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REGISTERED NUMBER: 03887605 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

FAIRHOMES INVESTMENTS LIMITED

FAIRHOMES INVESTMENTS LIMITED (REGISTERED NUMBER: 03887605)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAIRHOMES INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 March 2023







DIRECTOR: E Kontis





REGISTERED OFFICE: 12 Gateway Mews
Ring Way
London
N11 2UT





REGISTERED NUMBER: 03887605 (England and Wales)





ACCOUNTANTS: G. George Associates Limited
Chartered Certified Accountants
12 Gateway Mews
Ring Way
London
N11 2UT

FAIRHOMES INVESTMENTS LIMITED (REGISTERED NUMBER: 03887605)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 227 303
Investment property 5 1,088,385 942,552
1,088,612 942,855

CURRENT ASSETS
Debtors 6 72,353 72,353
Cash at bank 117,969 126,873
190,322 199,226
CREDITORS
Amounts falling due within one year 7 519,341 525,441
NET CURRENT LIABILITIES (329,019 ) (326,215 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

759,593

616,640

CREDITORS
Amounts falling due after more than one
year

8

(343,506

)

(337,611

)

PROVISIONS FOR LIABILITIES (55,376 ) (14,377 )
NET ASSETS 360,711 264,652

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 10 279,798 174,963
Retained earnings 80,911 89,687
SHAREHOLDERS' FUNDS 360,711 264,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FAIRHOMES INVESTMENTS LIMITED (REGISTERED NUMBER: 03887605)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2023 and were signed by:





E Kontis - Director


FAIRHOMES INVESTMENTS LIMITED (REGISTERED NUMBER: 03887605)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 March 2023

1. STATUTORY INFORMATION

FAIRHOMES INVESTMENTS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced rent receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on such surplus or deficit at the rate expected to apply when the property is sold.

The fair value profits on investment property is not a realised profit available for distribution. In order to differentiate the non-distributable profits with the distributable profits of the company, any fair value movements on investment property less the deferred tax on such movements is transferred from retained earnings to fair value reserves, which is a non-distributable reserve.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

FAIRHOMES INVESTMENTS LIMITED (REGISTERED NUMBER: 03887605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 4,990 1,200 6,190
DEPRECIATION
At 1 April 2022 4,703 1,184 5,887
Charge for year 72 4 76
At 31 March 2023 4,775 1,188 5,963
NET BOOK VALUE
At 31 March 2023 215 12 227
At 31 March 2022 287 16 303

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 942,552
Revaluations 145,833
At 31 March 2023 1,088,385
NET BOOK VALUE
At 31 March 2023 1,088,385
At 31 March 2022 942,552

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2016 253,363
Valuation in 2018 8,334
Valuation in 2023 73,477
Cost 753,211
1,088,385

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 753,211 680,855

Investment property was valued on an open market basis at the balance sheet date by the directors.

FAIRHOMES INVESTMENTS LIMITED (REGISTERED NUMBER: 03887605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 72,353 72,353

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Taxation and social security 1,126 15,279
Other creditors 518,215 510,162
519,341 525,441

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 343,506 337,611

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 343,506 337,611

10. RESERVES
Fair
value
reserve
£   
At 1 April 2022 174,963
Fair value movements net of deferred tax trfd
from retained earnings

104,835


At 31 March 2023 279,798