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REGISTERED NUMBER: 03683530 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

FAIRCASTLE LIMITED

FAIRCASTLE LIMITED (Registered number: 03683530)






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


FAIRCASTLE LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R. Tager, K.C.
E M Tager





SECRETARY: C.M. Frommer





REGISTERED OFFICE: Romeo House,
160 Bridport Road,
London
N18 1SY





REGISTERED NUMBER: 03683530 (England and Wales)





ACCOUNTANTS: Purcells
Chartered Accountants
4 Quex Road
London
NW6 4PJ

FAIRCASTLE LIMITED (Registered number: 03683530)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 4,045,747 4,045,747
Investments 4 4,963,189 5,014,401
9,008,936 9,060,148

CURRENT ASSETS
Debtors 5 997,181 1,052,419
Cash at bank 3,988,446 4,202,734
4,985,627 5,255,153
CREDITORS
Amounts falling due within one year 6 512,768 704,096
NET CURRENT ASSETS 4,472,859 4,551,057
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,481,795

13,611,205

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Capital Reserve 8 441,200 441,200
Capital contribution 8 11,731,343 11,986,555
Fair value reserve 8 1,719,500 1,719,500
Retained earnings 8 (411,248 ) (537,050 )
SHAREHOLDERS' FUNDS 13,481,795 13,611,205

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.

FAIRCASTLE LIMITED (Registered number: 03683530)

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 26 March 2025 and were signed on its behalf by:





R. Tager, K.C. - Director


FAIRCASTLE LIMITED (Registered number: 03683530)

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

1. 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.

Tangible fixed assets
Tangible fixed assets, which consist solely of freehold investment properties, are stated at market value and any surplus on revaluation is credited to the revaluation reserve. This treatment is a departure from the Companies Act 2006 concerning the depreciation of tangible fixed assets, which is necessary to give a true and fair view.

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 taxation
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.

Turnover
Turnover comprises income from the company's residential and commercial property letting, carried out within the United Kingdom, exclusive of value added tax, where relevant.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

FAIRCASTLE LIMITED (Registered number: 03683530)

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

3. TANGIBLE FIXED ASSETS



Freehold
investment
properties
COST OR VALUATION£   
Balance brought forward4,045,747

Balance carried forward4,045,747


The freehold investment properties were revalued on an open market value basis, for existing use, based on rental yields, by the directors at 31 March 2024. If these properties were not included at valuation they would be included under the historical cost convention at their original cost to the company of £2,826,247 (2023 - £2,826,247), less depreciation of £965,702 (2023 - £965,702).


4. FIXED ASSET INVESTMENTS

Investment in associate, at cost, is £600 (2023- £600), plus a long term loan of £4,913,339, so increasing the investment to a total of £4,913,939.

The investment in associate comprises the company's holding of 50% of the issued ordinary share capital of Romeo Trading Company Limited, a company incorporated in Great Britain, whose principal activity is the wholesaling of clothing and related accessories and whose results and financial position, as extracted from its financial statements, are as follows:


Profit for the year ended 31.3.2024 £14.164
Aggregate capital and reserves at 31.3.2024 £6,118,175

According to Directors' the nominal value of £600 (as indicated above) has a value of £2,500,000.


Investment in associate company which Faircastle has acquired 100% of the shares in Oaklawn Limited for £50,250.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amount due from related
companies 440,000 370,000
Other debtors 557,181 682,419
997,181 1,052,419

FAIRCASTLE LIMITED (Registered number: 03683530)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Corporation tax - 8,075
Dividends payable - 200,000
Directors' loan account 416,692 352,725
Taxes and social security 10,636 8,186
Other creditors 85,440 135,110
512,768 704,096

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

8. RESERVES


Capital
reserve
Fair value
reserve
Profit and loss
account
£ £ £

Balance at 1 April 2023441,2001,719,500(537,050)
Profit for the year--125,802
Revaluation adjustment - - -

Balance at 31 March 2024 441,2001,719,500 (411,248)



Capital contribution

The long term loans from group companies are now treated as a capital contribution

31.3.2431.3.23
£ £
Balance at 1 April 2023 and 1 April 202212,690,62511,986,555
Capital contribution for the year (704,070) (704,070)

Balance at 31 March 2024/ 31 March 202311,731,34311,986,555


The above figure includes a debtor balance owed by Pidom of £3,533,407 which has not been recoverd to date.

9. CONTINGENT LIABILITIES

The company has become a guarantor for the debts incurred by Pidom Export against Solev Limited, which are both associate companies with Faircastle..

FAIRCASTLE LIMITED (Registered number: 03683530)

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

10. ULTIMATE PARENT UNDERTAKING

The company's ultimate holding company is Greenquest Limited, which is incorporated in Great Britain.

11. RELATED PARTY TRANSACTIONS

i) The company is related to Pidom Export Limited, owing to common directors and a common shareholder. During the year the company received services on commercial terms totalling £55,900 from Pidom Export Limited and accrued charges of £55,900 were owed to Pidom Export Limited in this regard at the balance sheet date. Additionally at the balance sheet date, the company was owed £3,533,407 by Pidom Export Limited.

ii) During the year the company received services on commercial terms totalling £24,365 from Romeo Trading Company Limited and at the balance sheet date the company was owed £4,913,339 by Romeo Trading Company Limited.

iii) The company pays interest at 5% per annum on the director's loan account balance and during the year was charged £18,294 in this regard. At the balance sheet date accrued interest payable amounted
£72,052.

iv) The amounts due to group companies at the balance sheet date, as shown in note 10 as capital contribution, relate to Greenquest Limited, Rivergrove Limited and Springmanor Limited.