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 |