Fair Finance Limited
Registered number: 03112887
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2 2
Current assets
Debtors 4 745,285 966,310
Cash at bank and in hand 527,733 546,431
1,273,018 1,512,741
Creditors: amounts falling due within one year 5 (865,634) (1,096,769)
Net current assets 407,384 415,972
Net assets 407,386 415,974
Capital and reserves
Called up share capital 100 100
Profit and loss account 407,286 415,874
Shareholders' funds 407,386 415,974
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime (FRS102 Section 1A). The profit and loss account has not been delivered to the Registrar of Companies.
J Hammerschlag
Director
Approved by the board on 16 August 2024
Fair Finance Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with Section 1A of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover represents the invoiced value of invoices which have been purchased at a discount.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 8,790
At 31 December 2023 8,790
Depreciation
At 1 January 2023 8,788
At 31 December 2023 8,788
Net book value
At 31 December 2023 2
At 31 December 2022 2
4 Debtors 2023 2022
£ £
Trade debtors 743,924 965,057
Other debtors 1,361 1,253
745,285 966,310
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 284,143 287,288
Corporation tax - 35,630
Other taxes and social security costs 36,456 18,379
Other creditors 545,035 755,472
865,634 1,096,769
6 Loans 2023 2022
£ £
Creditors include:
Secured loans 138,640 417,707
J Hammerschlag has a debenture charge over the assets of the company on amounts owing to him at any time.
7 Related party transactions
J Hammerschlag and P Hammerschlag provided loans to the company totalling £400,942 (2022 £643,736) outstanding at the year end. R Stern provided a loan of £54,603 (2022: £51,485) outstanding at the year end.

The directors' consider that market rate interest was payable on those loans
8 Controlling party
There is no ultimate controlling party.
9 Other information
Fair Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kinetic Centre
Theobald Street
Borehamwood
Herts.
WD6 4PJ
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