Fairholm Limited 07024526 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is rental of investment property. Digita Accounts Production Advanced 6.30.9574.0 true true 07024526 2023-10-01 2024-09-30 07024526 2024-09-30 07024526 core:RetainedEarningsAccumulatedLosses 2024-09-30 07024526 core:RevaluationReserve 2024-09-30 07024526 core:ShareCapital 2024-09-30 07024526 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 07024526 bus:SmallEntities 2023-10-01 2024-09-30 07024526 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07024526 bus:FullAccounts 2023-10-01 2024-09-30 07024526 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 07024526 bus:RegisteredOffice 2023-10-01 2024-09-30 07024526 bus:Director1 2023-10-01 2024-09-30 07024526 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07024526 countries:EnglandWales 2023-10-01 2024-09-30 07024526 2023-09-30 07024526 2022-10-01 2023-09-30 07024526 2023-09-30 07024526 core:RetainedEarningsAccumulatedLosses 2023-09-30 07024526 core:RevaluationReserve 2023-09-30 07024526 core:ShareCapital 2023-09-30 07024526 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 07024526

Fairholm Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2024

 

Fairholm Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 3

 

Fairholm Limited

(Registration number: 07024526)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

310,000

310,000

Current assets

 

Cash at bank and in hand

 

47,689

38,768

Creditors: Amounts falling due within one year

(177,735)

(176,742)

Net current liabilities

 

(130,046)

(137,974)

Net assets

 

179,954

172,026

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

50,500

50,500

Profit and loss account

129,354

121,426

Total equity

 

179,954

172,026

For the financial year ending 30 September 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 of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 1 May 2025
 

Mrs B T Falkingham

Director

 

Fairholm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales (registered number: 07024526).

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU
Somerset

These financial statements were authorised for issue by the director on 1 May 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities at 30 September 2024, an amount of £174,975 is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Fairholm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 October

310,000

At 30 September

310,000

There has been no valuation of investment property by an independent valuer.