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

REGISTERED NUMBER: 10236985 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

FAIRTOWN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

Investment property

4

3,020,150

2,048,637

CURRENT ASSETS

Debtors

5

14,605

657

Cash at bank

87,029

100,652

101,634

101,309

CREDITORS

Amounts falling due within one year

6

2,950,760

2,081,373

NET CURRENT LIABILITIES

(2,849,126

)

(1,980,064

)

TOTAL ASSETS LESS CURRENT LIABILITIES

171,024

68,573

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

170,024

67,573

SHAREHOLDERS' FUNDS

171,024

68,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 December 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 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 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.

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 (2017 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

2,048,637

Additions

971,513

At 31 March 2018

3,020,150

NET BOOK VALUE

At 31 March 2018

3,020,150

At 31 March 2017

2,048,637

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

591

657

Other debtors

14,014

-

14,605

657

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

985,000

-

Trade creditors

9,237

-

Taxation and social security

32,656

23,846

Other creditors

1,923,867

2,057,527

2,950,760

2,081,373

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank loans

985,000

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

520

A Ordinary

£1

520

520

480

B Ordinary

£1

480

480

1,000

1,000

9.	RELATED PARTY DISCLOSURES

As at 31 March 2018 included in other creditors is a loan from the directors and shareholders of £1,921,022

(2017: £2,056,457). The loan is interest free, unsecured and repayable on demand.