2023-04-012023-12-312023-12-31false01069534FORESTDRIVE PROPERTIES 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FORESTDRIVE PROPERTIES LIMITED

Registered Number
01069534
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2023

FORESTDRIVE PROPERTIES LIMITED
Company Information
for the period from 1 April 2023 to 31 December 2023

Directors

CLIFTON, Jason Adam
CLIFTON, Robert Claude

Registered Address

Grove House
2 Woodberry Grove
London
N12 0DR

Registered Number

01069534 (England and Wales)
FORESTDRIVE PROPERTIES LIMITED
Balance Sheet as at
31 December 2023

Notes

31 Dec 2023

31 Mar 2023

£

£

£

£

Fixed assets
Tangible assets3-350,000
-350,000
Current assets
Debtors4236,888198,930
236,888198,930
Creditors amounts falling due within one year5(1,400)(14,015)
Net current assets (liabilities)235,488184,915
Total assets less current liabilities235,488534,915
Provisions for liabilities-(17,564)
Net assets235,488517,351
Capital and reserves
Called up share capital22
Other reserves-73,954
Profit and loss account235,486443,395
Shareholders' funds235,488517,351
The financial statements were approved and authorised for issue by the Board of Directors on 8 April 2024, and are signed on its behalf by:
CLIFTON, Robert Claude
Director
Registered Company No. 01069534
FORESTDRIVE PROPERTIES LIMITED
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
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.
Statement of compliance
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.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors have decided to cease trading as of 31st December 2023 and therefore, these accounts have not been prepared on a going concern basis.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232023
Average number of employees during the year22
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 23350,000
Additions(350,000)
Net book value
At 31 December 23-
At 31 March 23350,000
The investment property was sold during the period.
4.Debtors: amounts due within one year

2023

2023

££
Other debtors236,888198,930
Total236,888198,930
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 and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2023

2023

££
Taxation and social security8003,811
Other creditors-8,523
Accrued liabilities and deferred income6001,681
Total1,40014,015
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 and subsequently measured at amortised cost determined using the effective interest method.
6.Related party transactions
Clifton Properties International Limited - A related company by virtue of common control by one of the directors. During the period, Clifton Properties International Limited paid expenses £5,491 on behalf of the company. Furthermore, the related company received £236,888 for the sale of investment property, on behalf of the company. At the balance sheet date an amount of £236,888 (March 2023 - £198,930 ) remained due to the company which is included within other debtors. The reporting entity wrote off £193,439 debt owed by the related company.