0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-30 Sage Accounts Production Advanced 2024 - FRS102_2024 2,776,000 414,637 2,361,363 2,361,363 2,776,000 xbrli:pure xbrli:shares iso4217:GBP 04656727 2023-07-30 2024-07-29 04656727 2024-07-29 04656727 2023-07-29 04656727 2022-07-30 2023-07-29 04656727 2023-07-29 04656727 2022-07-29 04656727 bus:Director1 2023-07-30 2024-07-29 04656727 core:WithinOneYear 2024-07-29 04656727 core:WithinOneYear 2023-07-29 04656727 core:AfterOneYear 2024-07-29 04656727 core:AfterOneYear 2023-07-29 04656727 core:ShareCapital 2024-07-29 04656727 core:ShareCapital 2023-07-29 04656727 core:RetainedEarningsAccumulatedLosses 2024-07-29 04656727 core:RetainedEarningsAccumulatedLosses 2023-07-29 04656727 core:LandBuildings 2024-07-29 04656727 core:LandBuildings 2023-07-29 04656727 core:LandBuildings 2023-07-29 04656727 core:LandBuildings 2023-07-30 2024-07-29 04656727 bus:SmallEntities 2023-07-30 2024-07-29 04656727 bus:AuditExemptWithAccountantsReport 2023-07-30 2024-07-29 04656727 bus:SmallCompaniesRegimeForAccounts 2023-07-30 2024-07-29 04656727 bus:PrivateLimitedCompanyLtd 2023-07-30 2024-07-29 04656727 bus:FullAccounts 2023-07-30 2024-07-29 04656727 core:OtherReservesSubtotal 2024-07-29 04656727 core:OtherReservesSubtotal 2023-07-29 04656727 core:AfterOneYear 2023-07-30 2024-07-29 04656727 core:AllAssociates 2023-07-30 2024-07-29
COMPANY REGISTRATION NUMBER: 04656727
Fairbank Properties Limited
Filleted Unaudited Financial Statements
29 July 2024
Fairbank Properties Limited
Financial Statements
Year ended 29 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Fairbank Properties Limited
Statement of Financial Position
29 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,361,363
2,776,000
Current assets
Debtors
6
261,593
215,597
Cash at bank and in hand
718
926
---------
---------
262,311
216,523
Creditors: amounts falling due within one year
7
45,432
33,773
---------
---------
Net current assets
216,879
182,750
------------
------------
Total assets less current liabilities
2,578,242
2,958,750
Creditors: amounts falling due after more than one year
8
1,304,111
1,325,970
Provisions
Taxation including deferred tax
31,045
134,704
------------
------------
Net assets
1,243,086
1,498,076
------------
------------
Capital and reserves
Called up share capital
21
21
Profit and loss - Non distributable reserve
1,070,784
1,485,421
Profit and loss account
172,281
12,634
------------
------------
Shareholder funds
1,243,086
1,498,076
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 Act with respect to accounting records and the preparation of financial statements .
Fairbank Properties Limited
Statement of Financial Position (continued)
29 July 2024
These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:
Mr I Crittenden
Director
Company registration number: 04656727
Fairbank Properties Limited
Notes to the Financial Statements
Year ended 29 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities 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. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4).
5. Tangible assets
Freehold property
£
Cost or valuation
At 30 July 2023
2,776,000
Revaluations
( 414,637)
------------
At 29 July 2024
2,361,363
------------
Depreciation
At 30 July 2023 and 29 July 2024
------------
Carrying amount
At 29 July 2024
2,361,363
------------
At 29 July 2023
2,776,000
------------
Of the freehold property, £2,361,363 (2023: £2,776,000) relates to investment properties. Investment properties have been revalued based on valuations provided by Mr R Crittenden, a director of the company, and were last valued at 29 July 2024. The directors believe that the valuations continue to accurately reflect the open market value of the properties.
6. Debtors
2024
2023
£
£
Trade debtors
38,714
Other debtors
222,879
215,597
---------
---------
261,593
215,597
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,163
22,468
Corporation tax
17,635
5,671
Other creditors
5,634
5,634
--------
--------
45,432
33,773
--------
--------
The bank loans of £22,163 (2023: £22,468) are secured against properties owned by the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,304,111
1,325,970
------------
------------
The bank loans of £1,304,111 (2023: £1,325,970) are secured against properties owned by the company.
9. Related party transactions
At the balance sheet date, the company was owed £222,214 (2023: £215,344) by a company with common control.
10. Controlling party
Real Estate Securities Limited is the company's ultimate parent. Real Estate Securities Limited is registered in England and Wales. The registered address of the controlling company is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN .