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COMPANY REGISTRATION NUMBER: 12461792
Fairbank Consulting Limited
Filleted Unaudited Financial Statements
29 February 2024
Fairbank Consulting Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
5
5
Current assets
Cash at bank and in hand
91,994
56,099
Creditors: amounts falling due within one year
5
26,605
12,287
--------
--------
Net current assets
65,389
43,812
--------
--------
Total assets less current liabilities
65,394
43,817
--------
--------
Net assets
65,394
43,817
--------
--------
Capital and reserves
Profit and loss account
65,394
43,817
--------
--------
Shareholder funds
65,394
43,817
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
Mr A C Fairbank
Director
Company registration number: 12461792
Fairbank Consulting Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for consultancy services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans
£
Cost
At 1 March 2023 and 29 February 2024
5
----
Impairment
At 1 March 2023 and 29 February 2024
----
Carrying amount
At 29 February 2024
5
----
At 28 February 2023
5
----
5. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
18,635
9,407
Other creditors
7,970
2,880
--------
--------
26,605
12,287
--------
--------
6. Director's advances, credits and guarantees
At the year end, the company owed the director £5,090. The loan was on interest free terms and repayable on demand.
7. Related party transactions
At the year end, the company owed £1,440 (2023: £1,440) to Peristyle Properties Limited, a company controlled by A Fairbank. The loan was on interest free terms and repayable on demand.