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REGISTERED NUMBER: SC646382 (Scotland)




















Fairfield Hearing Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024






Fairfield Hearing Ltd (Registered number: SC646382)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fairfield Hearing Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M Casson
S J Fairfield



SECRETARY: M Casson



REGISTERED OFFICE: 21 Warrender Court
North Berwick
EH39 4RR



REGISTERED NUMBER: SC646382 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland
36 St Andrew Square
Edinburgh
EH2 2AD

Fairfield Hearing Ltd (Registered number: SC646382)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 8,357 22,761
Investments 5 10 10
8,367 22,771

CURRENT ASSETS
Stocks 47,681 52,533
Debtors 6 16,752 38,063
Cash at bank 23,504 42,096
87,937 132,692
CREDITORS
Amounts falling due within one year 7 76,262 68,326
NET CURRENT ASSETS 11,675 64,366
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,042

87,137

CREDITORS
Amounts falling due after more than
one year

8

(11,000

)

(22,000

)

PROVISIONS FOR LIABILITIES (1,588 ) (4,325 )
NET ASSETS 7,454 60,812

Fairfield Hearing Ltd (Registered number: SC646382)

Balance Sheet - continued
31 December 2024

2024 2023
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 7,453 60,811
7,454 60,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:





M Casson - Director


Fairfield Hearing Ltd (Registered number: SC646382)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Fairfield Hearing Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents invoiced sales of services, net of Value Added Tax in respect of the provision of
services to group companies. Revenue is recognised when the service has been supplied to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Fairfield Hearing Ltd (Registered number: SC646382)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

Fairfield Hearing Ltd (Registered number: SC646382)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 59,438
DEPRECIATION
At 1 January 2024 36,677
Charge for year 14,404
At 31 December 2024 51,081
NET BOOK VALUE
At 31 December 2024 8,357
At 31 December 2023 22,761

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 10
NET BOOK VALUE
At 31 December 2024 10
At 31 December 2023 10

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 8,987 32,336
Other debtors 7,765 5,727
16,752 38,063

Fairfield Hearing Ltd (Registered number: SC646382)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,000 11,000
Trade creditors 38,447 23,576
Amounts owed to group undertakings 19,454 18,000
Taxation and social security 3,526 10,826
Other creditors 3,835 4,924
76,262 68,326

Other creditors includes a director's loan which is unsecured, interest free and has no fixed terms of repayment.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,000 22,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 13,857 7,106
Between one and five years 10,747 8,291
24,604 15,397

10. ULTIMATE CONTROLLING PARTY

The controlling party is Olemda Ltd.

The ultimate controlling party is S J Fairfield.