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Registration number: 12747853

Fisher Bailey Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Fisher Bailey Developments Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Fisher Bailey Developments Ltd

(Registration number: 12747853)
Statement of Financial Position as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

460

671

Current assets

 

Stocks

5

-

1,131,144

Debtors

6

16,908

17,979

Cash at bank and in hand

 

75,371

5,500

 

92,279

1,154,623

Creditors: Amounts falling due within one year

7

(68,846)

(280,782)

Net current assets

 

23,433

873,841

Total assets less current liabilities

 

23,893

874,512

Creditors: Amounts falling due after more than one year

7

-

(779,742)

Provisions for liabilities

(87)

(168)

Net assets

 

23,806

94,602

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

23,804

94,600

Shareholders' funds

 

23,806

94,602

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

 

Fisher Bailey Developments Ltd

(Registration number: 12747853)
Statement of Financial Position as at 30 September 2024 (continued)


Mr Richard Ryder
Director

 

Fisher Bailey Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Clevedon Road
Flax Bourton
Bristol
BS48 1NL

Principal activity

The principal activity of the company is that of property development.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide the further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

 

Fisher Bailey Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Reclassification of comparative amounts

The comparative figures have been restated as in a prior year a payment was incorrectly allocated against an outstanding invoice. Therefore an entry to reintroduce the debtor and account for the sale of £15,000 has been made in the prior period.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

4 Years Straight Line

 

Fisher Bailey Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Fisher Bailey Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

808

808

At 30 September 2024

808

808

Depreciation

At 1 October 2023

137

137

Charge for the year

211

211

At 30 September 2024

348

348

Carrying amount

At 30 September 2024

460

460

At 30 September 2023

671

671

5

Stocks

2024
£

(As restated)

2023
£

Work in progress

-

1,131,144

 

Fisher Bailey Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Debtors

2024
£

(As restated)

2023
£

Trade debtors

15,000

15,000

Other debtors

1,262

1,027

Prepayments

646

1,952

16,908

17,979

7

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Trade creditors

2,419

14,036

Accruals and deferred income

2,390

2,150

Other creditors

64,037

264,596

68,846

280,782

Bank loans are secured by way of fixed charge over the property held in stock. The charge was satisfied on 24 July 2024.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

779,742

Bank loans are secured by way of fixed charge over the property held in stock. The charge was satisfied on 24 July 2024.

 

Fisher Bailey Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

779,742

Bank loans are secured by way of fixed charge over the property held in stock. The charge was satisfied on 24 July 2024.

10

Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company.

2024

At 1 October 2023
£

Advances by directors
£

Repayments to directors
£

At 30 September 2024
£

(264,596)

(47,941)

248,500

(64,037)

         
       

 

2023

At 1 October 2022
£

Advances by directors
£

Repayments to directors
£

At 30 September 2023
£

(159,853)

(104,743)

-

(264,596)