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Registration number: 09671061

Forster Place Apartments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Forster Place Apartments Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Forster Place Apartments Ltd

Company Information

Director

Mr H Patel

Company secretary

Mr B McDonald

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Forster Place Apartments Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Forster Place Apartments Ltd for the year ended 31 December 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Forster Place Apartments Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Forster Place Apartments Ltd and state those matters that we have agreed to state to the Board of Directors of Forster Place Apartments Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forster Place Apartments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Forster Place Apartments Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Forster Place Apartments Ltd. You consider that Forster Place Apartments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Forster Place Apartments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

8 October 2024

 

Forster Place Apartments Ltd

(Registration number: 09671061)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,776,524

2,842,656

Current assets

 

Debtors

5

23,225

10,967

Cash at bank and in hand

 

169,542

195,389

 

192,767

206,356

Creditors: Amounts falling due within one year

6

(2,321,382)

(2,561,248)

Net current liabilities

 

(2,128,615)

(2,354,892)

Net assets

 

647,909

487,764

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

646,909

486,764

Shareholders' funds

 

647,909

487,764

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 his 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 8 October 2024
 

.........................................
Mr H Patel
Director

 

Forster Place Apartments Ltd

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 and Wales.

The address of its registered office is:
1 Bond Street
Colne
Lancashire
BB8 9DG

These financial statements were authorised for issue by the director on 8 October 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.

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 provision of services in the ordinary course of the company’s activities.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Forster Place Apartments Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Furniture, fittings and equipment

20% straight line

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.

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.

 

Forster Place Apartments Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

3,277,592

227,364

3,504,956

At 31 December 2023

3,277,592

227,364

3,504,956

Depreciation

At 1 January 2023

437,024

225,276

662,300

Charge for the year

65,556

576

66,132

At 31 December 2023

502,580

225,852

728,432

Carrying amount

At 31 December 2023

2,775,012

1,512

2,776,524

At 31 December 2022

2,840,568

2,088

2,842,656

Included within the net book value of land and buildings above is £2,775,012 (2022 - £2,840,568) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

1,684

2,743

Prepayments

7,467

7,219

Other debtors

14,074

1,005

23,225

10,967

 

Forster Place Apartments Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,916

2,228

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

2,122,641

2,149,139

Taxation and social security

 

68,878

48,801

Accruals and deferred income

 

5,375

5,522

Other creditors

 

122,572

355,558

 

2,321,382

2,561,248

7

Related party transactions

Summary of transactions with parent


Forster Place (Bradford) Limited (immediate parent)

 
Forster Place (Bradford) Limited continued to advance loan facilities to Forster Place Apartments Ltd. The loan of £2,061,835 (2022 - £2,062,514) has been classed as a creditor due for payment within one year.

 
Sheeva Properties (UK) Limited (ultimate parent)

Sheeva Properties (UK) Limited continued to advance loan facilities to Forster Place Apartments Ltd. The loan of £61,046 (2022 - £86,625) has been classed as a creditor due for payment within one year.
 

Summary of transactions with other related parties

Amsgro Limited (ceased to be a related party during the year)
 
Loan facilities were repaid to Amsgro Limited by Forster Place Apartments Limited during the year. The prior year balance of £354,922 was previously classed as a creditor due for payment within one year.

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Forster Place (Bradford) Limited, incorporated in England and Wales.

 The ultimate parent is Sheeva Properties UK Limited, incorporated in England and Wales.