Fairway PSD Limited - Accounts to registrar (filleted) - small 18.2
Fairway PSD Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2020 |
| for |
| Fairway PSD Limited |
| Fairway PSD Limited (Registered number: 04353873) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Fairway PSD Limited |
| Company Information |
| for the Year Ended 31 December 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Elthorne Gate |
| 64 High Street |
| Pinner |
| HA5 5QA |
| Fairway PSD Limited (Registered number: 04353873) |
| Balance Sheet |
| 31 December 2020 |
| 31.12.20 | 31.12.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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 and authorised for issue on |
| Fairway PSD Limited (Registered number: 04353873) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| Fairway PSD Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The Company has been affected by Covid which impacted on a number of our Clients in the theatre and hospitality sector. This together with the loss of a large customer impacted adversely on the company's turnover and profitability in 2020. The company reacted to this by downsizing the warehouse space it occupied and reduced staff numbers. As the economy comes out of Covid and our Clients business recovers the Company's turnover and profitability is projected to recover in the latter part of 2021 and through in to 2022. |
| The directors conclude that it is appropriate to prepare the financial statements on a going concern basis. |
| 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. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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. |
| Fairway PSD Limited (Registered number: 04353873) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Government grants are accounted as grants relating to revenue or grants relating to assets on accruals basis. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on systematic basis over the expected useful life of the asset. |
| 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 year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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 balance sheet 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 profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Fairway PSD Limited (Registered number: 04353873) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | Plant and | and | Computer |
| leasehold | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| Included within trade debtors are factored debts of £ 190,382(2019: £471,035) 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. |
| Fairway PSD Limited (Registered number: 04353873) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | PROVISIONS FOR LIABILITIES |
| 31.12.20 | 31.12.19 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Dilapidation provisions | 36,837 | 36,837 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 January 2020 |
| Credit to Statement of Income and Retained Earnings during year | ( |
) |
| Balance at 31 December 2020 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Fairway PSD Limited (Registered number: 04353873) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2020 |
| 10. | 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 £24,000 to Libertybelle UK Ltd (''LBUK''), a company incorporated in England and Wales. |
| The Company charged management fees of £24,000 to Libertybelle Marketing Ltd (''LBML''), a company incorporated in The British Virgin Island. |
| Mr HC Patel and Mr NA Riley are directors of LBML and LBML is a majority shareholder of LBUK. |
| 11. | FRC 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. |
| 12. | PARENT COMPANY |
| The ultimate parent company is Dablu 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. |