Company registration number 06722514 (England and Wales)
FORSHAW LAND & PROPERTY GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
FORSHAW LAND & PROPERTY GROUP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
FORSHAW LAND & PROPERTY GROUP LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,336
13,250
Investment property
5
779,361
779,361
Investments
6
1,201,325
1,201,200
1,994,022
1,993,811
Current assets
Debtors
7
4,871,885
5,062,301
Cash at bank and in hand
51,931
6,807
4,923,816
5,069,108
Creditors: amounts falling due within one year
8
(1,066,173)
(845,580)
Net current assets
3,857,643
4,223,528
Total assets less current liabilities
5,851,665
6,217,339
Creditors: amounts falling due after more than one year
9
(996,443)
(729,882)
Net assets
4,855,222
5,487,457
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
4,855,122
5,487,357
Total equity
4,855,222
5,487,457
FORSHAW LAND & PROPERTY GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
J W Forshaw
Director
Company registration number 06722514 (England and Wales)
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Forshaw Land & Property Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 14 Wood Street, Bolton, BL1 1DY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for management fees and property sales net of VAT.

 

Turnover in respect of property sales is recognised when there is an unconditional contract to sell and there is a right to consideration in exchange for fulfilling contractual obligations. This is deemed to be on practical completion.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
33% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
33% straight line
Computer equipment
33% straight line
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13

Finance costs

Where the company incurs costs in respect of finance the costs are recognised in the profit and loss account over the period of the finance.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
10
3
Intangible fixed assets
Website development
£
Cost
At 1 September 2023 and 31 August 2024
9,350
Amortisation and impairment
At 1 September 2023 and 31 August 2024
9,350
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2023
21,127
29,132
31,460
81,719
Additions
-
0
-
0
4,555
4,555
At 31 August 2024
21,127
29,132
36,015
86,274
Depreciation and impairment
At 1 September 2023
9,916
28,528
30,025
68,469
Depreciation charged in the year
2,803
350
1,316
4,469
At 31 August 2024
12,719
28,878
31,341
72,938
Carrying amount
At 31 August 2024
8,408
254
4,674
13,336
At 31 August 2023
11,211
604
1,435
13,250
5
Investment property
2024
£
Fair value
At 1 September 2023
75,000
Additions
704,361
At 31 August 2024
779,361

Investment properties have been annually revalued by the directors on the basis of a desktop appraisal to reflect the expected fair value of the property as at 31st August 2024.

 

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,201,325
1,201,200
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023
1,201,200
Additions
200
Disposals
(75)
At 31 August 2024
1,201,325
Carrying amount
At 31 August 2024
1,201,325
At 31 August 2023
1,201,200
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
99,000
Amounts owed by group undertakings
4,307,965
4,722,433
Other debtors
563,920
240,868
4,871,885
5,062,301
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7,602
7,412
Trade creditors
174,465
86,853
Amounts owed to group undertakings
654,243
405,836
Taxation and social security
8,486
55,287
Other creditors
221,377
290,192
1,066,173
845,580
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
990,474
720,368
Other creditors
5,969
9,514
996,443
729,882
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
15,236
40,252
12
Directors' transactions

Dividends totalling £0 (2023 - £174,550) were paid in the year in respect of shares held by the company's directors.

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
77,155
323,136
(12,160)
388,131
77,155
323,136
(12,160)
388,131
2024-08-312023-09-01falsefalsefalse17 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityJ W ForshawL C ForshawP J ForshawJ W Forshaw067225142023-09-012024-08-31067225142024-08-31067225142023-08-3106722514core:PlantMachinery2024-08-3106722514core:FurnitureFittings2024-08-3106722514core:ComputerEquipment2024-08-3106722514core:PlantMachinery2023-08-3106722514core:FurnitureFittings2023-08-3106722514core:ComputerEquipment2023-08-3106722514core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3106722514core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3106722514core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3106722514core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3106722514core:CurrentFinancialInstruments2024-08-3106722514core:CurrentFinancialInstruments2023-08-3106722514core:Non-currentFinancialInstruments2024-08-3106722514core:Non-currentFinancialInstruments2023-08-3106722514core:ShareCapital2024-08-3106722514core:ShareCapital2023-08-3106722514core:RetainedEarningsAccumulatedLosses2024-08-3106722514core:RetainedEarningsAccumulatedLosses2023-08-3106722514core:ShareCapitalOrdinaryShareClass12024-08-3106722514core:ShareCapitalOrdinaryShareClass12023-08-3106722514bus:CompanySecretaryDirector12023-09-012024-08-3106722514core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3106722514core:ComputerSoftware2023-09-012024-08-3106722514core:PlantMachinery2023-09-012024-08-3106722514core:FurnitureFittings2023-09-012024-08-3106722514core:ComputerEquipment2023-09-012024-08-31067225142022-09-012023-08-3106722514core:ComputerSoftware2023-08-3106722514core:ComputerSoftware2024-08-3106722514core:ComputerSoftware2023-08-3106722514core:PlantMachinery2023-08-3106722514core:FurnitureFittings2023-08-3106722514core:ComputerEquipment2023-08-31067225142023-08-3106722514core:WithinOneYear2024-08-3106722514core:WithinOneYear2023-08-3106722514bus:OrdinaryShareClass12023-09-012024-08-3106722514bus:OrdinaryShareClass12024-08-3106722514bus:OrdinaryShareClass12023-08-3106722514bus:PrivateLimitedCompanyLtd2023-09-012024-08-3106722514bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3106722514bus:FRS1022023-09-012024-08-3106722514bus:AuditExemptWithAccountantsReport2023-09-012024-08-3106722514bus:Director12023-09-012024-08-3106722514bus:Director22023-09-012024-08-3106722514bus:Director32023-09-012024-08-3106722514bus:CompanySecretary12023-09-012024-08-3106722514bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP