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

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small entities.

Fairport (Investments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 86 Hatton Garden, London, EC1N 8QQ.

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.

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 investment properties measured at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

Revenue is primarily derived from the leasing of the company's investment property to a number of commercial and residential tenants.

Rental revenue is recognised on the accruals basis at amounts set out in leases. Where a rent free period is part of a lease agreement, the total income to be generated from the agreement is recognised on a straight line basis over the period of the lease. Service charge income is similarly recognised on an accruals basis. Revenue is recognised where dilapidations have been charged to a tenant that are not expended in preparing an empty property for its next rental agreement and where there is no requirement to make such expenditure in the future.

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:

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.

Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Assets, including investments, which are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less cost to sell and value in use.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

The tax expense represents the sum of the tax currently payable and deferred 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 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign currency transactions are translated into the company's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to cash and cash equivalents, loans or ongoing debt investments are presented in profit or loss within "interest receivable and similar income".

Leased assets: Lessor

All the leases entered into by the company are treated as operating leases. Their annual rentals are charged to profit or loss on a straight line basis over the term of the lease.

Incentive payments, typically in the form of rent free periods, to new tenants to occupy the company's investment property are treated as a reduction in revenue and initially recorded as prepayments. The payments are charged to profit or loss over the term of the lease. The underlying investment property is carried at open market value less the amount of the unamortised incentive.

In preparing these financial statements, the directors have made the following judgements.

• Determining the fair value of the company's investment property by reference to current market rent and investment property yields for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset.

• Determining the recoverability of outstanding rents from tenants. Factors taken into consideration by management include the length of time the rent is overdue, the responsiveness of the tenant and the perception of the tenants' ability and will to settle the debt.

The company does not employ staff and does not remunerate its management or directors. The costs of services performed on behalf of the company by I.D.C (Holdings) Limited, a company that is related by virtue of common shareholders and directors, are recharged by that entity and are disclosed within note 19.

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

The investment property was valued at 31 October 2024 by the directors on the basis of its open market value for existing use. The historic cost of the investment property was £2,187,762 (2023: £2,187,762), this would also have been the carrying value under historic cost accounting rules as no depreciation or impairments have been recognised.

As at 1 November 2023, the investment property was valued at £8,988,509, which included a downward adjustment of £11,491 to reflect the rent-free period. For the year ended 31 October 2024, the property was revalued downward by £500,000, with a further adjustment of £600 also made in respect of the rent-free reduction.

A first charge security was held by Nat West Bank plc over the property against the undrawn bank overdraft facility granted to I.D.C. (Holdings) Limited. (see note 17). This overdraft facility terminated on 30 September 2025 and the security provided by the Company was released.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred taxation liability relates to the current calculation of the UK Corporation Tax due on the gain in the value in the company's investment property (see note 11), this has been calculated at the rate of 25% (2023: 25%) which was the UK tax rate substantially enacted at the reporting date. The company has no unused tax losses or credits.

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. Included in the retained profit and loss account are £5,174,093 (2023: 5,554,323) of profits net of assosciated deferred taxation which are not available for distribution as they are unrealised.

The company had pledged the investment property as a security for the bank overdraft facility of £300,000 of a related party. The overdraft facility was undrawn at 31 October 2024 (2023: undrawn) and was not utilised during the year (2023: not utilised during the year). This overdraft facility terminated on 30 September 2025 and the security provided by the Company was released.

At the reporting end date the company had minimum lease receivables under non-cancellable operating leases in relation to its investment property as set out below:

There is no ultimate controlling party of Fairport (Investments) Limited.

The company entered into the following arrangements with I.D.C (Holdings) Limited, a company related due to shareholders and directors being common to both entities.

i)    Included within creditors due within one year is £107 due to I.D.C (Holdings) Limited (2023 - £40     due to I.D.C (Holdings) Limited)

ii)    Freehold land and buildings had been given as security for a third party legal charge on behalf of     I.D.C (Holdings) Limited. (See note 17)

iii)    That part of the freehold land and buildings occupied by I.D.C (Holdings) Limited was leased back at     an annual rental of £95,000 (2023 - £95,000) under a lease that expired in April 2024. As at the     balance sheet date, the lease had not been formally renewed and was holding over at an unchanged     rent until the company vacates its office which is anticipated in early 2026.

    Under the agreement, service charges were also payable by I.D.C. (Holdings) Limited and in the year     ended 31 October 2024 these amounted to £10,903 (2023 - £10,601).

    Fibre line rental charges were also payable by I.D.C. (Holdings) Limited and in the year ended 31     October 2024 these amounted to £1,226 (2023: £Nil).

iv)     Included in administrative expenses is £125,650 (2023 - £116,000) in management fees paid to     I.D.C. (Holdings) Limited.

There have been no events after the balance sheet date that fall to be disclosed.