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Registration number: 14543074

The Foresite Group Limited

Unaudited Filleted Financial Statements

for the Period from 15 December 2022 to 31 December 2023

 

The Foresite Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

The Foresite Group Limited

Company Information

Directors

Mr N A Heaton

Mr J T Barnfield

Mr D A R Heaton

Mr C A Barnfield

Registered office

The Site
24 Chosen View Road
Cheltenham
Gloucestershire
GL51 9LT

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

The Foresite Group Limited

(Registration number: 14543074)
Balance Sheet as at 31 December 2023

Note

2023
£

Current assets

 

Debtors

4

50,326

Cash at bank and in hand

 

558

 

50,884

Creditors: Amounts falling due within one year

5

(60,251)

Net liabilities

 

(9,367)

Capital and reserves

 

Called up share capital

31

Retained earnings

(9,398)

Shareholders' deficit

 

(9,367)

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mr C A Barnfield
Director

 

The Foresite Group Limited

Notes to the Unaudited Financial Statements for the Period from 15 December 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & wales.

The address of its registered office is:
The Site
24 Chosen View Road
Cheltenham
Gloucestershire
GL51 9LT
England

These financial statements were authorised for issue by the Board on 13 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is pound sterling, rounded to the nearest whole number.

Going concern

The financial statements have been prepared on a going concern basis. Whilst the group structure is being finalised the company is being supported by the Directors and their associated companies.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Foresite Group Limited

Notes to the Unaudited Financial Statements for the Period from 15 December 2022 to 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

4

Debtors

Current

2023
£

Other debtors

50,326

 

50,326

 

The Foresite Group Limited

Notes to the Unaudited Financial Statements for the Period from 15 December 2022 to 31 December 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

57,268

Trade creditors

 

2,186

Taxation and social security

 

47

Accruals and deferred income

 

750

 

60,251

6

Related party transactions

Transactions with directors

2023

At 15 December 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr C A Barnfield

Net transactions

-

(32,094)

312

(31,782)

Interest has been charged at HMRC's official rate, on any balances over £10,000.