REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAIRYHILL LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAIRYHILL LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
|
|
|
FAIRYHILL LIMITED (REGISTERED NUMBER: 03315635) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 | to | 3 |
|
Notes to the Financial Statements | 4 | to | 7 |
|
FAIRYHILL LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
26 Park Road |
Melton Mowbray |
Leicestershire |
LE13 1TT |
FAIRYHILL LIMITED (REGISTERED NUMBER: 03315635) |
|
STATEMENT OF FINANCIAL POSITION |
29 FEBRUARY 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Inventories |
|
|
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 8 |
|
|
Revaluation reserve | 9 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
FAIRYHILL LIMITED (REGISTERED NUMBER: 03315635) |
|
STATEMENT OF FINANCIAL POSITION - continued |
29 FEBRUARY 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
FAIRYHILL LIMITED (REGISTERED NUMBER: 03315635) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
1. | STATUTORY INFORMATION |
|
Fairyhill Limited is a
|
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 |
|
|
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Property, plant and equipment |
|
Land and buildings | - |
|
Plant and machinery etc | - |
|
|
Freehold property has not been depreciated as the directors do not believe that the property will decrease in |
value. |
|
On transition to FRS102, it was decided by the directors to use a previous UK GAAP valuation for Freehold |
property as deemed cost going forward. Further details regarding this valuation can be found in note 5. |
|
Investment property |
Investment properties are measured at fair value at each reporting date with changes in fair value recognised |
in the income statement and the revaluation reserve. No depreciation is provided in respect of investment |
properties. |
|
Inventories |
Inventories are stated at the lower of cost and fair value less costs to complete and sell after making due |
allowance for slow moving and obsolete items. |
|
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 statement of financial position date. |
|
FAIRYHILL LIMITED (REGISTERED NUMBER: 03315635) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2019 |
and 29 February 2020 |
|
|
|
DEPRECIATION |
At 1 March 2019 |
|
|
|
Charge for year |
|
|
|
At 29 February 2020 |
|
|
|
NET BOOK VALUE |
At 29 February 2020 |
|
|
|
At 28 February 2019 |
|
|
|
|
Cost or valuation at 29 February 2020 is represented by: |
|
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2010 | 268,745 | - | 268,745 |
Cost | 81,255 | 33,043 | 114,298 |
350,000 | 33,043 | 383,043 |
|
If Freehold property had not been revalued it would have been included at the following historical cost: |
|
2020 | 2019 |
£ | £ |
Cost | 81,255 | 81,255 |
FAIRYHILL LIMITED (REGISTERED NUMBER: 03315635) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
|
Freehold land and buildings were valued on an open market basis on 28 February 2010 by the directors. The |
methods and assumptions used to ascertain the fair values are as follows: |
|
The valuation was prepared having regard to the market based evidence for similar properties sold in the local |
area. |
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2019 |
and 29 February 2020 |
|
NET BOOK VALUE |
At 29 February 2020 |
|
At 28 February 2019 |
|
|
Fair value at 29 February 2020 is represented by: |
|
£ |
Valuation in 2017 | (59,753 | ) |
Cost | 2,845,412 |
2,785,659 |
|
If investment properties had not been revalued they would have been included at the following historical cost: |
|
2020 | 2019 |
£ | £ |
Cost | 2,845,412 | 2,845,412 |
|
Investment properties were valued on an open market basis on 29 February 2020 by the directors. The |
methods and assumptions used to ascertain the fair values are as follows: |
|
The valuations were prepared on an appropriate yield basis. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
FAIRYHILL LIMITED (REGISTERED NUMBER: 03315635) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
|
|
Taxation |
|
|
Other taxes and social security |
|
|
Other creditors |
|
|
Directors' current accounts |
|
|
Accruals and deferred income |
|
|
|
|
|
8. | CALLED UP SHARE CAPITAL |
|
Allotted and issued: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | £1 | 5 | 5 |
|
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2019 |
and 29 February 2020 |
|
|
The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is |
transfered to a separate non-distributable revaluation reserve in order to assist with the identification of |
profits available for distribution. |
|
10. | RELATED PARTY DISCLOSURES |
|
From time to time the directors provide financing loans to the company as disclosed in creditors (Directors' |
current accounts). These loans are interest free and repayable on demand. The amount outstanding at the |
year end was £2,205 (2019: £500,492). |