Fairtown Ltd 31/03/2022 iXBRL

2 31/03/2022 2022-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10236985 2021-04-01 2022-03-31 10236985 2022-03-31 10236985 2021-03-31 10236985 2020-04-01 2021-03-31 10236985 2021-03-31 10236985 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 10236985 bus:RegisteredOffice 2021-04-01 2022-03-31 10236985 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 10236985 bus:Director1 2021-04-01 2022-03-31 10236985 bus:Director2 2021-04-01 2022-03-31 10236985 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 10236985 core:FurnitureFittingsToolsEquipment 2021-03-31 10236985 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 10236985 core:FurnitureFittingsToolsEquipment 2022-03-31 10236985 core:WithinOneYear 2022-03-31 10236985 core:WithinOneYear 2021-03-31 10236985 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 10236985 core:ShareCapital 2022-03-31 10236985 core:ShareCapital 2021-03-31 10236985 core:RetainedEarningsAccumulatedLosses 2022-03-31 10236985 core:RetainedEarningsAccumulatedLosses 2021-03-31 10236985 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 10236985 core:FurnitureFittingsToolsEquipment 2021-03-31 10236985 bus:SmallEntities 2021-04-01 2022-03-31 10236985 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 10236985 bus:FullAccounts 2021-04-01 2022-03-31 10236985 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 10236985 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31

Company registration number: 10236985

Fairtown Ltd

Unaudited filleted financial statements

31 March 2022

Fairtown Ltd

Directors and other information


	Directors	Mr S W Hoddinott
		Mrs R Hoddinott


	Company number	10236985


	Registered office	Flat 3
		9a Purcell Crescent
		London
		SW6 7NZ


	Accountants	Bray Accountants
		21 Angel Hill
		Tiverton
		Devon
		EX16 6PE

Fairtown Ltd

Statement of financial position

31 March 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	5	2,517,554		3,018,596
		_______		_______
			2,517,554		3,018,596
Current assets
Debtors	6	134,735		49,701
Cash at bank and in hand		119,772		322,860
		_______		_______
		254,507		372,561
Creditors: amounts falling due
within one year	7	( 2,598,228)		( 3,292,728)
		_______		_______
Net current liabilities			( 2,343,721)		( 2,920,167)
			_______		_______
Total assets less current liabilities			173,833		98,429

Provisions for liabilities			( 25,639)		( 27,384)

			_______		_______
Net assets			148,194		71,045
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			147,194		70,045
			_______		_______
Shareholders funds			148,194		71,045
			_______		_______

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 31 March 2023 , and are signed on behalf of the board by:

Mr S W Hoddinott Mrs R Hoddinott

Director Director

Company registration number: 10236985

Fairtown Ltd

Notes to the financial statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Flat 3, 9a Purcell Crescent, London, SW6 7NZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	15 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

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

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Investment property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 April 2021	2,983,125	61,204	3,044,329
Disposals	( 491,861)	-	( 491,861)
	_______	_______	_______
At 31 March 2022	2,491,264	61,204	2,552,468
	_______	_______	_______
Depreciation
At 1 April 2021	-	25,733	25,733
Charge for the year	-	9,181	9,181
	_______	_______	_______
At 31 March 2022	-	34,914	34,914
	_______	_______	_______
Carrying amount
At 31 March 2022	2,491,264	26,290	2,517,554
	_______	_______	_______
At 31 March 2021	2,983,125	35,471	3,018,596
	_______	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 April 2021	2,983,125
	Disposals	( 491,861)
		_______
	At 31 March 2022	2,491,264
		_______

6. Debtors

	2022	2021
	£	£
Trade debtors	10,677	6,433
Other debtors	124,058	43,268
	_______	_______
	134,735	49,701
	_______	_______

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	775,000	985,000
Trade creditors	3,540	9,575
Corporation tax	12,085	5,019
Social security and other taxes	2,616	-
Other creditors	1,804,987	2,293,134
	_______	_______
	2,598,228	3,292,728
	_______	_______

8. Related party transactions

As at 31 March 2022, included in other creditors are loans from the directors and shareholders totalling £1,734,086 (£2,235,086). The loans are unsecured, repayable on demand and subject to interest.