Forsyth Properties (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03659164 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Forsyth Properties (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J P Sweeney

Ms J Routledge

SECRETARY:

Ms J Routledge

REGISTERED OFFICE:

17 Queens Lane

Newcastle upon Tyne

Tyne and Wear

NE1 1RN

REGISTERED NUMBER:

03659164 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

17 Queens Lane

Newcastle upon Tyne

Tyne and Wear

NE1 1RN

FIXED ASSETS

Investment property

5

1,260,000

1,260,000

1,260,000

1,260,000

CURRENT ASSETS

Debtors

6

3,434

1,945

Cash at bank

49,308

82,402

52,742

84,347

CREDITORS

Amounts falling due within one year

7

2,700

18,160

NET CURRENT ASSETS

50,042

66,187

TOTAL ASSETS LESS CURRENT LIABILITIES

1,310,042

1,326,187

CREDITORS

Amounts falling due after more than one year

8

(979,332

)

(979,332

)

PROVISIONS FOR LIABILITIES

(47,823

)

(47,823

)

NET ASSETS

282,887

299,032

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

599,182

593,110

Profit and loss account

(316,297

)

(294,080

)

SHAREHOLDERS' FUNDS

282,887

299,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 23 October 2019 and were signed on its behalf by:

Ms J Routledge - Director

1.	STATUTORY INFORMATION

Forsyth Properties (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the

recognition of certain assets measured at fair value.

Investment property

Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair

value is recognised in the profit and loss account along with the associated deferred tax.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting

period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in profit or loss.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A

current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a

previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses

in the financial statements and their inclusion in tax assessments.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities and 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 and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Rents receivable

Rents receivable are accounted for on an accruals basis.

Employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - NIL ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

1,260,000

NET BOOK VALUE

At 31 March 2019

1,260,000

At 31 March 2018

1,260,000

The fair value of the property at 31 March 2019 has been arrived at on the basis of a valuation carried out by

a director whom is not a professional qualified valuer. The valuation, was arrived at by reference to market

evidence of transaction prices for similar properties in their location.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,846

-

Other debtors

1,588

1,945

3,434

1,945

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Taxation and social security

-

15,460

Other creditors

2,700

2,700

2,700

18,160

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

979,332

979,332

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

979,332

979,332

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

979,332

979,332

The bank loans are secured by fixed and floating charges over the company's properties.