Forthbrook Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04415104 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Forthbrook Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs K Hayklan

J R Taylor

REGISTERED OFFICE:

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

04415104 (England and Wales)

ACCOUNTANTS:

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Tangible assets

4

636

-

Investment property

5

730,000

730,000

730,636

730,000

CURRENT ASSETS

Stocks

17,500

270,595

Debtors

6

316,564

330,972

Cash at bank and in hand

123,917

14,181

457,981

615,748

CREDITORS

Amounts falling due within one year

7

122,812

123,820

NET CURRENT ASSETS

335,169

491,928

TOTAL ASSETS LESS CURRENT LIABILITIES

1,065,805

1,221,928

CREDITORS

Amounts falling due after more than one year

8

(847,053

)

(1,030,671

)

PROVISIONS FOR LIABILITIES

(3,998

)

(3,998

)

NET ASSETS

214,754

187,259

CAPITAL AND RESERVES

Called up share capital

10

2

2

Other reserves

11

316,006

316,006

Fair value reserve

11

172,751

172,751

Retained earnings

11

(274,005

)

(301,500

)

SHAREHOLDERS' FUNDS

214,754

187,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 January 2023 and were signed on its behalf by:

Mrs K Hayklan - Director

1.	STATUTORY INFORMATION

Forthbrook 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers and excludes VAT. Sale of goods are recognised when the company has delivered product to the customer, the customer has accepted the products and collectability of the related receivable is reasonably assured.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement, net of deferred tax. On an annual basis this surplus or deficit is transferred from retained profits into a separate, non-distributable reserve called the "fair value reserve".

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2021

-

2,110

2,110

Additions

949

-

949

At 31 March 2022

949

2,110

3,059

DEPRECIATION

At 1 April 2021

-

2,110

2,110

Charge for year

313

-

313

At 31 March 2022

313

2,110

2,423

NET BOOK VALUE

At 31 March 2022

636

-

636

At 31 March 2021

-

-

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

730,000

NET BOOK VALUE

At 31 March 2022

730,000

At 31 March 2021

730,000

The director considers that the valuation, determine by her, represents the fair value of the investment properties as at 31st March 2020.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Amounts owed by group undertakings

220,250

232,864

Other debtors

96,314

98,108

316,564

330,972

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

3,000

-

Trade creditors

3,216

3,900

Amounts owed to group undertakings

97,338

101,700

Taxation and social security

709

1,734

Other creditors

18,549

16,486

122,812

123,820

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

10,000

-

Other creditors

837,053

1,030,671

847,053

1,030,671

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

430,000

430,000

Mortgages more than 5yrs

-

178,618

430,000

608,618

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Mortgages

407,053

585,671

Paragon Mortgages hold fixed and floating charges over the company's investment properties and assets.

Held in Stocks: Work-in-progress are fixed charges on land held for development in favour of both Paragon Mortgages and GMAC-RFC Property Finance Limited.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

2

Ordinary

1

2

2

11.

RESERVES

Fair

Retained

Other

value

earnings

reserves

reserve

Totals

£

£

£

£

At 1 April 2021

(301,500

)

316,006

172,751

187,257

Profit for the year

27,495

27,495

At 31 March 2022

(274,005

)

316,006

172,751

214,752

Other reserves represent profit on assets sold to subsidiary companies for consideration not readily convertible to cash. The profit will become realised if the assets are subsequently sold or redeemed for cash.

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

Mrs K Hayklan

Balance outstanding at start of year

61,367

56,143

Amounts advanced

14,141

16,480

Amounts repaid

(11,186

)

(11,256

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

64,322

61,367

Loan interest is charged on the above overdrawn director's loan account using HMRC's approved rates. Interest of £1,531 (2021: £1,487) is recognised within the profit and loss account.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forthbrook Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Forthbrook Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Forthbrook Limited and state those matters that we have agreed to state to the Board of Directors of Forthbrook Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forthbrook Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Forthbrook Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Forthbrook Limited. You consider that Forthbrook Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Forthbrook Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

Date: .............................................