Fortress Property Limited
Registered number: 09733994
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment Property 3 679,796 679,796
Tangible assets 4 10,351 97
690,147 679,893
Current assets
Cash at bank and in hand 31,210 24,097
Creditors: amounts falling due within one year 5 (625,616) (611,179)
Net current liabilities (578,206) (587,082)
Total assets less current liabilities 111,941 92,811
Creditors: amounts falling due after more than one year 6 (15,187) (21,007)
Net assets 96,754 71,804
Capital and reserves
Called up share capital 200 200
Profit and loss account 96,554 71,604
Shareholders' funds 96,754 71,804 -
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 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.
L M Parker
Director
Approved by the board on 12 March 2024
Fortress Property Limited
Notes to the Accounts
for the year ended 31 December 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.
Turnover
Turnover represents the value, net of value added tax, of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates
Office equipment over 3 years
Plant & Machinery over 4 years
Motor Vehicles over 5 years
Investment Property
Investment proerty is shown at most recent valuation. Any aggregate surplus of deficit arising from changes in fair value is recognised in the profit and loss account. The Director considers the valuation to be equal to the cost shown in the accounts..
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. revenue is recognised.
Debtors
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 recognised at transaction price including any transaction costs.
Creditors
Creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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 differences.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investment Property £
Fair value
At 1 January 2023 679,796
At 31 December 2023 679,796
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 679,796
At 31 December 2022 679,796
The Directors are of the opinion that the fair value of the investment property at 31 December 2021 is not materially different to the value of the property when purchased in September 2015 plus subsequent additions. The fair value of the investment property at 31 December 2021 is therefore deemed to be equal to its cost.
4 Tangible fixed assets
Office equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 753 75,357 26,000 102,110
At 31 December 2023 2,023 75,357 37,875 115,255
Depreciation
At 1 January 2023 753 75,260 26,000 102,013
Charge for the year 419 97 2,375 2,891
At 31 December 2023 1,172 75,357 28,375 104,904
Net book value
At 31 December 2023 851 - 9,500 10,351
At 31 December 2022 - 97 - 97
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,895 1,975
Other taxes and social security costs (3,778) 3,519
Directors' loan accounts 622,779 605,685
625,616 611,179
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,187 21,007
7 Other information
Fortress Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Gardenhurst
Burnham-On-Sea
England
TA8 2QG
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