Company registration number 02455014 (England and Wales)
FAIRFAX MOTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
FAIRFAX MOTORS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
FAIRFAX MOTORS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,021,748
578,258
Current assets
Stocks
18,286
15,823
Debtors
6
86,334
62,112
Cash at bank and in hand
562,487
840,843
667,107
918,778
Creditors: amounts falling due within one year
7
(238,083)
(235,426)
Net current assets
429,024
683,352
Total assets less current liabilities
1,450,772
1,261,610
Creditors: amounts falling due after more than one year
8
(6,500)
(17,750)
Provisions for liabilities
(38,535)
(28,433)
Net assets
1,405,737
1,215,427
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,405,637
1,215,327
Total equity
1,405,737
1,215,427
FAIRFAX MOTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr J R Lingard
Director
Company Registration No. 02455014
The notes on pages 4 to 9 form part of these financial statements
FAIRFAX MOTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
31 January 2025
- 4 -
1
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
2
Accounting policies
Company information
Fairfax Motors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 92 Station Road, Clacton on Sea, Essex, CO15 1SG.
2.1
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. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for vehicle maintenance goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
FAIRFAX MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2
Accounting policies
(Continued)
- 5 -
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold properties
1% straight line
Investment property
No charge
Plant and machinery
25% reducing balance
Fixtures and fittings
15% reducing balance
Equipment
50% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2.6
Cash at bank and in hand
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.
2.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
FAIRFAX MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
2
Accounting policies
(Continued)
- 6 -
2.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
13
14
FAIRFAX MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2024
6,500
Disposals
(6,500)
At 31 January 2025
Amortisation and impairment
At 1 February 2024
6,500
Disposals
(6,500)
At 31 January 2025
Carrying amount
At 31 January 2025
At 31 January 2024
FAIRFAX MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
5
Tangible fixed assets
Freehold properties
Investment property
Plant and machinery
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 February 2024
353,076
147,197
195,590
87,467
13,575
139,753
936,658
Additions
78,224
313,292
14,757
11,932
6,555
95,744
520,504
Disposals
(12,413)
(2,438)
(74,267)
(89,118)
At 31 January 2025
431,300
460,489
197,934
99,399
17,692
161,230
1,368,044
Depreciation and impairment
At 1 February 2024
61,929
165,853
24,805
10,703
95,109
358,399
Depreciation charged in the year
4,176
10,711
11,044
2,543
8,220
36,694
Eliminated in respect of disposals
(12,212)
(2,419)
(34,166)
(48,797)
At 31 January 2025
66,105
164,352
35,849
10,827
69,163
346,296
Carrying amount
At 31 January 2025
365,195
460,489
33,582
63,550
6,865
92,067
1,021,748
At 31 January 2024
291,147
147,197
29,737
62,662
2,871
44,644
578,258
Last year c/fwd cost
353,076
147,197
195,590
87,467
13,574
139,753
Differs from this year b/fwd by
-
-
-
-
1
-
FAIRFAX MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
58,214
39,990
Other debtors
28,120
22,122
86,334
62,112
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
11,000
16,261
Trade creditors
73,475
74,223
Taxation and social security
138,988
125,296
Other creditors
14,620
19,646
238,083
235,426
Bank loans totalling £Nil (2024 - £6,261) are secured by fixed charges over the companies assets.
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
6,500
17,750