REGISTERED NUMBER: 09308127 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

FAIRMOUNT VENTURES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Rahim Virani

Karim Virani

SECRETARY:

Paul Davis

REGISTERED OFFICE:

Crown House

North Circular Road

London

NW10 7PN

REGISTERED NUMBER:

09308127 (England and Wales)

AUDITORS:

UHY Hacker Young (S.E.) Limited

Chartered Accountants & Statutory Auditor

168 Church Road

Hove

East Sussex

BN3 2DL

BANKERS:

Punjab National Bank (International) Ltd

110 South Road

Southall

UB1 1RB

FIXED ASSETS

Tangible assets

4

9,614,515

14,450,952

Investments

5

2,587,864

2,587,864

12,202,379

17,038,816

CURRENT ASSETS

Debtors

6

24,729

31,902

Cash at bank

61,201

81,450

85,930

113,352

CREDITORS

Amounts falling due within one year

7

9,991,084

9,830,233

NET CURRENT LIABILITIES

(9,905,154

)

(9,716,881

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,297,225

7,321,935

PROVISIONS FOR LIABILITIES

9

370,733

1,533,134

NET ASSETS

1,926,492

5,788,801

CAPITAL AND RESERVES

Called up share capital

10

1

1

Revaluation reserve

11

2,385,142

4,946,737

Retained earnings

11

(458,651

)

842,063

SHAREHOLDERS' FUNDS

1,926,492

5,788,801

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2025 and were signed on its behalf by:

Rahim Virani - Director

1.	STATUTORY INFORMATION

Fairmount Ventures Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2.	ACCOUNTING POLICIES

Accounting convention

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.The financial statements are prepared in sterling, which is the functional currency of the entity

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Significant Judgements

The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations

Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover

Turnover represents amounts receivable from rents charged to tenants and the invoice value of other services supplied net of VAT and trade discounts.

Turnover is recognised when the rent is due from tenants on an accruals basis.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are accounted for as follows:

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognized in the income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Fixed asset investments

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. Joint ventures within the entity accounts are accounted for using the equity method. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.

Employee befits

The costs of short-term employee benefits are recognised as as 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.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Freehold

machinery

property

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

14,441,498

12,605

14,454,103

Additions

-

9,900

9,900

Revaluations

(4,841,498

)

-

(4,841,498

)

At 31 March 2025

9,600,000

22,505

9,622,505

DEPRECIATION

At 1 April 2024

-

3,151

3,151

Charge for year

-

4,839

4,839

At 31 March 2025

-

7,990

7,990

NET BOOK VALUE

At 31 March 2025

9,600,000

14,515

9,614,515

At 31 March 2024

14,441,498

9,454

14,450,952

The freehold property was valued on 31 March 2025 on a fair value basis as at that date by the directors.

In respect of fixed assets stated at valuation, the historical cost was £8,000,320.

5.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 April 2024

and 31 March 2025

2,587,864

NET BOOK VALUE

At 31 March 2025

2,587,864

At 31 March 2024

2,587,864

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

24,729

30,710

Prepayments and accrued income

-

1,192

24,729

31,902

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 8)

-

76,887

Trade creditors

343,092

83,348

Amounts owed to group undertakings

8,172,650

8,112,305

Tax

64,681

64,681

Social security and other taxes

698

3,022

VAT

11,930

30,320

Other creditors

1,389,494

1,283,955

Accruals and deferred income

8,539

175,715

9,991,084

9,830,233

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

-

76,887

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

370,733

1,533,134

Deferred

tax

£

Balance at 1 April 2024

1,533,134

Provided during year

(1,162,401

)

Balance at 31 March 2025

370,733

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

1

1

1

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2024

842,063

4,946,737

5,788,800

Deficit for the year

(3,862,309

)

(3,862,309

)

Other movements

2,561,595

(2,561,595

)

-

At 31 March 2025

(458,651

)

2,385,142

1,926,491

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Guest FCA (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (S.E.) Limited