Fairfax Management Consultants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03870447 (England and Wales)

FAIRFAX MANAGEMENT CONSULTANTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

4

DIRECTORS:

S McCracken

Mrs S A McCracken

I N McCracken

T J McCracken

D Powell

J P Watson

C Mapp

R D Luckman

SECRETARY:

Mrs S A McCracken

REGISTERED OFFICE:

Fairfax House

2 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

REGISTERED NUMBER:

03870447 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

60,152

65,218

CURRENT ASSETS

Debtors

5

671,860

935,701

Cash at bank

173,739

79,665

845,599

1,015,366

CREDITORS

Amounts falling due within one year

6

543,073

528,830

NET CURRENT ASSETS

302,526

486,536

TOTAL ASSETS LESS CURRENT LIABILITIES

362,678

551,754

CREDITORS

Amounts falling due after more than one year

7

308,606

15,631

NET ASSETS

54,072

536,123

CAPITAL AND RESERVES

Called up share capital

10

2,000

2,000

Revaluation reserve

11

1,889

35,000

Retained earnings

50,183

499,123

SHAREHOLDERS' FUNDS

54,072

536,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 and authorised for issue by the Board of Directors and authorised for issue on 7 September 2021 and were signed on its behalf by:

T J McCracken - Director

1.	STATUTORY INFORMATION

Fairfax Management Consultants 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts chargeable to clients for professional services provided during the year, excluding value added tax. Revenue is recognised in the period in which services are performed.

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 etc - 15% and 33.33% reducing balance.

Tangible fixed assets are carried at cost or revalued amount less accumulated depreciation.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the income statement in the period to which they relate.

Going concern

Notwithstanding the general impact of COVID-19, the financial statements have been prepared on a going concern basis on the understanding that the shareholders will continue to financially support the company during this uncertain period.

The company has received government support in the form of grants through the Small Business Grant Scheme and Coronavirus Job Retention Scheme. The company has also received a loan through the government backed Coronavirus Business Interruption Loan Scheme (CBILS).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2019 - 50 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2020

268,700

Additions

14,219

At 31 December 2020

282,919

DEPRECIATION

At 1 January 2020

203,482

Charge for year

19,285

At 31 December 2020

222,767

NET BOOK VALUE

At 31 December 2020

60,152

At 31 December 2019

65,218

Cost or valuation at 31 December 2020 is represented by:

Plant and

machinery

etc

£

Valuation in 2016

35,000

Cost

247,919

282,919

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

280,557

363,939

Other debtors

391,303

571,762

671,860

935,701

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

55,228

7,993

Finance leases (see note 8)

1,796

5,732

Trade creditors

40,473

64,765

Taxation and social security

258,334

266,969

Other creditors

187,242

183,371

543,073

528,830

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

308,606

13,835

Finance leases (see note 8)

-

1,796

308,606

15,631

8.	LEASING AGREEMENTS

The company has obligations under finance leases due within one year of £1,796 (2019: £5,732) and due between one and five years of £Nil (2019: £1,796).

The company has obligations under non-cancellable operating leases due within one year of £112,620 (2019: £123,317) and due between one and five years of £53,319 (2019: £151,829).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

363,834

21,828

Finance leases

1,796

7,528

Invoice finance

168,015

159,729

533,645

189,085

There is a fixed and a floating charge over the undertaking and all property and assets held by HSBC Bank PLC.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

420

A Ordinary

£1

420

420

1,180

B Ordinary

£1

1,180

1,180

100

C Ordinary

£1

100

100

100

D Ordinary

£1

100

100

100

E Ordinary

£1

100

100

100

F Ordinary

£1

100

100

2,000

2,000

11.

RESERVES

Revaluation

reserve

£

At 1 January 2020

35,000

Revaluation of assets

(33,111

)

At 31 December 2020

1,889

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have directors loan accounts totalling £502,028 overdrawn brought forward (2019: £383,877). During the year, the directors of the company borrowed £392,309 (2019: £490,587) and repaid £544,280 (2019: £380,907). Interest was charged on the overdrawn amount in the year of £8,012 (2019: £8,471). The balance at the year end totalled £358,069 overdrawn (2019: £502,028 overdrawn).

Interest has been charged at the official rate on overdrawn balances.