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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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FAIRFIELD PLACE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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FOR |
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FAIRFIELD PLACE LIMITED |
FAIRFIELD PLACE LIMITED (REGISTERED NUMBER: 10337658) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 August 2019 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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FAIRFIELD PLACE LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31 August 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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FAIRFIELD PLACE LIMITED (REGISTERED NUMBER: 10337658) |
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ABRIDGED BALANCE SHEET |
31 August 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Work-in-progress |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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 PLACE LIMITED (REGISTERED NUMBER: 10337658) |
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ABRIDGED BALANCE SHEET - continued |
31 August 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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FAIRFIELD PLACE LIMITED (REGISTERED NUMBER: 10337658) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 August 2019 |
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1. | STATUTORY INFORMATION |
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Fairfield Place Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of |
Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' |
and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The financial statements have been prepared on a going concern basis, which the director considers to be appropriate, |
as he ha agreed not to withdraw his loan account and to provide the necessary finance to enable the company to meet its |
liabilities as they fall due. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly |
attributable to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures and fittings | - | 25% on reducing balance |
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Work in progress |
Work in progress comprises property development costs and is valued at the lower of cost or estimated selling price. |
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Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. |
Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are |
assessed for evidence of impairment, and changes are recognised in profit or loss. |
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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. |
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Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or |
past reporting periods. |
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Deferred tax represents the future tax consequences of material transactions and events recognised in the financial |
statements of current and previous periods. |
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Current and deferred tax assets and liabilities are not discounted and are 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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FAIRFIELD PLACE LIMITED (REGISTERED NUMBER: 10337658) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 August 2019 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2018 |
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Additions |
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At 31 August 2019 |
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DEPRECIATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Finance loans | 2,400,995 | 4,783,232 |
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Fixed and floating charges over the company's development property and all of the property or undertakings of the |
company were created on 18 November 2016 by Refcap (VA) Limited and Bridgeco Limited to secure all monies due |
or becoming due.The charges were satisfied on 8 April 2019 and 15 February 2019 respectively. |
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A legal charge and debenture over the company's development property and all of the property or undertakings of the |
company was created on 31 March 2017 by Aldermore Bank Plc to secure all monies due or becoming due. The charge |
was satisfied on 8 April 2019. |
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Fixed and floating charges over the company's development property and all of the property or undertakings of the |
company were created on 3 April 2019 by Interbay Funding Limited to secure all monies due or becoming due. |
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6. | OTHER FINANCIAL COMMITMENTS |
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As at 31 August 2019, Campbell Tomato had provided the company finance loans of £1,785,367 (2018 - £1,166,489). |
During the year ended 31 August 2019, interest of £122,855 (2018 - £100,472) was charged on the loan at a rate of |
10% per annum. |
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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |