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Registered number: 04056151
FORSEND LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Adbell Advisory Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04056151
2024 2023
Notes
FIXED ASSETS
Tangible Assets 4 - 1
Investment Properties 5 6,000,000 2,479,142
6,000,000 2,479,143
CURRENT ASSETS
Debtors 6 4,192 4,146
4,192 4,146
Creditors: Amounts Falling Due Within One Year 7 (3,278,504 ) (3,275,303 )
NET CURRENT ASSETS (LIABILITIES) (3,274,312 ) (3,271,157 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,725,688 (792,014 )
NET ASSETS/(LIABILITIES) 2,725,688 (792,014 )
CAPITAL AND RESERVES
Called up share capital 8 2,269,274 2,269,274
Profit and Loss Account 456,414 (3,061,288 )
SHAREHOLDERS' FUNDS 2,725,688 (792,014)
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Profit and Loss Account.
On behalf of the board
Ms Sophie RAVON
Director
24/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
FORSEND LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 04056151 . The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements are prepared on the going concern basis, which assumes that the company will be in operational existence for the foreseeable future. This depends upon the continued support of the shareholders who have undertaken to provide such support to enable the company to meet its debts as and when they fall due. The financial statements do not include any adjustments that would result if such support was withdrawn.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Fixtures & Fittings 25%
From 1 April 2022, the company changed its depreciation policy from reducing balance method to straight line method.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the 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. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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 payment is due within one year or
less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends
payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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2.6. Foreign Currencies
Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.7. 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 balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
2.8. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings
Cost or Valuation
As at 1 April 2023 743,033
As at 31 March 2024 743,033
Depreciation
As at 1 April 2023 743,032
Provided during the period 1
As at 31 March 2024 743,033
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 1
Fixtures & Fittings
At cost 743,033
743,033
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5. Investment Property
2024
Fair Value
As at 1 April 2023 2,479,142
Revaluations 3,520,858
As at 31 March 2024 6,000,000
Cost or valuation as at 31 March 2024 represented by:
Cost                                Eur 2,479,142
Revaluation Gain              Eur 3,520,858
Valuation                         Eur 6,000,000
6. Debtors
2024 2023
Due within one year
Prepayments and accrued income 1,212 1,166
Other debtors 2,980 2,980
4,192 4,146
7. Creditors: Amounts Falling Due Within One Year
2024 2023
Trade creditors 3,157 1,555
Other creditors 2,618,469 2,616,912
Accruals and deferred income 656,878 656,836
3,278,504 3,275,303
8. Share Capital
2024 2023
Allotted, Called up and fully paid 2,269,274 2,269,274
Allotted, issued and fully paid 1,000 ordinary A shares in £1 nominal value each, and 2,267,658 ordinary B shares in €1 nominal value each.
9. Ultimate Controlling Party
The company's ultimate controlling party is S L Ravon and E C Ravon by virtue of their ownership of 100% of the issued share capital in the company.
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