Fortress Two Limited - Limited company accounts 17.3
Fortress Two Limited - Limited company accounts 17.3
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 30 June 2017 |
| for |
| Fortress Two Limited |
| Fortress Two Limited (Registered number: 09072086) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2017 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| Fortress Two Limited |
| Company Information |
| for the Year Ended 30 June 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Broga Fach |
| Llanmadoc |
| Swansea |
| West Glamorgan |
| SA3 1DB |
| Fortress Two Limited (Registered number: 09072086) |
| Report of the Directors |
| for the Year Ended 30 June 2017 |
| The directors present their report with the financial statements of the company for the year ended 30 June 2017. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the rental and development of investment property. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 July 2016 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| Fortress Two Limited (Registered number: 09072086) |
| Income Statement |
| for the Year Ended 30 June 2017 |
| 30.6.17 | 30.6.16 |
| Notes | £ | £ |
| TURNOVER |
| Administrative expenses |
| 104,012 | 26,477 |
| Other operating income |
| OPERATING PROFIT |
| Interest payable and similar expenses |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Fortress Two Limited (Registered number: 09072086) |
| Balance Sheet |
| 30 June 2017 |
| 30.6.17 | 30.6.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| Fortress Two Limited (Registered number: 09072086) |
| Balance Sheet - continued |
| 30 June 2017 |
| The financial statements were approved by the Board of Directors on |
| Fortress Two Limited (Registered number: 09072086) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2017 |
| 1. | STATUTORY INFORMATION |
| Fortress Two Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
| added tax and other sales taxes. |
| 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. |
| The investment property under development is in the accounts at cost. |
| 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. |
| Fortress Two Limited (Registered number: 09072086) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2017 |
| 3. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2016 |
| Additions |
| At 30 June 2017 |
| NET BOOK VALUE |
| At 30 June 2017 |
| At 30 June 2016 |
| No 15 London Road was valued on an open market basis by Scanlans Consultant Surveyors LLP on 9th October |
| 2015 at £300,000 and No 17 London Road was valued by the same firm on 21st December 2015 at £322,500. |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.17 | 30.6.16 |
| £ | £ |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.17 | 30.6.16 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.6.17 | 30.6.16 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,035,128 | 444,108 |
| Fortress Two Limited (Registered number: 09072086) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2017 |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.6.17 | 30.6.16 |
| £ | £ |
| Bank loans |
| The bank loans are secured over the company's investment property. |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 July 2016 |
| and 30 June 2017 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 June 2017 and 30 June 2016: |
| 30.6.17 | 30.6.16 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of Mr Darren Carter and Garigal Property Services Limited, a company in which |
| Mr Stephenson is a shareholder. |