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REGISTERED NUMBER: 04179085 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

FOREST CREEK LIMITED

FOREST CREEK LIMITED (REGISTERED NUMBER: 04179085)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


FOREST CREEK LIMITED (REGISTERED NUMBER: 04179085)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,967,720 6,967,720

CURRENT ASSETS
Debtors 5 38,092 33,225
Cash at bank 45,219 6,527
83,311 39,752
CREDITORS
Amounts falling due within one year 6 625,724 687,309
NET CURRENT LIABILITIES (542,413 ) (647,557 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,425,307

6,320,163

CREDITORS
Amounts falling due after more than one year 7 (3,835,545 ) (3,761,474 )

PROVISIONS FOR LIABILITIES 9 (423,375 ) (321,765 )
NET ASSETS 2,166,387 2,236,924

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 10 1,270,125 1,371,735
Retained earnings 896,260 865,187
2,166,387 2,236,924

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 February 2025 and were signed by:



Mr C Demopoulos - Director


FOREST CREEK LIMITED (REGISTERED NUMBER: 04179085)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Forest Creek 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: 04179085

Registered office: Third Floor Foundation House
16G Perseverance Works
38 Kingsland Road
Shoreditch
E2 8DD

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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 statement of financial position date.


FOREST CREEK LIMITED (REGISTERED NUMBER: 04179085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Change in comparatives
The accounts have been prepared for a period of 12 months whereas the comparatives are for a period of 18 months.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 March 2023
and 29 February 2024 6,967,720
NET BOOK VALUE
At 29 February 2024 6,967,720
At 28 February 2023 6,967,720

Cost or valuation at 29 February 2024 is represented by:
£   
Valuation in 2017 1,088,103
Valuation in 2018 605,397
Cost 5,274,220
6,967,720

FOREST CREEK LIMITED (REGISTERED NUMBER: 04179085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. INVESTMENT PROPERTY - continued

If investment properties had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 5,274,220 5,274,220

The director considers the market value of the investment properties to be as stated in the financial statements at the year end.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 660 3,292
Other debtors 37,432 29,933
38,092 33,225

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 68,248 134,082
Trade creditors 13,080 4,321
Taxation and social security 24,709 14,219
Other creditors 519,687 534,687
625,724 687,309

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,548,382 2,569,799
Other creditors 1,287,163 1,191,675
3,835,545 3,761,474

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 474,345 474,345

Repayable by instalments
Bank loans more 5 yr by instal 1,801,045 1,707,645

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,616,630 2,703,881

Bank loan is secured by way of fixed and floating charge on the properties and other assets of the company and contains a negative pledge.

FOREST CREEK LIMITED (REGISTERED NUMBER: 04179085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 423,375 321,765

Deferred
tax
£   
Balance at 1 March 2023 321,765
Provided during year 101,610
Balance at 29 February 2024 423,375

Due to a change in the corporation tax rate from 19% to 25%, the company has adjusted its deferred tax provision to reflect the increased rate.

10. RESERVES
Fair
value
reserve
£   
At 1 March 2023 1,371,735
Movement during the year (101,610 )

At 29 February 2024 1,270,125

11. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £1,000 (2023: £Nil) due from a connected company with common directorship and shareholdings. The loan remains interest free and recoverable on demand.

Included in other creditors less than one year is an amount of £430,592 (2023: £456,370) due to connected companies with common directorship and shareholdings. Also, included in other creditors less than one year is amount of £53,616 (2023: £53,903) due to the director of the company. The loans remain interest free and repayable on demand.

Included in other creditors more than one year is an amount of £1,287,163 (2023: £1,191,675) due to the director of the company.