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REGISTERED NUMBER: 03396942 (England and Wales)

















FORESTCOVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






FORESTCOVE LIMITED (REGISTERED NUMBER: 03396942)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


FORESTCOVE LIMITED (REGISTERED NUMBER: 03396942)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3 5
Investment property 5 2,360,155 2,650,155
2,360,158 2,650,160

CURRENT ASSETS
Debtors 6 1,365 1,200
Cash at bank 442,231 157,720
443,596 158,920
CREDITORS
Amounts falling due within one year 7 161,705 166,916
NET CURRENT ASSETS/(LIABILITIES) 281,891 (7,996 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,642,049

2,642,164

CREDITORS
Amounts falling due after more than one
year

8

(258,065

)

(282,843

)

PROVISIONS FOR LIABILITIES (251,476 ) (272,027 )
NET ASSETS 2,132,508 2,087,294

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 1,141,142 1,234,787
Retained earnings 991,266 852,407
SHAREHOLDERS' FUNDS 2,132,508 2,087,294

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

FORESTCOVE LIMITED (REGISTERED NUMBER: 03396942)

BALANCE SHEET - continued
30 APRIL 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





D M H Gibbons - Director


FORESTCOVE LIMITED (REGISTERED NUMBER: 03396942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Forestcove Limited 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: 03396942

Registered office: Broad House
The Broadway
Old Hatfield
Herts
AL9 5BG

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.

Going concern
The financial statements have been prepared on a going concern basis as the directors and shareholders confirm their financial support for the company for the foreseeable future.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover represents the gross income from the Company's principal activity of Property Investment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in revaluation reserve.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in 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 the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


FORESTCOVE LIMITED (REGISTERED NUMBER: 03396942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 May 2023
and 30 April 2024 2,552
DEPRECIATION
At 1 May 2023 2,547
Charge for year 2
At 30 April 2024 2,549
NET BOOK VALUE
At 30 April 2024 3
At 30 April 2023 5

FORESTCOVE LIMITED (REGISTERED NUMBER: 03396942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 2,650,155
Disposals (290,000 )
At 30 April 2024 2,360,155
NET BOOK VALUE
At 30 April 2024 2,360,155
At 30 April 2023 2,650,155

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 (114,196 )
Valuation in 2023 (64,845 )
Valuation in 2022 238,063
Valuation in 2020 886,087
Valuation in 2006 93,501
Valuation in 2002 354,010
Cost 967,535
2,360,155

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,365 1,200

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 35,469 15,263
Other creditors 126,236 151,653
161,705 166,916

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 258,065 282,843

FORESTCOVE LIMITED (REGISTERED NUMBER: 03396942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. RESERVES
Revaluation
reserve
£   
At 1 May 2023 1,234,787
Revaluation in year (93,645 )

At 30 April 2024 1,141,142

10. RELATED PARTY DISCLOSURES

During the year, dividends of £4,500 (2023: £8,000) were paid to the directors.

Included within other creditors: amounts falling due within one year to E C & B limited is £117,452 (2023 £147,452), a company of which Mrs D M H Gibbons is a director.

Included within other creditors: amounts falling due after more than one year to Mrs D M H Gibbons is £18,194 (2023: (£24,472) and £239,871 (2023: £258,371) due to the shareholders .