Forestrox Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: SC420279 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Forestrox Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

W Burdett Coutts

L O Johnson

REGISTERED OFFICE:

2 Roxburgh Place

Edinburgh

EH8 9SU

REGISTERED NUMBER:

SC420279 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

12,276

14,443

Investment property

5

1,652,400

1,652,400

1,664,676

1,666,843

CURRENT ASSETS

Debtors

6

25,583

6,158

Cash at bank

8,947

25,874

34,530

32,032

CREDITORS

Amounts falling due within one year

7

399,662

294,726

NET CURRENT LIABILITIES

(365,132

)

(262,694

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,299,544

1,404,149

CREDITORS

Amounts falling due after more than one year

8

(741,359

)

(810,573

)

PROVISIONS FOR LIABILITIES

11

(84,033

)

(81,700

)

NET ASSETS

474,152

511,876

CAPITAL AND RESERVES

Called up share capital

12

3

3

Fair value reserve

13

348,300

348,300

Retained earnings

125,849

163,573

SHAREHOLDERS' FUNDS

474,152

511,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 21 December 2023 and were signed on its behalf by:

W Burdett Coutts - Director

1.	STATUTORY INFORMATION

Forestrox Ltd is a private company, limited by shares , registered in Scotland. 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

Management have reviewed the financial position of the business and are confident the business will continue into the foreseeable future; Therefore, the accounts have been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

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 NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2022

and 31 March 2023

64,498

DEPRECIATION

At 1 April 2022

50,055

Charge for year

2,167

At 31 March 2023

52,222

NET BOOK VALUE

At 31 March 2023

12,276

At 31 March 2022

14,443

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

1,652,400

NET BOOK VALUE

At 31 March 2023

1,652,400

At 31 March 2022

1,652,400

Each property has been professionally valued throughout the year and reviewed by director at 31/03/2023 and assessed as fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

25,583

6,158

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts (see note 9)

63,461

63,461

Trade creditors

26,373

499

Taxation and social security

2,983

1,208

Other creditors

306,845

229,558

399,662

294,726

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans (see note 9)

252,923

317,147

Other creditors

488,436

493,426

741,359

810,573

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

63,304

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.23

31.3.22

£

£

Amounts falling due within one year or on demand:

Bank loans

63,461

63,461

Other loans

272,000

200,000

335,461

263,461

Amounts falling due between one and two years:

Bank loans - 1-2 years

63,461

63,461

Amounts falling due between two and five years:

Bank loans - 2-5 years

189,462

190,382

Other loans - 2-5 years

488,436

493,426

677,898

683,808

31.3.23

31.3.22

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

63,304

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

316,384

-

Bank of Scotland PLC holds a standard security over Bristo Place Church (and incorporating the Forest Café), 2, 3 & 4 Bristo Place, Edinburgh EH1 1EY. They also hold another 3 standard securities over 35 Guthrie Street, 2 Roxburgh Place, 5 Holyrood Road. Finally, Bank of Scotland holds a floating charge undertaking all property, assets (present & future), including uncalled capital.

11.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

84,033

81,700

Deferred

tax

£

Balance at 1 April 2022

81,700

Charge to Income Statement during year

2,333

Balance at 31 March 2023

84,033

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

3

Ordinary

3

3

3

13.

RESERVES

Fair

value

reserve

£

At 1 April 2022

and 31 March 2023

348,300

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 Forestrox Ltd for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Forestrox Ltd, 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 Forestrox Ltd and state those matters that we have agreed to state to the Board of Directors of Forestrox Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Forestrox Ltd 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 loss of Forestrox Ltd. You consider that Forestrox Ltd 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 Forestrox Ltd. 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.

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

21 December 2023