Fairey Associates Limited - Period Ending 2020-04-30
Fairey Associates Limited - Period Ending 2020-04-30
Registration number:
Fairey Associates Limited
for the Year Ended 30 April 2020
Fairey Associates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fairey Associates Limited
Company Information
Directors |
Ms Jennifer Louise Hughes Mr Edward James Fairey |
Company secretary |
Ms Jennifer Louise Hughes |
Registered office |
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Accountants |
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Fairey Associates Limited
(Registration number: 06535124)
Balance Sheet as at 30 April 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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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 assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Fairey Associates Limited
(Registration number: 06535124)
Balance Sheet as at 30 April 2020
Approved and authorised by the
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Director
Fairey Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital, incorporated in Other.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents revenue earned under a wide variety of contracts to provide goods and services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Fairey Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold |
2% on cost |
Fixtures and fittings |
10% on cost |
Office equipment |
25% on cost and 20% on cost |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fairey Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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Depreciation |
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At 1 May 2019 |
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Charge for the year |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Included within the net book value of land and buildings above is £645,671 (2019 - £391,347) in respect of long leasehold land and buildings.
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Total current trade and other debtors |
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Fairey Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Pension contributions unpaid |
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PAYE and NIC |
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VAT |
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Corporation tax |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
A legal mortgage over the leasehold property known as 4 Threshelfords Business Park, Inworth Road, Feering, Essex. |
Fairey Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Related party transactions |
Transactions with directors |
Transactions with directors |
2019 |
At 1 May 2018 |
Advances to directors |
At 30 April 2019 |
Directors |
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