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REGISTERED NUMBER: 04242738 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

FORTE DEVELOPMENTS LIMITED

FORTE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04242738)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FORTE DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr H M Byrne
Mrs T S Kintas
Mr K A McCreesh BA (Hons) ACA





SECRETARY: Mrs T S Kintas





REGISTERED OFFICE: Premier Business Park, Dencora Way
Luton
Bedfordshire
LU3 3HP





REGISTERED NUMBER: 04242738 (England and Wales)





ACCOUNTANTS: Ad Valorem Accountancy Services Limited
Chartered Certified Accountants
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Buckinghamshire
MK12 5NN

FORTE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04242738)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 5 103 103
Investment properties 6 43,664,587 44,540,937
43,664,690 44,541,040

CURRENT ASSETS
Stocks 7 419,256 384,035
Debtors 8 4,550,876 4,624,066
Cash at bank 1,982,015 1,123,823
6,952,147 6,131,924
CREDITORS
Amounts falling due within one year 9 3,121,580 3,436,964
NET CURRENT ASSETS 3,830,567 2,694,960
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,495,257

47,236,000

CREDITORS
Amounts falling due after more than one
year

10

(13,022,952

)

(14,065,076

)

PROVISIONS FOR LIABILITIES 12 (4,922,839 ) (5,037,134 )
NET ASSETS 29,549,466 28,133,790

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 29,549,464 28,133,788
29,549,466 28,133,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

FORTE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04242738)

BALANCE SHEET - continued
30 JUNE 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





Mr H M Byrne - Director


FORTE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04242738)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Forte Developments 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

The effect of events in relation to the year which occurred before the date of approval of the financial statements by the directors has been included in the statements to the extent required to show a true and fair view of the state of affairs at the balance sheet date and of the results for the year ended on that date.

INVESTMENT PROPERTIES
In accordance with standard accounting practice, investment properties are revalued annually and the aggregate surplus or deficit is taken to the Statement of Comprehensive Income. No depreciation or amortisation is provided in respect of freehold investment properties.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified.

STOCKS
Stocks have been valued at the lower of cost and net realisable value. Cost comprises prime cost of land, labour and materials together with an applicable proportion of direct overheads. Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing and selling.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FORTE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04242738)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

4. EMPLOYEES AND DIRECTORS

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

5. FIXED ASSET INVESTMENTS
Other
investments
£
COST
At 1 July 2023
and 30 June 2024 103
NET BOOK VALUE
At 30 June 2024 103
At 30 June 2023 103

6. INVESTMENT PROPERTIES
Total
£
FAIR VALUE
At 1 July 2023 44,540,937
Disposals (876,350 )
At 30 June 2024 43,664,587
NET BOOK VALUE
At 30 June 2024 43,664,587
At 30 June 2023 44,540,937

FORTE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04242738)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. INVESTMENT PROPERTIES - continued

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

30.6.24 30.6.23
£ £
Cost 21,065,016 21,941,367

The property portfolio was valued on 30 June 2021 at £43,560,000, by Kirkby Diamond, Chartered Surveyors. Since that date, three properties have been sold and a further two acquired, the acquisitions being recorded at cost. As at 30 June 2024, the directors consider that the fair value of the portfolio is not materially different from its carrying value.

7. STOCKS
2024 2023
£ £
Stocks 419,256 384,035

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 354,821 343,870
Other debtors 4,187,206 4,280,196
Prepayments and accrued income 8,849 -
4,550,876 4,624,066

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans 400,000 -
Other loans 643,907 334,052
Trade creditors 52,467 121,201
Tax 296,054 60,238
Social security and other taxes 101 101
VAT 125,647 133,606
Other creditors 593,156 547,762
Directors' current accounts 220,544 1,456,618
Accruals and deferred income 789,704 783,386
3,121,580 3,436,964

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans - 2-5 years 12,300,000 13,100,000
Other loans - 1-2 years 255,515 355,341
Other loans - 2-5 years 467,437 609,735
13,022,952 14,065,076

FORTE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04242738)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 12,700,000 13,100,000
Other loan 1,366,859 706,127
14,066,859 13,806,127

Bank borrowings are secured by fixed and floating charges over the company's assets.

The Other loan is secured by a fixed charge over one of the company's investment properties.

12. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 4,922,839 5,037,134

Deferred tax
£
Balance at 1 July 2023 5,037,134
Credit to Income Statement during year (114,295 )
Balance at 30 June 2024 4,922,839

The provision for deferred taxation relates to the potential tax payable if the investment properties were to be sold at their revalued amounts.

The tax charge for the year ended 30 June 2022 included an amount of £1,233,432, in respect of an increase in the rate of tax at which deferred tax had been provided from 19% for 2021 to 25% for 2022, following changes in tax legislation.