Fairway Property Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Fairway Property Limited

(Registration number: 10016147)
Statement of Financial Position as at 31 May 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	12,500	28,760
Investment property	5	757,150	757,150
Other financial assets	6	100	102
		769,750	786,012
Current assets
Cash at bank and in hand		590	3,211
Creditors: Amounts falling due within one year	7	(390,002)	(402,413)
Net current liabilities		(389,412)	(399,202)
Total assets less current liabilities		380,338	386,810
Creditors: Amounts falling due after more than one year	7	(389,460)	(388,478)
Provisions for liabilities		(39,939)	(40,494)
Net liabilities		(49,061)	(42,162)
Capital and reserves
Called up share capital		100	100
Revaluation reserve		197,707	197,707
Profit and loss account		(246,868)	(239,969)
Shareholders' deficit		(49,061)	(42,162)

For the financial year ending 31 May 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 31 May 2026 and signed on its behalf by:
 

M J Dewar Director

Fairway Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

1	General information

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

The address of its registered office is:
15 Frances Street
Truro
Cornwall
TR1 3DN

Principal activity

The principal activity of the company is that of a property investment company.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Fairway Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Plant and machinery	20% straight line
Motor vehicles	20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Fairway Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

2	Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in other comprehensive income.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Fairway Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

4	Tangible assets

	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 June 2024	62,500	18,800	81,300
At 31 May 2025	62,500	18,800	81,300
Depreciation
At 1 June 2024	37,500	15,040	52,540
Charge for the year	12,500	3,760	16,260
At 31 May 2025	50,000	18,800	68,800
Carrying amount
At 31 May 2025	12,500	-	12,500
At 31 May 2024	25,000	3,760	28,760

5	Investment properties

	2025 £
At 1 June	757,150
At 31 May	757,150

There has been no valuation of investment property by an independent valuer.

Fairway Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 June 2024	100	100
At 31 May 2025	100	100
Impairment
Carrying amount
At 31 May 2025	100	100

Fairway Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		-	1,234
Amounts owed to group undertakings and undertakings in which the company has a participating interest		169,312	163,061
Taxation and social security		2,936	-
Accruals and deferred income		1,800	-
Other creditors		215,954	238,118
		390,002	402,413

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	389,460	388,478

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	389,460	388,478