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Registration number: 03178731

Fairfield Estate Agents Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Fairfield Estate Agents Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Fairfield Estate Agents Ltd

Company Information

Directors

Mr Justin Elvins

Mr David Rose

Mr Robert James Simmons

Mrs Angela Finn

Mr Matthew Simon Holmes

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fairfield Estate Agents Ltd
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fairfield Estate Agents Ltd for the year ended 31 March 2025 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fairfield Estate Agents Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fairfield Estate Agents Ltd and state those matters that we have agreed to state to the Board of Directors of Fairfield Estate Agents Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fairfield Estate Agents Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fairfield Estate Agents Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fairfield Estate Agents Ltd. You consider that Fairfield Estate Agents Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Fairfield Estate Agents Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

6 June 2025

 

Fairfield Estate Agents Ltd

(Registration number: 03178731)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

288,310

384,499

Tangible assets

5

114,214

150,346

Investments

6

169,140

169,140

 

571,664

703,985

Current assets

 

Debtors

7

225,056

225,056

Cash at bank and in hand

 

1,019,889

735,992

 

1,244,945

961,048

Creditors: Amounts falling due within one year

8

(226,578)

(166,200)

Net current assets

 

1,018,367

794,848

Total assets less current liabilities

 

1,590,031

1,498,833

Creditors: Amounts falling due after more than one year

8

(2,500)

(12,498)

Net assets

 

1,587,531

1,486,335

Capital and reserves

 

Called up share capital

10

11,364

11,364

Share premium reserve

108,436

108,436

Other reserves

100,000

100,000

Retained earnings

1,367,731

1,266,535

Shareholders' funds

 

1,587,531

1,486,335

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Fairfield Estate Agents Ltd

(Registration number: 03178731)
Balance Sheet as at 31 March 2025

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 6 May 2025 and signed on its behalf by:
 

.........................................
Mr Justin Elvins
Director

 

Fairfield Estate Agents Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
United Kingdom

These financial statements were authorised for issue by the Board on 6 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% on reducing balance

Office equipment

25% on reducing balance

 

Fairfield Estate Agents Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Leasehold improvements

Over 10 years

Motor vehicle

20% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fairfield Estate Agents Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2024 - 26).

 

Fairfield Estate Agents Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2024

480,946

480,946

At 31 March 2025

480,946

480,946

Amortisation

At 1 April 2024

96,447

96,447

Amortisation charge

96,189

96,189

At 31 March 2025

192,636

192,636

Carrying amount

At 31 March 2025

288,310

288,310

At 31 March 2024

384,499

384,499

5

Tangible assets

Long leasehold land and buildings
£

Furniture and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

282,205

33,092

69,796

-

385,093

Additions

-

-

5,724

6,500

12,224

Disposals

-

-

(63,329)

-

(63,329)

At 31 March 2025

282,205

33,092

12,191

6,500

333,988

Depreciation

At 1 April 2024

144,050

33,092

57,605

-

234,747

Charge for the year

38,208

-

8,959

1,190

48,357

Eliminated on disposal

-

-

(63,330)

-

(63,330)

At 31 March 2025

182,258

33,092

3,234

1,190

219,774

Carrying amount

At 31 March 2025

99,947

-

8,957

5,310

114,214

At 31 March 2024

138,155

-

12,191

-

150,346

 

Fairfield Estate Agents Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Investments

2025
£

2024
£

Investments in subsidiaries

169,140

169,140

7

Debtors

Current

Note

2025
£

2024
£

Amounts owed by related parties

11

225,056

225,056

   

225,056

225,056

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

23,555

23,555

Taxation and social security

 

185,623

100,463

Accruals and deferred income

 

7,400

7,635

Other creditors

 

-

24,547

 

226,578

166,200

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

2,500

12,498

9

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

2,500

12,498

Included in the Bank borrowings above, is a bank loan at an interest rate of 2.5% and the loan is repayable by June 2026

 

Fairfield Estate Agents Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

10

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

11,364

11,364

11,364

11,364

       

11

Related party transactions

During the year, the company made the following related party transactions:

Directors

At the balance sheet date, the amount due to the directors was £nil (2024: £20,769).

Subsidiary Company

At the balance sheet date, the amount owed to the subsidiary company was £23,555 (2024: £23,555).

Company under common control

At the balance sheet date, the amount due from a company under common control was £225,056 (2024: £225,056).