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Registered number: 01503217
Fairway Homes (Derby) Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Blake Accountants Limited
Chartered Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01503217
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,070,961 1,202,681
Tangible Assets 5 1,748,543 1,802,677
2,819,504 3,005,358
CURRENT ASSETS
Stocks 6 - 2,500
Debtors 7 - 1,611,648
Cash at bank and in hand 33,718 44,071
33,718 1,658,219
Creditors: Amounts Falling Due Within One Year 8 (289,317 ) (217,419 )
NET CURRENT ASSETS (LIABILITIES) (255,599 ) 1,440,800
TOTAL ASSETS LESS CURRENT LIABILITIES 2,563,905 4,446,158
Creditors: Amounts Falling Due After More Than One Year 9 (882,900 ) (2,913,799 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (21,642 ) (21,642 )
NET ASSETS 1,659,363 1,510,717
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Capital redemption reserve 19,000 19,000
Profit and Loss Account 1,639,363 1,490,717
SHAREHOLDERS' FUNDS 1,659,363 1,510,717
Page 1
Page 2
For the year ending 31 July 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Jaspal Swalli
Director
10/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fairway Homes (Derby) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01503217 . The registered office is 96 Longwood Road, Walsall, WS9 0TD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. the turnover is recorgnised on the basis of days service was provided.

2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 69 (2023: 74)
69 74
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 1,334,402
As at 31 July 2024 1,334,402
Amortisation
As at 1 August 2023 131,721
Provided during the period 131,720
As at 31 July 2024 263,441
Net Book Value
As at 31 July 2024 1,070,961
As at 1 August 2023 1,202,681
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 2,197,888 195,477 119,354 14,816 2,527,535
As at 31 July 2024 2,197,888 195,477 119,354 14,816 2,527,535
Depreciation
As at 1 August 2023 456,846 190,739 69,396 7,877 724,858
Provided during the period 43,957 948 7,494 1,735 54,134
As at 31 July 2024 500,803 191,687 76,890 9,612 778,992
Net Book Value
As at 31 July 2024 1,697,085 3,790 42,464 5,204 1,748,543
As at 1 August 2023 1,741,042 4,738 49,958 6,939 1,802,677
6. Stocks
31 July 2024 31 July 2023
£ £
Stock - 2,500
7. Debtors
31 July 2024 31 July 2023
£ £
Due within one year
Prepayments and accrued income - 8,168
Due after more than one year
Amounts owed by group undertakings - 1,603,480
- 1,611,648
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
31 July 2024 31 July 2023
£ £
Trade creditors 23,480 3,366
Corporation tax 110,732 127,951
Other taxes and social security 13,378 9,541
Net wages 59,640 60,188
Other creditors 14,457 315
Pension creditor - 1,706
Accruals and deferred income 2,530 14,352
Directors' loan accounts 100 -
Amounts owed to related parties 65,000 -
289,317 217,419
9. Creditors: Amounts Falling Due After More Than One Year
31 July 2024 31 July 2023
£ £
Bank loans - 2,913,799
Amounts owed to parent undertaking 882,900 -
882,900 2,913,799
10. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Ultimate Controlling Party
The company's ultimate controlling party is Precious Care Homes Ltd Precious Care Homes Ltd by virtue of his ownership of 100% of the issued share capital in the company.
Page 5