Fairtown Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10236985 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

FAIRTOWN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S W Hoddinott

Mrs R Hoddinott

REGISTERED OFFICE:

Flat 3

9a Purcell Crescent

London

SW6 7NZ

REGISTERED NUMBER:

10236985 (England and Wales)

ACCOUNTANTS:

Sheppard Rockey & Williams Ltd

Sannerville Chase

Exminster

Exeter

Devon

EX6 8AT

FIXED ASSETS

Tangible assets

4

35,471

44,652

Investment property

5

2,983,125

3,489,534

3,018,596

3,534,186

CURRENT ASSETS

Debtors

6

48,701

32,356

Cash at bank

322,860

19,866

371,561

52,222

CREDITORS

Amounts falling due within one year

7

3,291,729

3,277,932

NET CURRENT LIABILITIES

(2,920,168

)

(3,225,710

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

98,428

308,476

PROVISIONS FOR LIABILITIES

27,384

26,435

NET ASSETS

71,044

282,041

CAPITAL AND RESERVES

Called up share capital

9

1,000

Retained earnings

70,044

281,041

SHAREHOLDERS' FUNDS

71,044

282,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 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 23 December 2021 and were signed on its behalf by:

S W Hoddinott - Director

Mrs R Hoddinott - Director

1.	STATUTORY INFORMATION

Fairtown 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.

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% on cost

Government grants

Government grants are recognised as income when the grant proceeds are received or receivable.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The accounts have been prepared on a going concern basis. The directors have confirmed there is sufficient funding to enable the company to continue trading for at least one year from the date of the approval of these accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant &

equipment

£

COST

At 1 April 2020

and 31 March 2021

61,204

DEPRECIATION

At 1 April 2020

16,552

Charge for year

9,181

At 31 March 2021

25,733

NET BOOK VALUE

At 31 March 2021

35,471

At 31 March 2020

44,652

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

3,489,534

Additions

38,221

Disposals

(544,630

)

At 31 March 2021

2,983,125

NET BOOK VALUE

At 31 March 2021

2,983,125

At 31 March 2020

3,489,534

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

Trade debtors

6,433

15,436

Other debtors

42,268

16,920

48,701

32,356

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

Bank loans and overdrafts

985,000

Trade creditors

9,576

214,044

Taxation and social security

4,019

2,939

Other creditors

2,293,134

2,075,949

3,291,729

3,277,932

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

Bank loans

985,000

The bank loans are secured by fixed and floating charges over the assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

520

A Ordinary

£1

520

480

B Ordinary

£1

480

1,000

10.	RELATED PARTY DISCLOSURES

As at 31 March 2021, included in other creditors are loans from the directors and shareholders totalling £2,235,086 (2020: £1,961,286). The loans are unsecured, repayable on demand and subject to interest.

Fairtown Limited - Accounts to registrar (filleted) - small 18.2

Fairtown Limited - Accounts to registrar (filleted) - small 18.2