
131,089 67,663
Creditors: Amounts Falling Due Within One Year 7 (113,820 ) (67,786 )
NET CURRENT ASSETS (LIABILITIES) 17,269 (123 )
TOTAL ASSETS LESS CURRENT LIABILITIES 40,908 31,361
NET ASSETS 40,908 31,361
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 40,808 31,261
SHAREHOLDERS' FUNDS 40,908 31,361
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Francis Wood
Director
Mr Duncan Wood
Director
19/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
FAIRBOURNE CARRIAGES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 06338112 . The registered office is 8 Hunters Way, Sheldwich Lees , Faversham, Kent, ME13 0NB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 10,000
As at 31 August 2024 10,000
Amortisation
As at 1 September 2023 10,000
As at 31 August 2024 10,000
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 5,293 23,993 73,921 6,329 109,536
As at 31 August 2024 5,293 23,993 73,921 6,329 109,536
Depreciation
As at 1 September 2023 5,293 21,050 45,905 5,804 78,052
Provided during the period - 736 7,004 105 7,845
As at 31 August 2024 5,293 21,786 52,909 5,909 85,897
Net Book Value
As at 31 August 2024 - 2,207 21,012 420 23,639
As at 1 September 2023 - 2,943 28,016 525 31,484
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 11,965 11,828
Deferred tax current asset - 2,901
11,965 14,729
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 60,129 37,318
Other taxes and social security 1,002 1,006
VAT 28,829 13,471
Other creditors 262 -
Pensions liability 118 -
Accruals and deferred income 23,480 13,480
Directors' loan accounts - 2,511
113,820 67,786
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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