REGISTERED NUMBER: 04317983 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FAIRBRIDGE DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J L Mcguffog

M G B Shaw

A E White

Mrs C A Ross

REGISTERED OFFICE:

Biwater House

Station Approach

Dorking

Surrey

RH4 1TZ

REGISTERED NUMBER:

04317983 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Horsham) Limited

Ridgeland House

15 Carfax

Horsham

West Sussex

RH12 1ER

CURRENT ASSETS

Stocks

-

5,579,046

Debtors

4

56,485

112,099

Cash at bank

820,065

722,305

876,550

6,413,450

CREDITORS

Amounts falling due within one year

5

1,646,860

10,150,692

NET CURRENT LIABILITIES

(770,310

)

(3,737,242

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(770,310

)

(3,737,242

)

CAPITAL AND RESERVES

Called up share capital

170,010

170,010

Retained earnings

(940,320

)

(3,907,252

)

(770,310

)

(3,737,242

)

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 statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

A E White - Director

1.	STATUTORY INFORMATION

Fairbridge Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, from the development and sale of land.

Turnover is recognised at the point of exchange of contracts.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Cost comprises land and associated acquisition costs, direct materials and subcontract work, other direct costs and those overheads that have been incurred in bringing the stock to its present location and condition, excluding borrowing costs.

Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will continue in operational existence for the foreseeable future.

However, a material uncertainty exists regarding the Company's ability to continue as a going concern. The Company has significant outstanding loans from its investors (the "Investor Loans").

The Company's ability to meet its obligations as they fall due, and therefore its continued operation as a going concern, is dependent upon the Investor Loans not being demanded for repayment by the investors within the foreseeable future.

Management has prepared these financial statements on the assumption that the investors will not demand repayment of these loans in the foreseeable future. This assumption is based on ongoing discussions with the investors.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

52,835

73,426

VAT

3,650

37,513

Prepayments

-

1,160

56,485

112,099

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

2,312,971

Trade creditors

3,635

1,072,784

Investor loans

1,596,740

6,662,421

Accrued expenses

46,485

102,516

1,646,860

10,150,692

6.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans due within 1 yr.

-

2,312,971

Investor Loans - Short Term

1,002,445

6,662,421

1,002,445

8,975,392

The above loans are secured on the land included within the stock held in current assets at the year end, which has been fully written down.

7.	RELATED PARTY DISCLOSURES

During the year, the company accrued £79,181 (2023: £65,804) in interest on investor loans from a related party at an interest rate of 12% (2023: 12%). As of the year-end, the loan balance was £594,295 (2023: £614,175).

The company has other investor loans from related parties amounting to £859,355 (2023: £3,788,457), on which no interest is accruing.