C D Fairfield Capital Limited Filleted accounts for Companies House (small and micro)

C D FAIRFIELD CAPITAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI610487

C D Fairfield Capital Limited

Filleted Unaudited Financial Statements

26 December 2022

C D Fairfield Capital Limited

Statement of Financial Position

26 December 2022

	26 Dec 22		27 Dec 21
Note	£	£	£

Fixed assets

Tangible assets	5		6,009	21,849

Current assets

Debtors	6	335,528	262,215
Cash at bank and in hand		5,047	167,750
		---------	---------
		340,575	429,965

Creditors: amounts falling due within one year	7	343,634		383,084
		---------		---------
Net current (liabilities)/assets			( 3,059)	46,881
			-------	--------
Total assets less current liabilities			2,950	68,730

Creditors: amounts falling due after more than one year	8		68,436	47,658

Provisions

Taxation including deferred tax	–	1,673
	--------	--------
Net (liabilities)/assets	( 65,486)	19,399
	--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 66,486)	18,399
	--------	--------
Shareholders (deficit)/funds	( 65,486)	19,399
	--------	--------

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 Section 1A of 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 statement of income and retained earnings has not been delivered.

For the period ending 26 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period 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 .

C D Fairfield Capital Limited

Statement of Financial Position (continued)

26 December 2022

These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:

Mr P Davison	Mr T Cardwell
Director	Director

Company registration number: NI610487

C D Fairfield Capital Limited

Notes to the Financial Statements

Period from 28 December 2021 to 26 December 2022

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 2 Channel Wharf, 21 Old Channel Road, Belfast, BT3 9DE, Northern Ireland.

2. Statement of compliance

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

3. Accounting policies

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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available:(a) No cash flow statement has been presented for the company.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.

Taxation

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.

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.

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:

Fixtures & fittings	-	20% straight line
Equipment	-	50 % straight line

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.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.

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.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 14 (2021: 16 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 28 December 2021	21,963	35,671	57,634
Additions	175	1,701	1,876
	--------	--------	--------
At 26 December 2022	22,138	37,372	59,510
	--------	--------	--------
Depreciation
At 28 December 2021	17,223	18,562	35,785
Charge for the period	2,783	14,933	17,716
	--------	--------	--------
At 26 December 2022	20,006	33,495	53,501
	--------	--------	--------
Carrying amount
At 26 December 2022	2,132	3,877	6,009
	--------	--------	--------
At 27 December 2021	4,740	17,109	21,849
	--------	--------	--------

6. Debtors

	26 Dec 22	27 Dec 21
	£	£
Trade debtors	4,625	18,780
Other debtors	330,903	243,435
	---------	---------
	335,528	262,215
	---------	---------

7. Creditors: amounts falling due within one year

	26 Dec 22	27 Dec 21
	£	£
Bank loans and overdrafts	63,854	65,093
Trade creditors	118,320	76,350
Corporation tax	–	36,543
Social security and other taxes	22,130	15,829
Amounts owed to group and related undertakings	14,087	15,087
Other creditors	125,243	174,182
	---------	---------
	343,634	383,084
	---------	---------

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

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

	26 Dec 22	27 Dec 21
	£	£
Bank loans and overdrafts	68,436	47,658
	--------	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	26 Dec 22	27 Dec 21
	£	£
Included in provisions	–	1,673
	----	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	26 Dec 22	27 Dec 21
	£	£
Accelerated capital allowances	–	1,673
	----	-------

10. Directors' advances, credits and guarantees

During the year the director borrowed net loans of £168 from the company. The balance owing to the company at the end of the year is £116 (2021: £52 owed to the director). These loans are repayable on demand and are interest free.

11. Related party transactions

The company was under the joint control of Mr Philip Davison and Mr Tom Cardwell throughout the current year and previous period through their shareholding in the company. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting standard 102.