REGISTERED NUMBER: SC769218 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Forrest Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Sharp

D G W Stewart

C D Trainer

K A Vallance

REGISTERED OFFICE:

7 Seaward Street

Paisley Road

Glasgow

G41 1HJ

REGISTERED NUMBER:

SC769218 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Investments

4

50

50

CURRENT ASSETS

Stock

5

8,200

-

Debtors

6

1,860,499

1,762,999

Cash at bank and in hand

1,967

50

1,870,666

1,763,049

CREDITORS

Amounts falling due within one year

7

1,877,001

1,767,479

NET CURRENT LIABILITIES

(6,335

)

(4,430

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,285

)

(4,380

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(6,385

)

(4,480

)

SHAREHOLDERS' FUNDS

(6,285

)

(4,380

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

D A Sharp - Director

1.	STATUTORY INFORMATION

Forrest Developments Limited is a private company, limited by shares , registered in Scotland. 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.

Work in progress

Work in progress is valued at the lower of cost or net realisable value. Cost includes direct materials and labour plus direct overheads in bringing each contract to its present location and condition. Net realisable value is based upon an estimated selling price less selling costs and estimated costs to completion.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 January 2024

and 31 December 2024

50

NET BOOK VALUE

At 31 December 2024

50

At 31 December 2023

50

5.

STOCK

31.12.24

31.12.23

£

£

Work-in-progress

8,200

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by associates

1,787,999

1,762,999

Other debtors

72,500

-

1,860,499

1,762,999

The amounts owed by associates and connected undertakings relate to advances made to Gannet Developments Ltd, which are unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to associates

1,892,013

1,766,879

Taxation and social security

(15,612

)

-

Other creditors

600

600

1,877,001

1,767,479

The amounts owed to associates and connected undertakings relate to loans from Forrest Hotel Developments Ltd and Forrest Capital Investments Ltd. The amounts with Forrest Hotel Developments Ltd are unsecured, interest free and repayable on demand. The amounts with Forrest Capital Investments Ltd are unsecured, interest bearing, and repayable on demand.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

100

100

9.	ULTIMATE CONTROLLING PARTY

The company is controlled equally between D G W Stewart and C D Trainer.