Forain Holdings Limited 04530130 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is that of an investment company. Digita Accounts Production Advanced 6.30.9574.0 true true 04530130 2023-01-01 2023-12-31 04530130 2023-12-31 04530130 bus:OrdinaryShareClass1 2023-12-31 04530130 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-12-31 04530130 core:CurrentFinancialInstruments 2023-12-31 04530130 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04530130 bus:SmallEntities 2023-01-01 2023-12-31 04530130 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04530130 bus:FilletedAccounts 2023-01-01 2023-12-31 04530130 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04530130 bus:RegisteredOffice 2023-01-01 2023-12-31 04530130 bus:Director2 2023-01-01 2023-12-31 04530130 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04530130 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04530130 core:OtherRelatedParties 2023-01-01 2023-12-31 04530130 countries:AllCountries 2023-01-01 2023-12-31 04530130 2022-01-01 2022-12-31 04530130 2022-12-31 04530130 bus:OrdinaryShareClass1 2022-12-31 04530130 core:CurrentFinancialInstruments 2022-12-31 04530130 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:EUR xbrli:pure xbrli:shares

Registration number: 04530130

Forain Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Forain Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Forain Holdings Limited

Company Information

Director

J H Metzger

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Accountants

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Forain Holdings Limited

(Registration number: 04530130)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Other financial assets

5

477,227

490,751

Current assets

 

Debtors

6

1,829,096

2,085,370

Cash at bank and in hand

 

2,034,625

2,042,818

 

3,863,721

4,128,188

Creditors: Amounts falling due within one year

7

(26,537)

(10,647)

Net current assets

 

3,837,184

4,117,541

Net assets

 

4,314,411

4,608,292

Capital and reserves

 

Called up share capital

8

158

158

Retained earnings

4,314,253

4,608,134

Shareholders' funds

 

4,314,411

4,608,292

For the financial 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.

Director's responsibilities:

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

The director acknowledges 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2024
 

.........................................
J H Metzger
Director

 

Forain Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

Principal activity

The principal activity of the Company is is that of an investment company.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

These financial statements were authorised for issue by the director on 30 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 financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest Euro.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Forain Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Listed Investments

Non current financial assets relate to listed investments which are shown at their market value.

Financial instruments

Classification
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 to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

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

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.

 

Forain Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 0 (2022 - 0).

 

Forain Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss

Total

Non-current financial assets

Cost or valuation

At 1 January 2023

490,751

490,751

Fair value adjustments

(13,524)

(13,524)

At 31 December 2023

477,227

477,227

Impairment

Carrying amount

At 31 December 2023

477,227

477,227

6

Debtors

Current

2023

2022

Other debtors

1,829,096

2,085,370

 

1,829,096

2,085,370


Other debtors includes €1,500,000 (2022: €2,000,000) in promissory notes that are due in quarterly instalments within one year. They carry interest at 4% (2022: 0.9%). If any of the quarterly payments are late an additional interest of 2% will apply.

7

Creditors

Creditors: amounts falling due within one year

2023

2022

Due within one year

Accruals and deferred income

25,579

9,689

Other creditors

958

958

26,537

10,647

 

Forain Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary shares of £1 each

100

158

100

158

       

9

Dividends

2023

2022

Interim dividend of €500,000.00 (2022 - €Nil) per ordinary share

500,000

-

 

 

10

Related party transactions

Summary of transactions with other related parties

Shareholder Loan
 Included in other creditors is an amount of €958 (2022: €958) due to the shareholder.