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COMPANY REGISTRATION NUMBER: 03974906

Forward Holdings Wales Limited

Filleted Financial Statements

31 October 2024

Forward Holdings Wales Limited

Financial Statements

Year ended 31 October 2024

Contents | Page

Statement of financial position | 1

Notes to the financial statements | 2

Forward Holdings Wales Limited

Statement of Financial Position

31 October 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Tangible assets | 5 | 3,658,117 | 3,481,715
Investments | 6 | 900 | 900
| ------------ | ------------
| 3,659,017 | 3,482,615

Current assets

Debtors | 7 | 640 | 1,790
Cash at bank and in hand | 659,110 | 1,167,967
| --------- | ------------
| 659,750 | 1,169,757

Creditors: amounts falling due within one year | 8 | 186,044 | 273,259
| --------- | ------------
Net current assets | 473,706 | 896,498
| ------------ | ------------
Total assets less current liabilities | 4,132,723 | 4,379,113

Provisions | 157,612 | 198,342
| ------------ | ------------
Net assets | 3,975,111 | 4,180,771
| ------------ | ------------

Capital and reserves

Called up share capital | 1,000 | 1,000
Revaluation reserve | 709,011 | 709,011
Profit and loss account | 3,265,100 | 3,470,760
| ------------ | ------------
Shareholders funds | 3,975,111 | 4,180,771
| ------------ | ------------

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 comprehensive income 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 29 October 2025 , and are signed on behalf of the board by:
L A Quinn Managing director
Company registration number: 03974906

Forward Holdings Wales Limited

Notes to the Financial Statements

Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Globe Street, Morriston, Swansea, SA6 8DD. The principal activity of the company in the year under review was that of a holding company and management company.
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, rounded to the nearest £1.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and services rendered, stated net of discounts and of Value Added Tax. Revenue for rent and services rendered is recognised when it is probable that the associated economic benefits will flow to the entity, and the revenue and costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 | - | 10% straight line
| Motor vehicles | - | 25% straight line

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.
Investments
- Investments in subsidiaries
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets

| Freehold property | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 November 2023 | 3,393,330 | 9,681 | 503,798 | 3,906,809
Additions | 200,000 | 2,721 | – | 202,721
| ------------ | -------- | --------- | ------------
At 31 October 2024 | 3,593,330 | 12,402 | 503,798 | 4,109,530
| ------------ | -------- | --------- | ------------
Depreciation |  |  |  |
At 1 November 2023 | – | 9,681 | 415,413 | 425,094
Charge for the year | – | 600 | 25,719 | 26,319
| ------------ | -------- | --------- | ------------
At 31 October 2024 | – | 10,281 | 441,132 | 451,413
| ------------ | -------- | --------- | ------------
Carrying amount |  |  |  |
At 31 October 2024 | 3,593,330 | 2,121 | 62,666 | 3,658,117
| ------------ | -------- | --------- | ------------
At 31 October 2023 | 3,393,330 | – | 88,385 | 3,481,715
| ------------ | -------- | --------- | ------------

All properties noted above are investment properties and have been included in the Statement of Financial Position at a valuation which represented their open market value at 31 October 2024 as stated by the company's directors. The revaluation surplus on investment properties held is shown on the Statement of Financial Position as Revaluation reserve. The historical cost of these investment properties is £2,846,372 (2023 - £2,646,372).
Included within tangible fixed assets noted above are vehicles with a gross value of £503,798 (2023 - £503,798) which are used by the company's subsidiary under operating lease agreements. The accumulated depreciation charges in respect of these assets was £441,132 at 31 October 2024 (2023 - £415,413).
6. Investments

| Shares in group undertakings
| £
Cost |
At 1 November 2023 and 31 October 2024 | 900
| ----
Impairment |
At 1 November 2023 and 31 October 2024 | –
| ----

Carrying amount |
At 31 October 2024 | 900
| ----
At 31 October 2023 | 900
| ----

7. Debtors

| 2024 | 2023
| £ | £
Other debtors | 640 | 1,790
| ---- | -------

8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 998 | 134,357
Social security and other taxes | 41,265 | 86,496
Other creditors | 143,781 | 52,406
| --------- | ---------
| 186,044 | 273,259
| --------- | ---------

9. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 480,000 (2023: £Nil).
10. Analysis of other comprehensive income

| Revaluation reserve
| £

Year ended 31 October 2023 |
Revaluation of tangible assets | 547,235
| ---------

11. Summary audit opinion
The auditor's report dated 29 October 2025 was unqualified .
The senior statutory auditor was Laurence S Cohen , for and on behalf of Gordon Down & Partners .

Forward Holdings Wales Limited

Notes to the Financial Statements (continued)

Year ended 31 October 2024
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:

| 2024
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| Mr L A Quinn - Managing director | 14,171 | 89,900 | ( 99,639) | 4,432
| Mr J B Trotman | 37,816 | 66,700 | ( 52,305) | 52,211
| Mr A Magilton | 3,043 | 75,108 | ( 48,376) | 29,775
| Mr S P Benham | ( 8,664) | 66,700 | ( 7,934) | 50,102
|  | -------- | --------- | --------- | ---------
|  | 46,366 | 298,408 | ( 208,254) | 136,520
|  | -------- | --------- | --------- | ---------

| 2023
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| Mr L A Quinn - Managing director | 7,630 | 97,650 | ( 91,110) | 14,170
| Mr J B Trotman | 29,996 | 72,450 | ( 64,630) | 37,816
| Mr A Magilton | ( 384) | 72,450 | ( 69,022) | 3,044
| Mr S P Benham | ( 28,278) | 84,450 | ( 64,836) | ( 8,664)
|  | -------- | --------- | --------- | --------
|  | 8,964 | 327,000 | ( 289,598) | 46,366
|  | -------- | --------- | --------- | --------

13. Related party transactions
At 1 November 2023 the company owed £134,356 to Plazatheme Limited, the wholly owned subsidiary of the company. During the year the company received net payments of £133,358 from its subsidiary and consequently owed its subsidiary £998 at the year end.
14. Group details
At 31 October 2024 the company held all of the issued shares in Plazatheme Limited. The company has produced accounts which show only the affairs of the company as the group which it controls falls within the definition of a small group. Plazatheme Limited reported a profit after taxation of £206,213 for the period ended 31 October 2024 (2023 - £523,638) and had net assets of £871,172 at 31 October 2023 (2023 - £914,959).
15. Ultimate controlling party
The company is under the control of its directors, with no individual director having overall control.