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REGISTERED NUMBER: 05091498 (England and Wales)















FORESIGHT RESIDENTIAL LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






FORESIGHT RESIDENTIAL LIMITED (REGISTERED NUMBER: 05091498)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FORESIGHT RESIDENTIAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P J Coldwell
H L Coldwell





REGISTERED OFFICE: Grosvenor House
10 York Place
Knaresborough
North Yorkshire
HG5 0AA





REGISTERED NUMBER: 05091498 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

FORESIGHT RESIDENTIAL LIMITED (REGISTERED NUMBER: 05091498)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 25,945 26,825

CURRENT ASSETS
Inventories 2,000 2,000
Debtors 5 376,173 405,103
Cash at bank 70,357 119,484
448,530 526,587
CREDITORS
Amounts falling due within one year 6 (220,242 ) (131,087 )
NET CURRENT ASSETS 228,288 395,500
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,233

422,325

PROVISIONS FOR LIABILITIES (6,321 ) (10,968 )
NET ASSETS 247,912 411,357

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 247,911 411,356
SHAREHOLDERS' FUNDS 247,912 411,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FORESIGHT RESIDENTIAL LIMITED (REGISTERED NUMBER: 05091498)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





P J Coldwell - Director


FORESIGHT RESIDENTIAL LIMITED (REGISTERED NUMBER: 05091498)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Foresight Residential Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05091498 and registered office address is Grosvenor House, 10 York Place, Knaresborough, North Yorkshire, HG5 0AA.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At 31 March 2023 the company had net assets of £247,912 (2022: £411,357). The directors believe that the company has generated a profit after the year-end and continues to meet its obligations as they fall due. As such, the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Significant judgements and estimates
There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements.

Revenue
Revenue is recognised on care and accommodation services on a straight line basis over the relevant period. Amounts invoiced in advance are included as deferred income in the statement of financial position. Amounts invoiced in arrears are included as accrued income in the statement of financial position.

Property plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Government grants
Grants of a revenue nature are credited to income in the period to which they relate.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents actual purchase price. Net realisable value is estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

FORESIGHT RESIDENTIAL LIMITED (REGISTERED NUMBER: 05091498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 56 ) .

FORESIGHT RESIDENTIAL LIMITED (REGISTERED NUMBER: 05091498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 179,895
Additions 5,387
At 31 March 2023 185,282
DEPRECIATION
At 1 April 2022 153,070
Charge for year 6,267
At 31 March 2023 159,337
NET BOOK VALUE
At 31 March 2023 25,945
At 31 March 2022 26,825

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,810 76,828
Amounts owed by group undertakings - 32,226
Other debtors 367,363 296,049
376,173 405,103

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,259 12,208
Amounts owed to group undertakings 142,162 -
Taxation and social security 34,923 83,829
Other creditors 37,898 35,050
220,242 131,087

7. SECURED DEBTS

There is a fixed and floating charge over the assets of the company by way of a debenture.

FORESIGHT RESIDENTIAL LIMITED (REGISTERED NUMBER: 05091498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
P J Coldwell
Balance outstanding at start of year 255,433 228,895
Amounts advanced 697,595 495,438
Amounts repaid (610,420 ) (468,900 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 342,608 255,433

This balance is unsecured, interest free and repayable on demand. P J Coldwell withdrew £40,985 in July 2022 and £258,283 in January 2023. There were no other advances in excess of £10,000 or considered material. The maximum overdrawn balance during the year was £342,608 (2022: £384,374). This loan was repaid in full after the year end.