REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
FAIRPORT PROPERTIES LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
FAIRPORT PROPERTIES LIMITED |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
BALANCE SHEET |
31 MARCH 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Capital redemption reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
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 Board of Directors and authorised for issue on |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Fairport Properties Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have reviewed the company's forecasts and projections and, in particular, have considered the company's recovery from the impact of Covid-19, The directors are confident that both the company, and wider group, are in a position to make a good recovery from the various issues caused by the pandemic. |
The company, and wider group, continue to have significant liquidity headroom on existing facilities and the directors have a reasonable expectation that both the company, and wider group, are well placed to manage their financing and other business risks satisfactorily, and have a reasonable expectation they will have adequate funding and resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions.The inclusion of the investment properties at fair value is a key area of judgement and has a significant effect on the financial statements.The basis on which the values have been included is set out in note 9. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible fixed assets |
Licences relate to vehicle licence ownership plates. Amortisation is calculated to write off the cost of the licences, less estimated residual value, over their estimated useful life of 20 years. |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows : |
Plant and machinery - 20% - 25% on a reducing balance basis |
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 Statement of Income and Retained Earnings, 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. |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets . Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Pension costs and other post-retirement benefits |
The company participates in a defined benefit pension scheme, along with other group companies. Full details of this scheme are disclosed within the financial statements of the parent company, Fairport Holdings Limited. |
The contributions payable by the company in the year were NIL (2021 - £13,742) |
The assets and liabilities of the scheme are recognised in the financial statements of Fairport Holdings Limited. |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
3. | ACCOUNTING POLICIES - continued |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the income statement |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - |
5. | INTANGIBLE FIXED ASSETS |
Licences |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
AMORTISATION |
At 1 April 2021 |
Amortisation for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2021 |
Disposals | ( |
) |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2021 |
Additions |
Fair value adjustment | 69,206 |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
The company's investment properties were valued as at 31 March 2022 by H. Ellis MRICS. |
Fair value at 31 March 2022 is represented by: |
£ |
Valuation in 2022 | 1,409,895 |
Cost | 1,655,105 |
3,065,000 |
8. | DEBTORS |
31.3.22 | 31.3.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts | 9,964 | 17,437 |
Hire purchase creditors are secured against the assets to which they relates |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
Ordinary | 1 | 222,001 | 222,001 |
All shares rank equally. |
13. | RESERVES |
Retained reserves include an amount of £1,773,806 in respect of non-distributable reserves. |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | BANK SECURITY AND GUARANTEES |
The company has provided security to The Royal Bank of Scotland by way of a charge over its assets. Cross guarantees are in place in respect of the parent company's bank loans, which totalled £907,062 as at 31 March 2022. (2021 - £1,010,916). |
16. | 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. |
17. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent company is Fairport Holdings Limited by virtue of its 100% shareholding in the company.Consolidated financial statements are prepared by Fairport Holdings Limited.These financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ |
FAIRPORT PROPERTIES LIMITED (REGISTERED NUMBER: 01609784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
18. | CONTROL |
Throughout the current and previous year the Porter family were the ultimate controlling party of Fairport Holdings Limited. |