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REGISTERED NUMBER: 01609784 (England and Wales)













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 11,047 11,967
Tangible assets 6 33,399 44,802
Investment property 7 3,065,000 2,960,000
3,109,446 3,016,769

CURRENT ASSETS
Debtors 8 2,274,964 1,561,640
Cash at bank 28,542 5,369
2,303,506 1,567,009
CREDITORS
Amounts falling due within one year 9 2,443,213 1,731,715
NET CURRENT LIABILITIES (139,707 ) (164,706 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,969,739

2,852,063

CREDITORS
Amounts falling due after more than one
year

10

2,491

9,964
NET ASSETS 2,967,248 2,842,099

CAPITAL AND RESERVES
Called up share capital 12 222,001 222,001
Capital redemption reserve 13 77,999 77,999
Retained earnings 13 2,667,248 2,542,099
SHAREHOLDERS' FUNDS 2,967,248 2,842,099

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:





Mr A L J Porter - Director


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

Registered number: 01609784

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 as modified by the revaluation of certain assets.

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 - 1 ).

5. INTANGIBLE FIXED ASSETS
Licences
£   
COST
At 1 April 2021
and 31 March 2022 18,409
AMORTISATION
At 1 April 2021 6,442
Amortisation for year 920
At 31 March 2022 7,362
NET BOOK VALUE
At 31 March 2022 11,047
At 31 March 2021 11,967

6. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2021 217,687
Disposals (7,725 )
At 31 March 2022 209,962
DEPRECIATION
At 1 April 2021 172,885
Charge for year 11,403
Eliminated on disposal (7,725 )
At 31 March 2022 176,563
NET BOOK VALUE
At 31 March 2022 33,399
At 31 March 2021 44,802

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 2,960,000
Additions 35,794
Fair value adjustment 69,206
At 31 March 2022 3,065,000
NET BOOK VALUE
At 31 March 2022 3,065,000
At 31 March 2021 2,960,000

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 27,260 77,178
Other debtors 1,301,025 537,783
1,328,285 614,961

Amounts falling due after more than one year:
Other debtors 946,679 946,679

Aggregate amounts 2,274,964 1,561,640

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Hire purchase contracts 7,473 7,473
Trade creditors 868,838 79,142
Amounts owed to group undertakings 1,504,749 1,581,539
Taxation and social security 21,993 21,923
Other creditors 40,160 41,638
2,443,213 1,731,715

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 2,491 9,964

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: £    £   
222,001 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.

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

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.