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Registration number: 10257552

Fore Investments (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Fore Investments (UK) Limited

Company Information

Directors

Imperium Directors One Limited

D A Gilmour

A J Le Poidevin

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Fore Investments (UK) Limited

(Registration number: 10257552)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

1,695,000

2,085,000

Current assets

 

Debtors

6

26,640

33,473

Cash at bank and in hand

 

4,418

11,135

 

31,058

44,608

Creditors: Amounts falling due within one year

7

(1,108,099)

(733,755)

Net current liabilities

 

(1,077,041)

(689,147)

Total assets less current liabilities

 

617,959

1,395,853

Creditors: Amounts falling due after more than one year

7

(983,050)

(988,650)

Provisions for liabilities

-

(88,242)

Net (liabilities)/assets

 

(365,091)

318,961

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

11

(365,191)

318,861

Shareholders' (deficit)/funds

 

(365,091)

318,961

 

Fore Investments (UK) Limited

(Registration number: 10257552)
Balance Sheet as at 5 April 2024

For the financial year ending 5 April 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 and 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 4 April 2025 and signed on its behalf by:
 

.........................................
Imperium Directors One Limited
Director

.........................................
A J Le Poidevin
Director

 
     
 

Fore Investments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 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:
20-22 Wenlock Road
London
N1 7GU
England

Principal activity

The principal activity of the Company is property holding.

These financial statements were authorised for issue by the Board on 4 April 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.

Going concern

These financial statements have been prepared on the going concern basis, which assumes that the company will be able to meet its financial obligations as they fall due for payment for the foreseeable future. The company is reliant upon the continued support of its parent undertaking, Fore Investments Limited, to be able to do this. Fore Investment Limited has indicated to the directors, that support will be provided as it is required.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income 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;
and specific criteria have been met for each of the Company's activities.

 

Fore Investments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Tax

The tax expense for the period comprises 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually either by external valuers or by the directors. Valuations are based on 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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Investments in land and buildings are measured at fair value through the profit and loss. Financial assets at fair value through profit or loss are financial assets held for trading. These assets are available-for-sale financial assets and are non-derivatives that are either designated in this category or not classified in any other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment,

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

 

Fore Investments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

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.

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.

 

Fore Investments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (excluding directors) during the year, was 0 (2023 - 0).

5

Investment properties

2024
£

At 6 April

2,085,000

Additions

313,825

Fair value adjustments

(703,825)

At 5 April

1,695,000

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

22,550

22,897

Prepayments

 

4,090

-

Other debtors

 

-

10,576

   

26,640

33,473

 

Fore Investments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,600

5,600

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

1,022,818

619,022

Accruals and deferred income

 

3,301

2,958

Other creditors

 

76,380

106,175

 

1,108,099

733,755

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

983,050

988,650

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,600

5,600

Included within creditors are loans and borrowings amounting to £983,050 (2023: £999,650) which are secured against the investment properties.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

Fore Investments (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of Nil per each

-

-

 

 

11

Reserves

The reserves are split as distributable profit and loss deficit of £365,191 (2023 - deficit £10,247) and non distributable property revaluation Deficit of £Nill (2023 - surplus £329,108).