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Company No: SC122126 (Scotland)

FORBES HOMES (INVESTMENTS) LIMITED

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

FORBES HOMES (INVESTMENTS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

FORBES HOMES (INVESTMENTS) LIMITED

BALANCE SHEET

As at 30 September 2024
FORBES HOMES (INVESTMENTS) LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 20,060 12,854
Investment property 4 2,460,000 2,460,000
2,480,060 2,472,854
Current assets
Debtors 5 3,201,391 2,958,767
Cash at bank and in hand 5,357 3,483
3,206,748 2,962,250
Creditors: amounts falling due within one year 6 ( 282,211) ( 256,331)
Net current assets 2,924,537 2,705,919
Total assets less current liabilities 5,404,597 5,178,773
Creditors: amounts falling due after more than one year 7 ( 248,000) ( 264,000)
Provision for liabilities ( 275,419) ( 273,617)
Net assets 4,881,178 4,641,156
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 1,501,851 1,501,851
Profit and loss account 3,379,227 3,139,205
Total shareholders' funds 4,881,178 4,641,156

For the financial year ending 30 September 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 Forbes Homes (Investments) Limited (registered number: SC122126) were approved and authorised for issue by the Board of Directors on 24 June 2025. They were signed on its behalf by:

D Forbes
Director
FORBES HOMES (INVESTMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
FORBES HOMES (INVESTMENTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Forbes Homes (Investments) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Nether Crossley, Maryculter, Aberdeen, AB12 5FA, 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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Rental income is recognised with reference to the period of rental. Rentals are deferred or accrued to ensure the total rental charge is spread over the term lease.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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:

Fixtures and fittings 15 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 Balance Sheet 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 October 2023 60,043 60,043
Additions 9,175 9,175
Disposals ( 2,276) ( 2,276)
At 30 September 2024 66,942 66,942
Accumulated depreciation
At 01 October 2023 47,189 47,189
Charge for the financial year 1,928 1,928
Disposals ( 2,235) ( 2,235)
At 30 September 2024 46,882 46,882
Net book value
At 30 September 2024 20,060 20,060
At 30 September 2023 12,854 12,854

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 2,460,000
As at 30 September 2024 2,460,000

Investment properties comprises of residential properties. The fair value of the investment properties have been arrived at on the basis of valuations carried out in February 2018 and April 2022 by DM Hall Chartered Surveyors, who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The directors consider these valuations to be appropriate as at 30 September 2024.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 684,532 684,532

5. Debtors

2024 2023
£ £
Other debtors 3,201,391 2,958,767

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 16,000 16,000
Trade creditors 10,684 0
Corporation tax 80,933 71,410
Other creditors 174,594 168,921
282,211 256,331

The bank holds a bond charge over the assets of the company.

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

2024 2023
£ £
Bank loans 248,000 264,000

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30 A Ordinary shares of £ 1.00 each 30 30
30 B Ordinary shares of £ 1.00 each 30 30
24 C Ordinary shares of £ 1.00 each 24 24
16 D Ordinary shares of £ 1.00 each 16 16
100 100

The shares rank pari passu with the exception of the following:

Holders of A ordinary shares are not entitled to receive notice of, nor to attend or vote at general meetings of the company.

The sale or transfer of A ordinary shares is subject to written consent being obtained from a majority of B, C and D ordinary shareholders.

B, C and D shareholders are entitled to receive notice of, can attend and vote at general meetings of the company.

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts due from related parties 3,200,048 2,956,522
Interest received 274,525 238,891
Dividends paid 3,000 6,000
Amounts due to related parties 116,000 0

As at 30 September 2024, the company was due the directors £41,999 (2023 - £39,999). The loans are interest free with no set repayment terms.