Fairfax (Reading) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11737640 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

FAIRFAX (READING) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J P Ball

J Benbow

D E Jacobson

REGISTERED OFFICE:

Buncton Barn

Buncton Lane

Bolney

Haywards Heath

RH17 5RE

REGISTERED NUMBER:

11737640 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

CURRENT ASSETS

Stocks

7,608,179

7,060,433

Debtors

4

538,581

1,888

Cash at bank

24,398

336

8,171,158

7,062,657

CREDITORS

Amounts falling due within one year

5

(2,785,771

)

(1,975,300

)

NET CURRENT ASSETS

5,385,387

5,087,357

TOTAL ASSETS LESS CURRENT LIABILITIES

5,385,387

5,087,357

CREDITORS

Amounts falling due after more than one year

6

(6,915,327

)

(6,367,502

)

NET LIABILITIES

(1,529,940

)

(1,280,145

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(1,529,941

)

(1,280,146

)

SHAREHOLDERS' FUNDS

(1,529,940

)

(1,280,145

)

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 23 December 2022 and were signed on its behalf by:

J P Ball - Director

1.	STATUTORY INFORMATION

Fairfax (Reading) 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.

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.

Related party exemption

The company has taken advantage of 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.

Significant judgements and estimates

The preparation of financial statements in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported profits during the financial year. Estimates and judgements are continually evaluated and are based on experience and other factors that are believed to be reasonable under current circumstances. Although these estimates are management's best knowledge of the amount, events or actions, actual results ultimately may differ from these estimates.

The directors have made the following significant estimates and judgements which they consider to be applicable to the financial statements.

Stock and work in progress

Consideration has been given by the directors to the recoverability of work in progress. In determining this the directors have used their knowledge of the market and guidance fro independent valuation tools.

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Taxation

Taxation for the Member ToLowernot found in class NullReturn. comprises current and deferred tax. Tax is recognised in the NullReturn, 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 NullReturn date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the NullReturn 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 Member ToLowernot found in class NullReturn. 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.

Going concern

WGT Limited has confirmed that they will provide support to enable the company to fulfil its financial obligations as and when they fall due.

The directors have prepared cashflow forecasts and have assessed that the operating cashflows generated, together with the financial support outlined above is adequate to ensure that the company will meet its liabilities as and when they fall due for a period of at least twelves months from the date from which these accounts were approved. On this basis the directors are of the opinion that the financial statements should be drawn up on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

538,581

1,888

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

-

11,325

Amounts owed to group undertakings

2,233,750

1,623,750

Other creditors

552,021

340,225

2,785,771

1,975,300

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

6,915,327

6,367,502

Other creditors includes the following:

A loan of £4,918,253 (2021: £4,918,253) supported by a guarantee provided against the assets of a related company. Interest is charged on the loan at 10% per annum. As at financial position date included in other creditors amounts falling due after more than one year is accrued interest of £1,317,710 (2021: £825,885).

An unsecured loan of £560,000 (2021: £560,000) upon which interest is charged at 10% per annum. As at financial position date included in creditors falling due after more than one year is accrued interest of £119,364 (2021: £63,365).

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

1

1

1

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

The Report of the Auditors was unqualified.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

9.	RELATED PARTY DISCLOSURES

During the financial year SDP Developments, a partnership in which a director of the company is a partner rendered services to the company totalling £385,000 (2021: £nil). No amounts were owed to SDP Developments at the balance sheet date in either the current year or prior year.

10.	ULTIMATE CONTROLLING PARTY

The immediate parent company of Fairfax (Reading) Limited is Fairfax Real Estate Limited by virtue of its ownership of 100% of the shares issued by the company. It is the belief of the Directors that the ultimate controlling party is WGT Limited as trustee of The Westminster Group Trust, a company which is resident in Jersey.