FORTRUSS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FORTRUSS LIMITED
COMPANY INFORMATION
Directors
Mr D I Forrest
Mrs S E Forrest
Company number
06583075 (England and Wales)
Registered office
The Cottage
Little Hucklow
SK17 8RT
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
National Westminster Bank Plc
24 Deansgate
Bolton
Lancashire
BL1 1BN
FORTRUSS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FORTRUSS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,082
25,177
Investment properties
4
500,000
500,000
519,082
525,177
Current assets
Debtors
5
393,430
365,004
Investments
6
153
153
Cash at bank and in hand
12,111
11,417
405,694
376,574
Creditors: amounts falling due within one year
7
(110,068)
(92,216)
Net current assets
295,626
284,358
Total assets less current liabilities
814,708
809,535
Creditors: amounts falling due after more than one year
8
(143,150)
(157,775)
Provisions for liabilities
(13,417)
(14,941)
Net assets
658,141
636,819
Capital and reserves
Called up share capital
9
153
153
Profit and loss reserves
657,988
636,666
Total equity
658,141
636,819
The notes on pages 3 - 7 form an integral part of these financial statements.
FORTRUSS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

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

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr D I Forrest
Director
Company Registration No. 06583075
FORTRUSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Fortruss Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Cottage, Little Hucklow, SK17 8RT.

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.

 

1.2
Going concern

Atruet 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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for rental income.

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
15% reducing balance
Motor vehicles
25% reducing balance

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 properties

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 account date by the directors. The surplus or deficit on revaluation is recognised in the profit and loss account..

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

FORTRUSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

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

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

 

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 reserves, in which case the deferred tax is also dealt with in reserves.

1.9
Leases

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.

FORTRUSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
2,350
34,500
36,850
Depreciation and impairment
At 1 October 2023
352
11,321
11,673
Depreciation charged in the year
300
5,795
6,095
At 30 September 2024
652
17,116
17,768
Carrying amount
At 30 September 2024
1,698
17,384
19,082
At 30 September 2023
1,998
23,179
25,177
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
500,000

Investment property comprises leasehold property. The property was valued at an amount of £500,000 by Simon Fraser on 24 August 2021.The directors are of the opinion that the carrying value of £500,000 is an accurate reflection of the open market value as at 30 September 2024,

 

FORTRUSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
6,000
Corporation tax recoverable
36,797
29,999
Amounts owed by undertakings in which the company has a participating interest
15,458
15,458
Other debtors
341,175
313,547
393,430
365,004

Included within other debtors is an amount of £204,740 which is subject to a divorce settlement.

 

6
Current asset investments
2024
2023
£
£
Other investments
153
153
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
6,000
Obligations under hire purchase
8,625
8,625
Other borrowings
13,200
13,200
Trade creditors
-
0
2,394
Corporation tax
49,339
37,015
Other taxation and social security
5,715
6,638
Other creditors
13,178
8,844
Accruals and deferred income
14,011
9,500
110,068
92,216

The hire purchase creditor is secured against the assets to which it relates.

There is a legal charge against specific property totalling £13,200 (2023: £13,200) due on loans within one year.

 

 

FORTRUSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under hire purchase
5,750
14,375
Other borrowings
137,400
143,400
143,150
157,775

The hire purchase creditor is secured against the assets to which it relates.

There is a legal charge against specific property totalling £131,400 (2023: £131,400) on loans due after more than one year.

 

 

 

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
153
153
153
153
10
Related party transactions

During the year the company received rental income from Walshaw Buildings Limited of £60,000 (2023: £60,000), a company in which Fortruss Limited has a participating interest.

 

 

11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.25
91,293
18,309
2,197
(364)
111,435
91,293
18,309
2,197
(364)
111,435
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