Company registration number 03314239 (England and Wales)
FORESTMARSH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FORESTMARSH LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
FORESTMARSH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
195,000
195,000
Current assets
Debtors
4
394
394
Creditors: amounts falling due within one year
5
(407,101)
(407,188)
Net current liabilities
(406,707)
(406,794)
Net liabilities
(211,707)
(211,794)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(211,709)
(211,796)
Total equity
(211,707)
(211,794)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 22 April 2024
D C Matthews
Director
Company registration number 03314239 (England and Wales)
FORESTMARSH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2
(212,163)
(212,161)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
367
367
Balance at 31 December 2022
2
(211,796)
(211,794)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
87
87
Balance at 31 December 2023
2
(211,709)
(211,707)
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
FORESTMARSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Forestmarsh Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celtic Manor Resort, Coldra Woods, Newport, United Kingdom, NP18 1HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of The Celtic Manor Resort Limited. These consolidated financial statements are available from its registered office, The Celtic Manor Resort Limited, Coldra Woods, Newport, United Kingdom, NP18 1HQ.
1.2
Going concern
The director has adopted the going concern basis in preparing the accounts, notwithstanding net liabilities of £211,707 (2022: £211,794true). It should be noted that of the £407,101 (2022: £407,188) creditor balance at the year end, £406,001(2022: £406,188) is due to group companies, therefore the company is reliant on the continued support of the group and its immediate parent company. As with any company placing reliance on other group entities for financial support, the director acknowledges that there can be no certainty that this support will continue although, at the date of approval of these financial statements, he has no reason to believe that it will not do so. The parent company, The Celtic Manor Resort Limited, has confirmed that it will provide such financial support as is required to enable the company to meet its obligations as they fall due, for at least the next twelve months from the date of approval of these financial statements and thereafter for the foreseeable future.
FORESTMARSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
FORESTMARSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 and 31 December 2023
195,000
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
195,000
At 31 December 2022
195,000
Freehold land and buildings with a carrying amount of £195,000 have been pledged to secure borrowings in the parent company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
394
394
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
406,001
406,188
Other creditors
1,100
1,000
407,101
407,188
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
22 April 2024
FORESTMARSH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Related party transactions
In accordance with FRS 102 section 33.1A, transactions with other group undertakings wholly owned within The Celtic Manor Resort Limited group have not been disclosed in the financial statements.
At the year end the company owed £62,109 (2022: £62,296) to its parent company The Celtic Manor Resort Limited, this amount being included within amounts due to group undertakings within one year.
At the year end the company owed £343,892 (2022: £343,892) to fellow group company Assetlock Limited, this amount being included within amounts due to group undertakings within one year.
8
Parent company
The company's parent company is The Celtic Manor Resort Limited, a company incorporated in England & Wales.
The ultimate parent company is Wesley Clover International Incorporation, a company incorporated in Canada.
The Celtic Manor Resort Limited is the parent of the smallest group of which the company is a member and for which group financial statements are prepared; Welsey Clover International Corporation is the parent of the largest group of which the company is a member and for which group financial statements are prepared.
The Celtic Manor Resort Limited's financial statements are available from the registered office, The Celtic Manor Resort Limited, Coldra Woods, Newport, United Kingdom, NP18 1HQ.
The directors consider Sir T H Matthews to be the ultimate controlling party; he is the principal shareholder of the ultimate parent company.