Forge Lane Investments Limited 31/10/2021 iXBRL

Forge Lane Investments Limited 31/10/2021 iXBRL

FORGE LANE INVESTMENTS LIMITED - Company Information

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Company registration number: 01862150
Forge Lane Investments Limited
Unaudited filleted financial statements
31 October 2021
Forge Lane Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Forge Lane Investments Limited
Directors and other information
Directors Mr Nigel Whitehouse
Secretary Mrs Maree Smith
Company number 01862150
Registered office Bank Chambers
Canterbury Road
Lyminge
Nr Folkestone
Kent CT18 8HU
Accountants Norman Brisk & Company Limited
Bank Chambers
Canterbury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
Forge Lane Investments Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Forge Lane Investments Limited
Year ended 31 October 2021
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 2021 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Norman Brisk & Company Limited
Business Advisers and Taxation Consultants
Bank Chambers
Canterbury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
2 August 2022
Forge Lane Investments Limited
Statement of financial position
31 October 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 823,071 823,071
_______ _______
823,071 823,071
Current assets
Stocks 29,484 29,484
Debtors 5 - 2,141
Cash at bank and in hand 22,263 42,184
_______ _______
51,747 73,809
Creditors: amounts falling due
within one year 6 ( 26,835) ( 42,954)
_______ _______
Net current assets 24,912 30,855
_______ _______
Total assets less current liabilities 847,983 853,926
Creditors: amounts falling due
after more than one year 7 ( 641,723) ( 641,723)
_______ _______
Net assets 206,260 212,203
_______ _______
Capital and reserves
Called up share capital 2 2
Revaluation reserve 302,151 302,151
Profit and loss account ( 95,893) ( 89,950)
_______ _______
Shareholders funds 206,260 212,203
_______ _______
For the year ending 31 October 2021 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2022 , and are signed on behalf of the board by:
Mr Nigel Whitehouse
Director
Company registration number: 01862150
Forge Lane Investments Limited
Statement of changes in equity
Year ended 31 October 2021
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 November 2019 2 302,151 ( 87,407) 214,746
Loss for the year ( 2,543) ( 2,543)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 2,543) ( 2,543)
_______ _______ _______ _______
At 31 October 2020 and 1 November 2020 2 302,151 ( 89,950) 212,203
Loss for the year ( 5,943) ( 5,943)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 5,943) ( 5,943)
_______ _______ _______ _______
At 31 October 2021 2 302,151 ( 95,893) 206,260
_______ _______ _______ _______
Forge Lane Investments Limited
Notes to the financial statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bank Chambers, Canterbury Road, Lyminge, Nr Folkestone, Kent CT18 8HU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - No depreciation is charged in respect of freehold property.
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 November 2020 and 31 October 2021 823,069 35,099 858,168
_______ _______ _______
Depreciation
At 1 November 2020 and 31 October 2021 - 35,097 35,097
_______ _______ _______
Carrying amount
At 31 October 2021 823,069 2 823,071
_______ _______ _______
At 31 October 2020 823,069 2 823,071
_______ _______ _______
The bank loans are secured by first legal charges against each individual property.
Tangible assets held at valuation
The properties are revalued each year by the director who is an estate agent. The diminution in the revaluation reserve in 2017 arises from the disposal of one property.
5. Debtors
2021 2020
£ £
Trade debtors - 2,141
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 16,267 16,267
Other creditors 10,568 26,687
_______ _______
26,835 42,954
_______ _______
7. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 641,723 641,723
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Nigel Whitehouse ( 24,230) 16,359 ( 7,871)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Nigel Whitehouse ( 24,230) - ( 24,230)
_______ _______ _______