Relate AccountsProduction v2.7.2 v2.7.2 2022-02-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the leasing, buying and selling of property. 26 September 2023 0 0 NI643869 2023-01-31 NI643869 2022-01-31 NI643869 2021-01-31 NI643869 2022-02-01 2023-01-31 NI643869 2021-02-01 2022-01-31 NI643869 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 NI643869 uk-curr:PoundSterling 2022-02-01 2023-01-31 NI643869 uk-bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 NI643869 uk-bus:FullAccounts 2022-02-01 2023-01-31 NI643869 uk-core:ShareCapital 2023-01-31 NI643869 uk-core:ShareCapital 2022-01-31 NI643869 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI643869 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI643869 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI643869 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 NI643869 uk-bus:FRS102 2022-02-01 2023-01-31 NI643869 uk-core:LandBuildings 2022-02-01 2023-01-31 NI643869 uk-core:PlantMachinery 2022-02-01 2023-01-31 NI643869 uk-bus:Audited 2022-02-01 2023-01-31 NI643869 uk-core:WithinOneYear 2023-01-31 NI643869 uk-core:WithinOneYear 2022-01-31 NI643869 uk-core:ParentEntities 2022-02-01 2023-01-31 NI643869 uk-core:UltimateParent 2022-02-01 2023-01-31 NI643869 uk-countries:NorthernIreland 2022-02-01 2023-01-31 NI643869 uk-bus:Director1 2022-02-01 2023-01-31 NI643869 uk-bus:Director2 2022-02-01 2023-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Forestpark Property Developments Limited
 
Financial Statements
 
for the financial year ended 31 January 2023



Forestpark Property Developments Limited
Company Registration Number: NI643869
BALANCE SHEET
as at 31 January 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 5 447,245 460,190
Investment properties 6 236,286 236,286
───────── ─────────
683,531 696,476
───────── ─────────
 
Current Assets
Stocks 7 42,267 42,267
Debtors 8 1,100 1,360
Cash and cash equivalents 64,738 58,393
───────── ─────────
108,105 102,020
───────── ─────────
Creditors: amounts falling due within one year 9 (596,753) (634,873)
───────── ─────────
Net Current Liabilities (488,648) (532,853)
───────── ─────────
Total Assets less Current Liabilities 194,883 163,623
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 194,783 163,523
───────── ─────────
Equity attributable to owners of the company 194,883 163,623
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 26 September 2023 and signed on its behalf by
           
________________________________     ________________________________
Mr. Seamus Devlin     Mr. Martin O'Higgins
Director     Director
           



Forestpark Property Developments Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2023

   
1. General Information
 
Forestpark Property Developments Limited is a private company limited by shares incorporated in Northern Ireland. 23 Main Street, Castlewellan, Co. Down, BT31 9DF, Northern Ireland is the registered office, which is also the principal place of business of the company. The company number is NI643869.
These financial statements cover the individual entity Forestpark Property Developments Limited for the year ended 31st January 2023.
The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax. Rental revenues are recognised on a straight line basis over the term of the relevant lease.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2.5% Straight line
  Plant and machinery - 15% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment properties are initially measured at cost and are subsequently measured at fair value at each reporting date, based upon open market prices for similar properties in the location.  Changes in fair value are recognised in profit or loss. Any unrealised fair value gains, other than gains which reverse a revaluation loss of the same asset previously recognised in profit or loss, are not considered distributable and are therefore transferred, net of deferred tax, from the profit and loss reserve to the Investment Property Reserve, a non-distributable reserve, until the investment property is disposed of, at which time the relevant amount is transferred back to the profit and loss reserve.  Any decrease in the fair value which reverses a revaluation gain of the same asset accumulated in the Investment Property Reserve is transferred back to the profit and loss reserve.  Depreciation is not provided on investment properties.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by John MacMahon & Co.
The Auditor's Report was signed by John McGinn (Senior Statutory Auditor) for and on behalf of John MacMahon & Co on 26th September 2023.
 
       
4. Employees
 
There were no employees in Forestpark Property Developments Limited in the year end 31st January 2023 or the comparative year.
         
5. Tangible assets
  Land and Plant and Total
  buildings machinery  
  freehold    
  £ £ £
Cost or Valuation
At 1 February 2022 510,314 1,250 511,564
  ───────── ───────── ─────────
 
At 31 January 2023 510,314 1,250 511,564
  ───────── ───────── ─────────
Depreciation
At 1 February 2022 50,529 845 51,374
Charge for the financial year 12,758 187 12,945
  ───────── ───────── ─────────
At 31 January 2023 63,287 1,032 64,319
  ───────── ───────── ─────────
Net book value
At 31 January 2023 447,027 218 447,245
  ═════════ ═════════ ═════════
At 31 January 2022 459,785 405 460,190
  ═════════ ═════════ ═════════
     
6. Investment Properties
  Investment
  properties
 
  £
Cost
 
At 31 January 2023 236,286
  ─────────
Net book value
At 31 January 2023 236,286
  ═════════
At 31 January 2022 236,286
  ═════════
 
The directors considered the value of the investment property at the end of the reporting period. The directors are of the opinion that the commercial property value shown in the accounts has remained constant since its purchase in 2018. It is therefore indicative of the fair value of the property and as such no revaulation was made in this financial year.
       
7. Stocks 2023 2022
  £ £
 
Work in progress 42,267 42,267
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
8. Debtors 2023 2022
  £ £
 
Trade debtors 1,100 1,360
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due within one year £ £
 
Trade creditors 71 163
Amounts owed to group undertakings 584,484 622,284
Taxation  (Note 10) 11,698 11,926
Other creditors 500 500
  ───────── ─────────
  596,753 634,873
  ═════════ ═════════
       
10. Taxation 2023 2022
  £ £
 
Creditors:
VAT 1,329 1,472
Corporation tax 10,369 10,454
  ───────── ─────────
  11,698 11,926
  ═════════ ═════════
           
11. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
All inter company balances are repayable on demand.
   
12. Parent and ultimate parent company
 
The company regards FPDG Ltd, a company incorporated in Northern Ireland, as its parent company.
 
The companys ultimate parent undertaking is FPDG Ltd.
The address of FPDG Ltd is 23 Main Street Castlewellan, Co. Down BT31 9DF.

FPDG Ltd is regarded as both the controlling party and the ultimate controlling party.
 
The parent of the largest group in which the results are consolidated is FPDG Ltd.