Company registration number 04353873 (England and Wales)
FAIRWAY PSD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FAIRWAY PSD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FAIRWAY PSD LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,730
36,791
Current assets
Debtors
4
259,588
284,058
Cash at bank and in hand
60,910
27,559
320,498
311,617
Creditors: amounts falling due within one year
5
(175,515)
(226,381)
Net current assets
144,983
85,236
Total assets less current liabilities
181,713
122,027
Creditors: amounts falling due after more than one year
6
(21,595)
(31,568)
Provisions for liabilities
7
(21,182)
(15,197)
Net assets
138,936
75,262
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
137,936
74,262
Total equity
138,936
75,262
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr HC Patel
Director
Company registration number 04353873 (England and Wales)
FAIRWAY PSD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Fairway PSD Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 21 The IO Centre, Armstrong Road, London, SE18 6RS.
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. 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Leasehold land and buildings
Over the lease period
Plant and equipment
10% on cost
Fixtures and fittings
15% on cost
Computers
33% on cost
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
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.
FAIRWAY PSD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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.
1.6
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FAIRWAY PSD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
15
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
10,064
73,722
3,702
74,962
162,450
Additions
1,924
5,442
7,366
Disposals
(1,890)
(8,974)
(10,864)
At 31 December 2023
10,064
73,756
3,702
71,430
158,952
Depreciation and impairment
At 1 January 2023
10,064
37,846
2,860
74,889
125,659
Depreciation charged in the year
4,819
461
950
6,230
Eliminated in respect of disposals
(693)
(8,974)
(9,667)
At 31 December 2023
10,064
41,972
3,321
66,865
122,222
Carrying amount
At 31 December 2023
31,784
381
4,565
36,730
At 31 December 2022
35,876
842
73
36,791
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
191,427
221,895
Amounts owed by group undertakings
5,271
Prepayments and accrued income
62,890
62,163
259,588
284,058
Included within trade debtors are factored debts of £191,427 (2022: £189,028) which remain outstanding as at the balance sheet date.
The factored debt balance is secured by way of a fixed and floating charges over the assets of the company.
FAIRWAY PSD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,973
14,662
Trade creditors
44,815
58,349
Amounts owed to group undertakings
56,000
Taxation and social security
45,190
33,578
Other creditors
75,537
63,792
175,515
226,381
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,595
31,568
7
Provisions for liabilities
2023
2022
£
£
Dilapidation provisions
12,000
6,000
Deferred tax liabilities
9,182
9,197
21,182
15,197
Movements on provisions apart from deferred tax liabilities:
Dilapidation provisions
£
At 1 January 2023
6,000
Additional provisions in the year
6,000
At 31 December 2023
12,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
FAIRWAY PSD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Pankaj Patel
Statutory Auditor:
Aequitas Accountants Ltd
Date of audit report:
25 September 2024
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
124,575
254,658
10
Related party transactions
The company has taken advantage of the exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
The company charged management fees of £24,000 to Libertybelle UK Ltd ('LBUK'), a company incorporated in England and Wales.
Mr HC Patel is a shareholder of LBUK.
During the year, the company accrued IT service costs of £41,400 from AAP Solutions ('AAP'), a company governed by Mr A Patel.
Mr A Patel is a 40% shareholder of CDL Logistic LLC, a subsidiary within the group.
11
Parent company
The ultimate parent company is Dablu Ltd, a company incorporated in England and Wales.
The immediate parent company is CDL Business Services Group Limited, a company incorporated in England and Wales.
12
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.