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REGISTERED NUMBER: 03294568 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

FAIRPORT DEVELOPMENTS LIMITED

FAIRPORT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03294568)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Balance Sheet 1

Notes to the Financial Statements 3


FAIRPORT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03294568)

BALANCE SHEET
31 DECEMBER 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 25,269 35,383
Investment property 6 9,025,000 7,065,000
9,050,269 7,100,383

CURRENT ASSETS
Debtors 7 157,310 262,825
Cash at bank 57,777 47,948
215,087 310,773
CREDITORS
Amounts falling due within one year 8 552,430 746,535
NET CURRENT LIABILITIES (337,343 ) (435,762 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,712,926

6,664,621

CREDITORS
Amounts falling due after more than one
year

9

(1,319,780

)

(1,515,067

)

PROVISIONS FOR LIABILITIES 11 (394,986 ) (1,751 )
NET ASSETS 6,998,160 5,147,803

CAPITAL AND RESERVES
Called up share capital 12 5 5
Retained earnings - non
distributable 4,208,738 2,643,000
Retained earnings 2,789,417 2,504,798
SHAREHOLDERS' FUNDS 6,998,160 5,147,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FAIRPORT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03294568)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2022 and were signed on its behalf by:





A L J Porter - Director


FAIRPORT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03294568)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Fairport Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03294568

Registered office: 1 Market Place
Adlington
Chorley
Lancashire
PR7 4EZ

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

Going concern
The director has reviewed the company's forecasts and projections and, in particular, has considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the director is confident that it will continue to have a minimal impact on the company and that it will remain operational throughout the pandemic.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 - 5% on cost

Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the income statement.

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.


FAIRPORT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03294568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES - continued
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.

Deferred government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2021
and 31 December 2021 202,288
DEPRECIATION
At 1 January 2021 166,905
Charge for year 10,114
At 31 December 2021 177,019
NET BOOK VALUE
At 31 December 2021 25,269
At 31 December 2020 35,383

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021 7,065,000
Fair value gains in the year 1,960,000
At 31 December 2021 9,025,000
NET BOOK VALUE
At 31 December 2021 9,025,000
At 31 December 2020 7,065,000

FAIRPORT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03294568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2019 295,000
Valuation in 2017 360,000
Valuation in 2016 884,000
Valuation in 2014 136,000
Valuation in 2003 513,000
Valuation in 2009 (196,958 )
Valuation in 2020 455,000
Valuation in 2021 1,960,000
Cost 4,618,958
9,025,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.12.21 31.12.20
£    £   
Cost 4,618,958 4,618,958

The properties are valued by H Ellis, MRCIS, a valuer employed by a related company.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 140,880 257,571
Other debtors 16,430 5,254
157,310 262,825

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans 250,000 300,276
Trade creditors 121,303 170,004
Taxation and social security 100,448 137,442
Other creditors 80,679 138,813
552,430 746,535

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Bank loans 1,319,780 1,515,067

FAIRPORT DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03294568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Bank loans 1,569,780 1,815,343

11. PROVISIONS FOR LIABILITIES
31.12.21 31.12.20
£    £   
Deferred tax 394,986 1,751

Deferred
tax
£   
Balance at 1 January 2021 1,751
Provided during year 393,235
Balance at 31 December 2021 394,986

12. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
5 Ordinary 1 5 5