Company No:
Contents
| Note | 30.09.2024 | 30.09.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 6,284,000 | 6,284,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 184,712 | 100,098 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current liabilities | (5,635,739) | (5,986,671) | ||
| Total assets less current liabilities | 648,261 | 297,329 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Fairfield Park Ltd (registered number:
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Claire Rebecca Foster
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Fairfield Park Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hoppins Farm, Southerton, Ottery St. Mary, EX11 1SD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The company has net current liabilities of
£5,635,739 at the year end. Included within creditors are amounts of £5,665,587 which are owed to the company's
directors. The directors will not seek repayment of the loans for at least 12 months to the extent that any such
repayment would jeopardise the future of the company and therefore the directors consider that the going concern
basis is appropriate.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
| Year ended 30.09.2024 |
Period from 29.09.2022 to 30.09.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 October 2023 |
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| As at 30 September 2024 |
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Valuation
There has been no valuation of investment property by an independent valuer.
| 30.09.2024 | 30.09.2023 | ||
| £ | £ | ||
| Other debtors |
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| 30.09.2024 | 30.09.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Transactions with the entity's directors
S Hardwick
At 01 October 2023 the balance owed from the directors was £nil. During the year, the company made advances to directors amounting to £6,552 and received repayments of £nil leaving a balance due from the directors of £6,552. (either overdrawn balance or £nil)
At 01 October 2022 the balance owed from the directors was £nil. During the year, the company made no advances to directors and received no repayments leaving a balance due from the directors of £nil.
T Blackwell
At 01 October 2023 the balance owed from the directors was £nil. During the year, the company made advances to directors amounting to £6,552 and received repayments of £nil leaving a balance due from the directors of £6,552. (either overdrawn balance or £nil)
At 01 October 2022 the balance owed from the directors was £nil. During the year, the company made no advances to directors and received no repayments leaving a balance due from the directors of £nil.
The Directors loan accounts are repayable on demand and interest has been charged on overdrawn balances exceeding £10,000 at the official HMRC rates.