REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2024 |
for |
Forbes Land and Property Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Forbes Land and Property Limited (Registered number: 10484661) |
Abridged Balance Sheet - continued |
30 November 2024 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2023 |
Revaluations | 45,000 |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
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 |
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 |
Deferred tax on fair value | (8,550 | ) |
Restatement to fair value | 45,000 |
At 30 November 2024 |
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. |
Coolings Farm |
Long Drove |
Walcott Fen |
Lincolnshire |
LN4 4BQ |