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Registration number: 10102018

Fair Rose Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Fair Rose Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Fair Rose Ltd

Company Information

Director

Mr Paul Winston

Company secretary

Miss Gina Rose Winston

Registered office

Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered Accountants
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Fair Rose Ltd

(Registration number: 10102018)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

4

372,715

372,715

Other financial assets

25,019

25,019

 

397,734

397,734

Current assets

 

Debtors

5

17,000

-

Investments

6

3,065

3,065

Cash at bank and in hand

 

21,835

21,984

 

41,900

25,049

Creditors: Amounts falling due within one year

7

(427,628)

(410,393)

Net current liabilities

 

(385,728)

(385,344)

Net assets

 

12,006

12,390

capital and reserves

 

Called up share capital

8

4

4

Revaluation reserve

12,375

12,375

Profit and loss account

(373)

11

Shareholders' funds

 

12,006

12,390

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.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 December 2024
 

.........................................
Mr Paul Winston
Director

 

Fair Rose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

These financial statements were authorised for issue by the director on 4 December 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.

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:

 

Fair Rose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Asset class

Depreciation method and rate

Investment property

maintained at market value

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

Fair Rose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

372,715

372,715

At 30 November 2023

372,715

372,715

Depreciation

Carrying amount

At 30 November 2023

372,715

372,715

At 30 November 2022

372,715

372,715

Included within the net book value of land and buildings above is £51,000 (2022 - £51,000) in respect of freehold land and buildings and £321,715 (2022 - £321,715) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Other debtors

17,000

-

 

17,000

-

6

Current asset investments

2023
£

2022
£

Other investments

3,065

3,065

 

Fair Rose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other creditors

 

161,170

128,546

Directors' loan accounts

 

266,458

281,847

 

427,628

410,393

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary P of £1 each

1

1

1

1

Ordinary S of £1 each

1

1

1

1

Ordinary G of £1 each

1

1

1

1

Ordinary E of £1 each

1

1

1

1

4

4

4

4

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

12,375

12,375

10

Dividends

11

Related party transactions

Summary of transactions with other related parties

Paul Winston Ltd
 The companies are related by reason of common control and ownership.
 During the year funds were advanced by Paul Winston Ltd. At the balance sheet date the company owed Paul Winston Ltd £161,170 (2022 £128,545).