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REGISTERED NUMBER: SC082570 (Scotland)















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: Professor R C R Davison
J G Davison
B S Davison
Miss A Davison
J G Davison (jnr)





SECRETARY: B S Davison





REGISTERED OFFICE: Fairburn House
Urray
Muir of Ord
Ross-shire
IV6 7UT





REGISTERED NUMBER: SC082570 (Scotland)





ACCOUNTANTS: Highland Accountancy Practice
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 4 368,514 403,613
Investments 5 1 1
Investment property 6 375,000 375,000
743,515 778,614

CURRENT ASSETS
Stocks 2,650 5,000
Debtors 538,468 1,051,162
Investments 771,600 295,341
Cash at bank and in hand 148,014 212,436
1,460,732 1,563,939
CREDITORS
Amounts falling due within one year 173,841 236,334
NET CURRENT ASSETS 1,286,891 1,327,605
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,030,406

2,106,219

PROVISIONS FOR LIABILITIES 48,732 68,709
NET ASSETS 1,981,674 2,037,510

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Share Premium 5,000 5,000
Other Reserves 120,000 120,000
Non Distributable Reserve 192,248 263,164
Retained earnings 1,658,426 1,643,346
SHAREHOLDERS' FUNDS 1,981,674 2,037,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 4 October 2023 and were signed on its behalf by:





B S Davison - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Heritable Property - 2% on cost
Plant and Machinery - 20% on cost
Fixtures and Fittings - 15% on cost
Motor Vehicles - 25% on cost

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 78 (2022 - 72 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 1,582,168
Additions 3,292
Disposals (323,330 )
At 31 March 2023 1,262,130
DEPRECIATION
At 1 April 2022 1,178,555
Charge for year 36,535
Eliminated on disposal (321,474 )
At 31 March 2023 893,616
NET BOOK VALUE
At 31 March 2023 368,514
At 31 March 2022 403,613

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 375,000
NET BOOK VALUE
At 31 March 2023 375,000
At 31 March 2022 375,000

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
£    £   
B S Davison
Balance outstanding at start of year (44 ) (326 )
Amounts advanced 200 558
Amounts repaid - (276 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 156 (44 )

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 C Davison.

He is a trustee of the three trusts which own the ordinary share capital of the company.