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REGISTERED NUMBER: 03043871 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

FORTDENE LIMITED

FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FORTDENE LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: Adrian Richard Goldsmith
John Oliver Goldsmith
Willem Frederik Vonck





REGISTERED OFFICE: 30 Macaulay Road
London
SW4 0QX





REGISTERED NUMBER: 03043871 (England and Wales)






FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

STATEMENT OF FINANCIAL POSITION
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 7,820,000 9,997,576

CURRENT ASSETS
Debtors 5 64,070 95,720
Cash at bank 248,075 363,911
312,145 459,631
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

2,119,132

4,995,290
NET CURRENT LIABILITIES (1,806,987 ) (4,535,659 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,013,013

5,461,917

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

(1,002,174

)

-

PROVISIONS FOR LIABILITIES 9 (163,877 ) (223,701 )
NET ASSETS 4,846,962 5,238,216

CAPITAL AND RESERVES
Called up share capital 10 200 200
Fair value reserve 11 (4,134,439 ) (3,515,365 )
Retained earnings 8,981,201 8,753,381
SHAREHOLDERS' FUNDS 4,846,962 5,238,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

STATEMENT OF FINANCIAL POSITION - continued
31 May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





Adrian Richard Goldsmith - Director


FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024


1. Statutory information

Fortdene Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified to include investment properties at fair value.

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

Significant judgements
In applying the company's accounting policies the directors are required to make judgements in determining the carrying amounts of assets and liabilities.

The critical judgements made by the directors relate to assessing:
the market value of the investment properties,
the recoverability of certain trade and other debtors.

Turnover
Turnover represents operating lease income from investment properties which is recognised in profit or loss on a straight line basis over the lease term. Lease incentives are spread over the lease term.

Investment property
Investment properties are initially measured at cost which comprises the purchase price and any directly attributable expenditure. Investment properties for which fair value can be measured reliably without undue cost or effort are remeasured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Fair value is determined by the directors by reference to reports procured from independent qualified valuers who use the investment method of valuation. This approach involves applying market-derived capitalisation yields to current and market-derived future income streams with appropriate adjustments for income voids arising from vacancies or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation. Where such reports are not available the directors prepare the valuation internally using the same methodology.

FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


2. Accounting policies - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise cash and cash equivalents, trade and other debtors, trade and other creditors and loans.

Cash and cash equivalents - these include cash in hand and deposits held with banks.

Trade and other debtors - these are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment.

Trade and other creditors and loans - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement.
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 that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all 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. Deferred tax on investment properties held at fair value is measured using the rates and allowances that would apply to the sale of the assets.

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.

Going concern
The company owns a portfolio of commercial properties tenanted by quality tenants and financed in the main by bank loans repayable by instalments. As a result of its investment in property, the company has net current liabilities of £1,806,987 (2023 - £4,535,067). Of this balance £1,571,086 (2023 - £1,790,886) is due to Prestigic Holdings Limited who has confirmed that it will continue to support the company and will not require repayment of these funds to the detriment of the company's creditors in the foreseeable future.

Projections indicate that the rental income from the remaining properties is sufficient to meet the repayments due on the loan from the Trustees of the Prestigic Holdings Limited Retirement Benefit Scheme, the Santander loan and the group's overhead expenditure.

As a consequence the directors believe that the company is well placed to manage its business risks successfully. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

4. Investment property
Total
£   
Fair value
At 1 June 2023 9,997,576
Disposals (1,271,076 )
Revaluations (906,500 )
At 31 May 2024 7,820,000
Net book value
At 31 May 2024 7,820,000
At 31 May 2023 9,997,576

The investment properties held at 31 May 2024 were valued as at that date at £7,820,000 (2023 - £9,997,576). The properties were valued by Adrian Goldsmith, a director, on an open market value basis.

The original cost of the properties was £11,954,439 (2023 - £13,512,941).

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2015 (19,289 )
Valuation in 2016 74,118
Valuation in 2017 573,158
Valuation in 2018 (488,064 )
Valuation in 2019 (667,952 )
Valuation in 2020 (594,309 )
Valuation in 2021 (1,561,555 )
Valuation in 2022 278,500
Valuation in 2023 (1,109,972 )
Valuation in 2024 (619,074 )
Cost 11,954,439
7,820,000

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 47,371 41,990
Other debtors 7,220 3,761
VAT recoverable 8,239 18,284
Prepayments and accrued income 1,240 31,685
64,070 95,720

FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans 60,000 2,916,165
Other loans 165,002 -
Trade creditors 56,750 3,512
Corporation tax 63,856 58,653
Other creditors 135,755 82,341
Amounts owed to group undertakings 1,571,086 1,790,886
Accruals and deferred income 66,683 143,733
2,119,132 4,995,290

The amounts owed to group undertakings are unsecured and have no fixed repayment terms.

The Other loans relate to a loan from the Trustees of the Prestigic Holdings Retirement Benefit Scheme.

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - amounts falling
due within one to two years 60,000 -
Bank loans - amounts falling
due within two to five years 314,065 -
Other loans - amounts falling
due within one to two years 175,615 -
Other loans - amounts falling
due within two to five years 452,494 -
1,002,174 -

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 434,065 2,916,165
Other loans 793,111 -
1,227,176 2,916,165

The bank and other loans are secured by way of fixed charges over the company's investment properties and by floating charges over all of the company's assets.

The bank loans are secured by way of a fixed charge over several of the company's investment properties in favour of Santander UK PLC dated 28 September 2017.

The other loans are secured by way of a fixed charge over Bohunt Manor, Liphook in favour of the Trustees of the Prestigic Holdings Limited Retirement Benefit Scheme dated 28 September 2023.

FORTDENE LIMITED (REGISTERED NUMBER: 03043871)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


9. Provisions for liabilities
2024 2023
£    £   
Deferred tax 163,877 223,701

Deferred
tax
£   
Balance at 1 June 2023 223,701
Transfer to profit and loss (59,824 )
account
Balance at 31 May 2024 163,877

The provision represents tax on accelerated capital allowances.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

11. Reserves
Fair
value
reserve
£   
At 1 June 2023 (3,515,365 )
Fair value revision during year (906,500 )
Fair value surplus realised 287,426

At 31 May 2024 (4,134,439 )

12. Contingent liabilities

The company is included in a group registration for VAT purposes and is therefore jointly and severally liable for all other group companies' unpaid debts in this connection, amounting to £32,623 (2023 - £43,852) at 31 May 2024.

13. Ultimate controlling party

Throughout the year the company was controlled by its holding company, Prestigic Holdings Limited of 30 Macaulay Road, London, SW4 0QX, the ultimate owner is Adrian Goldsmith.