Company registration number 11351541 (England and Wales)
FAIRFAX PROPERTY MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
FAIRFAX PROPERTY MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
FAIRFAX PROPERTY MANAGEMENT LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
2,200,000
2,050,000
Current assets
Debtors
5
345,506
348,506
Cash at bank and in hand
2,189
4,209
347,695
352,715
Creditors: amounts falling due within one year
6
(396,209)
(396,309)
Net current liabilities
(48,514)
(43,594)
Total assets less current liabilities
2,151,486
2,006,406
Creditors: amounts falling due after more than one year
7
(1,532,045)
(1,532,045)
Net assets
619,441
474,361
Capital and reserves
Called up share capital
8
8
Fair Value Reserve
669,731
526,731
Profit and loss reserves
(50,298)
(52,378)
Total equity
619,441
474,361
FAIRFAX PROPERTY MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
For the financial year ended 28 February 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr D Pickles
Director
Company registration number 11351541 (England and Wales)
FAIRFAX PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Fairfax Property Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 22 Westfield Grove, Ackworth, Pontefract, WF7 7HF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors, having made due and careful enquiry, are of the opinion that the company had adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sales of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. 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. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FAIRFAX PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 March 2023
2,050,000
Additions
7,000
Revaluations
143,000
At 28 February 2024
2,200,000
The directors have reviewed the valuation of the property at the year end and have concluded that the valuation above reflects market value.
FAIRFAX PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
345,506
348,506
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
332,100
332,200
Other creditors
64,109
64,109
396,209
396,309
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,532,045
1,532,045
Bank loans are secured by way of a fixed charge on the investment property held by the company.
8
Related party transactions
At the year end the company was owed £6,000 from Fairfax Investments (Morley) Limited and £339,506 from Fairfax Investments Ltd, the company owed £332,100 to Fairfax Investments (Ackworth) Ltd, all companies under common control.