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Registered number: 5335641










FAIRMOUNT PROPERTIES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

For the year ended 30 April 2024



 
FAIRMOUNT PROPERTIES LIMITED
 

COMPANY INFORMATION


Directors
Mark Pears 
Sir Trevor Pears CMG 
David Pears 
Jonathan Berman 
WPG Registrars Limited (appointed 23 September 2024)




Company secretary
William Bennett



Registered number
5335641



Registered office
12th Floor Aldgate Tower
2 Leman Street

London

E1W 9US





 
FAIRMOUNT PROPERTIES LIMITED
 

CONTENTS



Page
Directors' Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3
Notes to the Financial Statements
4 - 6


 
FAIRMOUNT PROPERTIES LIMITED
 

 
DIRECTORS' REPORT
For the year ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Principal activity

The principal activity of the company is to act as a holding company.

Directors

The directors who served during the year were:

Mark Pears 
Sir Trevor Pears CMG 
David Pears 
Jonathan Berman 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


David Pears
Director

Date: 9 January 2025

Page 1

 
FAIRMOUNT PROPERTIES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 April 2024

2024
2023
£
£

  

Turnover
  
-
-

Gross profit
  
-
-

Administrative expenses
  
(1,568)
(29)

Operating loss
  
(1,568)
(29)

Interest receivable and similar income
  
96
-

Interest payable and similar expenses
  
(234,963)
(131,272)

Loss before tax
  
(236,435)
(131,301)

Loss for the financial year
  
(236,435)
(131,301)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 4 to 6 form part of these financial statements.

Page 2

 
FAIRMOUNT PROPERTIES LIMITED
Registered number: 5335641

STATEMENT OF FINANCIAL POSITION
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Fixed asset investments
 1 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
324
324

Cash at bank and in hand
  
2,859
2,763

  
3,183
3,087

Creditors: amounts falling due within one year
 6 
(3,997,504)
(3,760,972)

Net current liabilities
  
 
 
(3,994,321)
 
 
(3,757,885)

Total assets less current liabilities
  
(3,994,320)
(3,757,884)

Net liabilities
  
(3,994,320)
(3,757,884)


Capital and reserves
  

Called up share capital 
  
975
975

Profit and loss account
 7 
(3,995,295)
(3,758,859)

  
(3,994,320)
(3,757,884)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

David Pears
Director

Date: 9 January 2025

The notes on pages 4 to 6 form part of these financial statements.

Page 3

 
FAIRMOUNT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 April 2024

1.


General information

Fairmount Properties Limited is a company limited by shares incorporated in England and Wales. The registered office is 12th Floor Aldgate Tower, 2 Leman Street, London E1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The company's functional and presentation currency is GBP and rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis even though the company has net liabilities of £3,994,321 (2023 - £3,757,884). The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.4

Non preparation of group accounts

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 4

 
FAIRMOUNT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 May 2023
1



At 30 April 2024
1





5.


Debtors

2024
2023
£
£

Other debtors
324
324

324
324


Page 5

 
FAIRMOUNT PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 April 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
3,997,504
3,760,972

3,997,504
3,760,972



7.


Reserves

Profit & loss account

The profit and loss account includes all current and prior year retained profits and losses.


8.


Related party transactions

At 30 April 2024 an amount of £3,997,504 (2023: £3,760,972) was owed to WPG Treasury Limited, a company in which Messrs M A Pears, T S Pears and D A Pears have an interest. During the year interest of £234,963 (2023: £131,272) was charged on this loan.


Page 6