Fortitude Investments (Residential) Limited Filleted accounts for Companies House (small and micro)

Fortitude Investments (Residential) Limited Filleted accounts for Companies House (small and micro)

FORTITUDE INVESTMENTS (RESIDENTIAL) LIMITED - Company Information

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3 false false false false false false false false false true false false false false false false No description of principal activity 2021-03-01 Sage Accounts Production Advanced 2020 - FRS102_2019 2,327,345 334,200 13,763 347,963 1,979,382 1,993,145 xbrli:pure xbrli:shares iso4217:GBP 02585457 2021-03-01 2022-02-28 02585457 2022-02-28 02585457 2021-02-28 02585457 2021-02-28 02585457 bus:Director1 2021-03-01 2022-02-28 02585457 core:LandBuildings 2021-02-28 02585457 core:LandBuildings 2022-02-28 02585457 core:WithinOneYear 2022-02-28 02585457 core:WithinOneYear 2021-02-28 02585457 core:AfterOneYear 2022-02-28 02585457 core:AfterOneYear 2021-02-28 02585457 core:ShareCapital 2022-02-28 02585457 core:ShareCapital 2021-02-28 02585457 core:RetainedEarningsAccumulatedLosses 2022-02-28 02585457 core:RetainedEarningsAccumulatedLosses 2021-02-28 02585457 core:LandBuildings 2021-03-01 2022-02-28 02585457 core:LandBuildings 2021-02-28 02585457 bus:SmallEntities 2021-03-01 2022-02-28 02585457 bus:AuditExemptWithAccountantsReport 2021-03-01 2022-02-28 02585457 bus:FullAccounts 2021-03-01 2022-02-28 02585457 bus:SmallCompaniesRegimeForAccounts 2021-03-01 2022-02-28 02585457 bus:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 02585457 core:LandBuildings core:LongLeaseholdAssets 2021-03-01 2022-02-28
COMPANY REGISTRATION NUMBER: 02585457
Fortitude Investments (Residential) Limited
Filleted Unaudited Financial Statements
28 February 2022
Fortitude Investments (Residential) Limited
Statement of Financial Position
28 February 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
4
1,979,382
1,993,145
Current assets
Debtors
5
3,256,897
3,208,216
Cash at bank and in hand
27,021
22,672
------------
------------
3,283,918
3,230,888
Creditors: amounts falling due within one year
6
1,692,877
1,706,135
------------
------------
Net current assets
1,591,041
1,524,753
------------
------------
Total assets less current liabilities
3,570,423
3,517,898
Creditors: amounts falling due after more than one year
7
( 3,002,178)
( 2,972,488)
------------
------------
Net assets
568,245
545,410
------------
------------
Capital and reserves
Called up share capital
40
40
Profit and loss account
568,205
545,370
---------
---------
Shareholders funds
568,245
545,410
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fortitude Investments (Residential) Limited
Statement of Financial Position (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 12 October 2022 , and are signed on behalf of the board by:
J.L. Day
Director
Company registration number: 02585457
Fortitude Investments (Residential) Limited
Notes to the Financial Statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Baltic House, 4-5 Baltic Street East, London, EC1Y 0U.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
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:
Leasehold property
-
in equal annual instalments over the duration of the leases
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.
4. Tangible assets
Land and buildings
£
Cost
At 1 March 2021 and 28 February 2022
2,327,345
------------
Depreciation
At 1 March 2021
334,200
Charge for the year
13,763
------------
At 28 February 2022
347,963
------------
Carrying amount
At 28 February 2022
1,979,382
------------
At 28 February 2021
1,993,145
------------
5. Debtors
2022
2021
£
£
Trade debtors
2,708
–
Other debtors
3,254,189
3,208,216
------------
------------
3,256,897
3,208,216
------------
------------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
–
15,024
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,568,682
1,568,683
Corporation tax
8,600
4,700
Other creditors
115,595
117,728
------------
------------
1,692,877
1,706,135
------------
------------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
3,002,178
2,972,488
------------
------------
The bank loans and overdrafts secured by a fixed and floating charge amounted to £3,002,178 at 28 February 2022 (£2,972,488 at 28 February 2021).
Included within creditors: amounts falling due after more than one year is an amount of £3,002,178 (2021: £2,972,488) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Directors' advances, credits and guarantees
There were no overdrawn directors loan account balances in existence at 28 February 2022 or at 28 February 2021.
9. Related party transactions
Group undertakings and undertakings in which the company has a participating interest comprise of Fortitude Investments (Commercial) Limited and Fortitude Investments Limited which is registered in the British Virgin Islands.
10. Controlling party
The ultimate parent company is Fortitude Investments Limited, which is registered in the British Virgin Islands.