6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,860,000 18,286 4,878,286 4,878,286 4,860,000 xbrli:pure xbrli:shares iso4217:GBP 13068551 2023-04-01 2024-03-31 13068551 2024-03-31 13068551 2023-03-31 13068551 2022-04-01 2023-03-31 13068551 2023-03-31 13068551 2022-03-31 13068551 bus:Director1 2023-04-01 2024-03-31 13068551 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 13068551 core:WithinOneYear 2024-03-31 13068551 core:WithinOneYear 2023-03-31 13068551 core:ShareCapital 2024-03-31 13068551 core:ShareCapital 2023-03-31 13068551 core:RevaluationReserve 2024-03-31 13068551 core:RevaluationReserve 2023-03-31 13068551 core:RetainedEarningsAccumulatedLosses 2024-03-31 13068551 core:RetainedEarningsAccumulatedLosses 2023-03-31 13068551 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 13068551 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 13068551 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 13068551 core:Non-currentFinancialInstruments 2024-03-31 13068551 core:Non-currentFinancialInstruments 2023-03-31 13068551 bus:SmallEntities 2023-04-01 2024-03-31 13068551 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13068551 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13068551 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13068551 bus:FullAccounts 2023-04-01 2024-03-31 13068551 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 13068551 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 13068551 core:InvestmentPropertyIncludedWithinPPE 2024-03-31
COMPANY REGISTRATION NUMBER: 13068551
Fairfax Ventures Limited
Unaudited financial statements
31 March 2024
Fairfax Ventures Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,878,286
4,860,000
Investments
6
3,570,496
3,533,038
-----------
-----------
8,448,782
8,393,038
Current assets
Debtors
7
411,410
311,010
Cash at bank and in hand
2,230,862
1,986,614
-----------
-----------
2,642,272
2,297,624
Creditors: Amounts falling due within one year
8
( 25,657)
( 307,117)
-----------
-----------
Net current assets
2,616,615
1,990,507
------------
------------
Total assets less current liabilities
11,065,397
10,383,545
Provisions
Taxation including deferred tax
( 240,750)
( 240,712)
------------
------------
Net assets
10,824,647
10,142,833
------------
------------
Capital and reserves
Called up share capital
4,945,000
4,945,000
Revaluation reserve
722,250
722,250
Profit and loss account
5,157,397
4,475,583
------------
------------
Shareholders funds
10,824,647
10,142,833
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Fairfax Ventures Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
B J Skoulding
Director
Company registration number: 13068551
Fairfax Ventures Limited
Notes to the financial statements
Year ended 31 March 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 First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The trading address of the company is Marwick House, Station Road, March, Cambridgeshire, PE15 8XA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 6 (2023: 16 ).
5. Tangible assets
Investment properties
£
Cost
At 1 April 2023
4,860,000
Additions
18,286
-----------
At 31 March 2024
4,878,286
-----------
Depreciation
At 1 April 2023 and 31 March 2024
-----------
Carrying amount
At 31 March 2024
4,878,286
-----------
At 31 March 2023
4,860,000
-----------
The directors have valued the investment properties based on the open market value as at 31 March 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
Investment properties
Total
£
£
£
At 31 March 2024
Aggregate cost
3,915,286
3,915,286
Aggregate depreciation
----
-----------
-----------
Carrying value
3,915,286
3,915,286
----
-----------
-----------
At 31 March 2023
Aggregate cost
900,000
3,897,000
4,797,000
Aggregate depreciation
---------
-----------
-----------
Carrying value
900,000
3,897,000
4,797,000
---------
-----------
-----------
6. Investments
Shares in group undertakings
Investments
Total
£
£
£
Cost
At 1 April 2023
2,627,379
905,659
3,533,038
Additions
37,458
37,458
-----------
---------
-----------
At 31 March 2024
2,627,379
943,117
3,570,496
-----------
---------
-----------
Impairment
At 1 April 2023 and 31 March 2024
-----------
---------
-----------
Carrying amount
At 31 March 2024
2,627,379
943,117
3,570,496
-----------
---------
-----------
At 31 March 2023
2,627,379
905,659
3,533,038
-----------
---------
-----------
7. Debtors
2024
2023
£
£
Trade debtors
3,390
3,571
Amounts owed by group undertakings and undertakings in which the company has a participating interest
303,655
303,655
Other debtors
104,365
3,784
---------
---------
411,410
311,010
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
8,857
372
Social security and other taxes
7,727
289,718
Other creditors
9,073
17,027
-------
---------
25,657
307,117
-------
---------