Company registration number 04259384 (England and Wales)
FAIRVIEW LETS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FAIRVIEW LETS LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
FAIRVIEW LETS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
44,475
59,040
Investment property
4
12,150,000
12,300,000
12,194,475
12,359,040
Current assets
Debtors
5
2,284,337
2,145,877
Investments
6
125,578
-
0
Cash at bank and in hand
231,597
226,140
2,641,512
2,372,017
Creditors: amounts falling due within one year
7
(116,695)
(126,467)
Net current assets
2,524,817
2,245,550
Total assets less current liabilities
14,719,292
14,604,590
Creditors: amounts falling due after more than one year
8
(1,700,000)
(1,700,000)
Provisions for liabilities
(17,962)
(19,008)
Net assets
13,001,330
12,885,582
Capital and reserves
Called up share capital
950
950
Non-distributable profits reserve
9
4,991,670
5,108,363
Distributable profit and loss reserves
8,008,710
7,776,269
Total equity
13,001,330
12,885,582
FAIRVIEW LETS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr D Jhumat
Director
Company registration number 04259384 (England and Wales)
FAIRVIEW LETS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
950
4,133,363
7,567,345
11,701,658
Year ended 31 December 2022:
Profit and total comprehensive income
-
975,000
310,440
1,285,440
Dividends
-
-
(101,516)
(101,516)
Balance at 31 December 2022
950
5,108,363
7,776,269
12,885,582
Year ended 31 December 2023:
Profit and total comprehensive income
-
(116,693)
373,816
257,123
Dividends
-
-
(24,682)
(24,682)
Other movements
-
-
(116,693)
(116,693)
Balance at 31 December 2023
950
4,991,670
8,008,710
13,001,330
FAIRVIEW LETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Fairview Lets Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 555-557 Cranbrook Road, Gants Hill, Ilford, Essex, England, IG2 6HE.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for real estate agency services.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% Reducing balance
Computers
15% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

FAIRVIEW LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at 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 fellow group companies and preference shares 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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FAIRVIEW LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
7
FAIRVIEW LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
14,916
17,126
87,190
119,232
Depreciation and impairment
At 1 January 2023
13,366
16,703
30,123
60,192
Depreciation charged in the year
233
65
14,267
14,565
At 31 December 2023
13,599
16,768
44,390
74,757
Carrying amount
At 31 December 2023
1,317
358
42,800
44,475
At 31 December 2022
1,550
423
57,067
59,040
4
Investment property
2023
£
Fair value
At 1 January 2023
12,300,000
Transfers
(150,000)
At 31 December 2023
12,150,000

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
91,427
124,176
Other debtors
2,158,087
1,998,819
2,249,514
2,122,995
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
34,823
22,882
Total debtors
2,284,337
2,145,877
FAIRVIEW LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Current asset investments
2023
2022
£
£
Other investments
125,578
-
0
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,203
2,464
Trade creditors
6,527
40,370
Corporation tax
81,061
65,406
Other taxation and social security
5,946
3,376
Other creditors
16,958
14,851
116,695
126,467
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,700,000
1,700,000

The bank loan is secured by a fixed and floating charge over the assets of the company.

9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
5,108,363
4,133,363
Non distributable profits in the year
(116,693)
975,000
At the end of the year
4,991,670
5,108,363
10
Related party transactions
2023
2022
Amounts due to related parties
£
£
Other related parties
2,489
-

At the balance sheet date, £2,489 (2022 - Nil) was owed to related party company. The related party companies are controlled by one of the director.

2023
2022
Amounts due from related parties
£
£
FAIRVIEW LETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Related party transactions
(Continued)
- 9 -
Key management personnel
1,194,090
1,194,090
Other related parties
952,214
794,269

At the balance sheet date, £1,194,090 (2022 - £1,194,090) was owed by the directors.

 

At the balance sheet date, £952,214 (2022 - £794,269) was owed by related party company. The related party companies are controlled by one of the director.

 

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