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Company No: 02723613 (England and Wales)

FORRESTER DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

FORRESTER DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

FORRESTER DEVELOPMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
FORRESTER DEVELOPMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTORS Mrs Karen Johnson
Mr Ray Johnson
SECRETARY Mrs Karen Johnson
REGISTERED OFFICE Roseweek Barn
Roseweek
St Austell
PL26 7AN
United Kingdom
COMPANY NUMBER 02723613 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
FORRESTER DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 August 2023
FORRESTER DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 241,624 202,085
241,624 202,085
Current assets
Cash at bank and in hand 435,819 434,439
435,819 434,439
Prepayments and accrued income 435 387
Creditors: amounts falling due within one year 4 ( 3,266) ( 3,757)
Net current assets 432,988 431,069
Total assets less current liabilities 674,612 633,154
Provision for liabilities ( 12,406) ( 4,806)
Net assets 662,206 628,348
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 130,964 98,564
Capital redemption reserve 100 100
Profit and loss account 531,042 529,584
Total shareholders' funds 662,206 628,348

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Forrester Developments Limited (registered number: 02723613) were approved and authorised for issue by the Board of Directors on 05 March 2024. They were signed on its behalf by:

Mr Ray Johnson
Director
FORRESTER DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
FORRESTER DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

Forrester Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Roseweek Barn, Roseweek, St Austell, PL26 7AN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 15 - 50 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 September 2022 200,000 33,624 233,624
Revaluations 40,000 0 40,000
At 31 August 2023 240,000 33,624 273,624
Accumulated depreciation
At 01 September 2022 0 31,539 31,539
Charge for the financial year 0 461 461
At 31 August 2023 0 32,000 32,000
Net book value
At 31 August 2023 240,000 1,624 241,624
At 31 August 2022 200,000 2,085 202,085

Investment properties

The Investment property was revalued to fair value at 31 August 2023, based on a valuation undertaken by an independent valuer with recent experience in the location and class of the investment property being valued. The valuation of £240,000 is considered to be the arm's length value based on current market conditions.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 1,372 1,816
Other creditors 1,894 1,941
3,266 3,757