Fairfield Control Systems Limited Filleted accounts for Companies House (small and micro)

FAIRFIELD CONTROL SYSTEMS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-01-01 Sage Accounts Production Advanced 2018 - FRS 110,222 110,222 xbrli:pure xbrli:shares iso4217:GBP 02970677 2018-01-01 2018-12-31 02970677 2018-12-31 02970677 2017-12-31 02970677 2017-01-01 2017-12-31 02970677 2017-12-31 02970677 core:NetGoodwill 2018-01-01 2018-12-31 02970677 core:PlantMachinery 2018-01-01 2018-12-31 02970677 core:FurnitureFittings 2018-01-01 2018-12-31 02970677 core:MotorVehicles 2018-01-01 2018-12-31 02970677 bus:Director3 2018-01-01 2018-12-31 02970677 core:NetGoodwill 2018-12-31 02970677 core:LandBuildings 2017-12-31 02970677 core:PlantMachinery 2017-12-31 02970677 core:FurnitureFittings 2017-12-31 02970677 core:MotorVehicles 2017-12-31 02970677 core:LandBuildings 2018-12-31 02970677 core:PlantMachinery 2018-12-31 02970677 core:FurnitureFittings 2018-12-31 02970677 core:MotorVehicles 2018-12-31 02970677 core:LandBuildings 2018-01-01 2018-12-31 02970677 core:WithinOneYear 2018-12-31 02970677 core:WithinOneYear 2017-12-31 02970677 core:AfterOneYear 2018-12-31 02970677 core:AfterOneYear 2017-12-31 02970677 core:ShareCapital 2018-12-31 02970677 core:ShareCapital 2017-12-31 02970677 core:RetainedEarningsAccumulatedLosses 2018-12-31 02970677 core:RetainedEarningsAccumulatedLosses 2017-12-31 02970677 core:LandBuildings 2017-12-31 02970677 core:FurnitureFittings 2017-12-31 02970677 core:MotorVehicles 2017-12-31 02970677 bus:SmallEntities 2018-01-01 2018-12-31 02970677 bus:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 02970677 bus:FullAccounts 2018-01-01 2018-12-31 02970677 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 02970677 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 02970677 core:LandBuildings core:ShortLeaseholdAssets 2018-01-01 2018-12-31

Fairfield Control Systems Limited

Unaudited financial statements

31 December 2018

Company Registration Number 02970677

Fairfield Control Systems Limited

Balance sheet

31 December 2018

			2017
Note	£	£	£

Fixed assets

Tangible assets	5		114,145	159,509

Current assets

Stocks		5,131	4,844
Debtors	6	1,499,381	1,491,847
Cash at bank and in hand		353,274	–
		------------	------------
		1,857,786	1,496,691

Creditors: amounts falling due within one year	7	806,049		660,676
		------------		------------
Net current assets			1,051,737	836,015
			------------	---------
Total assets less current liabilities			1,165,882	995,524

Creditors: amounts falling due after more than one year	8		24,203	54,296

Provisions	21,688	39,985
	------------	---------
Net assets	1,119,991	901,243
	------------	---------

Fairfield Control Systems Limited

Balance sheet (continued)

31 December 2018

			2017
Note	£	£	£

Capital and reserves

Called up share capital	20,000	20,000
Profit and loss account	1,099,991	881,243
	------------	---------
Shareholders funds	1,119,991	901,243
	------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 September 2019 , and are signed on behalf of the board by:

M Doney

Director

Company registration number: 02970677

Fairfield Control Systems Limited

Notes to the financial statements

year ended 31 December 2018

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2. Accounting policies

2.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2 Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

2.3 Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

2.4 Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

2.5 Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

2.6 Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

2.7 Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	Straight line over period of lease
Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line

2.8 Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.9 Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

2.10 Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

2.11 Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 48 (2017: 48 ).

4. Intangible assets

	Goodwill

Cost
At 1 Jan 2018 and 31 Dec 2018	110,222
	---------
Amortisation
At 1 Jan 2018 and 31 Dec 2018	110,222
	---------
Carrying amount
At 31 December 2018	–
	---------

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total

Cost
At 1 January 2018	273,198	63,474	255,304	175,533	767,509
Additions	10,650	–	32,159	–	42,809
	---------	--------	---------	---------	---------
At 31 December 2018	283,848	63,474	287,463	175,533	810,318
	---------	--------	---------	---------	---------
Depreciation
At 1 January 2018	209,038	63,474	221,622	113,866	608,000
Charge for the year	39,606	–	27,503	21,064	88,173
	---------	--------	---------	---------	---------
At 31 December 2018	248,644	63,474	249,125	134,930	696,173
	---------	--------	---------	---------	---------
Carrying amount
At 31 December 2018	35,204	–	38,338	40,603	114,145
	---------	--------	---------	---------	---------
At 31 December 2017	64,160	–	33,682	61,667	159,509
	---------	--------	---------	---------	---------

6. Debtors

		2017
	£	£

Trade debtors	954,383	992,086
Other debtors	544,998	499,761
	------------	------------
	1,499,381	1,491,847
	------------	------------

7. Creditors: amounts falling due within one year

		2017
	£	£

Bank loans and overdrafts	–	61,415
Obligations under finance leases and hire purchase contracts	30,093	39,662
Trade creditors	542,834	361,941
Corporation tax	32,907	55,864
Social security and other taxes	184,494	128,564
Other creditors	15,721	13,230
	---------	---------
	806,049	660,676
	---------	---------

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

8. Creditors: amounts falling due after more than one year

		2017
	£	£

Obligations under finance leases and hire purchase contracts	24,203	54,296
	--------	--------

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

9. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Randall Park Way, Retford, Nottinghamshire.