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Company No: 12780057 (England and Wales)

FORT ROAD DEVELOPMENT CO LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

FORT ROAD DEVELOPMENT CO LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

FORT ROAD DEVELOPMENT CO LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
FORT ROAD DEVELOPMENT CO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
Directors P R Miles
A J Miles
D A Till
Registered office East Northdown House
East Northdown
Margate
Kent
CT9 3TS
United Kingdom
Company number 12780057 (England and Wales)
FORT ROAD DEVELOPMENT CO LIMITED

BALANCE SHEET

As at 31 July 2024
FORT ROAD DEVELOPMENT CO LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 24,805 33,067
24,805 33,067
Current assets
Stocks 3,678,640 2,310,945
Debtors 5 242,771 92,657
Cash at bank and in hand 6 67,385 188,178
3,988,796 2,591,780
Creditors: amounts falling due within one year 7 ( 89,316) ( 85,128)
Net current assets 3,899,480 2,506,652
Total assets less current liabilities 3,924,285 2,539,719
Creditors: amounts falling due after more than one year 8 ( 4,099,037) ( 2,646,768)
Net liabilities ( 174,752) ( 107,049)
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account ( 174,754 ) ( 107,051 )
Total shareholders' deficit ( 174,752) ( 107,049)

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fort Road Development Co Limited (registered number: 12780057) were approved and authorised for issue by the Board of Directors on 16 May 2025. They were signed on its behalf by:

P R Miles
Director
FORT ROAD DEVELOPMENT CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
FORT ROAD DEVELOPMENT CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Fort Road Development Co 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 East Northdown House, East Northdown, Margate, Kent, CT9 3TS, 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 £.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Balance Sheet date.

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 5 years straight line
Office equipment 4 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.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 August 2023 10,580 31,596 925 43,101
Additions 593 0 50 643
Disposals ( 450) 0 0 ( 450)
At 31 July 2024 10,724 31,596 975 43,295
Accumulated depreciation
At 01 August 2023 2,403 7,196 435 10,034
Charge for the financial year 2,151 6,319 234 8,704
Disposals ( 248) 0 0 ( 248)
At 31 July 2024 4,306 13,515 669 18,490
Net book value
At 31 July 2024 6,418 18,081 306 24,805
At 31 July 2023 8,177 24,400 490 33,067

5. Debtors

2024 2023
£ £
Other debtors 242,771 92,657

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 67,385 188,178

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 58,043 74,586
CIS withheld 0 4,928
Other taxation and social security 844 844
Other creditors 30,429 4,770
89,316 85,128

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

2024 2023
£ £
Bank loans 2,457,966 1,079,039
Other creditors 1,641,071 1,567,729
4,099,037 2,646,768

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2