BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the leasing, buying and selling of property. 21 October 2024 0 0 NI643869 2024-01-31 NI643869 2023-01-31 NI643869 2022-01-31 NI643869 2023-02-01 2024-01-31 NI643869 2022-02-01 2023-01-31 NI643869 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI643869 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI643869 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI643869 uk-bus:AbridgedAccounts 2023-02-01 2024-01-31 NI643869 uk-core:ShareCapital 2024-01-31 NI643869 uk-core:ShareCapital 2023-01-31 NI643869 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI643869 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI643869 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI643869 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI643869 uk-bus:FRS102 2023-02-01 2024-01-31 NI643869 uk-core:LandBuildings 2023-02-01 2024-01-31 NI643869 uk-core:PlantMachinery 2023-02-01 2024-01-31 NI643869 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI643869 uk-bus:Audited 2023-02-01 2024-01-31 NI643869 uk-core:ParentEntities 2023-02-01 2024-01-31 NI643869 uk-countries:NorthernIreland 2023-02-01 2024-01-31 NI643869 uk-bus:Director1 2023-02-01 2024-01-31 NI643869 uk-bus:Director2 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Forestpark Property Developments Limited
 
Abridged Financial Statements
 
for the financial year ended 31 January 2024



Forestpark Property Developments Limited
Company Registration Number: NI643869
ABRIDGED BALANCE SHEET
as at 31 January 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 5 446,404 447,245
Investment properties 6 250,000 236,286
───────── ─────────
Fixed Assets 696,404 683,531
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Current Assets
Stocks 42,267 42,267
Debtors 15,580 1,100
Cash and cash equivalents 104,575 64,738
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162,422 108,105
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Creditors: amounts falling due within one year (620,338) (596,753)
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Net Current Liabilities (457,916) (488,648)
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Total Assets less Current Liabilities 238,488 194,883
 
Provisions for liabilities (2,606) -
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Net Assets 235,882 194,883
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Capital and Reserves
Called up share capital 100 100
Retained earnings 235,782 194,783
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Equity attributable to owners of the company 235,882 194,883
═════════ ═════════
 
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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 21 October 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Mr. Seamus Devlin     Mr. Martin O'Higgins
Director     Director
           



Forestpark Property Developments Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Forestpark Property Developments Limited is a private company limited by shares incorporated in Northern Ireland. 23 Main Street, Castlewellan, Co. Down, BT31 9DF, Northern Ireland is the registered office, which is also the principal place of business of the company. The company number is NI643869.
These financial statements cover the individual entity Forestpark Property Developments Limited for the year ended 31st January 2024.
The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax. Rental revenues are recognised on a straight line basis over the term of the relevant lease.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2.5% Straight line
  Plant and machinery - 15% Straight line
  Fixtures, fittings and equipment - 15% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by John MacMahon & Co.
The Auditor's Report was signed by John McGinn (Senior Statutory Auditor) for and on behalf of John MacMahon & Co on 21st October 2024.
 
       
4. Employees
 
There were no employees in Forestpark Property Developments Limited in the year end 31st January 2024 or the comparative year.
           
5. Tangible assets
  Land and Plant and Fixtures, Total
  buildings machinery fittings and  
  freehold   equipment  
  £ £ £ £
Cost or Valuation
At 1 February 2023 510,314 1,250 - 511,564
Additions - 12,232 2,370 14,602
  ───────── ───────── ───────── ─────────
At 31 January 2024 510,314 13,482 2,370 526,166
  ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2023 63,287 1,032 - 64,319
Charge for the financial year 12,758 2,389 296 15,443
  ───────── ───────── ───────── ─────────
At 31 January 2024 76,045 3,421 296 79,762
  ───────── ───────── ───────── ─────────
Net book value
At 31 January 2024 434,269 10,061 2,074 446,404
  ═════════ ═════════ ═════════ ═════════
At 31 January 2023 447,027 218 - 447,245
  ═════════ ═════════ ═════════ ═════════
     
6. Investment Properties
  Investment
  properties
 
  £
Fair value
At 1 February 2023 236,286
Revaluation 13,714
  ─────────
At 31 January 2024 250,000
  ─────────
 
The investment property consists of buildings at 46-48 Main Street, Castlewellan, Co. Down. The fair value of the investment property is based on a valuation in November 2023 by Frazer Kidd, RICS registered property valuers who are independent to the company. The valuation was made on an open market basis by reference to market value of similar properties.
   
7. Parent company
 
The company regards FPDG Ltd, a company incorporated in Northern Ireland, as its parent company. The companys ultimate parent undertaking is FPDG Ltd. The address of FPDG ltd is 23 Main Street Castlewellan, Co. Down BT31 9DF. FPDG Ltd is regarded as both the controlling party and the ultimate controlling party.
 
The parent of the largest group in which the results are consolidated is FPDG Ltd.