IRIS Accounts Production v25.1.0.734 SC237468 Board of Directors Board of Directors 1.10.23 30.9.24 30.9.24 false true false false true false Fair value model 117312 139312 1408 92000 22000 26720 117312 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2374682023-09-30SC2374682024-09-30SC2374682023-10-012024-09-30SC2374682022-09-30SC2374682022-10-012023-09-30SC2374682023-09-30SC237468ns15:Scotland2023-10-012024-09-30SC237468ns14:PoundSterling2023-10-012024-09-30SC237468ns10:Director12023-10-012024-09-30SC237468ns10:Director22023-10-012024-09-30SC237468ns10:PrivateLimitedCompanyLtd2023-10-012024-09-30SC237468ns10:SmallEntities2023-10-012024-09-30SC237468ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-30SC237468ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-30SC237468ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-30SC237468ns10:FullAccounts2023-10-012024-09-30SC237468ns10:Director1412023-09-30SC237468ns10:Director1412022-09-30SC237468ns10:Director1412023-10-012024-09-30SC237468ns10:Director1412022-10-012023-09-30SC237468ns10:Director1412024-09-30SC237468ns10:Director1412023-09-30SC237468ns10:CompanySecretary12023-10-012024-09-30SC237468ns10:RegisteredOffice2023-10-012024-09-30SC237468ns5:CurrentFinancialInstruments2024-09-30SC237468ns5:CurrentFinancialInstruments2023-09-30SC237468ns5:Non-currentFinancialInstruments2024-09-30SC237468ns5:Non-currentFinancialInstruments2023-09-30SC237468ns5:ShareCapital2024-09-30SC237468ns5:ShareCapital2023-09-30SC237468ns5:RevaluationReserve2024-09-30SC237468ns5:RevaluationReserve2023-09-30SC237468ns5:RetainedEarningsAccumulatedLosses2024-09-30SC237468ns5:RetainedEarningsAccumulatedLosses2023-09-30SC237468ns5:FurnitureFittings2023-10-012024-09-30SC237468ns5:FurnitureFittings2023-09-30SC237468ns5:FurnitureFittings2024-09-30SC237468ns5:FurnitureFittings2023-09-30SC237468ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-30SC237468ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-30SC237468ns5:RevaluationReserve2023-09-30SC237468ns10:Director222023-09-30SC237468ns10:Director222022-09-30SC237468ns10:Director222023-10-012024-09-30SC237468ns10:Director222022-10-012023-09-30SC237468ns10:Director222024-09-30SC237468ns10:Director222023-09-30
REGISTERED NUMBER: SC237468 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

FAIRFIELD ESTATES (SCOTLAND) LIMITED

FAIRFIELD ESTATES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC237468)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAIRFIELD ESTATES (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: G J Campbell
D J Neilson





SECRETARY: G J Campbell





REGISTERED OFFICE: 5 Jacobean House
Glebe Street
East Kilbride
G74 4LY





REGISTERED NUMBER: SC237468 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

FAIRFIELD ESTATES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC237468)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 60 75
Investment property 5 186,500 248,000
186,560 248,075

CURRENT ASSETS
Debtors 6 36,000 36,000
Cash at bank 2,571 6,639
38,571 42,639
CREDITORS
Amounts falling due within one year 7 8,931 8,121
NET CURRENT ASSETS 29,640 34,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

216,200

282,593

CREDITORS
Amounts falling due after more than one
year

8

(26,720

)

(117,312

)

PROVISIONS FOR LIABILITIES - (1,914 )
NET ASSETS 189,480 163,367

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 4,693 13,193
Retained earnings 184,687 150,074
SHAREHOLDERS' FUNDS 189,480 163,367

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

FAIRFIELD ESTATES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC237468)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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 20 June 2025 and were signed on its behalf by:




G J Campbell - Director



D J Neilson - Director


FAIRFIELD ESTATES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC237468)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Fairfield Estates (Scotland) Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract is only partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the contract value. Where payments are received from customers in advance of services provided,the amounts are recorded as Deferred Income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - 20% on reducing balance

Investment property
Investment property is shown at a fair value deemed accurate by the directors. Any surplus or deficit arising from changes in the value is transferred to a fair value reserve.

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.

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.

Other operating income
Other operating income is including VAT. Other operating income represents the value of services from the rental of property provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

FAIRFIELD ESTATES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC237468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Basic financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods 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 amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 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.

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
& fittings
£   
COST
At 1 October 2023
and 30 September 2024 4,674
DEPRECIATION
At 1 October 2023 4,599
Charge for year 15
At 30 September 2024 4,614
NET BOOK VALUE
At 30 September 2024 60
At 30 September 2023 75

FAIRFIELD ESTATES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC237468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 248,000
Disposals (58,000 )
Revaluations (3,500 )
At 30 September 2024 186,500
NET BOOK VALUE
At 30 September 2024 186,500
At 30 September 2023 248,000

A fair value assessment was carried out on investment properties on 30 September 2024 by the directors on an open market value basis.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 36,000 36,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Taxation and social security 7,206 6,543
Other creditors 1,725 1,578
8,931 8,121

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Other creditors 26,720 117,312

9. SECURED DEBTS

Royal Bank of Scotland hold standard security over the properties at Glebe Street and Ness Drive.

10. RESERVES
Fair
value
reserve
£   
At 1 October 2023 13,193
Investment property revalued (3,500 )
Investment property disposal (5,000 )

At 30 September 2024 4,693

FAIRFIELD ESTATES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC237468)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
D J Neilson and G J Campbell
Balance outstanding at start of year 117,312 139,312
Amounts advanced 1,408 -
Amounts repaid (92,000 ) (22,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,720 117,312

Directors loans are interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

During the year £36,000 (2023: £36,000) was invoiced to Neilson Partnership for property consultancy services, a partnership with G Campbell and D Neilson as partners. Included within other debtors is £36,000 (2023: £36,000) due from Neilson Partnership at 30 September 2024.