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Registration number: 05712001

Fordwater Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Fordwater Investments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Fordwater Investments Limited

(Registration number: 05712001)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,486

6,504

Investment property

5

3,950,000

3,950,000

 

3,964,486

3,956,504

Current assets

 

Debtors

6

30,010

77,355

Cash at bank and in hand

 

22,452

25,592

 

52,462

102,947

Creditors: Amounts falling due within one year

7

(235,981)

(230,538)

Net current liabilities

 

(183,519)

(127,591)

Total assets less current liabilities

 

3,780,967

3,828,913

Creditors: Amounts falling due after more than one year

7

(1,257,286)

(1,368,547)

Provisions for liabilities

(152,175)

(150,180)

Net assets

 

2,371,506

2,310,186

Capital and reserves

 

Called up share capital

5,000

5,000

Revaluation reserve

1,264,682

1,264,682

Retained earnings

1,101,824

1,040,504

Shareholders' funds

 

2,371,506

2,310,186

 

Fordwater Investments Limited

(Registration number: 05712001)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

Mr W D Blacklidge
Director

   
     
 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 24 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, despite the ongoing energy and cost of living increases. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the letting of properties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably;
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably;
- and specific criteria have been met for each of the company's activities.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% straight line

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2023 - 4).

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

16,528

5,235

21,763

Additions

9,920

-

9,920

At 31 December 2024

26,448

5,235

31,683

Depreciation

At 1 January 2024

10,355

4,904

15,259

Charge for the year

1,828

110

1,938

At 31 December 2024

12,183

5,014

17,197

Carrying amount

At 31 December 2024

14,265

221

14,486

At 31 December 2023

6,173

331

6,504

5

Investment properties

2024
£

At 1 January

3,950,000

At 31 December

3,950,000

The fair value of the company's investment properties were reviewed by the directors at 31/12/2024.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

30,010

31,098

Amounts owed by related parties

10

-

36,276

Prepayments

 

-

9,981

 

30,010

77,355

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

108,344

102,779

Trade creditors

 

4,225

5,861

Social security and other taxes

 

19,898

14,162

Other creditors

 

35,120

33,995

Accruals

 

44,612

40,390

Corporation tax liability

23,782

33,351

 

235,981

230,538

Due after one year

 

Loans and borrowings

8

1,257,286

1,368,547

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

108,344

102,779

Note

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

 

662,124

776,033

Redeemable preference shares

 

20,000

20,000

Other borrowings

10

575,162

572,514

 

1,257,286

1,368,547

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £770,468 (2023 - £878,812). Bank loans are secured over the assets of the company via negative pledge, fixed and floating charges.

Included in the balance sheet are guarantees of £150,000 (2023 - £150,000). The directors have provided personal guarantees.

 

Fordwater Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

36,276

36,276

Repaid

(36,276)

(36,276)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

20,000

20,000

Advanced

40,776

40,776

Repaid

(24,500)

(24,500)

At end of period

36,276

36,276

Terms of loans to related parties

Loans to other related parties are interest free and are repayable on demand.

Loans from related parties

2024

Key management
£

Total
£

At start of period

572,514

572,514

Advanced

5,648

5,648

Repaid

(3,000)

(3,000)

At end of period

575,162

575,162

2023

Key management
£

Total
£

At start of period

582,989

582,989

Advanced

925

925

Repaid

(11,400)

(11,400)

At end of period

572,514

572,514

Terms of loans from related parties

Loans from key management are interest free and are not repayable within a period of less than one year.
 
Loans from other related parties are interest free and are repayable on demand.