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COMPANY REGISTRATION NUMBER: 01205740
FORESTWAY APARTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2018
FORESTWAY APARTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2018
2018
2017
Note
£
£
£
FIXED ASSETS
Tangible assets
5
726,208
933,624
Investments
6
1
1
----------
----------
726,209
933,625
CURRENT ASSETS
Debtors
7
3,135
1,650
Cash at bank and in hand
235,285
246,073
----------
----------
238,420
247,723
CREDITORS: amounts falling due within one year
8
6,596
6,541
----------
----------
NET CURRENT ASSETS
231,824
241,182
----------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
958,033
1,174,807
CREDITORS: amounts falling due after more than one year
9
138,549
138,523
PROVISIONS
3,982
78,882
----------
-------------
NET ASSETS
815,502
957,402
----------
-------------
FORESTWAY APARTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2018
2018
2017
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
205,070
328,107
Profit and loss account
610,332
629,195
----------
----------
SHAREHOLDERS FUNDS
815,502
957,402
----------
----------
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 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 income and retained earnings has not been delivered.
For the year ending 31 March 2018 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 were approved by the board of directors and authorised for issue on 17 October 2018 , and are signed on behalf of the board by:
K E Gill
Director
Company registration number: 01205740
FORESTWAY APARTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Savile Park Mills, Moorfield Street, Halifax, West Yorkshire, HX1 3DT.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements, accounting estimates or assumptions that have a significant impact on the financial statements, apart from the investment property valuation, which is made by the directors using current market values of similar properties.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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. 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 .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. TANGIBLE ASSETS
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2017
900,000
67,435
36,500
1,003,935
Additions
455
455
Disposals
( 3,924)
( 3,924)
Revaluations
( 200,000)
( 200,000)
----------
---------
---------
-------------
At 31 March 2018
700,000
63,966
36,500
800,466
----------
---------
---------
-------------
Depreciation
At 1 April 2017
61,186
9,125
70,311
Charge for the year
1,027
6,844
7,871
Disposals
( 3,924)
( 3,924)
----------
---------
---------
-------------
At 31 March 2018
58,289
15,969
74,258
----------
---------
---------
-------------
Carrying amount
At 31 March 2018
700,000
5,677
20,531
726,208
----------
---------
---------
-------------
At 31 March 2017
900,000
6,249
27,375
933,624
----------
---------
---------
-------------
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 April 2017 and 31 March 2018
1
----
Impairment
At 1 April 2017 and 31 March 2018
----
Carrying amount
At 31 March 2018
1
----
At 31 March 2017
1
----
7. DEBTORS
2018
2017
£
£
Other debtors
3,135
1,650
-------
-------
8. CREDITORS: amounts falling due within one year
2018
2017
£
£
Other creditors
6,596
6,541
-------
-------
9. CREDITORS: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
138,549
138,523
----------
----------
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the year end, the directors were owed a total of nil (2016: £1,780) in interest-free loans repayable on demand. At no time during the year were the directors' loan accounts overdrawn.
11. RELATED PARTY TRANSACTIONS
The Company holds the whole of the issued share capital of Forestway P M Limited a company registered in England . Forestway P M Limited owns the freehold of the leasehold property of Forestway Apartments Ltd.