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Registration number: 05712001

Fordwater Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Fordwater Investments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Fordwater Investments Limited

(Registration number: 05712001)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

9,325

11,183

Investment property

5

3,950,000

3,234,967

 

3,959,325

3,246,150

Current assets

 

Debtors

6

39,146

44,091

Cash at bank and in hand

 

64,570

55,935

 

103,716

100,026

Creditors: Amounts falling due within one year

7

(185,865)

(187,075)

Net current liabilities

 

(82,149)

(87,049)

Total assets less current liabilities

 

3,877,176

3,159,101

Creditors: Amounts falling due after more than one year

7

(1,608,610)

(1,692,324)

Provisions for liabilities

(142,610)

(669)

Net assets

 

2,125,956

1,466,108

Capital and reserves

 

Called up share capital

5,000

5,000

Revaluation reserve

1,264,682

724,429

Profit and loss account

856,274

736,679

Shareholders' funds

 

2,125,956

1,466,108

 

Fordwater Investments Limited

(Registration number: 05712001)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 August 2022 and signed on its behalf by:
 

Mr W D Blacklidge
Director

   
     
 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 16 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The ongoing worldwide Covid-19 pandemic gives rise to uncertainty in relation to the company's future activity and events and indeed the company's longer-term prospects.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the letting of properties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably;
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably;
- and specific criteria have been met for each of the company's activities.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% straight line

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2020 - 2).

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

16,528

4,794

21,322

At 31 December 2021

16,528

4,794

21,322

Depreciation

At 1 January 2021

6,469

3,670

10,139

Charge for the year

1,296

562

1,858

At 31 December 2021

7,765

4,232

11,997

Carrying amount

At 31 December 2021

8,763

562

9,325

At 31 December 2020

10,059

1,124

11,183

5

Investment properties

2021
£

At 1 January

3,234,967

Additions

55,457

Fair value adjustments

659,576

At 31 December

3,950,000

The fair value of the company's investment properties were reviewed by the directors at 31/12/2021.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
£

2020
£

Trade debtors

28,824

34,394

Prepayments

10,322

9,697

39,146

44,091

7

Creditors

Due within one year

Note

2021
£

2020
£

 

Loans and borrowings

8

79,000

79,000

Trade creditors

 

500

27,155

Amounts due to related parties

10

18,165

10,365

Social security and other taxes

 

10,740

183

Other creditors

 

40,971

37,371

Accruals

 

28,407

33,001

Corporation tax liability

8,082

-

 

185,865

187,075

Due after one year

 

Loans and borrowings

8

1,608,610

1,692,324

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

79,000

79,000

Note

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

 

1,004,621

1,100,635

Redeemable preference shares

 

20,000

20,000

Amounts owed to related parties

10

583,989

571,689

 

1,608,610

1,692,324

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £1,083,621 (2020 - £1,179,635). Bank loans are secured over the assets of the company via negative pledge, fixed and floating charges.

Included in the balance sheet are guarantees of £150,000 (2020 - £150,000). The directors have provided personal guarantees.

10

Related party transactions

Loans to related parties

2020

Other related parties
£

Total
£

At start of period

26,000

26,000

Repaid

(26,000)

(26,000)

At end of period

-

-

Terms of loans to related parties

Loans to other related parties are interest free and are repayable on demand.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Loans from related parties

2021

Key management
£

Other related parties
£

Total
£

At start of period

571,689

10,365

582,054

Advanced

12,300

7,800

20,100

At end of period

583,989

18,165

602,154

2020

Key management
£

Other related parties
£

Total
£

At start of period

584,279

-

584,279

Advanced

2,800

10,365

13,165

Repaid

(15,390)

-

(15,390)

At end of period

571,689

10,365

582,054

Terms of loans from related parties

Loans from key management are interest free and are not repayable within a period of less than one year.
 
Loans from other related parties are interest free and are repayable on demand.