Fairway PSD Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04353873 (England and Wales)

Financial Statements

for the Period 1 November 2017 to 31 December 2018

for

Fairway PSD Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr SP Durack

Mr HC Patel

REGISTERED OFFICE:

Unit 21 The IO centre

Armstrong Road

London

SE18 6RS

REGISTERED NUMBER:

04353873 (England and Wales)

AUDITORS:

Aequitas

Chartered Accountants

& Statutory Auditors

Elthorne Gate

64 High Street

Pinner

HA5 5QA

FIXED ASSETS

Intangible assets

4

-

827

Tangible assets

5

20,506

30,446

20,506

31,273

CURRENT ASSETS

Stocks

1,694

2,579

Debtors

6

577,781

464,407

Cash at bank

272,101

58,630

851,576

525,616

CREDITORS

Amounts falling due within one year

7

441,184

290,120

NET CURRENT ASSETS

410,392

235,496

TOTAL ASSETS LESS CURRENT LIABILITIES

430,898

266,769

PROVISIONS FOR LIABILITIES

9

37,748

38,845

NET ASSETS

393,150

227,924

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

392,150

226,924

393,150

227,924

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 August 2019 and were signed on its behalf by:

Mr HC Patel - Director

1.	STATUTORY INFORMATION

Fairway PSD Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

The company has extended its accounting period from 31 October 2018 to 31 December 2018 to align

the financial year with calendar year. These financial statements are for a period of 14 months and

hence the comparatives are not comparable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Revenue from the rendering of services is measured by reference to the stage of completion of the

service transaction at the end of the reporting period provided that the outcome can be reliably

estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent

that expenses recognised are recoverable.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on straight

line basis over 5 years. It is reviewed for impairment at the end of the first full financial year following

the acquisition and in other periods if events or changes in circumstances indicate that the value may

not be recoverable.

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

-

10% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the period 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 20 (2017 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

19,852

Disposals

(19,852

)

At 31 December 2018

-

AMORTISATION

At 1 November 2017

19,025

Amortisation for period

827

Eliminated on disposal

(19,852

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

-

At 31 October 2017

827

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 November 2017

22,552

82,562

26,124

At 31 December 2018

22,552

82,562

26,124

DEPRECIATION

At 1 November 2017

22,552

60,272

23,490

Charge for period

-

5,006

978

Eliminated on disposal

-

-

-

At 31 December 2018

22,552

65,278

24,468

NET BOOK VALUE

At 31 December 2018

-

17,284

1,656

At 31 October 2017

-

22,290

2,634

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2017

7,000

132,120

270,358

Disposals

(7,000

)

(39,262

)

(46,262

)

At 31 December 2018

-

92,858

224,096

DEPRECIATION

At 1 November 2017

5,687

127,911

239,912

Charge for period

1,313

2,643

9,940

Eliminated on disposal

(7,000

)

(39,262

)

(46,262

)

At 31 December 2018

-

91,292

203,590

NET BOOK VALUE

At 31 December 2018

-

1,566

20,506

At 31 October 2017

1,313

4,209

30,446

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.10.17

£

£

Trade debtors

385,364

332,610

Other debtors

76,599

1,219

Prepayments and accrued income

115,818

130,578

577,781

464,407

Included within trade debtors are factored debts of £377,978 (2017: £332,610) which remain

outstanding as at the balance sheet date.

The factored debt balance is secured by way of a fixed and floating charges over the assets of the

company.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.10.17

£

£

Trade creditors

145,302

161,048

Amounts owed to group undertakings

39,517

-

Taxation and social security

126,843

67,717

Other creditors

129,522

61,355

441,184

290,120

8.	LEASING AGREEMENTS

The company had total commitments under non-cancellable operating leases as detailed below:

£

Within one year

121,390

Between one to two years

24,960

146,350

9.	PROVISIONS FOR LIABILITIES

31.12.18

31.10.17

£

£

Deferred tax

Accelerated capital allowances

911

2,008

Dilapidation provisions

36,837

36,837

37,748

38,845

Deferred

Other

tax

provisions

£

£

Balance at 1 November 2017

2,008

36,837

Provided during period

(1,097

)

-

Balance at 31 December 2018

911

36,837

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

The Report of the Auditors was unqualified.

Pankaj Patel (Senior Statutory Auditor)

for and on behalf of Aequitas

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose

related party transactions with wholly owned subsidiaries within the group.

The Company charged management fees of £28,000 to Libertybelle UK Ltd (''LBUL''), a company

incorporated in England and Wales. At the period end the Company was owed £4,800 from LBUL.

During the period the Company provided a loan of £75,000 to LBUL. At the period end the outstanding

balance was £75,000. The loan is interest free, unsecured and fully paid after the period end.

Libertybelle Marketing Limited ("LBML") is the majority shareholder which owns 76% of the issued

share capital of LBUL.

The Company charged management fees of £28,000 to Libertybelle Marketing Ltd (''LBML''), a

company incorporated in The British Virgin Island. At the period end the Company was owed £4,800

from LBML. During the period the Company provided a loan of £50,000 to LBML. The loan was repaid in

full during the period.

Mr HC Patel and Mr NA Riley were also the directors of LBML as of 31 December 2018.

12.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and

submit returns to the tax authorities and assist with the preparation of the financial statements.

13.	PARENT COMPANY

The ultimate parent company is 8C Investment Ltd, a company incorporated in England and Wales.

The immediate parent company is CDL Business Services Group Limited, a company incorporated in

England and Wales.