Company registration number 04656266 (England and Wales)
FIELDS (READING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FIELDS (READING) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FIELDS (READING) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
32,077
32,077
Current assets
Debtors
5
32,356
86
Cash at bank and in hand
30,102
32,356
30,188
Creditors: amounts falling due within one year
6
(9,753)
(7,170)
Net current assets
22,603
23,018
Net assets
54,680
55,095
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
54,678
55,093
Total equity
54,680
55,095
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 November 2024
Mr S P Beck
Director
Company registration number 04656266 (England and Wales)
FIELDS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Fields (Reading) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, The Metro Centre, Toutley Road, Wokingham, Berkshire, RG41 1QW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
-the amount of revenue can be measured reliably;
-it is probable that the Company will receive the consideration due under the contract;
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-the costs incurred and the costs to complete the contract can be measured reliably.
Long term contracts
Where the time taken substantially to complete a sales contract is such that the activity falls into different accounting periods, these contracts are treated as long term contracts. Attributable profit is taken on long term contracts when the outcome of the contract can be assessed with reasonable certainty. Provision is made for any anticipated loss. Turnover is based on valuation certificates issued and work completed, including retention, at the balance sheet date.
1.3
Investment properties
Investment property is carried at cost, which in the director's opinion is not significantly different from its fair value. This valuation is reconsidered by the director at each year end. No depreciation is provided. Changes in the fair value are recognised in profit and loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FIELDS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Short term debtors and creditors are measured at the transaction price, less any impairment.
2
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key accounting estimate in the financial statements is the valuation of the investment property. The director reviews the valuation each year and when there is a material change in the fair value it is recorded in the financial statements.
3
Employees
The average monthly number of persons (including the director) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
32,077
The director does not consider the market value of the investment property to be materially different from cost and, therefore, it has been carried at cost in the financial statements.
FIELDS (READING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
31,916
Other debtors
440
86
32,356
86
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,640
Other creditors
7,113
7,170
9,753
7,170
7
Parent company
The company's ultimate holding company is Lola Beck Limited.