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COMPANY REGISTRATION NUMBER: 13068551
Fairfax Ventures Limited
Unaudited financial statements
31 March 2023
Fairfax Ventures Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,860,000
6,469,618
Investments
6
3,533,038
3,504,953
-----------
-----------
8,393,038
9,974,571
Current assets
Stocks
4,000
Debtors
7
311,010
501,181
Cash at bank and in hand
1,986,614
1,664,887
-----------
-----------
2,297,624
2,170,068
Creditors: Amounts falling due within one year
8
( 307,117)
( 134,142)
-----------
-----------
Net current assets
1,990,507
2,035,926
------------
------------
Total assets less current liabilities
10,383,545
12,010,497
Provisions
Taxation including deferred tax
( 240,712)
( 506,672)
------------
------------
Net assets
10,142,833
11,503,825
------------
------------
Capital and reserves
Called up share capital
4,945,000
9,890,000
Revaluation reserve
722,250
1,352,700
Profit and loss account
4,475,583
261,125
------------
------------
Shareholders funds
10,142,833
11,503,825
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fairfax Ventures Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
B J Skoulding
Director
Company registration number: 13068551
Fairfax Ventures Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Lynn Road, Ely, CB7 4EG. The trading address of the company is Marwick House, Station Road, March, Cambridgeshire, PE15 8XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. 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 in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 16 (2022: 18 ).
5. Tangible assets
Freehold property
Plant and machinery
Investment properties
Total
£
£
£
£
Cost or valuation
At 1 April 2022
2,570,000
2,893
3,897,000
6,469,893
Additions
590
590
Disposals
( 2,570,000)
( 3,483)
( 2,573,483)
Revaluations
963,000
963,000
-----------
------
-----------
-----------
At 31 March 2023
4,860,000
4,860,000
-----------
------
-----------
-----------
Depreciation
At 1 April 2022
275
275
Disposals
( 275)
( 275)
-----------
------
-----------
-----------
At 31 March 2023
-----------
------
-----------
-----------
Carrying amount
At 31 March 2023
4,860,000
4,860,000
-----------
------
-----------
-----------
At 31 March 2022
2,570,000
2,618
3,897,000
6,469,618
-----------
------
-----------
-----------
Included within the above is investment property as follows:
£
-----------
At 1 April 2022 and 31 March 2023
3,897,000
-----------
The directors have valued the investment properties based on the open market value as at 31 March 2023. The original costs amount to £3,897,000 (2022: £3,897,000).
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2023
Aggregate cost
900,000
Aggregate depreciation
---------
Carrying value
900,000
---------
At 31 March 2022
Aggregate cost
900,000
Aggregate depreciation
---------
Carrying value
900,000
---------
6. Investments
Shares in group undertakings
Investments
Total
£
£
£
Cost
At 1 April 2022
2,627,379
877,574
3,504,953
Additions
28,085
28,085
-----------
---------
-----------
At 31 March 2023
2,627,379
905,659
3,533,038
-----------
---------
-----------
Impairment
At 1 April 2022 and 31 March 2023
-----------
---------
-----------
Carrying amount
At 31 March 2023
2,627,379
905,659
3,533,038
-----------
---------
-----------
At 31 March 2022
2,627,379
877,574
3,504,953
-----------
---------
-----------
7. Debtors
2023
2022
£
£
Trade debtors
3,571
10,961
Amounts owed by group undertakings and undertakings in which the company has a participating interest
303,655
303,655
Other debtors
3,784
186,565
---------
---------
311,010
501,181
---------
---------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
372
14,138
Social security and other taxes
289,718
36,039
Other creditors
17,027
83,965
---------
---------
307,117
134,142
---------
---------