REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
FAIRPORT STORAGE LIMITED |
REGISTERED NUMBER: |
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 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
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 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 |
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. |
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 |
DEPRECIATION |
At 1 April 2021 |
and 31 March 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
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 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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. |
for and on behalf of |
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. |