Forrester Developments Limited - Period Ending 2022-08-31

Forrester Developments Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Forrester Developments Limited

Balance Sheet

31 August 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	2,085	2,344
Investment property	5	200,000	200,000
		202,085	202,344
Current assets
Debtors	6	386	211
Cash at bank and in hand		434,439	430,956
		434,825	431,167
Creditors: Amounts falling due within one year	7	(3,756)	(4,033)
Net current assets		431,069	427,134
Total assets less current liabilities		633,154	629,478
Provisions for liabilities		(4,806)	(4,806)
Net assets		628,348	624,672
Capital and reserves
Called up share capital		100	100
Capital redemption reserve		100	100
Non distributable reserve		98,564	98,564
Profit and loss account		529,584	525,908
Shareholders' funds		628,348	624,672

Forrester Developments Limited

Balance Sheet

31 August 2022

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 March 2023 and signed on its behalf by:
 

......................................... Mr Ray Johnson Director

Company Registration Number: 02723613

Forrester Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2022

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Roseweek Barn
Roseweek
St Austell
Cornwall
PL26 7AN

These financial statements were authorised for issue by the Board on 25 March 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity;

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Forrester Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% to 25% reducing balance
Furniture, fittings and equipment	15% to 50% reducing balance
Motor vehicles	25% reducing balance

Investment property

Investment Property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

Forrester Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 September 2021	13,174	15,287	4,773	33,234
Additions	390	-	-	390
At 31 August 2022	13,564	15,287	4,773	33,624
Depreciation
At 1 September 2021	12,866	13,503	4,521	30,890
Charge for the year	242	357	50	649
At 31 August 2022	13,108	13,860	4,571	31,539
Carrying amount
At 31 August 2022	456	1,427	202	2,085
At 31 August 2021	308	1,784	252	2,344

5	Investment properties

	2022 £
At 1 September	200,000
At 31 August	200,000

6

Debtors

	2022 £	2021 £
Prepayments	386	211
	386	211

Forrester Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2022

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	-	250
Corporation tax	1,816	1,983
Accruals and deferred income	1,940	1,800
	3,756	4,033