Fairchild Motor Company Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07532448 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

Fairchild Motor Company Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P W Fairchild

REGISTERED OFFICE:

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

REGISTERED NUMBER:

07532448 (England and Wales)

ACCOUNTANTS:

Philip T. Chave & Co

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

FIXED ASSETS

Tangible assets

4

16,344

9,980

CURRENT ASSETS

Stocks

4,500

-

Debtors

6,087

4,200

Cash at bank

5,738

6,984

16,325

11,184

CREDITORS

Amounts falling due within one year

29,579

19,091

NET CURRENT LIABILITIES

(13,254

)

(7,907

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,090

2,073

PROVISIONS FOR LIABILITIES

2,889

-

NET ASSETS

201

2,073

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

6

101

1,973

SHAREHOLDERS' FUNDS

201

2,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 4 October 2017 and were signed by:

P W Fairchild - Director

1.	STATUTORY INFORMATION

Fairchild Motor Company Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis relying on the continued financial support of the director who is

confident of future profitable trading.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2016

24,940

Additions

14,203

Disposals

(10,300

)

At 28 February 2017

28,843

DEPRECIATION

At 1 March 2016

14,960

Charge for year

5,024

Eliminated on disposal

(7,485

)

At 28 February 2017

12,499

NET BOOK VALUE

At 28 February 2017

16,344

At 29 February 2016

9,980

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.17

29.2.16

value:

£

£

100

Ordinary

£1

100

100

6.

RESERVES

Retained

earnings

£

At 1 March 2016

1,973

Deficit for the year

(1,872

)

At 28 February 2017

101

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director P W Fairchild is a related party to the company. The company distributed dividends of £Nil (2016: £10,500) to

him for the year ended 28 February 2017. The balance due to the director P W Fairchild as at 28 February 2017 was £3,922

(2016: £3,735).

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P W Fairchild.