2023-04-012024-03-312024-03-31false08461668FAIRGROVE PARTNERS 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FAIRGROVE PARTNERS LTD

Registered Number
08461668
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

FAIRGROVE PARTNERS LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Patrick Noel Sanders Woodrow
Sally-Ann Jane Woodrow
Judith Jane Woods Ballard
Patrick Robert Woods Ballard

Registered Address

2 Portman Street
London
W1H 6DU

Registered Number

08461668 (England and Wales)
FAIRGROVE PARTNERS LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets38,16123,559
8,16123,559
Current assets
Debtors41,243,8551,252,445
Cash at bank and on hand877,770873,280
2,121,6252,125,725
Creditors amounts falling due within one year5(309,669)(616,886)
Net current assets (liabilities)1,811,9561,508,839
Total assets less current liabilities1,820,1171,532,398
Provisions for liabilities6(2,040)(5,890)
Net assets1,818,0771,526,508
Capital and reserves
Called up share capital100100
Revaluation reserve44
Profit and loss account1,817,9731,526,404
Shareholders' funds1,818,0771,526,508
The financial statements were approved and authorised for issue by the Board of Directors on 11 July 2024, and are signed on its behalf by:
Patrick Noel Sanders Woodrow
Director
Patrick Robert Woods Ballard
Director

Registered Company No. 08461668
FAIRGROVE PARTNERS LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment33
2.Average number of employees

20242023
Average number of employees during the year2423
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 April 2364,99264,992
Additions1,9151,915
At 31 March 2466,90766,907
Depreciation and impairment
At 01 April 2341,43341,433
Charge for year17,31317,313
At 31 March 2458,74658,746
Net book value
At 31 March 248,1618,161
At 31 March 2323,55923,559
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables389,438661,110
Other debtors22,70226,946
Prepayments and accrued income831,715564,389
Total1,243,8551,252,445
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables45,50461,969
Bank borrowings and overdrafts-32
Taxation and social security201,242497,520
Other creditors4,8064,182
Accrued liabilities and deferred income58,11753,183
Total309,669616,886
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2,0405,890
Total2,0405,890
7.Operating lease commitments
At 31 March 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £133,826 (2023 – £82,002)