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REGISTERED NUMBER: SC226717 (Scotland)















Financial Statements for the Year Ended 31st October 2023

for

FORTHBRAE LIMITED

FORTHBRAE LIMITED (REGISTERED NUMBER: SC226717)






Contents of the Financial Statements
for the Year Ended 31st October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FORTHBRAE LIMITED

Company Information
for the Year Ended 31st October 2023







DIRECTOR: K Ali



SECRETARY: S Warren



REGISTERED OFFICE: Unit 1
5 Spiersbridge Terrace
Thornliebank
Glasgow
G46 8JH



REGISTERED NUMBER: SC226717 (Scotland)



BANKERS: Barclays Bank
Leicester
LE87 2BB

FORTHBRAE LIMITED (REGISTERED NUMBER: SC226717)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 750,713 690,375

CURRENT ASSETS
Stocks 123,461 125,946
Debtors 6 847,463 527,636
Cash at bank and in hand 1,068,901 858,710
2,039,825 1,512,292
CREDITORS
Amounts falling due within one year 7 569,909 496,542
NET CURRENT ASSETS 1,469,916 1,015,750
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,220,629

1,706,125

CREDITORS
Amounts falling due after more than one
year

8

(221,572

)

(121,634

)

PROVISIONS FOR LIABILITIES (178,572 ) (122,441 )
NET ASSETS 1,820,485 1,462,050

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,820,385 1,461,950
SHAREHOLDERS' FUNDS 1,820,485 1,462,050

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FORTHBRAE LIMITED (REGISTERED NUMBER: SC226717)

Balance Sheet - continued
31st October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26th July 2024 and were signed by:





K Ali - Director


FORTHBRAE LIMITED (REGISTERED NUMBER: SC226717)

Notes to the Financial Statements
for the Year Ended 31st October 2023

1. STATUTORY INFORMATION

Forthbrae Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Equipment - 15% on cost
Motor vehicles - 25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £250 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FORTHBRAE LIMITED (REGISTERED NUMBER: SC226717)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 105 (2022 - 99 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022 2,884,006
Additions 297,775
Disposals (77,132 )
At 31st October 2023 3,104,649
DEPRECIATION
At 1st November 2022 2,193,631
Charge for year 229,853
Eliminated on disposal (69,548 )
At 31st October 2023 2,353,936
NET BOOK VALUE
At 31st October 2023 750,713
At 31st October 2022 690,375

FORTHBRAE LIMITED (REGISTERED NUMBER: SC226717)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1st November 2022 38,027
Additions 220,500
At 31st October 2023 258,527
DEPRECIATION
At 1st November 2022 13,391
Charge for year 10,968
At 31st October 2023 24,359
NET BOOK VALUE
At 31st October 2023 234,168
At 31st October 2022 24,636

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,910 21,666
Other debtors 824,553 505,970
847,463 527,636

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts and finance leases 124,662 20,508
Trade creditors 137,389 189,133
Taxation and social security 184,689 173,499
Other creditors 83,169 73,402
569,909 496,542

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 67,500 107,500
Hire purchase contracts and finance leases 154,072 14,134
221,572 121,634

FORTHBRAE LIMITED (REGISTERED NUMBER: SC226717)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 278,734 34,642

The hire purchase and finance lease liabilities are secured over the relevant assets.
The Royal Bank of Scotland holds a floating charge over the company's assets.

10. RELATED PARTY DISCLOSURES

The company has given loans of £716,314 (2022 £416,369) to companies controlled by K Ali.
The company has given a guarantee for £80,500 to the Royal Bank of Scotland for a loan given to a company controlled by K Ali.