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OLD FORGE PROPERTY INVESTMENTS LIMITED
Unaudited filleted financial statements
30 June 2023
Company registration number 10220783
OLD FORGE PROPERTY INVESTMENTS LIMITED
Contents
Statement of financial position
Notes to the financial statements
OLD FORGE PROPERTY INVESTMENTS LIMITED
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 307,610 316,610
Investments 5 26 25
_______ _______
307,636 316,635
Current assets
Debtors 6 500 500
Cash at bank and in hand 15,894 30,421
_______ _______
16,394 30,921
Creditors: amounts falling due
within one year 7 ( 171,226) ( 176,539)
_______ _______
Net current liabilities ( 154,832) ( 145,618)
_______ _______
Total assets less current liabilities 152,804 171,017
Creditors: amounts falling due
after more than one year 8 ( 150,000) ( 150,000)
_______ _______
Net assets 2,804 21,017
_______ _______
Capital and reserves
Called up share capital 150 150
Fair value reserve ( 9,000) -
Profit and loss account 11,654 20,867
_______ _______
Shareholders funds 2,804 21,017
_______ _______
For the year ending 30 June 2023 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
J.A. Coombes
Director
Company registration number: 10220783
OLD FORGE PROPERTY INVESTMENTS LIMITED
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Old Forge House, Canterbury Road, Wingham, Canterbury, Kent, CT3 1BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
These accounts have been prepared on the going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - Investment properties are depreciated on a straight line over 50 years to net realisable value
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 July 2022 316,610 316,610
Revaluation ( 9,000) ( 9,000)
_______ _______
At 30 June 2023 307,610 307,610
_______ _______
Depreciation
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 307,610 307,610
_______ _______
At 30 June 2022 316,610 316,610
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 July 2022 316,610
Fair value adjustments ( 9,000)
_______
At 30 June 2023 307,610
_______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2022 25 25
Additions 1 1
_______ _______
At 30 June 2023 26 26
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 26 26
_______ _______
At 30 June 2022 25 25
_______ _______
6. Debtors
2023 2022
£ £
Other debtors 500 500
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 115 115
Corporation tax - 5,749
Other creditors 171,111 170,675
_______ _______
171,226 176,539
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 150,000 150,000
_______ _______
J.A. Coombes has provided a £50,000 guarantee .
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J.A. Coombes ( 3) ( 388) - ( 391)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J.A. Coombes ( 14) - 11 ( 3)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Rogate Estates Limited - - ( 170,000) ( 170,000)
_______ _______ _______ _______
Mr J A Coombes, the director of this company, is also a director of the above named company. The above transaction has been carried out at market rate and any balance outstanding is interest free, unsecured and has no fixed repayment schedule .
11. Controlling party
There is no ultimate controlling party.