Fairmuir Developments Limited Filleted accounts for Companies House (small and micro)

FAIRMUIR DEVELOPMENTS LIMITED - Company Information

0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC628255 2022-12-01 2023-11-30 SC628255 2023-11-30 SC628255 2022-11-30 SC628255 2021-12-01 2022-11-30 SC628255 2022-11-30 SC628255 2021-11-30 SC628255 bus:Director1 2022-12-01 2023-11-30 SC628255 bus:Director2 2022-12-01 2023-11-30 SC628255 core:WithinOneYear 2023-11-30 SC628255 core:WithinOneYear 2022-11-30 SC628255 core:AfterOneYear 2023-11-30 SC628255 core:AfterOneYear 2022-11-30 SC628255 core:ShareCapital 2023-11-30 SC628255 core:ShareCapital 2022-11-30 SC628255 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC628255 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC628255 bus:SmallEntities 2022-12-01 2023-11-30 SC628255 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC628255 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 SC628255 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC628255 bus:FullAccounts 2022-12-01 2023-11-30

COMPANY REGISTRATION NUMBER: SC628255

Fairmuir Developments Limited

Filleted Unaudited Financial Statements

30 November 2023

Fairmuir Developments Limited

Statement of Financial Position

30 November 2023

	2023	2022
Note	£	£

Current Assets

Debtors	4	186,535	186,535
Cash at bank and in hand		30	30
		---------	---------
		186,565	186,565

Creditors: amounts falling due within one year	5	21,267	21,267
		---------	---------
Net Current Assets		165,298	165,298
		---------	---------
Total Assets Less Current Liabilities		165,298	165,298

Creditors: amounts falling due after more than one year	6	165,726	165,726
		---------	---------
Net Liabilities		( 428)	( 428)
		---------	---------

Capital and Reserves

Called up share capital	100	100
Profit and loss account	( 528)	( 528)
	----	----
Shareholders Deficit	( 428)	( 428)
	----	----

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 year ending 30 November 2023 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 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 .

Fairmuir Developments Limited

Statement of Financial Position (continued)

30 November 2023

These financial statements were approved by the board of directors and authorised for issue on 29 May 2024 , and are signed on behalf of the board by:

Mr A Clark	Mr J Hutchison
Director	Director

Company registration number: SC628255

Fairmuir Developments Limited

Notes to the Financial Statements

Year Ended 30 November 2023

1. General Information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5 West Victoria Dock Road, Dundee, DD1 3JT, Scotland.

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 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.

Going Concern

The company has net liabilities of £428 (2022 - £428). The directors confirm that the accounts should be prepared on a going concern basis. In coming to this conclusion the directors confirm that they will continue to support the company for at least twelve months from the date of these financial statements.

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.

Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	176,201	176,201
Other debtors	10,334	10,334
	---------	---------
	186,535	186,535
	---------	---------

5. Creditors: amounts falling due within one year

	2023	2022
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	21,267	21,267
	--------	--------

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

	2023	2022
	£	£
Bank loans and overdrafts	165,726	165,726
	---------	---------

7. Related Party Transactions

The company is a wholly owned subsidiary of Castle Developments Holdings Limited. Included within debtors is a balance of £9,148 (2022 - £9,148) due from Castle Developments Holdings Limited. Also included within debtors is a balance due from Longhaugh Developments Limited, a wholly owned subsidiary of Castle Developments Holdings Limited, of £85,870 (2022 - £85,870). Debtors also include a balance due from Castle Developments (Dundee) Limited, a company which has directors in common with Fairmuir Developments Limited , of £81,183 (2022 - £81,183). Included within Creditors: Amounts falling due within one year is a balance due to Scorpio Estates Limited of £1,804 (2022 - £1,804) and Greystone Estates (Dundee) of £19,463 (2022 - £19,463), companies which have directors in common. All balances are unsecured, interest free and have no fixed terms of repayment.

8. Controlling Party

The ultimate controlling party is Castle Developments Holdings Limited, a company registered in Scotland.