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Registered number: 02698619
Fairlynx Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 02698619
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 341,578 343,162
Investments 5 635,485 244
977,063 343,406
CURRENT ASSETS
Stocks 6 1,818,957 1,818,957
Debtors 7 484,349 1,998,188
Cash at bank and in hand 735,941 1,458,406
3,039,247 5,275,551
Creditors: Amounts Falling Due Within One Year 8 (72,293 ) (312,711 )
NET CURRENT ASSETS (LIABILITIES) 2,966,954 4,962,840
TOTAL ASSETS LESS CURRENT LIABILITIES 3,944,017 5,306,246
Creditors: Amounts Falling Due After More Than One Year 9 (539,204 ) (593,090 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (35,489 ) (27,240 )
NET ASSETS 3,369,324 4,685,916
CAPITAL AND RESERVES
Called up share capital 10 190,001 190,001
Income Statement 3,179,323 4,495,915
SHAREHOLDERS' FUNDS 3,369,324 4,685,916
Page 1
Page 2
For the year ending 30 April 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr G Straker
Director
18/12/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fairlynx Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02698619 . The registered office is 6/7 Market Place, Devizes, Wiltshire, SN10 1HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold not depreciated
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 335,001 39,995 399 375,395
Additions - - 608 608
As at 30 April 2024 335,001 39,995 1,007 376,003
Depreciation
As at 1 May 2023 - 31,887 346 32,233
Provided during the period - 2,027 165 2,192
As at 30 April 2024 - 33,914 511 34,425
Net Book Value
As at 30 April 2024 335,001 6,081 496 341,578
As at 1 May 2023 335,001 8,108 53 343,162
Cost or valuation as at 30 April 2024 represented by:
Land & Property
Freehold Motor Vehicles Computer Equipment Total
£ £ £ £
At cost 335,001 39,995 1,007 376,003
335,001 39,995 1,007 376,003
The freehold properties were revalued on 30 April 2017 by G J Straker, director and estate agent who is internal to the company. The basis of this valuation was at an open market value.
5. Investments
Listed Unlisted Total
£ £ £
Cost
As at 1 May 2023 - 244 244
Additions 635,241 - 635,241
As at 30 April 2024 635,241 244 635,485
Provision
As at 1 May 2023 - - -
As at 30 April 2024 - - -
Net Book Value
As at 30 April 2024 635,241 244 635,485
As at 1 May 2023 - 244 244
Page 4
Page 5
6. Stocks
2024 2023
as restated
£ £
Work in progress 1,818,957 1,818,957
7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 13,110 -
Prepayments and accrued income 997 3,124
Other debtors 24,601 4,240
Loan - Charlton Baker 201,665 281,270
Corporation tax recoverable assets 70,156 -
VAT 3,021 1,172
Directors' loan accounts 92,799 202,445
Amounts owed by other participating interests 78,000 1,505,937
484,349 1,998,188
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 2,986 1,011
Bank loans and overdrafts 57,390 57,390
Corporation tax - 142,393
Accruals and deferred income 1,917 1,917
Amounts owed to other participating interests 10,000 110,000
72,293 312,711
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 539,204 593,090
The bank loans are secured by legal charges over the company's investment properties and development properties and by fixed and floating charges over the assets of the company.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
as restated
£ £
Bank loans 309,644 363,530
Page 5
Page 6
10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 190,001 190,001
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Gordon John Straker 202,445 30,561 (140,208 ) - 92,799
The above loan is unsecured and repayable on demand. Interest has been charged on the overdrawn amount. 
12. Ultimate Controlling Party
The company's ultimate controlling party is Fairlynx 2010 Limited , a company incorporated and registered in England & Wales. Fairlynx 2010 Limited heads the largest and smallest groups in which the results are consolidated. The consolidated financial statements of Fairlynx 2010 Limited are available from the Registrar of Companies at Companies House. The group is controlled by the sole director, Mr G Straker.
Page 6