Forestside Acquisitions Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI625754

Forestside Acquisitions Limited

Filleted Financial Statements

31 December 2024

Forestside Acquisitions Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Forestside Acquisitions Limited

Officers and Professional Advisers

The board of directors	Mr M Herbert
	Mr J Carlisle

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	Northern Ireland
	BT9 5FL

Auditor	Maneely Mc Cann Chartered Accountants
	Chartered accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Ulster Bank Limited
	11-16 Donegall Square East
	Belfast
	BT1 5UB

Solicitors	DWF (Northern Ireland) LLP
	Jefferson House
	42 Queen Street
	Belfast
	BT1 6HL

Forestside Acquisitions Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	50,008,088	45,014,615

Current assets

Debtors	5	850,299	461,109
Cash at bank and in hand		844,259	188,863
		------------	---------
		1,694,558	649,972

Creditors: amounts falling due within one year	6	721,806	971,343
		------------	---------
Net current assets/(liabilities)		972,752	( 321,371)
		-------------	-------------
Total assets less current liabilities		50,980,840	44,693,244

Creditors: amounts falling due after more than one year	7	37,509,155	35,432,069
		-------------	-------------
Net assets		13,471,685	9,261,175
		-------------	-------------

Capital and reserves

Called up share capital	4,076,936	4,076,936
Profit and loss account	9,394,749	5,184,239
	-------------	------------
Shareholders funds	13,471,685	9,261,175
	-------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:

Mr J Carlisle

Director

Company registration number: NI625754

Forestside Acquisitions Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Operating lease incentives

Rent free periods

The cost of rent free period is charged on a straight line basis to the Statement of Income and Retained Earnings over the lease term.

Cash incentives

Cash incentives paid to tenants are charged on a straight line basis over the lease term.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing these financial statements, the directors have had to make the following judgements: Determine the year end valuation of the company's investment property. Factor taken into consideration in reaching such a decision is the market data at the year-end.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover represents the total derived from rentals receivable on lettings to third party tenants and accrues on a time basis by reference to the agreements entered. Revenue from a contract to provide services is recognised in the period in which 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 associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Freehold investment property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2024	45,003,750	11,108	45,014,858
Additions	2,621,985	–	2,621,985
Revaluations	2,374,265	–	2,374,265
	-------------	--------	-------------
At 31 December 2024	50,000,000	11,108	50,011,108
	-------------	--------	-------------
Depreciation
At 1 January 2024	–	243	243
Charge for the year	–	2,777	2,777
	-------------	--------	-------------
At 31 December 2024	–	3,020	3,020
	-------------	--------	-------------
Carrying amount
At 31 December 2024	50,000,000	8,088	50,008,088
	-------------	--------	-------------
At 31 December 2023	45,003,750	10,865	45,014,615
	-------------	--------	-------------

Tangible assets held at valuation

Investment property is valued by the directors on an open market value for existing use basis, having regard to any recent professional valuations, discussions with, and marketing material provided by, external agents. The directors are of the opinion that the market valuation of the investment property is not materially different from that shown in the financial statements. The historical cost of the investment property at 31 December 2024 was £60,207,747 (2023: £57,585,762)

5. Debtors

	2024	2023
	£	£
Trade debtors	116,396	26,923
Other debtors	733,903	434,186
	---------	---------
	850,299	461,109
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	64,884	30,187
Corporation tax	226,183	358,574
Social security and other taxes	85,296	156,621
Other creditors	345,443	425,961
	---------	---------
	721,806	971,343
	---------	---------

Bank loans and overdrafts of the group are secured by way of fixed and floating charges on the group's assets, by a composite debenture between group companies, by charges over property leases between group companies and by charges over properties.

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

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	37,509,155	35,432,069
	-------------	-------------

8. Summary audit opinion

The auditor's report dated 23 April 2025 was unqualified .

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .

9. Related party transactions

Control The company is a wholly owned subsidiary of Mussenden Properties Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Kirk Bryson & Co Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland. Herbel Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales, which is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Herbert Corporate Holdings (IOM) Limited. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings (IOM) Limited and as such is considered to be the ultimate controlling party of the company. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.

10. Controlling party

Herbert Corporate Holdings (IOM) Limited is the company's ultimate parent company. Copies of consolidated financial statements may be obtained from Ground Floor, Dorchester House, Belmont Hill, Douglas, Isle of Man, IM1 4RE .