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REGISTERED NUMBER: 10484661 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

Forbes Land and Property Limited

Forbes Land and Property Limited (Registered number: 10484661)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

Forbes Land and Property Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: H Forbes
K S Forbes





REGISTERED OFFICE: 31 Rock Hill
Bromsgrove
Worcestershire
B61 7LL





REGISTERED NUMBER: 10484661 (England and Wales)





ACCOUNTANTS: ABS Associates
Coolings Farm
Long Drove
Walcott Fen
Lincolnshire
LN4 4BQ

Forbes Land and Property Limited (Registered number: 10484661)

Abridged Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 435,000 390,000

CURRENT ASSETS
Debtors 1,721 1,793
Cash at bank and in hand 1,171 3,643
2,892 5,436
CREDITORS
Amounts falling due within one year 63,612 63,338
NET CURRENT LIABILITIES (60,720 ) (57,902 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

374,280

332,098

CREDITORS
Amounts falling due after more than
one year

5

(219,171

)

(219,171

)

PROVISIONS FOR LIABILITIES (27,573 ) (19,023 )
NET ASSETS 127,536 93,904

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 7 117,549 81,099
Retained earnings 9,985 12,803
SHAREHOLDERS' FUNDS 127,536 93,904

Forbes Land and Property Limited (Registered number: 10484661)

Abridged Balance Sheet - continued
30 November 2024


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

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

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 March 2025 and were signed on its behalf by:




H Forbes - Director



K S Forbes - Director


Forbes Land and Property Limited (Registered number: 10484661)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Forbes Land and Property 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
In accordance with Financial Reporting Standard 102 Section 1a, investment property is included at fair value and gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided, which is a departure from the Companies Act 2005, but is required to provide a true and fair view. The directors undertake an annual review of valuations and seek independent professional valuations once every five years.

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 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 have been enacted or substantively enacted by the balance sheet date.

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.

Forbes Land and Property Limited (Registered number: 10484661)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Rental income
Rental income arising from investment properties is accounted for on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023 390,000
Revaluations 45,000
At 30 November 2024 435,000
NET BOOK VALUE
At 30 November 2024 435,000
At 30 November 2023 390,000

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2018 17,250
Valuation in 2019 22,873
Valuation in 2020 15,000
Valuation in 2021 20,000
Valuation in 2022 25,000
Valuation in 2024 45,000
Cost 289,877
435,000

If investment property had not been revalued it would have been included at the following historical cost:

30.11.24 30.11.23
£    £   
Cost 289,877 289,877

Investment property was valued on an open market basis on 30 November 2024 by the directors .

Forbes Land and Property Limited (Registered number: 10484661)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
30.11.24 30.11.23
£    £   
Repayable otherwise than by instalments
Mortgage loans over 5 years 219,171 219,171

6. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Mortgage 219,171 219,171

The following charges are held over the company :

1. Kent Reliance Banking Services hold a charge over the freehold property 75 Lyttleton Avenue, Bromsgrove, B60 3LH.

2. Paragon Bank Limited hold a charge over freehold property at Norrington Road, Birmingham, B31 5PH.

The directors' have also provided personal guarantees to the above lenders.

7. RESERVES
Fair
value
reserve
£   
At 1 December 2023 81,099
Deferred tax on fair value (8,550 )
Restatement to fair value 45,000

At 30 November 2024 117,549

8. CONTINGENT LIABILITIES

There were no known material contingent liabilities at the year end.

9. POST BALANCE SHEET EVENTS

There were no known material post balance sheet events.

Forbes Land and Property Limited

Report of the Accountants to the Directors of
Forbes Land and Property Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2024 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






ABS Associates
Coolings Farm
Long Drove
Walcott Fen
Lincolnshire
LN4 4BQ


26 March 2025