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REGISTERED NUMBER: 05725265 (England and Wales)













AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

FAIRPORT STORAGE LIMITED

FAIRPORT STORAGE LIMITED (REGISTERED NUMBER: 05725265)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


FAIRPORT STORAGE LIMITED (REGISTERED NUMBER: 05725265)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

31.3.22 31.3.21
Notes £    £   
CURRENT ASSETS
Debtors 6 275,021 253,342
Cash at bank 657 2,401
275,678 255,743
CREDITORS
Amounts falling due within one year 7 142,903 141,719
NET CURRENT ASSETS 132,775 114,024
TOTAL ASSETS LESS CURRENT
LIABILITIES

132,775

114,024

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 131,775 113,024
SHAREHOLDERS' FUNDS 132,775 114,024

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 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 6 September 2022 and were signed on its behalf by:





A L J Porter - Director


FAIRPORT STORAGE LIMITED (REGISTERED NUMBER: 05725265)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Fairport Storage 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: 05725265

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

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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.

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
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 - 10% - 20% on a straight line basis

FAIRPORT STORAGE LIMITED (REGISTERED NUMBER: 05725265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES - continued

Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.

Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Short term debtors and creditors receivable
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 - NIL).

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2021
and 31 March 2022 13,700
DEPRECIATION
At 1 April 2021
and 31 March 2022 13,700
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 6,136 10,129
Amounts owed by group undertakings 83,609 53,937
Other debtors 185,276 189,276
275,021 253,342

FAIRPORT STORAGE LIMITED (REGISTERED NUMBER: 05725265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade creditors 435 -
Amounts owed to group undertakings 136,589 136,377
Taxation and social security 5,504 4,969
Other creditors 375 373
142,903 141,719

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.22 31.3.21
value: £    £   
1,000 Ordinary £1 1,000 1,000

All shares rank equally.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Catherine Rogers BSc FCA (Senior Statutory Auditor)
for and on behalf of NR Barton

10. 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)..

11. 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.

12. 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.

13. CONTROL

Throughout the current and previous year the Porter family were the ultimate controlling party of Fairport Holdings Limited.