REGISTERED NUMBER: |
FAIRBANKS HOLDINGS & INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: |
FAIRBANKS HOLDINGS & INVESTMENTS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FAIRBANKS HOLDINGS & INVESTMENTS LTD (REGISTERED NUMBER: 10390132) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FAIRBANKS HOLDINGS & INVESTMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
FAIRBANKS HOLDINGS & INVESTMENTS LTD (REGISTERED NUMBER: 10390132) |
ABRIDGED BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FAIRBANKS HOLDINGS & INVESTMENTS LTD (REGISTERED NUMBER: 10390132) |
ABRIDGED BALANCE SHEET - continued |
31 JANUARY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
FAIRBANKS HOLDINGS & INVESTMENTS LTD (REGISTERED NUMBER: 10390132) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Fairbanks Holdings & Investments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The accounts have been prepared under the going concern assumption, despite the losses generated and net liabilities position recorded. |
This company forms part of a profitable trading group, and its purpose is to hold assets for use within the group. The company is in its early stages and there are plans to recharge the group for the use of its assets going forwards, which will generate cash flow and turnover. |
The significant loss generated in the year arose partially as the result of the move to a new office premises, and hence the disposal of property improvements related to the previously occupied offices. |
Related party exemption |
The company has taken advantage of 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 companies within the group. |
Tangible fixed assets |
Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses. |
Plant and machinery is depreciated at 10% straight line. |
Motor vehicles are depreciated at 25% straight line. |
Leasehold property and improvements to property are depreciated over 25 years from the point the associated premises is available for use. |
Impairment of Assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method. |
FAIRBANKS HOLDINGS & INVESTMENTS LTD (REGISTERED NUMBER: 10390132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
The director reviews the investment annually for impairment and recognises any impairment arising in Profit and Loss. |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is calculated 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. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Hire purchase and leasing commitments |
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease / hire purchase arrangement or an operating lease based on the substances of the arrangement. |
Finance leases / Hire Purchase |
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases or hire purchase assets accordingly. |
Assets held under such arrangements are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. |
Assets held under leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
Operating leases |
Payments under operating leases are expensed to the Profit and Loss Account on a straight line basis over the lease. |
Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, 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 using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises. |
The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FAIRBANKS HOLDINGS & INVESTMENTS LTD (REGISTERED NUMBER: 10390132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
There are assets included in the above which have been acquired under hire purchase arrangements. The total net book value of these assets as at the year end is £252,865. |
The hire purchase arrangements have been taken out in another group company, but the liabilities have been assigned to this company in the year, in order to record the assets and liabilities in the same location, to record the substance over form of the transaction. |
There is a cross guarantee in place between this company and its fellow subsidiary, UK Protection Limited, in relation to these liabilities. |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 49 |
NET BOOK VALUE |
At 31 January 2024 | 49 |
At 31 January 2023 | 49 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 198,985 | - |
Liabilities arising under hire purchase arrangements are secured over the assets they have financed. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr A Fairbanks, as a result of his 100% shareholding in the ultimate parent company. |