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Company registration number: 13793190







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


FOREST ESCAPES LIMITED






































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FOREST ESCAPES LIMITED
 


 
COMPANY INFORMATION


Directors
D M Panormo 
L C Panormo 




Registered number
13793190



Registered office
3 Crescent Court
Western Road

Billericay

Essex

CM12 9AQ




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


FOREST ESCAPES LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8

 


FOREST ESCAPES LIMITED
REGISTERED NUMBER:13793190



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
48,382
53,234

Investment property
 5 
2,550,000
1,600,000

  
2,598,382
1,653,234

Current assets
  

Debtors
  
2,241
60,234

Cash at bank and in hand
  
44,207
99

  
46,448
60,333

Creditors: amounts falling due within one year
 6 
(1,785,674)
(857,919)

Net current liabilities
  
 
 
(1,739,226)
 
 
(797,586)

Total assets less current liabilities
  
859,156
855,648

Creditors: amounts falling due after more than one year
 7 
(918,000)
(918,000)

Provisions for liabilities
  

Deferred tax
 8 
(409,240)
(303,885)

  
 
 
(409,240)
 
 
(303,885)

Net liabilities
  
(468,084)
(366,237)

Page 1

 


FOREST ESCAPES LIMITED
REGISTERED NUMBER:13793190


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
£
£

Capital and reserves
  

Allotted, called up and fully paid share capital
  
1
1

Profit and loss account
  
(468,085)
(366,238)

  
(468,084)
(366,237)


The directors consider that the Company is entitled to exemption from audit under section 479A of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D M Panormo
Director

Date: 17 December 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


FOREST ESCAPES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Forest Escapes Limited is a private Company, limited by shares registered in England and Wales. The Company's trading and registered office address can be found on the Company Information page. 
The Company was incorporated on 10 December 2021 with an accounting reference date of 31 March 2023. The prior period accounts, presented a long accounting period and therefore, these are not directly comparable to the year ended 31 March 2024.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company presents net liabilities of £483,642 (2023: £366,237) and net current liabilities of £1,739,226 (2023: £797,586). The Company has received confirmation that its parent Company, Plaistow Broadway Filling Stations Limited, will not demand repayment of the balance due until such time as the Company is in a position to do so, without jeopardising the continued operation existence of the Company. 
Therefore the directors believe that the financial statements should be prepared on the going concern basis. 

 
2.3

Revenue

Revenue includes amounts receivable in respect of rental income derived from investment properties to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 3

 


FOREST ESCAPES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in Statement of Comprehensive Income.

Page 4

 


FOREST ESCAPES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

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 creditors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (Period ended 31 March 2023 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 April 2023
54,822


Additions
1,148



At 31 March 2024

55,970



Depreciation


At 1 April 2023
1,588


Charge for the year
6,000



At 31 March 2024

7,588



Net book value



At 31 March 2024
48,382



At 31 March 2023
53,234

Page 5

 


FOREST ESCAPES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
1,600,000


Additions at cost
939,338


Revaluation
27,196


Impairment
(16,534)



At 31 March 2024
2,550,000

The 2024 valuations were made by Mr L C Panormo (MRICS), on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,516,534
1,577,196

Accumulated impairments
(16,534)
-

2,500,000
1,577,196


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
812
42,914

Amounts owed to group undertakings
1,769,174
801,815

Corporation tax
1,313
-

Other taxation and social security
4,826
-

Accruals and deferred income
9,549
13,190

1,785,674
857,919


Page 6

 


FOREST ESCAPES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
918,000
918,000

918,000
918,000


Included within Bank Loans is a bank loan of £918,000 which the directors have provided a personal guarantee of £459,000 each.
The loan is secured by way of a legal charge over the property. Interest is charged at 4.19% until February 2027 and thereafter at a rate of 5% over the Bank of England Base Rate. The loan is repayable in February 2042.


8.


Deferred taxation




2024


£






At beginning of year
(303,885)


Charged to the profit or loss
(105,355)



At end of year
(409,240)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(134,216)
(94,956)

Short term timing differences
917
-

Fixed asset timing differences
(275,941)
(208,929)

(409,240)
(303,885)


9.


Related party transactions

The Company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions
with members of the same group that are wholly owned.

Page 7

 


FOREST ESCAPES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10.


Controlling party

The parent Company is Plaistow Broadway Filling Stations Limited, a Company registered in England.
The results of Forest Escapes Limited, are consolidated into the group accounts of Plaistow Broadway Filling Stations Limited, which is the smallest and largest group for which consolidated financial statements are drawn up for. The consolidated financial statements of this group may be obtained from the registered office which is Suite 3 Crescent Court, Western Road, Billericay, Essex, CM14 9AQ.
There is no ultimate controlling party.
 
Page 8