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Registered number: 14219658
Fairfield Property Management & Developments Ltd
Financial Statements
For The Year Ended 31 July 2024
Apple Accountancy Limited
Chartered Certified Accountants
5 Holyrood Street
Newport
Isle of Wight
PO30 5AU
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Fairfield Property Management & Developments Ltd For The Year Ended 31 July 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Fairfield Property Management & Developments Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Fairfield Property Management & Developments Ltd , as a body, in accordance with the terms of our engagement letter dated 18 May 2023. Our work has been undertaken solely to prepare for your approval the accounts of Fairfield Property Management & Developments Ltd and state those matters that we have agreed to state to the directors of Fairfield Property Management & Developments Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fairfield Property Management & Developments Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Fairfield Property Management & Developments Ltd 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 or loss of Fairfield Property Management & Developments Ltd . You consider that Fairfield Property Management & Developments Ltd 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 Fairfield Property Management & Developments Ltd . 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 financial statements.
Signed
24th November 2024
Apple Accountancy Limited
Chartered Certified Accountants
5 Holyrood Street
Newport
Isle of Wight
PO30 5AU
Page 1
Page 2
Balance Sheet
Registered number: 14219658
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 272,255 275,471
272,255 275,471
CURRENT ASSETS
Debtors 1,280 664
Cash at bank and in hand 30,429 13,200
31,709 13,864
Creditors: Amounts Falling Due Within One Year (285,197 ) (282,817 )
NET CURRENT ASSETS (LIABILITIES) (253,488 ) (268,953 )
TOTAL ASSETS LESS CURRENT LIABILITIES 18,767 6,518
NET ASSETS 18,767 6,518
CAPITAL AND RESERVES
Called up share capital 5 2 2
Profit and Loss Account 18,765 6,516
SHAREHOLDERS' FUNDS 18,767 6,518
Page 2
Page 3
For the year ending 31 July 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 Mason Parker
Director
Ms Ashlea Maryon
Director
13th January 2025
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Fairfield Property Management & Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14219658 . The registered office is 5 Holyrood Street, Newport, Isle of Wight, PO30 5AU.
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.
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. 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:
Freehold No depreiciation
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 33% Straight line
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 4
Page 5
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 264,054 10,000 600 5,200 279,854
Additions - - - 758 758
As at 31 July 2024 264,054 10,000 600 5,958 280,612
Depreciation
As at 1 August 2023 - 2,500 150 1,733 4,383
Provided during the period - 1,875 113 1,986 3,974
As at 31 July 2024 - 4,375 263 3,719 8,357
Net Book Value
As at 31 July 2024 264,054 5,625 337 2,239 272,255
As at 1 August 2023 264,054 7,500 450 3,467 275,471
5. Share Capital
31 July 2024 31 July 2023
Allotted, called up and fully paid £ £
1 Ordinary A shares of £ 1.00 each 1 1
1 Ordinary B shares of £ 1.00 each 1 1
2 2
Page 5