Fairport Developments Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03294568 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

FAIRPORT DEVELOPMENTS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

-

5,041

Investment property

6

8,900,000

8,905,041

CURRENT ASSETS

Debtors

7

272,559

135,524

Cash at bank and in hand

41,448

79,486

314,007

215,010

CREDITORS

Amounts falling due within one year

8

732,357

587,987

NET CURRENT LIABILITIES

(418,350

)

(372,977

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

8,481,650

8,532,064

CREDITORS

Amounts falling due after more than one
year

9

(525,899

)

(826,506

)

PROVISIONS FOR LIABILITIES

11

(346,036

)

(374,684

)

NET ASSETS

7,609,715

7,330,874

CAPITAL AND RESERVES

Called up share capital

12

5

Retained earnings - non

distributable

4,072,932

Retained earnings

3,536,778

3,257,937

SHAREHOLDERS' FUNDS

7,609,715

7,330,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

A L J Porter - Director

1.	STATUTORY INFORMATION

Fairport Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03294568

Registered office:

No. 1 Market Place

Adlington

Lancashire

PR7 4EZ

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

5% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

and 31 December 2024

202,288

DEPRECIATION

At 1 January 2024

197,247

Charge for year

5,041

At 31 December 2024

202,288

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

5,041

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

8,900,000

NET BOOK VALUE

At 31 December 2024

8,900,000

At 31 December 2023

8,900,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2003

513,000

Valuation in 2009

(196,958

)

Valuation in 2014

136,000

Valuation in 2016

884,000

Valuation in 2017

360,000

Valuation in 2019

295,000

Valuation in 2020

455,000

Valuation in 2021

1,960,000

Valuation in 2022

(125,000

)

Valuation in 2023

(56,075

)

Cost

4,675,033

8,900,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

Cost

4,675,033

The properties were valued as at 31 December 2022 by H Ellis, MRCIS.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

219,518

95,680

Other debtors

53,041

39,844

272,559

135,524

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans

250,000

Trade creditors

174,182

112,587

Taxation and social security

122,071

138,492

Other creditors

186,104

86,908

732,357

587,987

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

Bank loans

525,899

826,506

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Bank loans

775,899

1,076,506

The company has provided security to the bank by way of a fixed and floating charge over all its assets.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

Deferred tax

346,036

374,684

Deferred

tax

£

Balance at 1 January 2024

374,684

Provided during year

(28,648

)

Balance at 31 December 2024

346,036

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

500

Ordinary

0.01

5

A sub division of shares took place during the year, converting £1 shares into £0.01 shares.

All shares rank equally.