Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr T Downing 01/10/1999 Mr M Sweeney 01/10/1999 05 September 2023 The principal activity of the Company during the financial year was that of property management. 03840018 2023-05-31 03840018 bus:Director1 2023-05-31 03840018 bus:Director2 2023-05-31 03840018 2022-05-31 03840018 core:CurrentFinancialInstruments 2023-05-31 03840018 core:CurrentFinancialInstruments 2022-05-31 03840018 core:ShareCapital 2023-05-31 03840018 core:ShareCapital 2022-05-31 03840018 core:FurtherSpecificReserve1ComponentTotalEquity 2023-05-31 03840018 core:FurtherSpecificReserve1ComponentTotalEquity 2022-05-31 03840018 core:RetainedEarningsAccumulatedLosses 2023-05-31 03840018 core:RetainedEarningsAccumulatedLosses 2022-05-31 03840018 bus:OrdinaryShareClass1 2023-05-31 03840018 2022-06-01 2023-05-31 03840018 bus:FullAccounts 2022-06-01 2023-05-31 03840018 bus:SmallEntities 2022-06-01 2023-05-31 03840018 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 03840018 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03840018 bus:Director1 2022-06-01 2023-05-31 03840018 bus:Director2 2022-06-01 2023-05-31 03840018 2021-06-01 2022-05-31 03840018 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 03840018 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03840018 (England and Wales)

FAIRCHANGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

FAIRCHANGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

FAIRCHANGE LIMITED

BALANCE SHEET

As at 31 May 2023
FAIRCHANGE LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 850,000 700,000
850,000 700,000
Current assets
Debtors 4 6,300 6,300
Cash at bank and in hand 10,380 8,904
16,680 15,204
Creditors: amounts falling due within one year 5 ( 32,159) ( 31,590)
Net current liabilities (15,479) (16,386)
Total assets less current liabilities 834,521 683,614
Provision for liabilities ( 105,953) ( 68,450)
Net assets 728,568 615,164
Capital and reserves
Called-up share capital 6 100 100
Fair value reserve 489,302 393,231
Profit and loss account 239,166 221,833
Total shareholders' funds 728,568 615,164

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fairchange Limited (registered number: 03840018) were approved and authorised for issue by the Board of Directors on 05 September 2023. They were signed on its behalf by:

Mr T Downing
Director
Mr M Sweeney
Director
FAIRCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
FAIRCHANGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fairchange Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is 432 Tavistock Road, Plymouth, Devon, PL6 7HD.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable in respect of rent in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 June 2022 700,000
Fair value movement 150,000
As at 31 May 2023 850,000

Valuation

The investment property was formally valued by Ashleigh Phillips BSC (hons) MRICS IRRV (hons) of Bruton Knowles on 11 January 2023.

4. Debtors

2023 2022
£ £
Trade debtors 6,300 6,300

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 10,000 10,000
Accruals 6,850 6,800
Corporation tax 12,159 11,640
Other taxation and social security 3,150 3,150
32,159 31,590

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100