Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 25 February 2022 false 1 January 2023 31 December 2023 31 December 2023 13942077 Mr N Grace Mr J Shaw iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13942077 2022-12-31 13942077 2023-12-31 13942077 2023-01-01 2023-12-31 13942077 frs-core:CurrentFinancialInstruments 2023-12-31 13942077 frs-core:Non-currentFinancialInstruments 2023-12-31 13942077 frs-core:PlantMachinery 2023-12-31 13942077 frs-core:PlantMachinery 2023-01-01 2023-12-31 13942077 frs-core:PlantMachinery 2022-12-31 13942077 frs-core:ShareCapital 2023-12-31 13942077 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13942077 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13942077 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13942077 frs-bus:SmallEntities 2023-01-01 2023-12-31 13942077 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13942077 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13942077 frs-bus:Director1 2023-01-01 2023-12-31 13942077 frs-bus:Director2 2023-01-01 2023-12-31 13942077 frs-countries:EnglandWales 2023-01-01 2023-12-31 13942077 2022-02-24 13942077 2022-12-31 13942077 2022-02-25 2022-12-31 13942077 frs-core:CurrentFinancialInstruments 2022-12-31 13942077 frs-core:Non-currentFinancialInstruments 2022-12-31 13942077 frs-core:ShareCapital 2022-12-31 13942077 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 13942077
Old Forge Real Estate Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13942077
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 540 -
Investment Properties 5 240,000 221,870
240,540 221,870
CURRENT ASSETS
Debtors 6 4,816 51,235
Cash at bank and in hand 5,192 230
10,008 51,465
Creditors: Amounts Falling Due Within One Year 7 (48,742 ) (148,840 )
NET CURRENT ASSETS (LIABILITIES) (38,734 ) (97,375 )
TOTAL ASSETS LESS CURRENT LIABILITIES 201,806 124,495
Creditors: Amounts Falling Due After More Than One Year 8 (223,511 ) (125,340 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,668 ) -
NET LIABILITIES (26,373 ) (845 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (26,473 ) (945 )
SHAREHOLDERS' FUNDS (26,373) (845)
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N Grace
Director
17 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Old Forge Real Estate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13942077 . The registered office is 32 High Street, Wendover, Bucks, HP22 6EA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The business is in the early years of trade and has incurred significant costs to bring the commercial property into a fit state to let which has resulted in losses being made.  However, the directors are confident that the company is able to continue as a going concern and will be able to meet its day to day liabiliities through day to day working capital and use of longer term debt.  As such the going concern basis remains appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 January 2023 -
Additions 675
As at 31 December 2023 675
Depreciation
As at 1 January 2023 -
Provided during the period 135
As at 31 December 2023 135
Net Book Value
As at 31 December 2023 540
As at 1 January 2023 -
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If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Investment Properties
£
Cost 221,870
5. Investment Property
31 December 2023
£
Fair Value
As at 1 January 2023 221,870
Revaluations 18,130
As at 31 December 2023 240,000
6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 600 5,342
Other debtors 4,216 45,893
4,816 51,235
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 1,919 3,178
Bank loans and overdrafts 14,345 144,060
Amounts owed to participating interests 26,125 -
Other creditors 6,353 1,602
48,742 148,840
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8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Bank loans 140,370 -
Other creditors 83,141 125,340
223,511 125,340
9. Secured Creditors
The bank loan takes the takes the form of a mortgage secured on the investment property, being Unit 1 F, North Estate, Old Oxford Road, Piddington, High Wycombe. The prior year took the form of Units 1 F & 1 H, North Estate, Old Oxford Road, Piddington, High Wycombe.
31 December 2023 31 December 2022
£ £
Bank loans and overdrafts 154,715 144,060
10. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
JFS Property Services Ltd is a company managed by the directors of the company. Rent of £15,000 (2022: £6,527) was charged to JFS Property Services Ltd in the period.
JFS Property Services Ltd carried out maintenance and improvements to the property in the year and charged £23,021 for these services. Included in creditors was £26,125 owing to JFS Property Services Ltd.
Mr N Grace and Mr J Shaw, the directors of Old Forge Real Estate Limited, were also directors of Old Forge
Homes Ltd. Included in other creditors falling due after one year was £82,789 (2022: £76,389) owing to Old Forge Homes Ltd. 
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