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Company No: 12801444 (England and Wales)

FORTS GROUP LIMITED

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

FORTS GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FORTS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
FORTS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 790,432 790,432
Investments 4 1,101 1,101
791,533 791,533
Current assets
Debtors 5 304,252 243,685
Cash at bank and in hand 3,311 11,833
307,563 255,518
Creditors: amounts falling due within one year 6 ( 50,201) ( 354,050)
Net current assets/(liabilities) 257,362 (98,532)
Total assets less current liabilities 1,048,895 693,001
Creditors: amounts falling due after more than one year 7, 11 ( 326,604) ( 351,551)
Net assets 722,291 341,450
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 722,191 341,350
Total shareholder's funds 722,291 341,450

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 Group Limited (registered number: 12801444) were approved and authorised for issue by the Director. They were signed on its behalf by:

J Osmani
Director

28 April 2025

FORTS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FORTS GROUP LIMITED

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 Group Limited (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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured.

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

Revenue represents rents receivable and is recognised in the period which the rents fall due.

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.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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, loans to and from related parties and investments in non-puttable ordinary shares.

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/Statement of Comprehensive Income.

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 liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

***Offsetting***

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.

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.

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 790,432
As at 30 June 2024 790,432

Valuation

The 2024 valuations were made by the director, on an open market value for existing use basis

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 1,001
At 30 June 2024 1,001
Carrying value at 30 June 2024 1,001
Carrying value at 30 June 2023 1,001

Investments in joint ventures Total
£ £
Cost or valuation before impairment
At 01 July 2023 100 100
At 30 June 2024 100 100
Carrying value at 30 June 2024 100 100
Carrying value at 30 June 2023 100 100

5. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 111,205 53,262
Amounts owed by associates 176,310 173,710
Prepayments 16,737 13,378
Other debtors 0 3,335
304,252 243,685

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 24,969 24,173
Trade creditors 16,590 10,939
Amounts owed to group undertakings 0 315,412
Amounts owed to director 660 341
Accruals 4,807 1,950
Taxation and social security 3,175 1,235
50,201 354,050

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

2024 2023
£ £
Bank loans 326,604 351,551

The bank loan is secured by a fixed charge over Unit 19, IO Centre Hatfield, Hearle Way, Hatfield, Hertfordshire, AL10 9EW.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Contingencies

Contingent liabilities

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

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

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.

11. Loan Summary

Bank Loans

2024 2023
£ £
Due within one year 24,969 24,233
Due between one and five years 108,391 105,195
Due over five years 218,213 244,467
351,573 373,893