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REGISTERED NUMBER: 02510535 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

FAIRPORT HOLDINGS LIMITED

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


FAIRPORT HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







Directors: Mr A L J Porter
Mr D A Porter





Registered office: No. 1 Market Place
Adlington
Lancashire
PR7 4EZ





Registered number: 02510535 (England and Wales)





Auditors: NR Barton
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022

The directors are pleased to present their report and financial statements for the financial year to 31 March 22.

Review of business
The group's principal activities during the year were as follows:
- Specialist refurbishment, maintenance and modification of industrial and commercial metal waste containers, four wheeled trade waste containers and recycling banks for the waste and associated industries and charities.
- Buying, refurbishing and selling of waste containers and recycling banks.
- Mobile repair and maintenance of waste containers and recycling banks.
- The provision of handling and storage facilities.
- Commercial vehicle repairs, maintenance and hire.
- Facilities management.
- Rental and management of commercial property.

The demand for Fairport Containers Ltd's refurbishment services returned to pre-covid levels by Spring 2021 and turnover increased due to a significant increase in demand from two major customers, together with increased demand from new customers. The high price of steel considerably increased the cost of new containers which further increased the demand for refurbished containers.

The commercial vehicle repair and maintenance division performed satisfactorily throughout the year and increased its customer base.

Fairport Properties Ltd provided management and facilities services to enable the individual trading companies to concentrate on their core commercial activities. The company also provided management and facilities services to companies outside of the group. Following a fire at the Group's Market Street, Adlington, Chorley, Lancashire premises in February 2019, for which the Group's insurers have accepted liability, it has now been agreed to reinstate the premises in a different form than what was destroyed. Construction of the new buildings commenced in February 2022 with completion anticipated by December 2022.

Fairport Storage Ltd provided storage and handling services and also hired out fork lifts and equipment. The company performed satisfactorily throughout the year.

The Holding company provided management services to its subsidiary companies and administered central costs, including administering a multi-employer Final Salary Pension Scheme for a number of employees both past and present.

The directors are satisfied with the performance of the group and in particular the turnaround from the previous financial year.

Key performance indicators
The directors consider the key performance indicators of the business to be turnover, liquidity as per the current ratio, the average number of employees and turnover per employee. Compared to the previous year, turnover was up by 56% and the number of employees was up by 16%. The group maintained generally healthy liquidity with a current ratio of 1.40 and, although this has fallen slightly from the previous period, this is due to the group using surplus funds to reduce long term debt as part of is long term strategy.

2022 2021

Turnover £9,525,940 £6,118,022
Current ratio 1.40 1.53
Average number of employees 86 74

Future developments
The group is experiencing a significant increase in demand from two major customers, together with increased demand from new customers. Demand is further enhanced by the high cost of steel considerably increasing the costs of new containers resulted in more demand for refurbished containers. This has resulted in the group achieving record turnover figures in recent months and the directors are forecasting that this will continue.


FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022

Personnel
The group's Finance Director retired on 31 December 2021. However, the group expects to retain the knowledge, skills and experience required due to the long period of succession planning that has taken place. Succession planning is also in place for other senior staff members / directors who will be of retirement age in the next few years. The group is an equal opportunities employer which often promotes from within.

Employee matters
The group sees its people as its primary asset to achieving its business plan and has established policies for reviewing, training and development. It is committed to achieving excellence in Health & Safety, welfare and protection of its employees.

Employment within the group is based on the person's ability to work and not on the basis of race, individual characteristics, creed or political opinion.

The group would like to thank all employees for their efforts throughout the year.

Principal risks and uncertainties
Financial Risks
The group's risk to not receiving payment from its customers is low, as all new and existing customers are credit checked on a regular basis in conjunction with its credit insurance policy. To assist with the group's growth, and to reduce the risk of exposure, it has continued with its ID facility secured against its assets.

Non-Financial Risks
As a group, managing risk effectively is fundamental to our strategy and to operating successfully. The principal risk to the group is competition. To guard against this risk, the group focuses on providing exceptional quality of service on a national basis at competitive prices. The group continues to invest in high capital cost in trucks and specialist handling equipment in order to offer services that few competitors can offer.

The group's risk of exposure to fluctuations in raw material prices and other costs has increased following Brexit and during the pandemic. It continues to mitigate this due to agreements in place with all its major customers, allowing for regular price reviews.

To guard against the risk of shortage in supplies, whether materials or labour, the group has continued to strengthen its relationship with its supply chains and has the experience and expertise within its personnel to proactively minimise these risks.

Operational
The group's policies, procedures and systems are reviewed regularly to ensure they remain current and appropriate.

On behalf of the board:





Mr A L J Porter - Director


6 September 2022

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2022.

Principal activities
The principal activities of the group are set out in the Group Strategic Report.

Dividends
No dividends will be distributed for the year ended 31 March 2022.

Directors
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

Mr A L J Porter
Mr D A Porter

Other changes in directors holding office are as follows:

Mr D L Holden - resigned 31 December 2021

Disclosure in the strategic report
The disclosures in respect of the business review, future developments and the financial risk management, objectives and policies are included in the Group Strategic Report.The principal activities of the group companies are also disclosed in the Strategic Report.

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2022


Auditors
The auditors, NR Barton, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr A L J Porter - Director


6 September 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRPORT HOLDINGS LIMITED

Opinion
We have audited the financial statements of Fairport Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2022 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRPORT HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRPORT HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below :

- Consideration was given to the entity's susceptibility to material misstatement at all times during the audit including consideration of how fraud could occur. This involved consideration of the nature of the entity's activities and transactions with the potential identification of fraud

- Identification of key laws and regulations considered central to the entity, including a review of any policies and procedures in place to ensure compliance. Key laws and regulations identified include the UK Companies Act, tax legislation and health and safety regulations

- Ensured that the engagement team had the necessary competence and capabilities to identify any examples of non-compliance at all stages

- Audit work was completed in all relevant areas that were deemed to be appropriate for the client and the associated risks in respect of potential misstatements, including fraud. Our audit work was designed to assess these risks in all areas and included enquiry of management, testing the appropriateness of journal entries, reviewing financial statement disclosures and tracing to relevant documentation as well as the consideration of the risk of potential management override

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Catherine Rogers BSc FCA (Senior Statutory Auditor)
for and on behalf of NR Barton
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

6 September 2022

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   

TURNOVER 4 9,525,940 6,118,022

Cost of sales 6,816,277 5,708,893
GROSS PROFIT 2,709,663 409,129

Administrative expenses 1,999,150 2,504,096
710,513 (2,094,967 )

Other operating income 5 43,041 652,697
753,554 (1,442,270 )

Interest receivable and similar income 31,802 80,439
785,356 (1,361,831 )
Fair value gain on investment property (794 ) 50,000
784,562 (1,311,831 )

Interest payable and similar expenses 8 91,853 95,808
Other finance costs 25 9,000 -
100,853 95,808
PROFIT/(LOSS) BEFORE TAXATION 9 683,709 (1,407,639 )

Tax on profit/(loss) 10 185,740 (208,383 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

497,969

(1,199,256

)
Profit/(loss) attributable to:
Owners of the parent 497,969 (1,199,256 )

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022

31.3.22 31.3.21
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 497,969 (1,199,256 )


OTHER COMPREHENSIVE INCOME/(LOSS)
Actuarial (losses)/gains on pension
scheme liabilities 530,000 (545,000 )
Unrealised (losses)/gains on freehold
property revaluation 96,850 259,500
Income tax relating to components of other
comprehensive income/(loss)

(134,230

)

94,620
OTHER COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR, NET
OF INCOME TAX


492,620


(190,880


)
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR

990,589

(1,390,136

)

Total comprehensive income attributable to:
Owners of the parent 990,589 (1,390,136 )

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

CONSOLIDATED BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 11,047 11,967
Tangible assets 13 3,996,449 4,267,359
Investments 14 - -
Investment property 15 310,000 275,000
4,317,496 4,554,326

CURRENT ASSETS
Stocks 16 373,338 265,503
Debtors 17 6,744,182 5,135,573
Cash at bank and in hand 253,191 100,936
7,370,711 5,502,012
CREDITORS
Amounts falling due within one year 18 5,249,201 3,596,365
NET CURRENT ASSETS 2,121,510 1,905,647
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,439,006

6,459,973

CREDITORS
Amounts falling due after more than one
year

19

(1,069,311

)

(1,562,303

)

PROVISIONS FOR LIABILITIES 23 (148,436 ) -

PENSION ASSET/(LIABILITY) 26 125,000 (542,000 )
NET ASSETS 5,346,259 4,355,670

CAPITAL AND RESERVES
Called up share capital 24 235,501 235,501
Revaluation reserve 25 1,916,886 1,820,036
Capital redemption reserve 25 77,999 77,999
Retained earnings 25 3,115,873 2,222,134
SHAREHOLDERS' FUNDS 5,346,259 4,355,670

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 HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

COMPANY BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 2,653 1,812
Investments 14 223,105 223,105
Investment property 15 - -
225,758 224,917

CURRENT ASSETS
Debtors 17 2,917,078 2,983,261
Cash at bank and in hand 67,007 6,442
2,984,085 2,989,703
CREDITORS
Amounts falling due within one year 18 1,818,051 1,519,491
NET CURRENT ASSETS 1,166,034 1,470,212
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,391,792

1,695,129

CREDITORS
Amounts falling due after more than one
year

19

(776,780

)

(908,594

)

PROVISIONS FOR LIABILITIES 23 (31,250 ) -

PENSION ASSET/(LIABILITY) 26 125,000 (542,000 )
NET ASSETS 708,762 244,535

CAPITAL AND RESERVES
Called up share capital 24 235,501 235,501
Retained earnings 25 473,261 9,034
SHAREHOLDERS' FUNDS 708,762 244,535

Company's profit for the financial year 68,457 392,162

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

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 HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 April 2020 235,501 3,871,770 1,560,536 77,999 5,745,806

Changes in equity
Total comprehensive loss - (1,649,636 ) 259,500 - (1,390,136 )
Balance at 31 March 2021 235,501 2,222,134 1,820,036 77,999 4,355,670

Changes in equity
Total comprehensive income - 893,739 96,850 - 990,589
Balance at 31 March 2022 235,501 3,115,873 1,916,886 77,999 5,346,259

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2020 235,501 67,252 302,753

Changes in equity
Total comprehensive income - (58,218 ) (58,218 )
Balance at 31 March 2021 235,501 9,034 244,535

Changes in equity
Total comprehensive income - 464,227 464,227
Balance at 31 March 2022 235,501 473,261 708,762

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022

31.3.22 31.3.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 565,593 (404,090 )
Interest paid (65,648 ) (74,158 )
Interest element of hire purchase payments
paid

(26,205

)

(21,650

)
Other finance costs (9,000 ) -
Tax paid 16,806 (32,565 )
Net cash from operating activities 481,546 (532,463 )

Cash flows from investing activities
Purchase of tangible fixed assets (83,891 ) (55,296 )
Purchase of investment property (35,794 ) -
Sale of tangible fixed assets 201,165 51,467
Interest received 31,802 80,439
Net cash from investing activities 113,282 76,610

Cash flows from financing activities
New loans in year - 750,000
Loan repayments in year (168,670 ) (7,881 )
Hire purchase repayments in year (273,903 ) (259,294 )
Net cash from financing activities (442,573 ) 482,825

Increase in cash and cash equivalents 152,255 26,972
Cash and cash equivalents at beginning of
year

2

100,936

73,964

Cash and cash equivalents at end of year 2 253,191 100,936

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.22 31.3.21
£    £   
Profit/(loss) before taxation 683,709 (1,407,639 )
Depreciation charges 537,946 698,044
Profit on disposal of fixed assets (172,666 ) (18,671 )
Loss/(gain) on revaluation of fixed assets 794 (50,000 )
Defined benefit pension adjustment (137,000 ) (47,000 )
Finance costs 100,853 95,808
Finance income (31,802 ) (80,439 )
981,834 (809,897 )
(Increase)/decrease in stocks (107,835 ) 106,445
(Increase)/decrease in trade and other debtors (1,796,949 ) 870,845
Increase/(decrease) in trade and other creditors 1,488,543 (571,483 )
Cash generated from operations 565,593 (404,090 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 253,191 100,936
Year ended 31 March 2021
31.3.21 1.4.20
£    £   
Cash and cash equivalents 100,936 73,964


FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.21 Cash flow changes At 31.3.22
£    £    £    £   
Net cash
Cash at bank
and in hand 100,936 152,255 253,191
100,936 152,255 253,191
Debt
Finance leases (784,910 ) 273,903 (113,874 ) (624,881 )
Debts falling due
within 1 year (167,138 ) (45,353 ) - (212,491 )
Debts falling due
after 1 year (1,031,907 ) 214,023 - (817,884 )
(1,983,955 ) 442,573 (113,874 ) (1,655,256 )
Total (1,883,019 ) 594,828 (113,874 ) (1,402,065 )

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

1. STATUTORY INFORMATION

Fairport Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historic cost convention, modified for the revaluation of certain assets and the inclusion of certain items at fair value.

The financial statements are presented in sterling (£)

In preparing its financial statements, which are presented alongside the consolidated financial statements, Fairport Holdings Limited has taken advantage of the disclosure exemptions available in respect of financial instruments, presentation of a cash flow statement and remuneration of key management personnel.

Going concern
The directors have reviewed the group's forecasts and projections and, in particular, have considered the group's recovery from the impact of Covid-19, The directors are confident that the group is in a position to make a good recovery from the various issues caused by the pandemic.

The group continues to have significant liquidity headroom on existing facilities and the directors have a reasonable expectation that the group is 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.

Basis of consolidation
The results of subsidiaries acquired or sold are consolidated from or to the date on which control passes. On consolidation, all intra-group transactions and balances are eliminated in full.

Business combinations are accounted for using the purchase method. The consideration in respect of the business combination is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the subsidiary undertaking.

Significant judgements and estimates
Valuation of freehold property
As described in note 13, freehold property is included at a revalued amount. The property was valued as at 31 March 2022 by a qualified valuer.

Fair value of investment property
The fair value of investment property is shown in note 15. The value is assessed annually by a qualified valuer.

Valuation of pension scheme
As set out in note 26, the calculations in respect of the defined benefit scheme are produced by a qualified actuary and are subject to estimates and assumptions.

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

3. ACCOUNTING POLICIES - continued

Turnover
Sale of goods
Turnover from the sale of goods is stated net of VAT and is recognised when the goods are delivered to the customer. It is recorded at the fair value of consideration received or receivable.

Rendering of services
Turnover relating to the rendering of services is stated net of VAT and represents the value of services provided to the extent that there is a right to consideration and is recorded at the fair value of consideration received or receivable.

Rental of property
Turnover relating to the rental of property is stated net of VAT and represents the rental payments due for the period. It is recorded at the fair value of the consideration received or receivable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Freehold property is stated at the revalued amount. The revalued amount equates to the value of the property at the date of revaluation less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from current values.

Any revaluation increase or decrease on freehold property is included in the revaluation reserve. Once freehold property is sold, the attributable surplus that is remaining in the revaluation reserve is transferred to retained earnings.

Depreciation on revalued freehold property is charged to the income statement to write off the value, less any residual value, over its estimated useful life at a rate of 1% on a straight line basis.

Depreciation on plant and equipment is charged to the income statement so as to write off their cost less any residual value over their estimated useful lives of between 3 and 10 years on a straight line basis.

At each balance sheet date, carrying amounts of tangible are reviewed to determine whether there are any indications that any item has suffered an impairment loss. If such an indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, an estimation is made of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the income statement.

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued at the lower of cost and net realisable value. Cost is calculated by reference to the most recent purchase price.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.

Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit.The carrying amount of any deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or substantially enacted by the end of the reporting period.

Fixed asset investments
In the company balance sheet investments in subsidiaries are measured at cost.

Government grants
Government grants are recognised at the amount received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them. Grants are accounted for under the accrual model.

Pension costs and other post-retirement benefits
Defined contribution scheme
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit scheme
The group operates a defined benefit plan. There is no stated policy or contractual agreement for charging the net defined benefit cost of the plan as a whole to individual group entities. Therefore, as the employer responsible, Fairport Holdings Limited, recognises the entire net defined benefit cost. The other group entities recognise a cost equal to their share of the contribution payable for the period.

Full details of the scheme are shown in note 26.

Hire purchase and leasing commitments
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.

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

3. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect if discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter sated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

4. TURNOVER

The turnover and profit (2021 - loss) before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

31.3.22 31.3.21
£    £   
Sale of goods 709,408 748,526
Rendering of services 8,704,221 5,253,585
Rental of property 112,311 115,911
9,525,940 6,118,022

All turnover arises in United Kingdom.

5. OTHER OPERATING INCOME
31.3.22 31.3.21
£    £   
Sundry receipts - 64,000
Government grants 43,041 588,697
43,041 652,697

Government grant income of £43,041 includes £31,458 in respect of claims made under the Coronavirus Job Retention Scheme and £11,583 in respect of Business Interruption Payments to cover interest charges on a loan obtained under the Coronavirus Business Interruption Loan Scheme.

6. EMPLOYEES AND DIRECTORS
31.3.22 31.3.21
£    £   
Wages and salaries 2,577,725 2,525,021
Social security costs 278,449 262,193
Other pension costs 71,163 111,940
2,927,337 2,899,154

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.22 31.3.21

Manufacturing and operational 67 54
Office and management 19 20
86 74

7. DIRECTORS' EMOLUMENTS

The directors received total remuneration in the year of £115,444 (2021 : £150,270)

In addition, the group has made pension contributions totalling £8,746 (2021 : £21,981) on behalf of the directors. One director is accruing benefits under a defined contribution scheme. One director transferred out of the defined benefit scheme during the year.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.22 31.3.21
£    £   
Other interest 34,732 37,870
Bank loan interest and fees 30,916 36,288
Hire purchase 26,205 21,650
91,853 95,808

9. PROFIT/(LOSS) BEFORE TAXATION

The profit (2021 - loss) is stated after charging/(crediting):

31.3.22 31.3.21
£    £   
Depreciation - owned assets 306,239 520,084
Depreciation - assets on hire purchase contracts 230,787 175,707
Profit on disposal of fixed assets (172,666 ) (18,671 )
Goodwill amortisation - 1,333
Patents and licences amortisation 920 920
Auditors' remuneration 19,388 20,275

10. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.3.22 31.3.21
£    £   
Current tax:
Tax underpaid in prior years 10,644 -

Deferred tax 175,096 (208,383 )
Tax on profit/(loss) 185,740 (208,383 )

UK corporation tax was charged at 19 %) in 2021.

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

10. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.22 31.3.21
£    £   
Profit/(loss) before tax 683,709 (1,407,639 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

129,905

(267,451

)

Effects of:
Expenses not deductible for tax purposes (26,426 ) 49,335
Depreciation in excess of capital allowances 59,579 51,550
Brought forward losses utilised in the year (172,824 ) -
Unrelieved losses in the year 9,766 166,566
Deferred tax movement 175,096 (208,383 )
Amounts understated in prior years 10,644 -
Total tax charge/(credit) 185,740 (208,383 )

Tax effects relating to effects of other comprehensive income

31.3.22
Gross Tax Net
£    £    £   
Actuarial (losses)/gains on pension
scheme liabilities 530,000 (134,230 ) 395,770
Unrealised (losses)/gains on freehold
property revaluation 96,850 - 96,850
626,850 (134,230 ) 492,620

31.3.21
Gross Tax Net
£    £    £   
Actuarial (losses)/gains on pension
scheme liabilities (545,000 ) 94,620 (450,380 )
Unrealised (losses)/gains on freehold
property revaluation 259,500 - 259,500
(285,500 ) 94,620 (190,880 )

The tax effects of comprehensive income relate entirely to deferred tax.

11. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

12. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 19,996 37,449 57,445
AMORTISATION
At 1 April 2021 19,996 25,482 45,478
Amortisation for year - 920 920
At 31 March 2022 19,996 26,402 46,398
NET BOOK VALUE
At 31 March 2022 - 11,047 11,047
At 31 March 2021 - 11,967 11,967

13. TANGIBLE FIXED ASSETS

Group
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 April 2021 2,685,000 6,116,652 8,801,652
Additions - 197,765 197,765
Disposals - (983,712 ) (983,712 )
Revaluations 96,850 - 96,850
At 31 March 2022 2,781,850 5,330,705 8,112,555
DEPRECIATION
At 1 April 2021 - 4,534,293 4,534,293
Charge for year 26,850 510,176 537,026
Eliminated on disposal - (955,213 ) (955,213 )
At 31 March 2022 26,850 4,089,256 4,116,106
NET BOOK VALUE
At 31 March 2022 2,755,000 1,241,449 3,996,449
At 31 March 2021 2,685,000 1,582,359 4,267,359

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

13. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 March 2022 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2021 1,373,034 - 1,373,034
Cost 1,408,816 5,330,705 6,739,521
2,781,850 5,330,705 8,112,555

The group's freehold property was valued as at 31 March 2022 by H. Ellis MRICS.

Plant and machinery include assets held under finance leases or hire purchase contracts. The net book value of these at the year-end was £542,852 (2021 : £655,156) and the depreciation charge on the assets for the year was £230,787 (2021 : £175,707).

Company
Plant and
machinery
£   
COST
At 1 April 2021 58,282
Additions 2,012
At 31 March 2022 60,294
DEPRECIATION
At 1 April 2021 56,470
Charge for year 1,171
At 31 March 2022 57,641
NET BOOK VALUE
At 31 March 2022 2,653
At 31 March 2021 1,812

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2021
and 31 March 2022 223,105
NET BOOK VALUE
At 31 March 2022 223,105
At 31 March 2021 223,105

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

14. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Fairport Containers Limited
Registered office: No1 Market Place, Adlington, Chorley, Lancashire PR7 4EZ
Nature of business: Refurbishment of skips and containers
%
Class of shares: holding
Ordinary 100.00

Fairport Properties Limited
Registered office: No1 Market Place, Adlington, Chorley, Lancashire, PR7 4EZ
Nature of business: Ownership and management of properties
%
Class of shares: holding
Ordinary 100.00

Fairport Storage Limited
Registered office: No1 Market Place, Adlington, Chorley, Lancashire PR7 4EZ
Nature of business: Provision and handling of storage facilities
%
Class of shares: holding
Ordinary 100.00

Falcon Pacebraker Limited
Registered office: No1 Market Place, Adlington, Chorley, Lancashire PR7 4EZ
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00


15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2021 275,000
Additions 35,794
Revaluations (794 )
At 31 March 2022 310,000
NET BOOK VALUE
At 31 March 2022 310,000
At 31 March 2021 275,000

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

15. INVESTMENT PROPERTY - continued

Group

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2022 63,711
Cost 246,289
310,000

The fair value of the group's investment properties was assessed as at 31 March 2022 by Mr H Ellis MRICS.

16. STOCKS

Group
31.3.22 31.3.21
£    £   
Stocks 373,338 265,503

17. DEBTORS

Group Company
31.3.22 31.3.21 31.3.22 31.3.21
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,257,432 1,649,786 125,828 93,087
Amounts owed by group undertakings - - 2,624,099 2,496,679
Other debtors 3,480,643 2,291,340 167,151 290,515
Corporation tax 59,428 86,878 - -
Deferred tax asset - 160,890 - 102,980
5,797,503 4,188,894 2,917,078 2,983,261

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

Aggregate amounts 6,744,182 5,135,573 2,917,078 2,983,261

Deferred tax asset
Group Company
31.3.22 31.3.21 31.3.22 31.3.21
£    £    £    £   
Deferred tax - 160,890 - 102,980

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.22 31.3.21 31.3.22 31.3.21
£    £    £    £   
Bank loans and overdrafts (see note 20) 212,491 167,138 130,283 102,322
Hire purchase contracts (see note 21) 373,454 254,514 - -
Trade creditors 1,902,832 1,001,966 32,118 92,130
Social security and other taxes 296,458 561,243 170,644 430,257
Other creditors 2,463,966 1,611,504 1,485,006 894,782
5,249,201 3,596,365 1,818,051 1,519,491

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.3.22 31.3.21 31.3.22 31.3.21
£    £    £    £   
Bank loans (see note 20) 817,884 1,031,907 776,780 908,594
Hire purchase contracts (see note 21) 251,427 530,396 - -
1,069,311 1,562,303 776,780 908,594

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.22 31.3.21 31.3.22 31.3.21
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 212,491 167,138 130,283 102,322
Amounts falling due between one and two years:
Bank loans - 1-2 years 172,014 212,696 130,910 130,488
Amounts falling due between two and five years:
Bank loans - 2-5 years 314,158 436,251 314,158 395,146
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 331,712 382,960 331,712 382,960

Included within both the consolidated and company balance sheets is an amount of £439,563 relating to a 20 year bank loan. Repayments of this loan are due on a monthly basis, with the final repayment date being 1 November 2037. Interest is charged at 2.55% over base rate.

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.22 31.3.21
£    £   
Net obligations repayable:
Within one year 373,454 254,514
Between one and five years 251,427 530,396
624,881 784,910

Group
Non-cancellable operating leases
31.3.22 31.3.21
£    £   
Within one year 151,520 104,176
Between one and five years 461,080 366,080
In more than five years 45,760 137,280
658,360 607,536

22. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.22 31.3.21
£    £   
Bank loans 1,030,375 1,199,045
Hire purchase contracts 624,881 784,910
Invoice discounting creditor 693,153 468,592
2,348,409 2,452,547

Bank loans and overdrafts are secured on the assets of the group, with a right of set-off between the group companies.

Hire purchase agreements are secured on the assets to which they relate.

The invoice discounting creditor is included within other creditors and is secured against the assets of the group company, Fairport Containers Limited, to which it relates.

23. PROVISIONS FOR LIABILITIES

Group Company
31.3.22 31.3.21 31.3.22 31.3.21
£    £    £    £   
Deferred tax 148,436 - 31,250 -

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

23. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 April 2021 (160,890 )
Accelerated capital allowances (47,439 )
Unused tax losses 194,411
Changes in tax rates 28,124
Pension scheme asset 134,230
Balance at 31 March 2022 148,436

Company
Deferred
tax
£   
Balance at 1 April 2021 (102,980 )
Pension scheme liability 134,230
Balance at 31 March 2022 31,250

The deferred tax provision of £148,436 includes a credit balance of £141,894 in respect of accelerated capital allowances, a credit balance of £31,250 in respect of the pension scheme asset and a debit balance of £24,708 in respect of unused trading losses.

24. CALLED UP SHARE CAPITAL

All shares rank equally.

25. RESERVES

The Retained Earnings of the Group include a non distributable amount of £63,711.

26. EMPLOYEE BENEFIT OBLIGATIONS

The company has applied Section 28 of FRS102 and the following disclosures apply to this standard.

The company operates a defined benefit scheme that pays out pensions at retirement based on service and final pay.

The company recognises any gains or losses in each period in Other Comprehensive Income

The pension scheme assets include no assets from the company's own financial instruments. The pension scheme assets include no property occupied by, or other assets used by, the company.

The funding policy is agreed between the scheme trustees and the company and is formally set out in a Statement of Funding Principles, Schedule of Contributions and Recovery Plan following each full actuarial valuation.

The liabilities in respect of the scheme at 31 March 2022 have been calculated using the projected cost method and by rolling forward the initial results of the 31 March 2021 triennial valuation using actuarial techniques, allowing for cashflows and interest over the period and differences between the asumptions used to set the technical provisions and those selected for accounting under FRS102.

A qualified actuary has carried out various calculations as at 31 March 2022 and the results are set out below :

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

26. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
31.3.22 31.3.21
£    £   
Present value of funded obligations (2,686,000 ) (4,308,000 )
Fair value of plan assets 2,811,000 3,766,000
125,000 (542,000 )
Present value of unfunded obligations - -
Surplus/(Deficit) 125,000 (542,000 )
Net asset/(liability) 125,000 (542,000 )

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.3.22 31.3.21
£    £   
Current service cost 28,000 58,000
Net interest from net defined benefit
asset/liability

9,000

-
Past service cost - -
Scheme administration expenses 14,000 49,000
51,000 107,000

Actual return on plan assets 95,000 (221,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.3.22 31.3.21
£    £   
Opening defined benefit obligation 4,308,000 3,879,000
Current service cost 28,000 58,000
Contributions by scheme participants 5,000 14,000
Interest cost 64,000 85,000
Actuarial losses/(gains) (435,000 ) 324,000
Benefits paid (1,284,000 ) (52,000 )
2,686,000 4,308,000

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

26. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.3.22 31.3.21
£    £   
Opening fair value of scheme assets 3,766,000 3,835,000
Contributions by employer 188,000 154,000
Contributions by scheme participants 5,000 14,000
Interest income 55,000 85,000
Expected return 95,000 (221,000 )
Benefits paid (1,284,000 ) (52,000 )
Administration fee paid from scheme assets (14,000 ) (49,000 )
2,811,000 3,766,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.3.22 31.3.21
£    £   
Actuarial gains/(losses)on pension scheme 530,000 (545,000 )
Deferred tax movement in respect of pension
scheme

(134,230

)

94,620
395,770 (450,380 )

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.3.22 31.3.21
Utilised With-Profits policy 99.00% 99.50%
Cash 1.00% 0.50%
100.00% 100.00%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.3.22 31.3.21
Discount rate 2.65% 1.95%
RPI inflation assumption 3.65% 3.30%
CPI inflation assumption 2.65% 2.30%
Future salary increases 0.50% 0.50%
Pension increases in payment : fixed 3% 3.00% -
Pension increases in payment:max 5%RPI 3.50% 3.20%
Pension increases in payment:3%-5%RPI 3.80% 3.65%
Pension increases in payment:max 2.5%RPI 2.35% 2.25%

Contributions payable by the group in the year ended 31 March 2022 amounted to £188,000.

FAIRPORT HOLDINGS LIMITED (REGISTERED NUMBER: 02510535)

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

27. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

At the year-end, the group owed an amount of £140,000 (2021 - £190,000) to directors and shareholders.

Group transactions with associated entities in the year were as follows :

Group Group
2022 2021
£ £

Sales and recharges to associated entities 805,220 742.374
Purchases, expenses and fixed assets from
associated entities

188,388

73,750

Amounts owed by associated entities 1,182,851 1,213,767
Amounts owed to associated entities 27,456 -

28. CONTROL

The company was under the control of the Porter family for the entire current and prior year.