Forward Construction and Developments Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—9

1. General Information

Forward Construction and Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03474138 . The registered office is The Old Laundry, Lady Mary Square, Rostherne Lane, Rostherne, Knutsford, Cheshire, WA16 6SA.

The principal activities continue to be property investment and development.

The principal activities of the group headed by Forward Construction and Development Limited are property investment and development.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, unless otherwise specified within these accounting policies, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

2.2. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably:

it is probable that the company will receive the consideration due under the contract;

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

Turnover consists of rents receivable from investment properties, excluding VAT where relevant.

Development activities:

Revenue for the delivery of residential real estate and commercial property acquired for re-sale is recognised at the point at which the risks and rewards of ownership are transferred, usually upon practical completion of a property unit when the purchaser takes possession.

Investment:

Turnover in respect of investment properties consists of rent receivable for the period, excluding VAT where relevant.

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Forward Construction and Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets under the cost model, other than investment properties, are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% straight line
Motor Vehicles	25% straight line
Computer Equipment	33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.4. Investment Properties

All investment properties are carried at fair value, with changes in fair value being recognised in the Income Statement. The directors of the company have valued the property themselves based on such factors as current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. In this case the fair value is considered to be an open market value. The determined fair value of the investment property is most sensitive to the estimated yield. No depreciation is provided for investment properties.

Deferred taxation is provided on revaluation gains at the rate expected to apply when the property is sold.

2.5. Stocks and Work in Progress

Short term work in progress:

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each year end date, work in progress is assessed for impairment. If impaired, the carrying amount is reduced to its realisable value. The impairment loss is recognised immediately in the Income Statement.

Long term contracts:

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Contract work in progress is stated at costs incurred, less those transferred to the Income Statement, after deducting forseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account. Excess payments on account are included in creditors.

Long term contract work in progress balances are subject to monthly impairment review, to evaluate the project outcome. Any provisions for cost overruns or losses are recognised immediately.

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Forward Construction and Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Income Statement because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair value of liabilities acquired and the amount that will be assessed for tax.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in the Income Statement, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution plan for its employees. A defined contribution plan is one under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.8. Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.9. Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.

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Forward Construction and Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.10. Debtors, Creditors, Financial instruments, Finance costs, and borrowing costs

Debtors:

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors:

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments:

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

For financial assets measured at cost less impairment, the impaired loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the year end date.

Finance costs:

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs:

All borrowing costs are recognised in the Income Statement in the year in which they are incurred.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2023: 5)

4. Tangible Assets

	Investment Properties	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	655,960	16,156	16,195	688,311
Disposals	-	-	(12,992 )	(12,992 )

As at 31 December 2024	655,960	16,156	3,203	675,319

Depreciation
As at 1 January 2024	-	16,156	16,195	32,351
Disposals	-	-	(12,992 )	(12,992 )

As at 31 December 2024	-	16,156	3,203	19,359

...CONTINUED

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Forward Construction and Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	655,960	-	-	655,960

As at 1 January 2024	655,960	-	-	655,960

Cost or valuation as at 31 December 2024 represented by:

	Investment Properties	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
At cost	655,960	16,156	3,203	675,319

	655,960	16,156	3,203	675,319

The 2024 valuation of investment properties was by the directors, on an open market value, existing use basis.

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

Historic cost at 31 December 2024: £655,960.

Historic cost at 31 December 2023: £655,960.

5. Investments

	Other
	£
Cost
As at 1 January 2024	100,004

As at 31 December 2024	100,004

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	100,004

As at 1 January 2024	100,004

Subsidiary undertakings:

The following were subsidiary undertakings of the Company:

The Forward Property Group Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.

Tilesite Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.

Lancebury Estates Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.

Planetree Homes Limited - registered office in England & Wales. 100% holding, £1 Ordinary shares held.

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Forward Construction and Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Stocks

	2024	2023
	£	£
Work in progress	228,056	228,056

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	44,189	27,120
Prepayments and accrued income	205,027	273,397
Other debtors	191,367	243,806
Deferred tax current asset	153,932	154,329
Amounts owed by group undertakings	1,559,911	1,828,969
Amounts owed by related undertakings	766,824	797,330

	2,921,250	3,324,951
Due after more than one year
Amounts owed by group undertakings	4,000,000	4,000,000

	6,921,250	7,324,951

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	24,582	26,061
Corporation tax	1,216	6,279
Other taxes and social security	1,484	377
VAT	6,231	20,357
Accruals and deferred income	882,714	880,231
Amounts owed to group undertakings	1,866	286,496
Amounts owed to related undertakings	1,977	5,286

	920,070	1,225,087

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other creditors	6,452,043	6,802,373

Other creditors due after more than one year include the following loans from related parties:

Loans from the directors of £6,452,043 (2023: £6,802,373) are unsecured, with no fixed repayment terms. Interest was payable at a rate of 7.5% per annum and accruals (note 8) includes £836,706 (2023: £836,706) in respect of cumulative interest. Effective from 1 January 2014 interest was waived.

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Forward Construction and Developments Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

11. Related Party Transactions

Under UK GAAP the company is exempt from the requirement to disclose transactions with wholly owned members of the same group.

During the year fees for property management services amounting to £15,000 (2023: £15,000) were charged to the company by Crest Property Management Limited, a company related to the directors.

Working capital loans were also advanced between the company and related entities from time to time.

At 31 December 2024 debtors (note 7) includes the following amounts due from related entities:

St Baldreds Estates Limited £544,121 (2023: £552,430)

Crest Commercial Property Limited £124,458 (2023: £77,273)

Forward Point Limited £906 (2023: creditor balance of £5,286)

Crest Property Management Limited £97,339 (2023: £74,652).

At 31 December 2024 creditors (note 8) includes the following amounts due to related entities ultimately controlled by the directors:

Forward Construction and Developments Ltd SSAS £1,977 (2023: debtor balance of £92,975)

All of these balances represent working capital financing loans, are interest free, and have no formal or fixed repayment terms.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		655,960		655,960
Investments	5		100,004		100,004

			755,964		755,964
CURRENT ASSETS
Stocks	6	228,056		228,056
Debtors	7	6,921,250		7,324,951
Cash at bank and in hand		14,728		14,283

		7,164,034		7,567,290
Creditors: Amounts Falling Due Within One Year	8	(920,070 )		(1,225,087 )

NET CURRENT ASSETS (LIABILITIES)			6,243,964		6,342,203

TOTAL ASSETS LESS CURRENT LIABILITIES			6,999,928		7,098,167

Creditors: Amounts Falling Due After More Than One Year	9		(6,452,043 )		(6,802,373 )

NET ASSETS			547,885		295,794

CAPITAL AND RESERVES
Called up share capital	10		100		100
Income Statement			547,785		295,694

SHAREHOLDERS' FUNDS			547,885		295,794