Fortevita_Limited - Accounts

FORTEVITA LIMITED - Company Information

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Fortevita Limited

Unaudited Abbreviated Accounts

For the period ended 29 May 2016

Company Registration No. 08330085 (England and Wales)

Fortevita Limited

Contents

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

Fortevita Limited

Abbreviated Balance Sheet

As at 29 May 2016

Page 1

2016

2015

Notes

Fixed assets

Tangible assets

4,765,100

4,267,684

Investments

100

4,765,200

4,267,784

Current assets

Stocks

25,491

Debtors

5,905,547

7,567,938

Cash at bank and in hand

47,844

321,748

5,978,882

7,889,686

Creditors: amounts falling due within one year

(2,110,625)

(3,482,363)

Net current assets

3,868,257

4,407,323

Total assets less current liabilities

8,633,457

8,675,107

Creditors: amounts falling due after more than one year

(13,146,879)

(10,665,790)

(4,513,422)

(1,990,683)

Capital and reserves

Called up share capital

Profit and loss account

(4,513,423)

(1,990,684)

Shareholders' funds

(4,513,422)

(1,990,683)

Fortevita Limited

Abbreviated Balance Sheet (Continued)

As at 29 May 2016

Page 2

For the financial period ended 29 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit.

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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 10 May 2017

S. Rubinstein

Z. Zenina

Director

Company Registration No. 08330085

Fortevita Limited

Notes to the Abbreviated Accounts

For the period ended 29 May 2016

Page 3

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

During the period the company made a loss of £2,522,739 and as at 29 May 2016 had net liabilities of £4,513,422. The company has been financed by loans made by a shareholder and as at 29 May 2016 £13,146,879 was owed, included within amounts falling due after one year. The directors have received confirmation from the shareholder that they will provide continued financial support to the company and group for the foreseeable future to enable the company to meet its financial liabilities as they fall due. The directors are therefore of the opinion that it is appropriate to prepare the financial statements on a going concern basis.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services provided in the period net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Tangible fixed assets during the period represented assets under the course of construction which are to be depreciated from the date that they are brought into use. The depreciation rates to be applied are as follows:

Leasehold improvements

5% straight line

Computer equipment

25% Reducing balance

Fixtures, fittings & equipment

25% Reducing balance

Depreciation commenced for certain assets during the year when they were brought into use.

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fortevita Limited

Notes to the Abbreviated Accounts (Continued)

For the period ended 29 May 2016

Page 4

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 June 2015

4,274,929

100

4,275,029

Additions

826,843

At 29 May 2016

5,101,772

100

5,101,872

Depreciation

At 1 June 2015

7,245

Charge for the period

329,427

At 29 May 2016

336,672

Net book value

At 29 May 2016

4,765,100

100

4,765,200

At 31 May 2015

4,267,684

100

4,267,784

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Fortevita Project Limited

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Fortevita Project Limited

Property development

(114,803)

59,686

Debtors

Debtors include an amount of £300,000 (2015 - £300,000) which is due after more than one year.

Fortevita Limited

Notes to the Abbreviated Accounts (Continued)

For the period ended 29 May 2016

Page 5

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of 1p each