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COMPANY REGISTRATION NUMBER: 08449219
Forge Farm Investments Ltd
Filleted Financial Statements
31 December 2024
Forge Farm Investments Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,707,084
3,508,553
Current assets
Debtors
6
2,028,970
1,370,518
Cash at bank and in hand
181,087
431,104
------------
------------
2,210,057
1,801,622
Creditors: amounts falling due within one year
7
3,537,510
3,146,692
------------
------------
Net current liabilities
1,327,453
1,345,070
------------
------------
Total assets less current liabilities
2,379,631
2,163,483
Provisions
264,199
220,816
------------
------------
Net assets
2,115,432
1,942,667
------------
------------
Capital and reserves
Called up share capital
8
300
300
Revaluation reserve
43,870
43,870
Profit and loss account
2,071,262
1,898,497
------------
------------
Shareholders funds
2,115,432
1,942,667
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr J Beattie
Director
Company registration number: 08449219
Forge Farm Investments Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Southpoint, Compass Park, Bodiam, Robertsbridge, East Sussex, TN32 5BS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements are rounded to the nearest £1.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Dolphin Solutions (Holdings) Ltd which can be obtained from Southpoint, Compass Park, Bodiam, Robertsbridge, East Sussex, TN32 5BS. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: The directors do not consider themselves to have made any judgements in the accounting of this entity. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Valuation of investment properties The company obtain regular third party valuations, from qualified valuers. Where necessary, these are updated based on lease terms, market conditions and sales prices based upon known market transactions for similar properties as a basis for determining the directors' estimation of the fair value of the investment properties. However, the valuation of the company's investment property is inherently subjective, as it is made on the basis of valuation assumptions which may in future not prove to be be accurate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 January 2024
3,504,955
4,145
3,509,100
Additions
3,486
3,486
Revaluations
195,045
195,045
------------
-------
------------
At 31 December 2024
3,700,000
7,631
3,707,631
------------
-------
------------
Depreciation
At 1 January 2024 and 31 December 2024
547
547
------------
-------
------------
Carrying amount
At 31 December 2024
3,700,000
7,084
3,707,084
------------
-------
------------
At 31 December 2023
3,504,955
3,598
3,508,553
------------
-------
------------
The investment property was valued by Dyer & Hobbis on 12 Decmber 2024 for company accounting purposes.
6. Debtors
2024
2023
£
£
Trade debtors
19,200
Other debtors
2,009,770
1,370,518
------------
------------
2,028,970
1,370,518
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,129
42,278
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,180,000
1,880,000
Social security and other taxes
48,506
30,665
Other creditors
1,277,875
1,193,749
------------
------------
3,537,510
3,146,692
------------
------------
8. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.10 each
1,000
100
1,000
100
Ordinary B shares of £ 0.10 each
1,000
100
1,000
100
Ordinary C shares of £ 0.10 each
1,000
100
1,000
100
-------
----
-------
----
3,000
300
3,000
300
-------
----
-------
----
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.10 each
1,000
100
1,000
100
Ordinary B shares of £ 0.10 each
1,000
100
1,000
100
Ordinary C shares of £ 0.10 each
1,000
100
1,000
100
-------
----
-------
----
3,000
300
3,000
300
-------
----
-------
----
9. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
364,800
304,800
Later than 1 year and not later than 5 years
1,440,000
1,200,000
Later than 5 years
2,520,000
2,400,000
------------
------------
4,324,800
3,904,800
------------
------------
10. Summary audit opinion
The auditor's report dated 21 May 2025 was unqualified .
The senior statutory auditor was Lyndsay Nicholson FCA , for and on behalf of Riverside Accountancy Lancaster Limited .
11. Related party transactions
Included within other creditors is an amount owed to Directors of £600,000 which the company is being charged interest at 2% above base. The company was a wholly owned subsidiary of Dolphin Solutions (Holdings) Ltd during the year and as such has taken advantage of the exemption permitted by Section 33.1 'Related Party Disclosures' not to provide disclosures of transactions entered into with other wholly-owned members of the group.
12. Controlling party
The company is controlled by Dolphin Solutions (Holdings) Ltd . The ultimate controlling party is the directors. Consolidated accounts can be found at the registered office of the parent company: Southpoint, Compass Park, Bodiam, Robertsbridge, East Sussex, TN32 5BS.