IRIS Accounts Production v24.3.0.553 09458216 Board of Directors 1.3.23 29.2.24 29.2.24 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094582162023-02-28094582162024-02-29094582162023-03-012024-02-29094582162022-02-28094582162022-03-012023-02-28094582162023-02-2809458216ns15:EnglandWales2023-03-012024-02-2909458216ns14:PoundSterling2023-03-012024-02-2909458216ns10:Director12023-03-012024-02-2909458216ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2909458216ns10:SmallEntities2023-03-012024-02-2909458216ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2909458216ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2909458216ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2909458216ns10:FullAccounts2023-03-012024-02-2909458216ns5:CurrentFinancialInstruments2024-02-2909458216ns5:CurrentFinancialInstruments2023-02-2809458216ns5:Non-currentFinancialInstruments2024-02-2909458216ns5:Non-currentFinancialInstruments2023-02-2809458216ns5:ShareCapital2024-02-2909458216ns5:ShareCapital2023-02-2809458216ns5:FurtherSpecificReserve3ComponentTotalEquity2024-02-2909458216ns5:FurtherSpecificReserve3ComponentTotalEquity2023-02-2809458216ns5:RetainedEarningsAccumulatedLosses2024-02-2909458216ns5:RetainedEarningsAccumulatedLosses2023-02-2809458216ns10:RegisteredOffice2023-03-012024-02-2909458216ns5:PlantMachinery2023-02-2809458216ns5:PlantMachinery2023-03-012024-02-2909458216ns5:PlantMachinery2024-02-2909458216ns5:PlantMachinery2023-02-2809458216ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2909458216ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-2809458216ns5:DeferredTaxation2023-02-2809458216ns5:DeferredTaxation2023-03-012024-02-2909458216ns5:DeferredTaxation2024-02-2909458216ns5:FurtherSpecificReserve3ComponentTotalEquity2023-02-28
REGISTERED NUMBER: 09458216 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

FORESHORE INVESTMENTS LTD

FORESHORE INVESTMENTS LTD (REGISTERED NUMBER: 09458216)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


FORESHORE INVESTMENTS LTD (REGISTERED NUMBER: 09458216)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,407 1,879
Investment property 5 699,975 699,975
701,382 701,854

CURRENT ASSETS
Debtors 6 13,130 5,454
Cash at bank 464 1,630
13,594 7,084
CREDITORS
Amounts falling due within one year 7 566,149 567,143
NET CURRENT LIABILITIES (552,555 ) (560,059 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

148,827

141,795

CREDITORS
Amounts falling due after more than one year 8 (216,297 ) (208,759 )

PROVISIONS FOR LIABILITIES 10 (9,099 ) (6,648 )
NET LIABILITIES (76,569 ) (73,612 )

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 28,343 28,343
Retained earnings (105,012 ) (102,055 )
(76,569 ) (73,612 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FORESHORE INVESTMENTS LTD (REGISTERED NUMBER: 09458216)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





Mr S T Savage - Director


FORESHORE INVESTMENTS LTD (REGISTERED NUMBER: 09458216)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Foreshore Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09458216

Registered office: 1 Kings Avenue
London
N21 3NA

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liability to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis:

Plant and machinery 25% on reducing balance

The company has adopted the policy of not to depreciate the asset in the year of addition, however full depreciation will be provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

FORESHORE INVESTMENTS LTD (REGISTERED NUMBER: 09458216)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 March 2023
and 29 February 2024 10,570
DEPRECIATION
At 1 March 2023 8,691
Charge for year 472
At 29 February 2024 9,163
NET BOOK VALUE
At 29 February 2024 1,407
At 28 February 2023 1,879

FORESHORE INVESTMENTS LTD (REGISTERED NUMBER: 09458216)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 699,975
NET BOOK VALUE
At 29 February 2024 699,975
At 28 February 2023 699,975

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2016 34,990
Cost 664,985
699,975

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 664,984 664,984

Investment property was valued on an open market basis on 29 February 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,080 3,920
Other debtors 3,050 1,534
13,130 5,454

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,281 11,273
Trade creditors 9,503 5,111
Taxation and social security 470 1,565
Other creditors 549,895 549,194
566,149 567,143

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 216,297 208,759

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 196,273 190,822

FORESHORE INVESTMENTS LTD (REGISTERED NUMBER: 09458216)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 187,536 184,592

The bank loan is secured by way of fixed and floating charge on the investment property of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 9,099 6,648

Deferred
tax
£   
Balance at 1 March 2023 6,648
Charge to Income Statement during year 2,451
Balance at 29 February 2024 9,099

Due to a change in the corporation tax rate from 19% to 25%, the company has adjusted its deferred tax provision to reflect the increased rate.

11. RESERVES
Fair
value
reserve
£   
At 1 March 2023
and 29 February 2024 28,343

12. RELATED PARTY DISCLOSURES

Included in the other debtors due within a year is an amount of £1,300 (2023: £Nil) due from the connected companies with common control. The loans were interest free and recoverable on demand.

Included in the other creditors due within a year is an amount of £396,946 (2023: £384,134 ) due to the connected companies with common control. Also, included is an amount of £145,476 (2023: £29,317) due to the directors of the company. The loans were interest free and repayable on demand.