Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 03474138 Mr J N Shepherd Mrs L Shepherd Mrs L Shepherd iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03474138 2022-12-31 03474138 2023-12-31 03474138 2023-01-01 2023-12-31 03474138 frs-core:CurrentFinancialInstruments 2023-12-31 03474138 frs-core:Non-currentFinancialInstruments 2023-12-31 03474138 frs-core:ComputerEquipment 2023-12-31 03474138 frs-core:ComputerEquipment 2023-01-01 2023-12-31 03474138 frs-core:ComputerEquipment 2022-12-31 03474138 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 03474138 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-31 03474138 frs-core:MotorVehicles 2023-01-01 2023-12-31 03474138 frs-core:PlantMachinery 2023-12-31 03474138 frs-core:PlantMachinery 2023-01-01 2023-12-31 03474138 frs-core:PlantMachinery 2022-12-31 03474138 frs-core:ShareCapital 2023-12-31 03474138 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 03474138 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03474138 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 03474138 frs-bus:SmallEntities 2023-01-01 2023-12-31 03474138 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03474138 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03474138 frs-core:CostValuation 2022-12-31 03474138 frs-core:CostValuation 2023-12-31 03474138 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 03474138 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 03474138 frs-bus:Director1 2023-01-01 2023-12-31 03474138 frs-bus:Director2 2023-01-01 2023-12-31 03474138 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 03474138 frs-countries:EnglandWales 2023-01-01 2023-12-31 03474138 2021-12-31 03474138 2022-12-31 03474138 2022-01-01 2022-12-31 03474138 frs-core:CurrentFinancialInstruments 2022-12-31 03474138 frs-core:Non-currentFinancialInstruments 2022-12-31 03474138 frs-core:ShareCapital 2022-12-31 03474138 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 03474138
Forward Construction and Developments Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—9
Page 1
Statement of Financial Position
Registered number: 03474138
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 655,960 655,960
Investments 5 100,004 100,004
755,964 755,964
CURRENT ASSETS
Stocks 6 228,056 228,056
Debtors 7 7,324,951 7,843,154
Cash at bank and in hand 14,283 29,039
7,567,290 8,100,249
Creditors: Amounts Falling Due Within One Year 8 (1,225,087 ) (1,226,824 )
NET CURRENT ASSETS (LIABILITIES) 6,342,203 6,873,425
TOTAL ASSETS LESS CURRENT LIABILITIES 7,098,167 7,629,389
Creditors: Amounts Falling Due After More Than One Year 9 (6,802,373 ) (7,348,309 )
NET ASSETS 295,794 281,080
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 295,694 280,980
SHAREHOLDERS' FUNDS 295,794 281,080
Page 1
Page 2
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 Income Statement.
On behalf of the board
Mr J N Shepherd
Director
20th September 2024
The notes on pages 3 to 9 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Forward Construction and Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03474138 . The registered office is The Old Laundry, Lady Mary Square, Rostherne Lane, Rostherne, Knutsford, Cheshire, WA16 6SA.

The principal activities continue to be property investment and development.

The principal activities of the group headed by Forward Construction and Development Limited are property investment and development.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention, unless otherwise specified within these accounting policies, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

  • the amount of revenue can be measured reliably:
  • it is probable that the company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.

Turnover consists of rents receivable from investment properties, excluding VAT where relevant.

Development activities:

Revenue for the delivery of residential real estate and commercial property acquired for re-sale is recognised at the point at which the risks and rewards of ownership are transferred, usually upon practical completion of a property unit when the purchaser takes possession.

Investment:

Turnover in respect of investment properties consists of rent receivable for the period, excluding VAT where relevant.
Page 3
Page 4
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model, other than investment properties, are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 25% straight line
Motor Vehicles 25% straight line
Computer Equipment 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
2.4. Investment Properties
All investment properties are carried at fair value, with changes in fair value being recognised in the Income Statement. The directors of the company have valued the property themselves based on such factors as 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. In this case the fair value is considered to be an open market value. The determined fair value of the investment property is most sensitive to the estimated yield. No depreciation is provided for investment properties. 
Deferred taxation is provided on revaluation gains at the rate expected to apply when the property is sold.
2.5. Stocks and Work in Progress
Short term work in progress:

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each year end date, work in progress is assessed for impairment. If impaired, the carrying amount is reduced to its realisable value. The impairment loss is recognised immediately in the Income Statement.

Long term contracts:

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Contract work in progress is stated at costs incurred, less those transferred to the Income Statement, after deducting forseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account. Excess payments on account are included in creditors.

Long term contract work in progress balances are subject to monthly impairment review, to evaluate the project outcome. Any provisions for cost overruns or losses are recognised immediately.
Page 4
Page 5
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 Income Statement 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair value of liabilities acquired and the amount that will be assessed for tax.
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 asset reflects 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 the Income Statement, 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.
2.7. Pensions
The company operates a defined pension contribution plan for its employees. A defined contribution plan is one under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
2.8. Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
2.9. Operating leases: the company as lessee
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Page 5
Page 6
2.10. Debtors, Creditors, Financial instruments, Finance costs, and borrowing costs
Debtors:

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors:

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments:

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

For financial assets measured at cost less impairment, the impaired loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the year end date.

Finance costs:

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs:

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Tangible Assets
Investment Properties Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 655,960 16,156 16,195 688,311
As at 31 December 2023 655,960 16,156 16,195 688,311
Depreciation
As at 1 January 2023 - 16,156 16,195 32,351
As at 31 December 2023 - 16,156 16,195 32,351
Net Book Value
As at 31 December 2023 655,960 - - 655,960
As at 1 January 2023 655,960 - - 655,960
Page 6
Page 7
Cost or valuation as at 31 December 2023 represented by:
Investment Properties Plant & Machinery Computer Equipment Total
£ £ £ £
At cost 655,960 16,156 16,195 688,311
655,960 16,156 16,195 688,311
The 2023 valuation of investment properties was by the directors, on an open market value, existing use basis.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
Historic cost at 31 December 2023: £655,960.
Historic cost at 31 December 2022: £655,960.
5. Investments
Other
£
Cost
As at 1 January 2023 100,004
As at 31 December 2023 100,004
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 100,004
As at 1 January 2023 100,004
Subsidiary undertakings:
The following were subsidiary undertakings of the Company:
The Forward Property Group Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.
Tilesite Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.
Lancebury Estates Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.
Planetree Homes Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.
Page 7
Page 8
6. Stocks
2023 2022
£ £
Work in progress 228,056 228,056
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 27,120 28,955
Prepayments and accrued income 273,397 215,135
Other debtors 243,806 226,062
Deferred tax current asset 154,329 145,525
Amounts owed by group undertakings 1,828,969 2,411,999
Amounts owed by related undertakings 797,330 815,478
3,324,951 3,843,154
Due after more than one year
Amounts owed by group undertakings 4,000,000 4,000,000
4,000,000 4,000,000
7,324,951 7,843,154
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 26,061 41,019
Corporation tax 6,279 1,600
Other taxes and social security 377 1,664
VAT 20,357 12,900
Accruals and deferred income 880,231 881,652
Amounts owed to group undertakings 286,496 287,989
Amounts owed to related undertakings 5,286 -
1,225,087 1,226,824
Page 8
Page 9
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 6,802,373 7,348,309
6,802,373 7,348,309
Other creditors due after more than one year include the following loans from related parties:
Loans from the directors of £6,802,373 (2022: £7,348,309) are unsecured, with no fixed repayment terms. Interest was payable at a rate of 7.5% per annum and accruals (note 8) includes £836,706 (2022: £836,706) in respect of cumulative interest. Effective from 1 January 2014 interest was waived.
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
Under UK GAAP the company is exempt from the requirement to disclose transactions with wholly owned members of the same group.
During the year fees for property management services amounting to £15,000 (2022: £45,000) were charged to the company by Crest Property Management Limited, a company related to the directors.
Working capital loans were also advanced between the company and related entities from time to time.
At 31 December 2023 debtors (note 7) includes the following amounts due from related entities:
St Baldreds Estates Limited £552,430 (2022: £574,097)
Crest Commercial Property Limited £77,273 (2022: £110,369)
Forward Construction and Developments Ltd SSAS £92,975 (2022: £94,957)
Forward Point Limited £Nil (2022: £1,293)
Crest Property Management Limited £74,652 (2022: £34,762).
At 31 December 2023 creditors (note 8) includes the following amounts due to related entities ultimately controlled by the directors:
Forward Point Limited £5,286 (2022: £Nil).
All of these balances represent working capital financing loans, are interest free, and have no formal or fixed repayment terms.
Page 9