Company Registration Number: SC450314
FOR THE YEAR ENDED 31 DECEMBER 2024
FORTHWELL LIMITED
REGISTERED NUMBER: SC450314
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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FORTHWELL LIMITED
REGISTERED NUMBER: SC450314
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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FORTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Forthwell Limited is a private company limited by shares registered in Scotland. The Company's registration number is SC450314 and the registered office address is 11 Royal Exchange Square, Glasgow, G1 3AJ.
The principal activity of the Company in the year under review was that of a holding company of property and investments.
The financial statements have been presented in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.
The principal activity of the Company in the year under review was that of a holding company of property and investments.
The financial statements have been presented in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
In preparing of these financial statements, the Directors of the Company have given careful consideration to current and anticipated future solvency requirements of the Company and its ability to continue as a going concern for at least twelve months from the date of issue of these financial statements.
The Directors have prepared the financial statements on a going concern basis, notwithstanding the impact of hybrid working in the post COVID-19 era, net current liabilities of £4,169,870 (2023 - £3,919,735) as at 31 December 2024, a loss excluding property revaluations for the 12 month period then ended of £250,135 (2023 - £207,920) for the following reasons.
As at the date of this report and opinion, there continues to be the residual impact of hybrid working on the economic performance of Glasgow and the city centre, however there are currently signs of an increase in office occupation with a number of large employers reducing hybrid working which should have a positive impact on the estate.
Looking to the future, the Ediston RES Limited Group contains significant high quality real estate assets. The redevelopment post Covid of these assets has commenced. Citation Wedding and Events is in its third full year of trading and continues to progress. The letting of 23-29 Royal Exchange Square / 74 Buchanan Street is now delivering rental receipts which underpin the value of the asset. The Directors expect the further development of the estate to occur in 2025-26 which will allow the Ediston (RES) Limited Group to meet its objective of achieving the most economically efficient and profitable way forward.
The Directors have prepared the financial statements on a going concern basis, notwithstanding the impact of hybrid working in the post COVID-19 era, net current liabilities of £4,169,870 (2023 - £3,919,735) as at 31 December 2024, a loss excluding property revaluations for the 12 month period then ended of £250,135 (2023 - £207,920) for the following reasons.
As at the date of this report and opinion, there continues to be the residual impact of hybrid working on the economic performance of Glasgow and the city centre, however there are currently signs of an increase in office occupation with a number of large employers reducing hybrid working which should have a positive impact on the estate.
Looking to the future, the Ediston RES Limited Group contains significant high quality real estate assets. The redevelopment post Covid of these assets has commenced. Citation Wedding and Events is in its third full year of trading and continues to progress. The letting of 23-29 Royal Exchange Square / 74 Buchanan Street is now delivering rental receipts which underpin the value of the asset. The Directors expect the further development of the estate to occur in 2025-26 which will allow the Ediston (RES) Limited Group to meet its objective of achieving the most economically efficient and profitable way forward.
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FORTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Whilst the Directors cannot envisage all possible circumstances that may impact the Company in the future, they believe that taking account of the forecasts, available cash resources and including the financial support from the groups owners and funders, the Company will have sufficient resources to meet all ongoing working capital and committed capital expenditure requirements as they fall due.
Based on the above, the Directors believe that at the date of signing these financial statements that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt upon the Company’s ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
Based on the above, the Directors believe that at the date of signing these financial statements that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt upon the Company’s ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
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FORTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The preparation of these financial statements in compliance with FRS 102 requires management to
make judgments, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. Investment property estimates and assumptions present a potential risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Valuation of investment properties
Investment property values within the accounts are assessed annually by the Directors. Valuations are based on external valuations and derived from the 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. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.
make judgments, estimates and assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. Investment property estimates and assumptions present a potential risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Valuation of investment properties
Investment property values within the accounts are assessed annually by the Directors. Valuations are based on external valuations and derived from the 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. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.
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FORTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The most recent valuations of the property held by the Company was carried out in March 2023 by Jones Lang LaSalle Limited. Investment property is carried at fair value determined annually by the Directors with reference to external valuations and derived from the 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. The Directors believe the values presented to be an accurate reflection of the fair value of the investment property as at 31 December 2024.
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FORTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The financial statements for the year ended 31 December 2024 include a prior period adjustment.
The adjustment relates to previously omitted write off's of intercompany loan balances. The comparative figures in these financial statements have therefore been adjusted to reflect a reduction in creditors of £25,000 and a comparative increase to the brought forward profit and loss account reserves balance.
The adjustment relates to previously omitted write off's of intercompany loan balances. The comparative figures in these financial statements have therefore been adjusted to reflect a reduction in creditors of £25,000 and a comparative increase to the brought forward profit and loss account reserves balance.
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FORTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's parent undertaking at the balance sheet date was Landfern Limited , a company incorporated in Scotland. Their registered address is 11 Royal Exchange Square, Glasgow, Scotland, G1 3AJ. The Company's ultimate parent undertaking at the balance sheet date was Ediston (RES) Limited , a company incorporated in Scotland.
The Company’s results are included within the consolidated accounts of Ediston (RES) Limited which can be found on www.companieshouse.co.uk.
The ultimate controlling party isDaniel O'Neill.
The Company’s results are included within the consolidated accounts of Ediston (RES) Limited which can be found on www.companieshouse.co.uk.
The ultimate controlling party is
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