Fairacre Services (Midlands) Limited

		2013		2012
	Notes	£	£	£	£
FIXED ASSETS
Tangible assets	2		1,815		2,311

			1,815		2,311
CURRENT ASSETS
Stocks		11,879		11,887
Debtors		17,278		8,529
Cash at bank and in hand		25,187		20,949

		54,344		41,365
Creditors: Amounts Falling Due Within One Year		(23,864)		(18,803)

NET CURRENT ASSETS (LIABILITIES)			30,480		22,562

TOTAL ASSETS LESS CURRENT LIABILITIES			32,295		24,873

NET ASSETS			32,295		24,873

CAPITAL AND RESERVES
Called up share capital	3		4		4
Profit and Loss account			32,291		24,869

SHAREHOLDERS' FUNDS			32,295		24,873

For the year ending 31 August 2013 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

On behalf of the board

Mr Martyn Ward

25 April 2014

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% on reducing balance basis
Motor Vehicles	25% on straight line basis

Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Tangible Assets


	Total
Cost	£
As at 1 September 2012	7,447

As at 31 August 2013	7,447

Depreciation
As at 1 September 2012	5,136
Provided during the period	496

As at 31 August 2013	5,632

Net Book Value
As at 31 August 2013	1,815

As at 1 September 2012	2,311

Share Capital

	Value	Number	2013	2012
Allotted, called up and fully paid:	£		£	£
Ordinary shares	1.000	4	4	4

Page 3

Fairacre Services (Midlands) Limited

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 August 2013

Ultimate Controlling Party

Mr M J and Mrs H J Ward are together the ultimate controlling party of the company by virtue of their 100% joint shareholding