REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Fairburn House Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Fairburn House Limited |
Fairburn House Limited (Registered number: SC082570) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Fairburn House Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite 1A, Willow House |
Stoneyfield Business Park |
Inverness |
Highland |
IV2 7PA |
Fairburn House Limited (Registered number: SC082570) |
Abridged Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Investments |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share Premium |
Other Reserves |
Non Distributable Reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Fairburn House Limited (Registered number: SC082570) |
Abridged Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fairburn House Limited (Registered number: SC082570) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Fairburn House Limited is a |
2. | ACCOUNTING POLICIES |
Basis of 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 |
Heritable Property | - |
Plant and Machinery | - |
Fixtures and Fittings | - |
Motor Vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation, impairment losses, and reversals of impairment losses (where applicable). |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The investment property is regularly revalued by independent surveyors, with the latest valuation undertaken in December 2022. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Fairburn House Limited (Registered number: SC082570) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 1 |
NET BOOK VALUE |
At 31 March 2023 | 1 |
At 31 March 2022 | 1 |
Fairburn House Limited (Registered number: SC082570) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2015 | 205,000 |
Valuation in 2016 | 15,000 |
Valuation in 2017 | 15,000 |
Valuation in 2018 | (50,000 | ) |
Valuation in 2020 | 10,000 |
Valuation in 2022 | 15,000 |
Cost | 165,000 |
375,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 165,000 | 165,000 |
Investment property was valued on an open market basis on 12 December 2022 by Graham & Sibbald . |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits from directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
C Davison |
Balance outstanding at start of year | - | (28,907 | ) |
Amounts advanced | - | 28,907 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Fairburn House Limited (Registered number: SC082570) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | RELATED PARTY DISCLOSURES |
On 24 August 2021 the company loaned a former director (who remains the ultimate controlling party) Clifford Davison £455,120. As at 15 October 2021 the outstanding balance due to the company was £392,705. On this date Mr Davison invested £500,000 on behalf of the company, in his own name signing over all income and capital rights to this investment. All income, gains and losses in relation to the full £500,000 belong to Fairburn House Ltd. Interest was charged on the outstanding monies between 24 August 2021 and 15 October 2021. |
On 9 March 2023, the market value of the investments including all income, gains and losses were formally transferred in to the name of Fairburn House Ltd. The director made no financial gain or loss in respect of the transactions. |
As at 31 March 2023 the company owed Mr Davison £114,232. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
He is a trustee of the three trusts which own the ordinary share capital of the company. |