Registered number
02937507
Fyfield Technology Limited
Filleted Accounts
30 June 2024
Fyfield Technology Limited
Registered number: 02937507
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 265,062 255,085
Current assets
Stocks 2,250 2,250
Debtors 4 31,440 22,128
Cash at bank and in hand 64,998 73,496
98,688 97,874
Creditors: amounts falling due within one year 5 (84,982) (65,850)
Net current assets 13,706 32,024
Total assets less current liabilities 278,768 287,109
Provisions for liabilities (Note 6) (17,502) (17,502)
Net assets 261,266 269,607
Capital and reserves
Called up share capital 2 2
Fair value reserve 6 74,616 74,616
Profit and loss account 186,648 194,989
Shareholder's funds 261,266 269,607
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gerald McNulty
Director
Approved by the board on 19 March 2025
Fyfield Technology Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 254,930 2,818 257,748
Additions 10,000 - 10,000
At 30 June 2024 264,930 2,818 267,748
Depreciation
At 1 July 2023 - 2,663 2,663
Charge for the year - 23 23
At 30 June 2024 - 2,686 2,686
Net book value
At 30 June 2024 264,930 132 265,062
At 30 June 2023 254,930 155 255,085
4 Debtors 2024 2023
£ £
Trade debtors 31,440 22,128
31,440 22,128
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 6,424 3,526
Taxation and social security costs 6,929 5,839
Directors loan account 70,309 55,166
Other creditors 1,320 1,319
84,982 65,850
6 Fair value reserve 2024 2023
£ £
The provision for liability of £17,502 relates to deferred corporation tax in relation to the fair value revaluation of investment property.
At 1 July 2023 74,616 74,616
At 30 June 2024 74,616 74,616
7 Other information
Fyfield Technology Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bank Chambers
1-3 Woodford Avenue
Gants Hill, Ilford
Essex
IG2 6UF
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