Company registration number SC374358 (Scotland)
FORTHPOINT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FORTHPOINT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FORTHPOINT LIMITED
BALANCE SHEET
AS AT 29 APRIL 2024
29 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
116,642
27,119
Investment property
4
-
0
900,000
116,642
927,119
Current assets
Debtors
5
243,078
337,683
Cash at bank and in hand
660,407
2,685
903,485
340,368
Creditors: amounts falling due within one year
6
(682,095)
(1,115,086)
Net current assets/(liabilities)
221,390
(774,718)
Total assets less current liabilities
338,032
152,401
Creditors: amounts falling due after more than one year
7
(74,630)
(20,833)
Net assets
263,402
131,568
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
263,400
131,566
Total equity
263,402
131,568

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

FORTHPOINT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 APRIL 2024
29 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
K Pender
Director
Company Registration No. SC374358
FORTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2024
- 3 -
1
Accounting policies
Company information

Forthpoint Limited is a private company limited by shares incorporated in Scotland. The registered office is 16 Kenilworth Road, Bridge of Allan, Stirling, Scotland, FK9 4DU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

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

1.5
Impairment of fixed assets

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

FORTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FORTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
-
0
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 30 April 2023
31,846
6,435
-
0
38,281
Additions
1,508
1,913
104,727
108,148
Disposals
(3,000)
(1,498)
-
0
(4,498)
At 29 April 2024
30,354
6,850
104,727
141,931
Depreciation and impairment
At 30 April 2023
6,323
4,839
-
0
11,162
Depreciation charged in the year
3,756
1,408
10,909
16,073
Eliminated in respect of disposals
(641)
(1,305)
-
0
(1,946)
At 29 April 2024
9,438
4,942
10,909
25,289
Carrying amount
At 29 April 2024
20,916
1,908
93,818
116,642
At 29 April 2023
25,523
1,596
-
0
27,119
4
Investment property
2024
£
Fair value
At 30 April 2023
900,000
Disposals
(900,000)
At 29 April 2024
-
0

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
243,078
337,683
FORTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Obligations under finance leases
9,179
-
0
Trade creditors
-
0
459
Amounts owed to group undertakings
7,885
462,810
Taxation and social security
2,266
-
0
Other creditors
647,765
584,641
Accruals and deferred income
5,000
57,176
682,095
1,115,086
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,833
20,833
Obligations under finance leases
63,797
-
0
74,630
20,833
8
Security

Finance lease creditors are secured over the assets to which they relate.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Ultimate Controlling Party

The ultimate parent company is Swilken Estates Limited, a company incorporated in Scotland. The financial statements of Swilken Estates Limited can be obtained from Companies House.

 

In the opinion of the directors there is no ultimate controlling party.

FORTHPOINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2024
- 7 -
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not disclose related party transactions with wholly owned subsidiaries within the group.

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