Company registration number SC674241 (Scotland)
AEFORREST HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
AEFORREST HOLDINGS LTD
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 6
AEFORREST HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of other letting and operating of own or leased real estate.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A W Forrest
E G W Forrest
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
..............................................
A W Forrest
Director
25 March 2025
AEFORREST HOLDINGS LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF AEFORREST HOLDINGS LTD
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AEForrest Holdings Ltd for the year ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of AEForrest Holdings Ltd, as a body, in accordance with the terms of our engagement letter dated 14 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of AEForrest Holdings Ltd and state those matters that we have agreed to state to the board of directors of AEForrest Holdings Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AEForrest Holdings Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that AEForrest Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of AEForrest Holdings Ltd. You consider that AEForrest Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of AEForrest Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Wbg Services LLP
25 March 2025
Accountants
168 Bath Street
Glasgow
G2 4TP
AEFORREST HOLDINGS LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
44,530
44,530
Current assets
Debtors
4
38,399
17,999
Cash at bank and in hand
936
12,334
39,335
30,333
Creditors: amounts falling due within one year
5
(35,827)
(40,567)
Net current assets/(liabilities)
3,508
(10,234)
Net assets
48,038
34,296
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
47,938
34,196
Total equity
48,038
34,296
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
..............................................
A W Forrest
Director
Company registration number SC674241 (Scotland)
AEFORREST HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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1
Accounting policies
Company information
AEForrest Holdings Ltd is a private company limited by shares incorporated in Scotland. The registered office is 17 Ravenshill Drive, Cleland, Motherwell, ML1 5QL.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Freehold land and buildings
0%
Freehold land and assets in the course of construction are not depreciated.
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
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.
AEFORREST HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.6
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 and 30 June 2024
44,530
Depreciation and impairment
At 1 July 2023 and 30 June 2024
Carrying amount
At 30 June 2024
44,530
At 30 June 2023
44,530
AEFORREST HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
38,399
17,999
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,581
3,545
Other taxation and social security
991
897
Other creditors
30,255
36,125
35,827
40,567