IRIS Accounts Production v24.1.4.33 09308127 Board of Directors 1.4.23 31.3.24 31.3.24 25.9.24 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh093081272023-03-31093081272024-03-31093081272023-04-012024-03-31093081272022-03-31093081272022-04-012023-03-31093081272023-03-3109308127ns15:EnglandWales2023-04-012024-03-3109308127ns14:PoundSterling2023-04-012024-03-3109308127ns10:Director12023-04-012024-03-3109308127ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3109308127ns10:SmallEntities2023-04-012024-03-3109308127ns10:Audited2023-04-012024-03-3109308127ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109308127ns10:FullAccounts2023-04-012024-03-3109308127ns10:OrdinaryShareClass12023-04-012024-03-3109308127ns10:Director22023-04-012024-03-3109308127ns10:CompanySecretary12023-04-012024-03-3109308127ns10:RegisteredOffice2023-04-012024-03-3109308127ns5:CurrentFinancialInstruments2024-03-3109308127ns5:CurrentFinancialInstruments2023-03-3109308127ns5:Non-currentFinancialInstruments2024-03-3109308127ns5:Non-currentFinancialInstruments2023-03-3109308127ns5:ShareCapital2024-03-3109308127ns5:ShareCapital2023-03-3109308127ns5:RevaluationReserve2024-03-3109308127ns5:RevaluationReserve2023-03-3109308127ns5:RetainedEarningsAccumulatedLosses2024-03-3109308127ns5:RetainedEarningsAccumulatedLosses2023-03-3109308127ns5:LandBuildings2023-03-3109308127ns5:PlantMachinery2023-03-3109308127ns5:LandBuildings2023-04-012024-03-3109308127ns5:PlantMachinery2023-04-012024-03-3109308127ns5:LandBuildings2024-03-3109308127ns5:PlantMachinery2024-03-3109308127ns5:LandBuildings2023-03-3109308127ns5:PlantMachinery2023-03-3109308127ns5:CostValuation2023-03-3109308127ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3109308127ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3109308127ns5:Non-currentFinancialInstruments2023-04-012024-03-3109308127ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3109308127ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3109308127ns5:DeferredTaxation2023-03-3109308127ns5:DeferredTaxation2023-04-012024-03-3109308127ns5:DeferredTaxation2024-03-3109308127ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 09308127 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

FAIRMOUNT VENTURES LIMITED

FAIRMOUNT VENTURES LIMITED (REGISTERED NUMBER: 09308127)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FAIRMOUNT VENTURES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Rahim Virani
Karim Virani



SECRETARY: Paul Davis



REGISTERED OFFICE: Crown House
North Circular Road
London
NW10 7PN



REGISTERED NUMBER: 09308127 (England and Wales)



AUDITORS: UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL



BANKERS: Punjab National Bank (International) Ltd
110 South Road
Southall
UB1 1RB

FAIRMOUNT VENTURES LIMITED (REGISTERED NUMBER: 09308127)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,450,952 14,441,498
Investments 5 2,587,864 2,587,864
17,038,816 17,029,362

CURRENT ASSETS
Debtors 6 31,902 225,399
Cash at bank 81,450 1,217,030
113,352 1,442,429
CREDITORS
Amounts falling due within one year 7 9,830,233 5,353,534
NET CURRENT LIABILITIES (9,716,881 ) (3,911,105 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,321,935

13,118,257

CREDITORS
Amounts falling due after more than one
year

8

-

(5,760,000

)

PROVISIONS FOR LIABILITIES 10 (1,533,134 ) (1,542,195 )
NET ASSETS 5,788,801 5,816,062

CAPITAL AND RESERVES
Called up share capital 11 1 1
Revaluation reserve 12 4,946,737 4,946,737
Retained earnings 12 842,063 869,324
SHAREHOLDERS' FUNDS 5,788,801 5,816,062

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Rahim Virani - Director


FAIRMOUNT VENTURES LIMITED (REGISTERED NUMBER: 09308127)

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

1. STATUTORY INFORMATION

Fairmount Ventures Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Significant Judgements
The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations
Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover
Turnover represents amounts receivable from rents charged to tenants and the invoice value of other services supplied net of VAT and trade discounts.

Turnover is recognised when the rent is due from tenants on an accruals basis.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.


FAIRMOUNT VENTURES LIMITED (REGISTERED NUMBER: 09308127)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Fixed asset investments
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. Joint ventures within the entity accounts are accounted for using the equity method. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.

Employee befits
The costs of short-term employee benefits are recognised as as liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

FAIRMOUNT VENTURES LIMITED (REGISTERED NUMBER: 09308127)

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

4. TANGIBLE FIXED ASSETS
Plant and
Freehold machinery
property etc Totals
£    £    £   
COST
At 1 April 2023 14,441,498 - 14,441,498
Additions - 12,605 12,605
At 31 March 2024 14,441,498 12,605 14,454,103
DEPRECIATION
Charge for year - 3,151 3,151
At 31 March 2024 - 3,151 3,151
NET BOOK VALUE
At 31 March 2024 14,441,498 9,454 14,450,952
At 31 March 2023 14,441,498 - 14,441,498

The freehold property was valued on 31 March 2024 on a fair value basis as at that date by the directors.

In respect of fixed assets stated at valuation, the historical cost was £8,000,320.

5. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 April 2023
and 31 March 2024 2,587,864
NET BOOK VALUE
At 31 March 2024 2,587,864
At 31 March 2023 2,587,864

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 30,710 215,885
Amounts owed by participating interests - 462
Prepayments and accrued income 1,192 9,052
31,902 225,399

FAIRMOUNT VENTURES LIMITED (REGISTERED NUMBER: 09308127)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 76,887 240,000
Trade creditors 83,348 80,164
Amounts owed to group undertakings 8,112,305 3,384,900
Tax 64,681 64,681
Social security and other taxes 3,022 6,204
VAT 30,320 43,762
Other creditors 1,283,955 1,281,689
Accruals and deferred income 175,715 252,134
9,830,233 5,353,534

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) - 5,760,000

The bank loans and overdrafts are secured over the investment property.

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 76,887 240,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 5,760,000

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,533,134 1,542,195

Deferred
tax
£   
Balance at 1 April 2023 1,542,195
Provided during year (9,061 )
Balance at 31 March 2024 1,533,134

FAIRMOUNT VENTURES LIMITED (REGISTERED NUMBER: 09308127)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary 1 1 1

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 869,324 4,946,737 5,816,061
Deficit for the year (27,261 ) (27,261 )
At 31 March 2024 842,063 4,946,737 5,788,800

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Guest FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young (S.E.) Limited