2022-12-012023-11-302023-11-30false11043495THE FORGOTTEN PROPERTY 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THE FORGOTTEN PROPERTY LIMITED

Registered Number
11043495
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

THE FORGOTTEN PROPERTY LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

KOGUT, Stefan Douglas Stanislav
LIN, Yaling

Registered Address

78 Broadmead
Corsham
SN13 9AP

Registered Number

11043495 (England and Wales)
THE FORGOTTEN PROPERTY LIMITED
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets585,10275,127
85,10275,127
Current assets
Debtors7149144
Cash at bank and on hand4,3562,673
4,5052,817
Creditors amounts falling due within one year8(58,856)(57,903)
Net current assets (liabilities)(54,351)(55,086)
Total assets less current liabilities30,75120,041
Creditors amounts falling due after one year9(61,199)(61,199)
Provisions for liabilities10(5,199)(3,299)
Net assets(35,647)(44,457)
Capital and reserves
Called up share capital100100
Profit and loss account(35,747)(44,557)
Shareholders' funds(35,647)(44,457)
The financial statements were approved and authorised for issue by the Board of Directors on 4 February 2024, and are signed on its behalf by:
LIN, Yaling
Director
Registered Company No. 11043495
THE FORGOTTEN PROPERTY LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the renting out of held properties.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery25-
Fixtures and fittings20-
Investment property policy
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
4.Employee information

20232022
Average number of employees during the year22
5.Property, plant and equipment

Land & buildings

Fixtures & fittings

Total

£££
Cost or valuation
At 01 December 2275,00031175,311
Revaluations10,000-10,000
At 30 November 2385,00031185,311
Depreciation and impairment
At 01 December 22-184184
Charge for year-2525
At 30 November 23-209209
Net book value
At 30 November 2385,00010285,102
At 30 November 2275,00012775,127
Investment property comprises freehold properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6.Provisions for impairment of tangible assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
7.Debtors

2023

2022

££
Prepayments and accrued income149144
Total149144
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables1415
Other creditors54,02053,402
Accrued liabilities and deferred income4,8224,486
Total58,85657,903
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts61,19961,199
Total61,19961,199
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)5,1993,299
Total5,1993,299