Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| Investments | 5 |
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| 3,334,513 | 3,098,868 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| 873,534 | 868,424 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 855,236 | 863,838 | ||
| Total assets less current liabilities | 4,189,749 | 3,962,706 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | 10 |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Fort George Limited (registered number:
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Mr J C Willcocks
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Fort George Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Provision for deferred tax is made on the difference between the carrying amount and the historic cost of investment properties and listed investments for taxation purposes, after taking account of the availability of indexation allowance.
| Fixtures and fittings |
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| Office equipment |
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Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
The cost of finished goods and work in progress 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, stock are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell, the impairment loss is recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Fixtures and fittings | Office equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 September 2024 |
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| At 31 August 2025 |
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| Accumulated depreciation | |||||
| At 01 September 2024 |
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| Charge for the financial year |
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| At 31 August 2025 |
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| Net book value | |||||
| At 31 August 2025 | 8,872 | 0 | 8,872 | ||
| At 31 August 2024 | 8,872 | 9 | 8,881 |
| Investment property | |
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| Valuation | |
| As at 01 September 2024 |
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| Fair value movement | (12,000) |
| As at 31 August 2025 |
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The Investment Properties were revalued by the directors on 31 August 2025. The valuation was based on open market value for existing use.
| Listed investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 September 2024 |
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| Additions |
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| Movement in fair value |
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| At 31 August 2025 |
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| Carrying value at 31 August 2025 |
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| Carrying value at 31 August 2024 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Accruals |
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| Corporation tax |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts due from associated companies | 0 | 200,000 | |
| Interest received from associated companies | 6,000 | 12,000 |
Included within the profit and loss account balance carried forward are non-distributable reserves of £878,802 (2024 - £752,182). These reserves represent the cumulative unrealised revaluation gains on the company's investment portfolio and investment properties, net of the provision of deferred taxation thereon.