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Company No: OC407590 (England and Wales)

FOREST GATE INVESTMENTS LLP

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

FOREST GATE INVESTMENTS LLP

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

FOREST GATE INVESTMENTS LLP

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
FOREST GATE INVESTMENTS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
2023 2022
£ £
Current assets
Stocks 0 3,437,000
Debtors 4 2,074,772 1,967,900
Cash at bank and in hand 11,494 11,410
2,086,266 5,416,310
Creditors: amounts falling due within one year 5 ( 1,355,595) ( 2,919,356)
Net current assets 730,671 2,496,954
Total assets less current liabilities 730,671 2,496,954
Net assets attributable to members 730,671 2,496,954
Represented by
Members' other interests
Members' capital classified as equity 730,671 2,504,878
Other reserves 0 (7,924)
730,671 2,496,954
730,671 2,496,954
Total members' interests
Members' other interests 730,671 2,496,954
730,671 2,496,954

For the financial year ending 30 April 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Forest Gate Investments LLP (registered number: OC407590) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

B J Spencer
Designated member
FOREST GATE INVESTMENTS LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 30 April 2023
FOREST GATE INVESTMENTS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 30 April 2023
EQUITY
Members' other interests
Total members' interests
Members' capital (classified as equity) Other reserves Total Total
£ £ £ £
Balance at 01 May 2021 1,438,863 0 1,438,863 1,438,863
Loss for the financial year available for discretionary division among members 0 (7,924) (7,924) (7,924)
Members' interest after loss for the financial year 1,438,863 (7,924) 1,430,939 1,430,939
Introduced by members 2,057,084 0 2,057,084 2,057,084
Repayment of capital (991,069) 0 (991,069) (991,069)
Balance at 30 April 2022 2,504,878 (7,924) 2,496,954 2,496,954
Loss for the financial year available for discretionary division among members 0 (20,833) (20,833) (20,833)
Members' interest after loss for the financial year 2,504,878 (28,757) 2,476,121 2,476,121
Introduced by members 6,000 0 6,000 6,000
Repayment of capital (1,751,450) 0 (1,751,450) (1,751,450)
Balance at 30 April 2023 730,671 0 730,671 730,671

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

FOREST GATE INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
FOREST GATE INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Forest Gate Investments LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is The Lodge, 25 Mandela Street, London, NW1 0DU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

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

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Profit and Loss Account.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the LLP’s accounting policies, the members are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the members have made in the process of applying the LLP’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of members during the year 3 3

4. Debtors

2023 2022
£ £
Other debtors 2,074,772 1,967,900

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 10
Trade creditors 11,652 61,225
Other creditors 1,343,943 2,858,121
1,355,595 2,919,356

6. Related party transactions

Included within other debtors is £2,050,372 (2022: £1,911,619) that is due from entities over which members of the LLP have control.

Included within other creditors is £312,079 (2022: £308,176) that is owed to entities over which members of the LLP have control.

During the year £nil (2022: £26,730) of capitalised costs were invoiced by entities over which members of the LLP have control.

During the year £1,008,772 (2022: £nil) of rechargeable expenditure was invoiced to entities over which members of the LLP have control.

These transactions were at arms length in the ordinary course of trade.

7. Ultimate controlling party

The ultimate controlling parties are the LLP members.