Fairfax Estates Ltd

Mrs D F Fearn Mr G M Fearn

08961445 (England and Wales)

Albany House Claremont Lane Esher Surrey KT10 9FQ

Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ

Tangible assets

16 

21 

Investment property

1,850,000 

1,850,000 

Debtors

(42,442)

2,331 

Investments

168,509 

163,800 

Cash at bank and in hand

159,763 

94,161 

(1,562,223)

(1,564,658)

Deferred tax

(58,652)

(58,652)

Called up share capital

20,000 

20,000 

Profit and loss account

494,971 

467,003 

For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by

Mr G M Fearn Director Company Registration No. 08961445

Fairfax Estates Ltd is a private company, limited by shares, registered in England and Wales, registration number 08961445. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

The accounts have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

Interest income is recognised in the statement of income and retained earnings using the effective interest method.

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have riginated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found,an impairment loss is recognised in the statement of income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

At cost 

At 1 July 2022

229 

At 30 June 2023

At 1 July 2022

208 

Charge for the year

5 

At 30 June 2023

At 30 June 2023

At 30 June 2022

Fair value at 1 July 2022

1,850,000 

At 30 June 2023

Trade debtors

1,430 

614 

Accrued income and prepayments

(43,872)

1,717 

Listed investments

Taxes and social security

4,577 

7,899 

Loans from directors

1,556,026 

1,555,139 

Accruals

1,620 

1,620 

Allotted, called up and fully paid:

10,000 A Ordinary shares of £1 each

10,000 

10,000 

10,000 B Ordinary shares of £1 each

10,000 

10,000 

During the year the average number of employees was 2 (2022: 2).