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COMPANY REGISTRATION NUMBER: 04602543
Fairbank Associates Limited
Filleted Unaudited Financial Statements
30 June 2023
Fairbank Associates Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
6
50
50
Current assets
Debtors
7
1,112,229
1,088,811
Cash at bank and in hand
401,873
422,133
------------
------------
1,514,102
1,510,944
Creditors: amounts falling due within one year
8
33,665
33,388
------------
------------
Net current assets
1,480,437
1,477,556
------------
------------
Total assets less current liabilities
1,480,487
1,477,606
------------
------------
Net assets
1,480,487
1,477,606
------------
------------
Capital and reserves
Called up share capital
150
150
Profit and loss account
1,480,337
1,477,456
------------
------------
Shareholders funds
1,480,487
1,477,606
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fairbank Associates Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr A Fairbank
Director
Company registration number: 04602543
Fairbank Associates Limited
Notes to the Financial Statements
Year ended 30 June 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 Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN.
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. 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 and represents amounts receivable for medical services supplied, stated net of discounts and of Value Added Tax. Income is recognised upon completion of appointment or treatment.
Income tax
The taxation expense represents the aggregate amount of current 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Office equipment
-
33% straight line
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2022 and 30 June 2023
1,809
1,809
-------
-------
Depreciation
At 1 July 2022 and 30 June 2023
1,809
1,809
-------
-------
Carrying amount
At 30 June 2023
-------
-------
At 30 June 2022
-------
-------
6. Investments
Shares in participating interests
£
Cost
At 1 July 2022 and 30 June 2023
50
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
50
----
At 30 June 2022
50
----
7. Debtors
2023
2022
£
£
Trade debtors
13,496
16,786
Amounts owed by group undertakings and undertakings in which the company has a participating interest
89,920
87,386
Other debtors
1,008,813
984,639
------------
------------
1,112,229
1,088,811
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
28,604
Other creditors
33,665
4,784
--------
--------
33,665
33,388
--------
--------
9. Director's advances, credits and guarantees
At the year end, the company owed the director £29,884 (2022: £884). The loan was on interest free terms and repayable on demand.
10. Related party transactions
At the year end, the company was owed £975,000 (2022: £955,000) from Peristyle Properties Limited, a company controlled by A Fairbank. The loan was on interest free terms and repayable on demand. During the year, medical fees of £176,087 (2022: £177,515) were charged to Sage Medical (UK) Limited of which £33,813 (2022: £29,639) was accrued. At the balance sheet date, the amount due from Sage Medical (UK) Limited was £13,496 (2022: £16,786) and £33,813 (2022: £29,639) of fees accrued. Sage Medical (UK) Limited is a company in which the director has a material interest. At the year end, included within other debtors was £49,015 (2022: £46,293) due from Sage Medical (UK) Limited. The interest on the agreed loan is charged at a rate of 7.5% and repayable on demand.