Fairfacsimiles Limited Accounts

FAIRFACSIMILES LIMITED - Company Information






Fairfacsimiles Limited

	Company No. 01959679
		Information for Filing with The Registrar
		31 March 2019

at	31 March 2019
Company No.		01959679	Notes	2019	2018
				£	£






Current assets
	Stocks		2	10,899	10,899
	Debtors		3	1,097	3,892


				11,996	14,791
Creditors: Amount falling due within one year			4	(50)	(2,682)
Net current assets				11,946	12,109
Total assets less current liabilities				11,946	12,109




Net assets				11,946	12,109

Capital and reserves
	Called up share capital			10	10



	Profit and loss account		5	11,936	12,099

Total equity				11,946	12,109


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 19 July 2019
And signed on its behalf by:
H.B.B. Clowes
Director

for the year ended 31 March 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The accounts are presented in Sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2	Stocks
			2019	2018
			£	£


		Finished goods	10,899	10,899
			10,899	10,899

3	Debtors
			2019	2018
			£	£






		Other debtors	1,097	3,892

			1,097	3,892

4	Creditors:
		amounts falling due within one year
			2019	2018
			£	£






		Corporation tax	-	2,682


		Other creditors	50	-

			50	2,682

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Additional information

Its registered number is:

01959679

Preston Court

Preston-on-Wye

Hereford

HR2 9JU