Fairfield Place Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10337658 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

FAIRFIELD PLACE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A H J Binnie

REGISTERED OFFICE:

1 Bramley Business Centre

Station Road

Bramley

Surrey

GU5 0AZ

REGISTERED NUMBER:

10337658 (England and Wales)

FIXED ASSETS

Tangible assets

4

416

-

CURRENT ASSETS

Work-in-progress

5,249,551

3,544,972

Debtors

11,036

15,649

Cash at bank

4,371

23,576

5,264,958

3,584,197

CREDITORS

Amounts falling due within one year

2,395,762

2,056,076

NET CURRENT ASSETS

2,869,196

1,528,121

TOTAL ASSETS LESS CURRENT LIABILITIES

2,869,612

1,528,121

CREDITORS

Amounts falling due after more than one year

3,727,709

1,895,338

NET LIABILITIES

(858,097

)

(367,217

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(858,197

)

(367,317

)

SHAREHOLDERS' FUNDS

(858,097

)

(367,217

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 Balance Sheet for the year ended 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 29 May 2019 and were signed by:

A H J Binnie - Director

1.	STATUTORY INFORMATION

Fairfield Place 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

The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller 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 financial statements have been prepared on a going concern basis, which the director considers to be

appropriate, as he ha agreed not to withdraw his loan account and to provide the necessary finance to enable the

company to meet its liabilities as they fall due.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly

attributable to making the asset capable of operating as intended by management.

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

life.

Fixtures and fittings

-

25% on reducing balance

Work in progress

Work in progress comprises property development costs and is valued at the lower of cost or estimated selling

price.

Financial instruments

The company enters into basic financial instruments, which result in the recognition of financial assets and

liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial

instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

Taxation

Taxation for the year comprises current 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 tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods.

Consideration is given to whether deferred tax should be provided in respect of material timing differences which

have not reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.

Current tax assets and liabilities are not discounted and are 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

Additions

555

At 31 August 2018

555

DEPRECIATION

Charge for year

139

At 31 August 2018

139

NET BOOK VALUE

At 31 August 2018

416

5.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Finance loans

4,783,232

2,762,872

Fixed and floating charges over the company's development property and all of the property or undertakings of

the company were created on 18 November 2016 by Refcap (VA) Limited and Bridgeco Limited to secure all

monies due or becoming due.

A legal charge and debenture over the company's development property and all of the property or undertakings

of the company was created on 31 March 2017 by Aldermore Bank Plc to secure all monies due or becoming

due.

6.	OTHER FINANCIAL COMMITMENTS

As at 31 August 2018, Campbell Tomato had provided the company finance loans of £1,166,489 (2017 -

£964,717). During the year ended 31 August 2018, interest of £100,472 (2017 - £69,173) was charged on the

loan at a rate of 10% per annum.

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.