Company registration number 11351541 (England and Wales)
FAIRFAX PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
FAIRFAX PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,050,000
871,347
Current assets
Debtors
5
348,506
4,000
Cash at bank and in hand
4,209
4,132
352,715
8,132
Creditors: amounts falling due within one year
6
(396,309)
(507,992)
Net current liabilities
(43,594)
(499,860)
Total assets less current liabilities
2,006,406
371,487
Creditors: amounts falling due after more than one year
7
(1,532,045)
(380,000)
Net assets/(liabilities)
474,361
(8,513)
Capital and reserves
Called up share capital
8
8
Other reserves
526,731
Profit and loss reserves
(52,378)
(8,521)
Total equity
474,361
(8,513)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FAIRFAX PROPERTY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr D Pickles
Director
Company registration number 11351541 (England and Wales)
FAIRFAX PROPERTY MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2021
8
-
8
Year ended 28 February 2022:
Loss and total comprehensive income for the year
-
-
(8,521)
(8,521)
Balance at 28 February 2022
8
-
(8,521)
(8,513)
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
482,874
482,874
Fair value movement
-
526,731
(526,731)
-
Balance at 28 February 2023
8
526,731
(52,378)
474,361
FAIRFAX PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information
Fairfax Property Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Westfield Grove, Ackworth, Pontefract, WF7 7HF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors, having made due and careful enquiry, are of the opinion that the company had adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
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 sales 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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FAIRFAX PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 March 2022
871,347
Additions
651,922
Revaluations
526,731
At 28 February 2023
2,050,000
The directors have reviewed the valuation of the property at the year end and have concluded that the valuation above reflects market value.
FAIRFAX PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
348,506
4,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
40,500
Amounts owed to group undertakings
332,200
454,044
Other creditors
64,109
13,448
396,309
507,992
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,532,045
380,000
8
Related party transactions
At the year end the company was owed £6,000 from Fairfax Investments (Morley) Limited and £344,506 from Fairfax Investments Ltd, the company owed £332,200 to Fairfax Investments (Ackworth) Ltd, all companies under common control.