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REGISTERED NUMBER: 10700737 (England and Wales)





FAIRHOMES PROPERTY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAIRHOMES PROPERTY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mr G A Harrison





REGISTERED OFFICE: 7 St John Street
Mansfield
Nottinghamshire
NG18 1QH





REGISTERED NUMBER: 10700737 (England and Wales)





ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 887 580
Investments 6 962,000 962,000
962,887 962,580

CURRENT ASSETS
Debtors 7 303,981 59,041
Cash at bank 46,877 5,445
350,858 64,486
CREDITORS
Amounts falling due within one year 8 82,455 59,771
NET CURRENT ASSETS 268,403 4,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,231,290

967,295

CREDITORS
Amounts falling due after more than one
year

9

1,022,233

777,222
NET ASSETS 209,057 190,073

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 11 131,524 131,524
Retained earnings 77,433 58,449
209,057 190,073

FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

BALANCE SHEET - continued
30 JUNE 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 16 March 2025 and were signed by:





Mr G A Harrison - Director


FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Fairhomes Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The revaluation reflects the investment's fair market value at the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 15% on reducing balance
Computer equipment - 33.33% on reducing balance

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.


FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. ACCOUNTING POLICIES - continued
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.

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2023 - 1,811 1,811
Additions 588 - 588
At 30 June 2024 588 1,811 2,399
DEPRECIATION
At 1 July 2023 - 1,231 1,231
Charge for year 88 193 281
At 30 June 2024 88 1,424 1,512
NET BOOK VALUE
At 30 June 2024 500 387 887
At 30 June 2023 - 580 580

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 July 2023
and 30 June 2024 962,000
NET BOOK VALUE
At 30 June 2024 962,000
At 30 June 2023 962,000

Cost or valuation at 30 June 2024 is represented by:

Other
investments
£   
Valuation in 2019 962,000

FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by related parties 300,736 23,263
Other debtors - 35,000
Prepayments and accrued income 3,245 778
303,981 59,041

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 67,972 34,263
Thompson Capital loan - 15,000
Trade creditors 72 -
Corporation tax 5,007 3,658
Social security and other taxes 200 200
Credit card 2,898 4,352
Accruals and deferred income 6,306 2,298
82,455 59,771

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans - More than 1 year 528,177 296,193
Amounts owed to related parties 119,697 116,697
Directors' loan accounts 374,359 364,332
1,022,233 777,222

FAIRHOMES PROPERTY LTD (REGISTERED NUMBER: 10700737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loan 596,148 330,455

The loan is secured by a lien over the investment property which is held within the partnership investment in other investments.

11. RESERVES
Revaluation
reserve
£   
At 1 July 2023
and 30 June 2024 131,524

12. RELATED PARTY DISCLOSURES

Key management remuneration during the year was £0 (2022: £0)