Fortythree Group Ltd
Unaudited Financial Statements
For the period ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 13229160 (England and Wales)
Fortythree Group Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Fortythree Group Ltd
Balance Sheet
As at 31 December 2023
Page 1
31 December 2023
31 July        2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,944
1,361
Investment properties
5
31,600,000
31,600,000
31,602,944
31,601,361
Current assets
Debtors
6
193,534
154,651
Cash at bank and in hand
668,287
205,873
861,821
360,524
Creditors: amounts falling due within one year
7
(13,479,863)
(13,540,229)
Net current liabilities
(12,618,042)
(13,179,705)
Net assets
18,984,902
18,421,656
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
18,984,802
18,421,556
Total equity
18,984,902
18,421,656

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

Fortythree Group Ltd
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 8 September 2024 and are signed on its behalf by:
L  Da Costa
Director
Company Registration No. 13229160
Fortythree Group Ltd
Notes to the Financial Statements
For the period ended 31 December 2023
Page 3
1
Accounting policies
Company information

Fortythree Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Reporting period

The financial statements are prepared for a period of 17 months from 1 August 2022 to 31 December 2023. The prior year accounting period was for a period of 12 months ending 31 July 2022, therefore the comparative information is not entirely comparable. The company's accounting period has been changed to a December year end to be consistent with other companies within the group structure.

1.2
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 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Revenue comprises rent receivable recognised on properties held as investment properties. Any such income is recognised in the period to which it relates.

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:

Fixtures and fittings
33% straight line
Computers
33% straight line

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Fortythree Group Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Basic financial instruments are held at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Fortythree Group Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
2
2
Fortythree Group Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 6
3
Fair value gains and losses
31 December 2023
31 July        2022
£
£
Amounts written back on connected company loans
-
18,533,629
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
1,361
Additions
2,508
At 31 December 2023
3,869
Depreciation and impairment
At 1 August 2022
-
0
Depreciation charged in the period
925
At 31 December 2023
925
Carrying amount
At 31 December 2023
2,944
At 31 July 2022
1,361
5
Investment property
31 December 2023
£
Fair value
At 1 August 2022 and 31 December 2023
31,600,000

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors. The original cost of the investment properties is £31,600,000.

Fortythree Group Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 7
6
Debtors
31 December 2023
31 July      2022
Amounts falling due within one year:
£
£
Trade debtors
40,205
25,069
Other debtors
116,046
105,071
Prepayments and accrued income
37,283
24,511
193,534
154,651
7
Creditors: amounts falling due within one year
31 December 2023
31 July      2022
£
£
Trade creditors
-
0
1,044
Corporation tax
171,692
25,124
Other taxation and social security
5,320
4,076
Other creditors
13,296,021
13,500,877
Accruals and deferred income
6,830
9,108
13,479,863
13,540,229
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
9
Related party transactions

The disclosure exemption conferred by FRS 102 Section 33:1A has been utilised, whereby the company has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

 

At the period end, the company owed its directors £nil (2022: £30,000) which was included within other creditors. No interest was accruing on this balance. The balance was repaid in full in the period.

 

At the period end, the company owed £13,158,591 (2022: £13,308,916) to companies under common control which is included within other creditors. No interest is accruing on this balance. The balance is repayable on demand.

Fortythree Group Ltd
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 8
10
Parent company

The immediate and ultimate parent company is Delph Group Holdings Limited, a company incorporated and registered in England and Wales.

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