Fairfax Management Consultants Limited - Accounts to registrar (filleted) - small 23.1.2
Fairfax Management Consultants Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| FAIRFAX MANAGEMENT CONSULTANTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| FAIRFAX MANAGEMENT CONSULTANTS LIMITED (REGISTERED NUMBER: 03870447) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 | to | 5 |
| FAIRFAX MANAGEMENT CONSULTANTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 Henley Way |
| Doddington Road |
| Lincoln |
| Lincolnshire |
| LN6 3QR |
| FAIRFAX MANAGEMENT CONSULTANTS LIMITED (REGISTERED NUMBER: 03870447) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| FAIRFAX MANAGEMENT CONSULTANTS LIMITED (REGISTERED NUMBER: 03870447) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| 1. | STATUTORY INFORMATION |
| Fairfax Management Consultants Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| FAIRFAX MANAGEMENT CONSULTANTS LIMITED (REGISTERED NUMBER: 03870447) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST OR VALUATION |
| At 1 January 2022 |
| Additions |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Charge for year |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| Cost or valuation at 31 December 2022 is represented by: |
| Plant and |
| machinery |
| etc |
| £ |
| Valuation in 2016 | 35,000 |
| Valuation in 2021 | 22,412 |
| Cost | 217,795 |
| 275,207 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| FAIRFAX MANAGEMENT CONSULTANTS LIMITED (REGISTERED NUMBER: 03870447) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2022 |
| 8. | LEASING AGREEMENTS |
| The company has obligations under non-cancellable operating leases due within one year of £123,345 (2021: £71,649) and due between one and five years of £343,995 (2021: £38,838) and greater than 5 years of £331,484 (2021: £Nil). |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Invoice finance | - | 231,312 |
| 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 | 2022 | 2021 |
| value: | £ | £ |
| A Ordinary | £1 | 420 | 420 |
| B Ordinary | £1 | 1,180 | 1,180 |
| C Ordinary | £1 | 100 | 100 |
| D Ordinary | £1 | 100 | 100 |
| 100 | E Ordinary | £1 | 100 | 100 |
| 60 | F Ordinary | £1 | 60 | 100 |
| 40 | G Ordinary | £1 | 40 | - |
| 2,000 | 2,000 |
| 11. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2022 |
| and 31 December 2022 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The directors have directors loan accounts totalling £409,833 overdrawn brought forward (2021: £358,069). During the year, the directors of the company borrowed £440,166 (2021: £398,765) and repaid £419,505 (2021: £359,126). Interest was charged on the overdrawn amount in the year of £9,581 (2021: £12,125). The balance at the year end totalled £440,075 overdrawn (2021: £409,833 overdrawn). |
| Interest has been charged at the official HM Revenue & Customs rate on overdrawn balances. |