Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mr J C Willcocks 07/04/1995 Miss K V Willcocks 24/04/1996 Mr B A Willcocks 07/04/1995 26 November 2023 The principal activity of the company is property investment. 00506532 2023-08-31 00506532 bus:Director1 2023-08-31 00506532 bus:Director2 2023-08-31 00506532 bus:Director3 2023-08-31 00506532 2022-08-31 00506532 core:CurrentFinancialInstruments 2023-08-31 00506532 core:CurrentFinancialInstruments 2022-08-31 00506532 core:ShareCapital 2023-08-31 00506532 core:ShareCapital 2022-08-31 00506532 core:RetainedEarningsAccumulatedLosses 2023-08-31 00506532 core:RetainedEarningsAccumulatedLosses 2022-08-31 00506532 core:FurnitureFittings 2022-08-31 00506532 core:OfficeEquipment 2022-08-31 00506532 core:FurnitureFittings 2023-08-31 00506532 core:OfficeEquipment 2023-08-31 00506532 core:CostValuation 2022-08-31 00506532 core:AdditionsToInvestments 2023-08-31 00506532 core:DisposalsRepaymentsInvestments 2023-08-31 00506532 core:RevaluationsIncreaseDecreaseInInvestments 2023-08-31 00506532 core:CostValuation 2023-08-31 00506532 core:ProvisionsForImpairmentInvestments 2022-08-31 00506532 core:ProvisionsForImpairmentInvestments 2023-08-31 00506532 bus:OrdinaryShareClass1 2023-08-31 00506532 2022-09-01 2023-08-31 00506532 bus:FilletedAccounts 2022-09-01 2023-08-31 00506532 bus:SmallEntities 2022-09-01 2023-08-31 00506532 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 00506532 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 00506532 bus:Director1 2022-09-01 2023-08-31 00506532 bus:Director2 2022-09-01 2023-08-31 00506532 bus:Director3 2022-09-01 2023-08-31 00506532 core:FurnitureFittings 2022-09-01 2023-08-31 00506532 core:OfficeEquipment 2022-09-01 2023-08-31 00506532 2021-09-01 2022-08-31 00506532 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 00506532 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00506532 (England and Wales)

FORT GEORGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

FORT GEORGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

FORT GEORGE LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
FORT GEORGE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTORS Mr J C Willcocks
Miss K V Willcocks
Mr B A Willcocks
SECRETARY Mr J C Willcocks
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 00506532 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
FORT GEORGE LIMITED

BALANCE SHEET

As at 31 August 2023
FORT GEORGE LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 8,882 8,883
Investment property 4 1,950,000 1,950,000
Investments 5 950,523 914,098
2,909,405 2,872,981
Current assets
Stocks 302,133 302,133
Debtors 6 416,794 407,213
Cash at bank and in hand 165,485 239,124
884,412 948,470
Creditors: amounts falling due within one year 7 ( 6,306) ( 8,578)
Net current assets 878,106 939,892
Total assets less current liabilities 3,787,511 3,812,873
Provision for liabilities ( 151,785) ( 172,701)
Net assets 3,635,726 3,640,172
Capital and reserves
Called-up share capital 8 20,000 20,000
Profit and loss account 10 3,615,726 3,620,172
Total shareholders' funds 3,635,726 3,640,172

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fort George Limited (registered number: 00506532) were approved and authorised for issue by the Board of Directors on 26 November 2023. They were signed on its behalf by:

Mr J C Willcocks
Director
FORT GEORGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
FORT GEORGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fort George Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the amount receivable in respect of rental income for the year.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Provision for deferred tax is made on the difference between the carrying amount and the historic cost of investment properties and listed investments for taxation purposes, after taking account of the availability of indexation allowance.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stock are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell, the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 September 2022 8,872 1,936 10,808
At 31 August 2023 8,872 1,936 10,808
Accumulated depreciation
At 01 September 2022 0 1,925 1,925
Charge for the financial year 0 1 1
At 31 August 2023 0 1,926 1,926
Net book value
At 31 August 2023 8,872 10 8,882
At 31 August 2022 8,872 11 8,883

4. Investment property

Investment property
£
Valuation
As at 01 September 2022 1,950,000
As at 31 August 2023 1,950,000

The Investment Properties class of fixed assets was revalued on 31 August 2023 by the directors who are internal to the company. The basis of this valuation was at estimated open market value.

5. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 September 2022 914,098 914,098
Additions 139,176 139,176
Disposals ( 19,086) ( 19,086)
Movement in fair value ( 83,665) ( 83,665)
At 31 August 2023 950,523 950,523
Provisions for impairment
At 01 September 2022 0 0
At 31 August 2023 0 0
Carrying value at 31 August 2023 950,523 950,523
Carrying value at 31 August 2022 914,098 914,098

6. Debtors

2023 2022
£ £
Trade debtors 7,705 7,213
Amounts owed by Group undertakings 400,000 400,000
Other debtors 9,089 0
416,794 407,213

7. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 6,306 4,539
Corporation tax 0 2,539
Other creditors 0 1,500
6,306 8,578

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each 20,000 20,000

9. Related party transactions

Other related party transactions

2023 2022
£ £
At the balance sheet date the amount due from associated companies totalled 400,000 400,000

10. Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £604,439 (2022 - £694,758). These reserves represent the cumulative unrealised revaluation gains on the company's investment portfolio and investment properties, net of the provision of deferred taxation thereon.