Forum Investments Limited
Forum Investments Limited
Unaudited Financial Statements
For The Year Ended 30 September 2019
Forum Investments Limited
Unaudited Financial Statements
For The Year Ended 30 September 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Forum Investments Limited
Balance Sheet
As at
30 September 2019
Balance Sheet
Registered number:
01232478
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 969,825 | 976,700 | |||
Page 1
Forum Investments Limited
Balance Sheet (continued)
As at
30 September 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Forum Investments Limited
Notes to the Financial Statements
For The Year Ended 30 September 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income in the period in the normal course of business.
1.3.
Investment Properties
Investment property, which is property held to earn rentals and or capital appreciation, is initially recognised at cost, which includes purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date.The surplus or deficit on revaluation is recognised in profit or loss.
Where Fair Value can not be achieved without the undue cost or effort, investment property is accounted for as tangible fixed asset.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end date
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. the deferred tax balance has not been discounted. A deferred taxation asset on the realisation of investment properties is not recognised where there is no current expectation of the asset being available for use.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2018: NIL)
Page 3
Forum Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
3.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
882,000 |
| As at |
882,000 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
882,000 |
| As at |
882,000 |
Investment property as at 30 June 2019 held for rental purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out at by the directors.The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4.
Debtors
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Corporation tax |
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| Other creditors |
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| Accruals and deferred income |
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Page 4
Forum Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
7.
Profit & Loss Account
Retained Earnings Made up of:
Retained Earnings (Distributable) £469,386 Revaluation on Investment Property (Non Distributable) £500,340 Retained Earnings as at 30 September 2019 £969,726
8.
General Information
Forum Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01232478 . The registered office is Springfield House C/O Kumar & Co Accountants, 23 Oatlands Drive, Weybridge, Surrey, KT13 9LZ.
Page 5