Forestpark Property Developments Limited iXBRL

Forestpark Property Developments Limited

Financial Statements

for the financial year ended 31 January 2025

Forestpark Property Developments Limited

Company Registration Number: NI643869

BALANCE SHEET

as at 31 January 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets

431,471

446,406

Investment properties

250,000

250,000

─────────

Fixed Assets

681,471

696,406

─────────

Current Assets

Stocks

42,267

42,267

Debtors

25,523

15,580

Cash and cash equivalents

144,916

104,575

─────────

212,706

162,422

─────────

Creditors: amounts falling due within one year

(629,418)

(620,338)

─────────

Net Current Liabilities

(416,712)

(457,916)

─────────

Total Assets less Current Liabilities

264,759

238,490

Provisions for liabilities

(3,429)

(2,606)

─────────

Net Assets

261,330

235,884

═════════

Capital and Reserves

Called up share capital

100

100

Retained earnings

261,230

235,784

─────────

Equity attributable to owners of the company

261,330

235,884

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

Approved by the Board and authorised for issue on 13 October 2025 and signed on its behalf by



________________________________			________________________________
Mr. Seamus Devlin			Mr. Martin O'Higgins
Director			Director

Forestpark Property Developments Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 January 2025

General Information

Forestpark Property Developments Limited is a private company, limited by shares, incorporated in Northern Ireland. 23 Main Street, Castlewellan, Co. Down, BT31 9DF, Northern Ireland is the registered office, which is also the principal place of business of the company. The company number is NI643869.

These financial statements cover the individual entity Forestpark Property Developments Limited for the year ended 31 January 2025.

The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 January 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax. Rental revenues are recognised on a straight line basis over the term of the relevant lease.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

2.5% Straight line

Plant and machinery

15% Straight line

Fixtures, fittings and equipment

15% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investment properties

Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business.

Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value periodically, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversal of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

INFORMATION RELATING TO THE AUDITOR'S REPORT

The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.

The financial statements were audited by John MacMahon & Co.

The Auditor's Report was signed by John McGinn (Senior Statutory Auditor) for and on behalf of John MacMahon & Co on 13th October 2025.

Employees

There were no employees in Forestpark Property Developments Limited in the year end 31 January 2025 or the comparative year.


5.	Tangible assets
		Land and	Plant and	Fixtures,	Total
		buildings	machinery	fittings and
		freehold		equipment
		£	£	£	£
	Cost or Valuation
	At 1 February 2024	510,314	13,482	2,370	526,166
		─────────	─────────	─────────	─────────

	At 31 January 2025	510,314	13,482	2,370	526,166
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 February 2024	76,044	3,420	296	79,760
	Charge for the financial year	12,758	1,866	311	14,935
		─────────	─────────	─────────	─────────
	At 31 January 2025	88,802	5,286	607	94,695
		─────────	─────────	─────────	─────────
	Net book value
	At 31 January 2025	421,512	8,196	1,763	431,471
		═════════	═════════	═════════	═════════
	At 31 January 2024	434,270	10,062	2,074	446,406
		═════════	═════════	═════════	═════════

Investment Properties

Investment

properties

Fair value

At 31 January 2025

250,000

─────────

The investment property consists of buildings at 46-48 Main Street, Castlewellan, Co. Down. The fair value of the investment property is based on a valuation in November 2023 by Frazer Kidd, RICS registered property valuers who are independent to the company. The valuation was made on an open market basis by reference to market value of similar properties. The directors are of the opinion that this valuation is still applicable at 31 January 2025 given the current market conditions and their knowledge of commercial property values in the local area.


7.	Stocks	2025	2024
		£	£

	Work in progress	42,267	42,267
		═════════	═════════

	The replacement cost of stock did not differ significantly from the figures shown.


8.	Debtors	2025	2024
		£	£

	Trade debtors	960	1,580
	Amounts owed by connected parties (Note 12)	24,500	14,000
	Prepayments and accrued income	63	-
		─────────	─────────
		25,523	15,580
		═════════	═════════


9.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Trade creditors	1,125	158
	Amounts owed to group undertakings	609,484	609,484
	Taxation (Note 10)	14,443	10,696
	Accruals	4,366	-
		─────────	─────────
		629,418	620,338
		═════════	═════════


10.	Taxation	2025	2024
		£	£

	Creditors:
	VAT	709	1,013
	Corporation tax	13,734	9,683
		─────────	─────────
		14,443	10,696
		═════════	═════════

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2025

2024

At financial year start

2,606

2,606

Charged to profit and loss

823

823

2,606

─────────

At financial year end

3,429

2,606

═════════

12.

Related party transactions

The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

Mourne Food & Drink Ltd

24,500

10,500

14,000

24,500

─────────

═════════

Forestpark Property Developments Limited is owed £24,500 at 31 January 2025. This is made up of £14,000 interest accrual for the temporary provision of security for bridging finance in the prior year. A further £10,500 was loaned to Mourne Food & Drink Ltd in this financial year. The debtor balance is repayable upon demand. These companies are related by virtue of common ownership.

All inter company balances are repayable on demand.

13.

Parent company

The company regards FPDG Ltd, a company incorporated in Northern Ireland, as its parent company. The companys ultimate parent undertaking is FPDG Ltd. The address of FPDG ltd is 23 Main Street Castlewellan, Co. Down BT31 9DF. FPDG Ltd is regarded as both the controlling party and the ultimate controlling party.

The parent of the largest group in which the results are consolidated is FPDG Ltd.