Company registration number 10962749 (England and Wales)
FAIRMILE PROPERTY GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FAIRMILE PROPERTY GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FAIRMILE PROPERTY GROUP LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
275,000
275,000
Current assets
Debtors
6
30,565
30,565
Cash at bank and in hand
8
102
30,573
30,667
Creditors: amounts falling due within one year
7
(248,973)
(221,931)
Net current liabilities
(218,400)
(191,264)
Total assets less current liabilities
56,600
83,736
Creditors: amounts falling due after more than one year
8
(193,854)
(217,842)
Net liabilities
(137,254)
(134,106)
Capital and reserves
Called up share capital
1
1
Revaluation reserve
9
275,000
275,000
Profit and loss reserves
(412,255)
(409,107)
Total equity
(137,254)
(134,106)

For the financial year ended 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 financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 May 2025
Mr J B Stevens
Director
Company registration number 10962749 (England and Wales)
FAIRMILE PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Fairmile Property Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 35 Sherwood Street, Warsop, Mansfield, Nottinghamshire, NG20 0JR. The company changed name on 23 April 2024 from Fairmile Property Developments Ltd.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has has commited to continue to support the business for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FAIRMILE PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Change in accounting policy

The directors have changed the presentation of the balance sheet as to include long term creditors within net assets, previously included within capital and reserves, the change in presentation is due to the change in borrowing structure.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
275,000

Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
30,565
30,565
FAIRMILE PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,499
17,499
Taxation and social security
188
-
0
Other creditors
242,286
204,432
248,973
221,931

The long-term loans are secured by a fixed charge over the land and property owned by the company along with security by a fixed and floating charge over all assets held by the company,

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
168,854
192,842
Other creditors
25,000
25,000
193,854
217,842
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
275,000
447,963
Other movements
-
(172,963)
At the end of the year
275,000
275,000
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