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FAIRBURN ENTERPRISES LIMITED

Registered Number
14846421
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

FAIRBURN ENTERPRISES LIMITED
Company Information
for the period from 4 May 2023 to 31 May 2024

Directors

ID Fairburn
LMS Fairburn

Registered Address

Newland House
Weaver Road
Lincoln
LN6 3QN

Registered Number

14846421 (England and Wales)
FAIRBURN ENTERPRISES LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

£

£

Fixed assets
Tangible assets367,528
67,528
Current assets
Stocks30,000
Debtors1,455
Cash at bank and on hand2,112
33,567
Creditors amounts falling due within one year(184,819)
Net current assets (liabilities)(151,252)
Total assets less current liabilities(83,724)
Net assets(83,724)
Capital and reserves
Profit and loss account(83,724)
Shareholders' funds(83,724)
The financial statements were approved and authorised for issue by the Board of Directors on 3 February 2025, and are signed on its behalf by:
ID Fairburn
Director
LMS Fairburn
Director

Registered Company No. 14846421
FAIRBURN ENTERPRISES LIMITED
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities. The financial statements have been prepared under the historical cost convention.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Current or deferred taxation assets and liabilities are not discounted.
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery15-
Fixtures and fittings15-
Office Equipment-3
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and consequently measured at the present value of future payments, discounted at a market rate of interest.
2.Average number of employees

2024
Average number of employees during the year7
3.Tangible fixed assets

Total

£
Cost or valuation
Additions77,150
At 31 May 2477,150
Depreciation and impairment
Charge for year9,622
At 31 May 249,622
Net book value
At 31 May 2467,528
At 03 May 23-
4.Operating lease commitments
At 31 May 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £40,000.
5.Related party transactions
Included in creditors is an amount owing to ID Fairburn and LMS Fairburn of £155,542. This amount is unsecured and interest free.