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Registration number: 10283629

Fairway Business Finance Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2018

Bright Partnership LLP
Victoria House
Victoria Road
Hale
Altrincham
WA15 9AF

 

Fairway Business Finance Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Fairway Business Finance Limited

Company Information

Directors

Mrs Debra Murphy

Mr Patrick C Murphy

Registered office

Victoria House Victoria Road
Hale
Altrincham
Cheshire
WA15 9AF

Accountants

Bright Partnership LLP
Victoria House
Victoria Road
Hale
Altrincham
WA15 9AF

 

Fairway Business Finance Limited

(Registration number: 10283629)
Balance Sheet as at 30 September 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

420,000

472,500

Tangible assets

5

24,126

5,461

 

444,126

477,961

Current assets

 

Cash at bank and in hand

 

79,059

98,710

Creditors: Amounts falling due within one year

6

(161,408)

(271,378)

Net current liabilities

 

(82,349)

(172,668)

Total assets less current liabilities

 

361,777

305,293

Provisions for liabilities

(4,522)

-

Net assets

 

357,255

305,293

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

357,155

305,193

Total equity

 

357,255

305,293

For the financial year ending 30 September 2018 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 November 2018 and signed on its behalf by:
 

.........................................

Mr Patrick C Murphy
Director

 

Fairway Business Finance Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Victoria House Victoria Road
Hale
Altrincham
Cheshire
WA15 9AF
England

These financial statements were authorised for issue by the Board on 13 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fairway Business Finance Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

15% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Fairway Business Finance Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

 

Fairway Business Finance Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2017

525,000

525,000

At 30 September 2018

525,000

525,000

Amortisation

At 1 October 2017

52,500

52,500

Amortisation charge

52,500

52,500

At 30 September 2018

105,000

105,000

Carrying amount

At 30 September 2018

420,000

420,000

At 30 September 2017

472,500

472,500

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2017

6,425

6,425

Additions

23,031

23,031

At 30 September 2018

29,456

29,456

Depreciation

At 1 October 2017

964

964

Charge for the year

4,366

4,366

At 30 September 2018

5,330

5,330

Carrying amount

At 30 September 2018

24,126

24,126

At 30 September 2017

5,461

5,461

6

Creditors

Creditors: amounts falling due within one year

 

Fairway Business Finance Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

2018
£

2017
£

Due within one year

Accruals and deferred income

2,160

2,160

Other creditors

159,248

269,218

161,408

271,378

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Related party transactions

Transactions with directors

2018

At 1 October 2017
£

Advances to directors
£

Repayments by director
£

At 30 September 2018
£

Mr Patrick C Murphy

Mr P C Murphy

176,333

(362,381)

264,732

78,683

         
       

 

2017

Advances to directors
£

Repayments by director
£

At 30 September 2017
£

Mr Patrick C Murphy

Mr P C Murphy

(376,266)

552,599

176,333