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REGISTERED NUMBER: 09813404 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Fairbanks Properties Limited

Fairbanks Properties Limited (Registered number: 09813404)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fairbanks Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr M R Anwyl
Mr C J Jones
Mr W J Rowland





REGISTERED OFFICE: 1 Pinnacle Way
Pride Park
Derby
Derbyshire
DE24 8ZS





REGISTERED NUMBER: 09813404 (England and Wales)





ACCOUNTANTS: Franklins
1 Pinnacle Way
Pride Park
Derby
Derbyshire
DE24 8ZS

Fairbanks Properties Limited (Registered number: 09813404)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,380,000 1,600,000

CURRENT ASSETS
Debtors 5 33,678 23,359
Cash at bank 13,327 8,114
47,005 31,473
CREDITORS
Amounts falling due within one year 6 225,597 201,609
NET CURRENT LIABILITIES (178,592 ) (170,136 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,201,408

1,429,864

CREDITORS
Amounts falling due after more than one
year

7

(712,197

)

(753,816

)

PROVISIONS FOR LIABILITIES - (51,788 )
NET ASSETS 489,211 624,260

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserve 8 (30,442 ) 155,364
Retained earnings 8 519,553 468,796
SHAREHOLDERS' FUNDS 489,211 624,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Properties Limited (Registered number: 09813404)

Balance Sheet - continued
31 March 2024


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 9 October 2024 and were signed on its behalf by:




Mr M R Anwyl - Director Mr C J Jones - Director




Mr W J Rowland - Director


Fairbanks Properties Limited (Registered number: 09813404)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Fairbanks Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover represents rents receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the fair value reserve.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Fairbanks Properties Limited (Registered number: 09813404)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,600,000
Additions 27,741
Impairments (247,741 )
At 31 March 2024 1,380,000
NET BOOK VALUE
At 31 March 2024 1,380,000
At 31 March 2023 1,600,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 (247,740 )
Valuation in 2016 207,152
Cost 1,420,588
1,380,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,420,588 1,392,848

Investment property was valued on an open market basis on 31 March 2024 by Mr M R Anwyl .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 23,358 23,359
Deferred tax asset 10,147 -
Prepayments 173 -
33,678 23,359

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 59,745 58,650
Trade creditors 24,207 -
Tax 13,198 15,022
VAT 1,805 5,840
M R Anwyl Limited 39,660 37,860
Christopher J Jones Limited 40,010 38,210
Rowmere Properties Limited 19,130 18,230
Accruals and deferred income 27,842 27,797
225,597 201,609

Fairbanks Properties Limited (Registered number: 09813404)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 57,517 60,204
Bank loans - 2-5 years 168,230 169,381
Bank loans more 5 yr by instal 486,450 524,231
712,197 753,816

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 486,450 524,231

8. RESERVES
Non
Retained distributable
earnings reserve Totals
£    £    £   

At 1 April 2023 468,796 155,364 624,160
Profit for the year 50,757 50,757
Revaluation of investment
property - (247,741 ) (247,741 )
Deferred tax - 61,935 61,935
At 31 March 2024 519,553 (30,442 ) 489,111

9. RELATED PARTY DISCLOSURES

The balance outstanding on interest free loans provided from companies with common directors amounted to £98,800 (2023 £94,300).