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REGISTERED NUMBER: 12776784 (England and Wales)











Financial Statements

for the Year Ended 30 June 2024

for

FORELAND ASSET MANAGEMENT LIMITED

FORELAND ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 12776784)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FORELAND ASSET MANAGEMENT LIMITED

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Mr J A Baker





REGISTERED OFFICE: The Priory Thremhall Park
Start Hill
Bishops Stortford
Hertfordshire
CM22 7WE





REGISTERED NUMBER: 12776784 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

FORELAND ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 12776784)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
CURRENT ASSETS
Debtors 4 834,814 587,452
Cash at bank 24,244 18,608
859,058 606,060
CREDITORS
Amounts falling due within one year 5 424,861 357,706
NET CURRENT ASSETS 434,197 248,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

434,197

248,354

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 7 434,097 248,254
SHAREHOLDERS' FUNDS 434,197 248,354

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 June 2025 and were signed by:





Mr J A Baker - Director


FORELAND ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 12776784)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Foreland Asset Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

FORELAND ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 12776784)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 75,485 2,797
Amounts owed by group undertakings 909 -
Other debtors 191,012 119,559
Directors' current accounts 565,964 354,248
Prepayments and accrued income 1,444 110,848
834,814 587,452

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 14,464 50,235
Amounts owed to group undertakings 96,694 50,634
Tax 291,353 157,816
VAT 19,510 16,100
Other creditors - 70,181
Accruals and deferred income 2,840 12,740
424,861 357,706

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

7. RESERVES
Retained
earnings
£   

At 1 July 2023 248,254
Profit for the year 186,343
Dividends (500 )
At 30 June 2024 434,097

FORELAND ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 12776784)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
Mr J A Baker
Balance outstanding at start of year 354,248 54,731
Amounts advanced 230,801 305,959
Amounts repaid (19,085 ) (6,442 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 565,964 354,248

At the balance sheet date, included in debtors due within one year is £565,964 (2023: £354,248), due and payable from the director. During the period interest of £10,117 was charged at 2.25% on the loan account.

9. RELATED PARTY DISCLOSURES

As at the balance sheet date, included in creditors due within one year is £1,444 (2023: £Nil) due to Mantle Management LLP, £85,250 (2023: £20,000) to Mantle Hertford Ltd, £10,000 (2023: £10,000) to Coastwind Limited, £Nil (2023: £20,000) to Mantle (Woodside) Limited.

As at the balance sheet date, included in debtors due within one year is £215 (2023: £634 owed to) owed by Jackson management, £103 (2023: £Nil) by Mantle Space Ltd, £591 (2023: £Nil) by Bailey Bridge.

The companies are related parties by virtue of the fact that they are under common control.