REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
FORTE DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment properties | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | INVESTMENT PROPERTIES |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Disposals | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 125,647 | 133,606 |
Other creditors |
Directors' current accounts | 220,544 | 1,456,618 |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Other loans - 1-2 years |
Other loans - 2-5 years |
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 |
Other loan | 1,366,859 | 706,127 |
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 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2024 |
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. |