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REGISTERED NUMBER: 03659164 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Forsyth Properties (UK) Limited

Forsyth Properties (UK) Limited (Registered number: 03659164)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Forsyth Properties (UK) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr J P Sweeney





SECRETARY: Ms J Routledge





REGISTERED OFFICE: 17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN





REGISTERED NUMBER: 03659164 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Forsyth Properties (UK) Limited (Registered number: 03659164)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investments 5 118,609 129,139
Investment property 6 2,125,000 1,725,000
2,243,609 1,854,139

CURRENT ASSETS
Debtors 7 7,352 2,206
Cash at bank 15,082 47,169
22,434 49,375
CREDITORS
Amounts falling due within one year 8 (10,406 ) (13,681 )
NET CURRENT ASSETS 12,028 35,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,255,637

1,889,833

CREDITORS
Amounts falling due after more than one
year

9

(813,136

)

(813,136

)
NET ASSETS 1,442,501 1,076,697

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 1,609,808 1,209,808
Profit and loss account (167,309 ) (133,113 )
SHAREHOLDERS' FUNDS 1,442,501 1,076,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 November 2024 and were signed by:





Mr J P Sweeney - Director


Forsyth Properties (UK) Limited (Registered number: 03659164)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Forsyth Properties (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain assets measured at fair value.

Rents receivable
Rents receivable are accounted for on an accruals basis.

Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The fair values of investments held at fair value through profit and loss at the balance sheet date are determined using quoted prices and available market data.

Investment property
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account along with the associated deferred tax.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on 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.

Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and 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.

Current and deferred tax assets and liabilities are not discounted.

Forsyth Properties (UK) Limited (Registered number: 03659164)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 129,139
Fair value movements (10,530 )
At 31 March 2024 118,609
NET BOOK VALUE
At 31 March 2024 118,609
At 31 March 2023 129,139


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,725,000
Fair value movements 400,000
At 31 March 2024 2,125,000
NET BOOK VALUE
At 31 March 2024 2,125,000
At 31 March 2023 1,725,000

The fair value of the property at 31 March 2024 has been arrived at on the basis of a valuation carried out by a director whom is not a professional qualified valuer. The valuation, was arrived at by reference to market evidence of transaction prices for similar properties in their location.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,927 -
Other debtors 2,425 2,206
7,352 2,206

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 10,406 13,681

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 813,136 813,136

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 575,061

Forsyth Properties (UK) Limited (Registered number: 03659164)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 813,136 813,136

The bank loans are secured by fixed and floating charges over the company's properties.