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Company No: 08902695 (England and Wales)

FORTS DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

FORTS DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FORTS DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
FORTS DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 212,342 212,601
212,342 212,601
Current assets
Stocks 4 6,912 60,530
Debtors 5 190,444 766,268
Cash at bank and in hand 553,023 487,669
750,379 1,314,467
Creditors: amounts falling due within one year 6 ( 431,785) ( 533,910)
Net current assets 318,594 780,557
Total assets less current liabilities 530,936 993,158
Creditors: amounts falling due after more than one year 7 ( 107,914) ( 173,391)
Net assets 423,022 819,767
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 423,021 819,766
Total shareholder's funds 423,022 819,767

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Forts Developments Ltd (registered number: 08902695) were approved and authorised for issue by the Director. They were signed on its behalf by:

J Osmani
Director

28 April 2025

FORTS DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FORTS DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Forts Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Unit 19 The Io Centre, Hearle Way, Hatfield, AL10 9EW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 3 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 14 12

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 93,337 184,160 106,493 7,797 391,787
Additions 62,571 0 3,585 4,832 70,988
At 30 June 2024 155,908 184,160 110,078 12,629 462,775
Accumulated depreciation
At 01 July 2023 53,942 18,580 101,686 4,978 179,186
Charge for the financial year 30,536 36,832 2,009 1,870 71,247
At 30 June 2024 84,478 55,412 103,695 6,848 250,433
Net book value
At 30 June 2024 71,430 128,748 6,383 5,781 212,342
At 30 June 2023 39,395 165,580 4,807 2,819 212,601
Leased assets included above:
Net book value
At 30 June 2024 64,085 115,189 0 0 179,274
At 30 June 2023 34,800 148,323 0 0 183,123

4. Stocks

2024 2023
£ £
Work in progress 6,912 60,530

5. Debtors

2024 2023
£ £
Trade debtors 76,172 106,795
Amounts owed by group undertakings 0 382,326
Corporation tax 46,411 46,411
Other debtors 67,861 230,736
190,444 766,268

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 2,424 0
Trade creditors 205,502 273,839
Other loans 39,848 35,885
Accruals 5,950 5,275
Taxation and social security 75,026 79,521
Obligations under finance leases and hire purchase contracts 60,863 43,079
Other creditors 42,172 96,311
431,785 533,910

Included in other loans, is a security which contains a fixed charge that covers all the property or undertaking of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 36,409 77,827
Obligations under finance leases and hire purchase contracts 71,505 95,564
107,914 173,391

Net obligations under finance leases and hire purchase contracts are secured against the assets being financed.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share share of £ 1.00 1 1

9. Financial commitments

Other financial commitments

2024 2023
£ £
Commitments in respect of parents and subsidiaries 400,000 400,000

The Company has guaranteed the loan of £400,000 for the benefit of the parent company in relation to Unit 19, IO Centre Hatfield, Hearle Way, Hatfield, Hertfordshire, AL10 9EW.

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 354 219

10. Contingencies

Contingent liabilities

The bank holds an unlimited cross guarantee between the company and its parent company, Forts Group Limited, for the benefit of Forts Development Limited in relation to Tesla Motor Vehicles.

11. Related party transactions

Transactions with owners holding a participating interest in the entity

Where possible the company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with wholly-owned group undertakings.

12. Ultimate controlling party

The company is the wholly owned subsidiary of Forts Group Ltd, a company incorporated in England and Wales and its registered office address is Unit 19 The Io Centre, Hearle Way, Hatfield, Herts, United Kingdom, AL10 9EW.