Registered number
11242013
Forlease Limited
Filleted Accounts
31 March 2023
Forlease Limited
Registered number: 11242013
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 589,903 310,000
Current assets
Debtors 4 2,240 1,341
Cash at bank and in hand 1,904 17,432
4,144 18,773
Creditors: amounts falling due within one year 5 (568,045) (311,077)
Net current liabilities (563,901) (292,304)
Total assets less current liabilities 26,002 17,696
Provisions for liabilities (805) (805)
Net assets 25,197 16,891
Capital and reserves
Called up share capital 10 10
Fair value reserve 6 3,430 3,430
Profit and loss account 21,757 13,451
Shareholder's funds 25,197 16,891
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rajan Goyal
Director
Approved by the board on 19 October 2023
Forlease Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents amounts receivable for rent and service charges for the year.
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Deferred tax is accounted in respect of all material timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
£ £
Average number of persons employed by the company 1 -
3 Tangible fixed assets
Freehold investment properties
£
At fair value
At 1 April 2022 310,000
Addition 279,903
Surplus on revaluation -
At 31 March 2023 589,903
The properties were valued at fair value at the balance sheet date by the director using market value basis.
4 Debtors 2023 2022
£ £
Other debtors 2,240 1,341
5 Creditors: amounts falling due within one year 2023 2022
£ £
Director's loan account 287,471 307,568
Taxation and social security costs 1,949 2,409
Other creditors 278,625 1,100
568,045 311,077
6 Fair value reserve 2023 2022
£ £
At 1 April 2022 3,430 3,430
Surpus for the year - -
Deferred taxation on valuation - -
At 31 March 2023 3,430 3,430
7 Related party transactions
a. The company owed £287,471 to its director as at 31 March 2023 (2022- £307,568). All balances attract a nil rate of interest and are repayable on demand.
b. Included in the other creditors at the balance sheet date is an amount of £275,000 (2022- £nil) payable to Mrs Goyal Snr, mother of the director, for transfer of a property to the company during the year.
8 Other information
Forlease Limited is a private company limited by shares and incorporated in England. Its registered office is:
28 Bridge Street
Maidenhead
Berkshire
SL6 8BJ
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