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Registration number: 11343940

Fairchild Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Fairchild Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fairchild Investments Limited

Company Information

Directors

Mr B C W Fairchild

Mr O G Fairchild

Mr M E Hodgetts

Registered office

Allenview Cottage
Witchampton
Wimborne
Dorset
BH21 5AG

Accountants

Lines & Company Ltd
8 Highfield Road
West Moors
Ferndown
Dorset
BH22 0NA

 

Fairchild Investments Limited

(Registration number: 11343940)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

369

554

Investment property

5

3,097,403

3,582,223

 

3,097,772

3,582,777

Current assets

 

Cash at bank and in hand

 

95,084

96,719

Creditors: Amounts falling due within one year

6

(130,018)

(100,655)

Net current liabilities

 

(34,934)

(3,936)

Total assets less current liabilities

 

3,062,838

3,578,841

Creditors: Amounts falling due after more than one year

6

(3,113,393)

(3,289,721)

Net (liabilities)/assets

 

(50,555)

289,120

Capital and reserves

 

Called up share capital

7

1,002

1,002

Other reserves

(713,110)

(1,197,930)

Retained earnings

661,553

1,486,048

Shareholders' (deficit)/funds

 

(50,555)

289,120

 

Fairchild Investments Limited

(Registration number: 11343940)
Balance Sheet as at 31 March 2023

For the financial 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 


Mr B C W Fairchild
Director

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Fairchild Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Allenview Cottage
Witchampton
Wimborne
Dorset
BH21 5AG

These financial statements were authorised for issue by the Board on 24 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the property profit received or receivable on property investments. Turnover is shown gross of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Fairchild Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Investment property

Investment property is carried at fair value as valued by Lewis Investment, who are responsible for the management of the property investments, and as provided in their annual valuation report to the company. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fairchild Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Fairchild Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and financial liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

 Recognition and measurement
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from group companies and related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

 

Fairchild Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

739

739

At 31 March 2023

739

739

Depreciation

At 1 April 2022

185

185

Charge for the year

185

185

At 31 March 2023

370

370

Carrying amount

At 31 March 2023

369

369

At 31 March 2022

554

554

 

Fairchild Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investment properties

2023
£

At 1 April

3,582,223

Fair value adjustments

(484,820)

At 31 March

3,097,403


The fair value as at the balance sheet date has been valued by Lewis Investment.

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

34,369

40,263

Accruals and deferred income

2,040

2,001

Other creditors

93,609

58,391

130,018

100,655

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

3,113,393

3,289,721

 

Fairchild Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

2

2

2

2

Ordinary B of £1 each

1,000

1,000

1,000

1,000

 

1,002

1,002

1,002

1,002

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

3,113,393

3,289,721

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,334

6,000

Summary of transactions with other related parties

At the balance sheet date, a member of key management personnel was owed £3,113,393 by the company (2022: £3,289,721).
 
No interest was paid on this loan during the year and there are no fixed terms for repayment. The amount is included with creditors due after more than one year.