FAIRCASTLE LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03683530 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

FAIRCASTLE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R. Tager, Q.C.

J.P. Tager

S.J. Tager

SECRETARY:

C.M. Frommer

REGISTERED OFFICE:

Romeo House,

160 Bridport Road,

London

N18 1SY

REGISTERED NUMBER:

03683530 (England and Wales)

ACCOUNTANTS:

Purcells

Chartered Accountants

4 Quex Road

London

NW6 4PJ

FIXED ASSETS

Tangible assets

3

4,026,247

4,026,247

Investments

4

4,964,151

4,964,151

8,990,398

8,990,398

CURRENT ASSETS

Debtors

5

912,016

897,624

Cash at bank

754,038

939,953

1,666,054

1,837,577

CREDITORS

Amounts falling due within one year

6

2,018,279

1,645,631

NET CURRENT (LIABILITIES)/ASSETS

(352,225

)

191,946

TOTAL ASSETS LESS CURRENT LIABILITIES

8,638,173

9,182,344

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Capital Reserve

8

441,200

441,200

Capital contribution

8

7,067,502

7,718,502

Fair value reserve

8

1,700,000

1,700,000

Retained earnings

8

(571,529

)

(678,358

)

SHAREHOLDERS' FUNDS

8,638,173

9,182,344

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2019 and were signed on its behalf by:

R. Tager, Q.C. - Director

1.	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 as modified by the revaluation of certain assets.

Tangible fixed assets

Tangible fixed assets, which consist solely of freehold investment properties, are stated at market value and any

surplus on revaluation is credited to the revaluation reserve. This treatment is a departure from the Companies

Act 2006 concerning the depreciation of tangible fixed assets, which is necessary to give a true and fair view.

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 taxation

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.

Turnover

Turnover comprises income from the company's residential and commercial property letting, carried out within

the United Kingdom, exclusive of value added tax, where relevant.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

3.	TANGIBLE FIXED ASSETS

Freehold investment properties

COST OR VALUATION

£

Balance brought forward

4,026,247

Balance carried forward

4,026,247

The freehold investment properties were revalued on an open market value basis, for existing use, based on

rental yields, by the directors at 31 March 2019. If these properties were not included at valuation they would be

included under the historical cost convention at their original cost to the company of £2,826,247 (2018 -

£2,826,247), less depreciation of £965,702 (2018 - £965,702).

4.	FIXED ASSET INVESTMENTS

Investment in associate, at cost, is £600 (2018- £600), plus a long term loan of £4,963,551, so increasing the

investment to a total of £4,964,151.

The investment in associate comprises the company's holding of 50% of the issued ordinary share capital of

Romeo Trading Company Limited, a company incorporated in Great Britain, whose principal activity is the

wholesaling of clothing and related accessories and whose results and financial position, as extracted from its

financial statements, are as follows:

Profit for the year ended 31.3.2019

£73,267

Aggregate capital and reserves at 31.3.2019

£5,589,251

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Amount due from related

companies

300,000

300,000

Other debtors

612,016

597,624

912,016

897,624

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Amount due to group company

38,903

38,903

Corporation tax

16,158

-

Dividends payable

200,000

200,000

Directors' loan account

1,303,857

1,052,906

Taxes and social security

5,121

5,531

Other creditors

454,240

348,291

2,018,279

1,645,631

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

1,000

Ordinary

£1

1,000

1,000

8.

RESERVES

Capital reserve

Fair value reserve

Profit and loss account

£

£

£

Balance at 1 April 2018

441,200

1,700,000

(678,358

)

Profit for the year

-

-

106,829

Revaluation adjustment

-

-

-

Balance at 31 March 2019

441,200

1,700,000

(571,529

)

Capital contribution

The long term loans from group companies are now treated as a capital contribution

31.3.19

31.3.18

£

£

Balance at 1 April 2018 and 1 April 2017

7,718,502

8,911,310

Capital contribution for the year

(651,000

)

(1,192,808

)

Balance at 31 March 2019/ 31 March 2018

7,067,502

7,718,502

9.	ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's ultimate holding company and controlling party is Greenquest Limited, which is incorporated in

Great Britain.

10.	RELATED PARTY TRANSACTIONS

i) The company is related to Pidom Export Limited, owing to common directors and a common shareholder.

During the year the company received services on commercial terms totalling £45,297 from Pidom Export

Limited and accrued charges of £90,594 were owed to Pidom Export Limited in this regard at the balance sheet

date. Additionally at the balance sheet date, the company was owed £4,459,990 by Pidom Export Limited and

this includes £300,000 which carries interest at 5% per annum. During the year the company charged interest of

£15,000 on this outstanding debt and at the balance sheet date accrued interest receivable amounted to £595,250.

ii) During the year the company received services on commercial terms totalling £23,205 from Romeo Trading

Company Limited and at the balance sheet date the company was owed £4,963,551 by Romeo Trading Company

Limited.

iii) The company pays interest at 5% per annum on the director's loan account balance and during the year was

charged £59,314 in this regard. At the balance sheet date accrued interest payable amounted to £300,673

iv) The amounts due to group companies at the balance sheet date, as shown in note 10 as capital contribution,

relate to Greenquest Limited, Lanbury Limited, Rivergrove Limited, Gayway Properties Limited, Springmanor

Limited and Hatch Farm Dairies Limited.