Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false32falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01409260 2023-04-01 2024-03-31 01409260 2022-04-01 2023-03-31 01409260 2024-03-31 01409260 2023-03-31 01409260 2022-04-01 01409260 c:Director2 2023-04-01 2024-03-31 01409260 d:FurnitureFittings 2023-04-01 2024-03-31 01409260 d:FurnitureFittings 2024-03-31 01409260 d:FurnitureFittings 2023-03-31 01409260 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01409260 d:LeaseholdInvestmentProperty 2024-03-31 01409260 d:LeaseholdInvestmentProperty 2023-03-31 01409260 d:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 01409260 d:CurrentFinancialInstruments 2024-03-31 01409260 d:CurrentFinancialInstruments 2023-03-31 01409260 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01409260 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01409260 d:ShareCapital 2024-03-31 01409260 d:ShareCapital 2023-03-31 01409260 d:RevaluationReserve 2024-03-31 01409260 d:RevaluationReserve 2023-03-31 01409260 d:RetainedEarningsAccumulatedLosses 2024-03-31 01409260 d:RetainedEarningsAccumulatedLosses 2023-03-31 01409260 d:OtherDeferredTax 2024-03-31 01409260 d:OtherDeferredTax 2023-03-31 01409260 c:OrdinaryShareClass1 2023-04-01 2024-03-31 01409260 c:OrdinaryShareClass1 2024-03-31 01409260 c:OrdinaryShareClass1 2023-03-31 01409260 c:FRS102 2023-04-01 2024-03-31 01409260 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01409260 c:FullAccounts 2023-04-01 2024-03-31 01409260 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01409260 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 01409260 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 01409260 2 2023-04-01 2024-03-31 01409260 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 01409260









FAIRSTATE LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FAIRSTATE LIMITED
REGISTERED NUMBER: 01409260

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
5,704
4,083

Investment property
 5 
1,200,000
1,500,000

  
1,205,704
1,504,083

Current assets
  

Debtors: amounts falling due within one year
 6 
-
5,701

Bank and cash balances
  
264,016
171,234

  
264,016
176,935

Creditors: amounts falling due within one year
 7 
(125,160)
(111,803)

Net current assets
  
 
 
138,856
 
 
65,132

Total assets less current liabilities
  
1,344,560
1,569,215

Provisions for liabilities
  

Deferred tax
 8 
(51,166)
(126,166)

  
 
 
(51,166)
 
 
(126,166)

Net assets
  
1,293,394
1,443,049


Capital and reserves
  

Called up share capital 
 9 
2
2

Revaluation reserve
  
1,030,876
1,255,876

Profit and loss account
  
262,516
187,171

  
1,293,394
1,443,049


Page 1

 
FAIRSTATE LIMITED
REGISTERED NUMBER: 01409260

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2024.




S A M Kahil
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
FAIRSTATE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Fairstate Limited is a private company, limited by shares, and incorporated in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London W1S 4BH. The registered number is 01409260.
The presentation and functional currency of the company is Pounds Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.
Turnover represents rent receivable during the year from investment property.
Rental income from the investment property is accrued on a time apportioned basis under the terms of the leases with the tenants.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
FAIRSTATE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and the length of the remaining lease. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
FAIRSTATE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 5

 
FAIRSTATE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
FAIRSTATE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
10,974


Additions
2,594



At 31 March 2024

13,568



Depreciation


At 1 April 2023
6,891


Charge for the year on owned assets
973



At 31 March 2024

7,864



Net book value



At 31 March 2024
5,704



At 31 March 2023
4,083

Page 7

 
FAIRSTATE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Short term leasehold investment property

£



Valuation


At 1 April 2023
1,500,000


Surplus on revaluation
(300,000)



At 31 March 2024
1,200,000

The 2024 valuations were made by the directors, on an open market value for existing use basis and after taking into account the remaining lease term.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
117,958
117,958


6.


Debtors

2024
2023
£
£


Prepayments and accrued income
-
5,701



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
240
720

Corporation tax
23,282
29,642

Other creditors
66,307
35,957

Accruals and deferred income
35,331
45,484

125,160
111,803


Page 8

 
FAIRSTATE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024
2023


£

£






At beginning of year
(126,166)
(95,886)


Charged to profit or loss
75,000
(30,280)



At end of year
(51,166)
(126,166)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair value gains on investment property
51,166
126,166


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



10.


Transactions with directors

During the year the company operated loans with the directors of the company. At the end of the year the amount due to the directors was £55,357 (2023 - £25,357). These loans are interest free and repayable on demand. 


Page 9