Registration number:
Fannon Estates Limited
for the Year Ended 30 November 2023
Pages for filing with Registrar
Fannon Estates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fannon Estates Limited
Company Information
Directors |
J P Fannon S Fannon |
Registered office |
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Registered number |
11685686 |
Accountants |
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Fannon Estates Limited
(Registration number: 11685686)
Balance Sheet as at 30 November 2023
Note |
2023 |
(As restated) |
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Fixed assets |
|||
Investment property |
1,367,000 |
1,200,000 |
|
Current assets |
|||
Cash at bank and in hand |
5,498 |
21,945 |
|
Creditors: Amounts falling due within one year |
(1,322,429) |
(1,150,123) |
|
Net current liabilities |
(1,316,931) |
(1,128,178) |
|
Net assets |
50,069 |
71,822 |
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Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Profit and loss account |
50,067 |
71,820 |
|
Total equity |
50,069 |
71,822 |
Fannon Estates Limited
(Registration number: 11685686)
Balance Sheet as at 30 November 2023
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
Fannon Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.
Investment property
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.
Fannon Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
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
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fannon Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Prior year adjustment |
The company's results for the year ended 30 November 2023 have been restated from the results previously reported. The adjustment is to correct the valuation of the investment property. The investment property is carried at fair value, which remains as previously reported at £1,200,000.
The overall impact on the financial statements for the year ended 30 November 2022 is as follows:
• Increase creditors by £83,817
• Decrease other operating income by £83,817
• Decrease profit by £83,817
• Decrease the reserves carried forward by £83,817
Investment properties |
2023 |
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At 1 December |
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Additions |
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At 30 November |
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Investment property is carried at fair value determined by the directors with reference to the condition and location of the property, as well as current observable market prices. There has been no valuation by an independant valuer.
Fannon Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors |
2023 |
(As restated) |
|
Amounts falling due within one year |
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Bank loans and overdrafts |
- |
600,000 |
Trade creditors |
166 |
- |
Amounts owed to group undertakings |
415,192 |
251,000 |
Accruals |
1,600 |
2,625 |
Directors' loan accounts |
905,471 |
296,498 |
1,322,429 |
1,150,123 |
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
|
2 |
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2 |