Forrester Developments Limited - Period Ending 2017-08-31

Registration number: 02723613

Forrester Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

Forrester Developments Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Forrester Developments Limited

Company Information

Chairman

Mr R G Johnson

Directors

Mr R G Johnson Mrs K J Johnson

Company secretary

Mrs K J Johnson

Registered office

Roseweek Barn Roseweek St Austell Cornwall PL26 7AN

Page 1

Forrester Developments Limited

(Registration number: 02723613)
Balance Sheet as at 31 August 2017

	Note	2017 £	(As restated) 2016 £
Fixed assets
Tangible assets	4	3,306	4,691
Investment property	5	250,000	250,000
		253,306	254,691
Current assets
Debtors	7	174	46,054
Cash at bank and in hand		411,588	391,507
		411,762	437,561
Creditors: Amounts falling due within one year	8	(1,920)	(10,510)
Net current assets		409,842	427,051
Total assets less current liabilities		663,148	681,742
Provisions for liabilities		(14,214)	(16,276)
Net assets		648,934	665,466
Capital and reserves
Called up share capital		100	100
Capital redemption reserve		100	100
Other reserves		139,156	137,094
Profit and loss account		509,578	528,172
Total equity		648,934	665,466

For the financial year ending 31 August 2017 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Forrester Developments Limited

(Registration number: 02723613)
Balance Sheet as at 31 August 2017

Approved and authorised by the Board on 23 March 2018 and signed on its behalf by:
 

......................................... Mr R G Johnson Chairman

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Forrester Developments Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

1	General information

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

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

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. Details of the transition to FRS 102 are disclosed in the notes.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Page 4

Forrester Developments Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 5

Forrester Developments Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial assets are classified into either basic or other financial assets. Financial liabilities are classified into either basic or other financial liabilities. These classifications depend on certain criteria determined at the time of recognition.

 Recognition and measurement
The company holds only basic financial instruments.
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.

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is initially measured at the present value of the future receipts discounted at a market rate of interest and subsequently held at amortised cost.

Basic financial liabilities, including trade and other payables are initially measured at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

 Impairment
Basic financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2016 - 0).

Page 6

Forrester Developments Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 September 2016	34,245	13,620	47,865
Disposals	(16,752)	-	(16,752)
At 31 August 2017	17,493	13,620	31,113
Depreciation
At 1 September 2016	32,787	10,387	43,174
Charge for the year	184	808	992
Eliminated on disposal	(16,359)	-	(16,359)
At 31 August 2017	16,612	11,195	27,807
Carrying amount
At 31 August 2017	881	2,425	3,306
At 31 August 2016	1,458	3,233	4,691

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings.
 

5	Investment properties

	2017 £
At 31 August	250,000

The fair value of the investment property has been determined by the Directors. The Directors consider this to be the value at an arm's length transaction given the current market conditions.

There has been no valuation of investment property by an independent valuer.

6	Investments

Subsidiaries

Fair value

The company held investments in Forrester Contracting Limited (£200) and Rathscheck (UK) Limited (£2) of which both were written off in the year ended 31 August 2016. Both companies as of 22 August 2017 have been dissolved and the subsequent net book values recognised in the accounts is £nil (2016: £nil).

Page 7

Forrester Developments Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Forrester Contracting Limited (Dissolved)	Roseweek Barn,Roseweek,St Austell,Cornwall,PL26 7AN	Ordinary	100%	100%
	UK
Rathscheck (UK) Limited (Dissolved)	Roseweek Barn,Roseweek,St Austell,Cornwall,PL26 7AN	Ordinary	100%	100%
	UK

Forrester Contracting Limited was dissolved on 22 August 2017. Prior to dissolution it was dormant.

Rathscheck (U.K.) Limited was dissolved on 22 August 2017. Prior to dissolution it was dormant.
 

7

Debtors

	2017 £	2016 £
Prepayments	120	-
Other debtors	54	46,054
	174	46,054

8

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	462	5,880
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2	2
Taxation and social security	213	264
Accruals and deferred income	854	2,482
Other creditors	389	1,882
	1,920	10,510

Page 8

Forrester Developments Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

10	Transition to FRS 102

Balance Sheet at 1 September 2015
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	265,642	(64,863)	-	200,779
Investment property	-	64,863	185,137	250,000
Investments	202	-	-	202
	265,844	-	185,137	450,981
Current assets
Debtors	78,046	-	-	78,046
Cash at bank and in hand	151,710	-	-	151,710
	229,756	-	-	229,756
Creditors: Amounts falling due within one year	(33,701)	-	-	(33,701)
Net current assets	196,055	-	-	196,055
Total assets less current liabilities	461,899	-	185,137	647,036
Provisions for liabilities	-	-	(16,856)	(16,856)
Net assets	461,899	-	168,281	630,180
Capital and reserves
Called up share capital	100	-	-	100
Capital redemption reserve	100	-	-	100
Other reserves	-	-	136,514	136,514
Profit and loss account	461,699	-	31,767	493,466
Total equity	461,899	-	168,281	630,180

Page 9

Forrester Developments Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Balance Sheet at 31 August 2016
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets	67,919	(63,228)	-	4,691
Investment property	-	63,228	186,772	250,000
	67,919	-	186,772	254,691
Current assets
Debtors	46,054	-	-	46,054
Cash at bank and in hand	391,507	-	-	391,507
	437,561	-	-	437,561
Creditors: Amounts falling due within one year	(10,510)	-	-	(10,510)
Net current assets	427,051	-	-	427,051
Total assets less current liabilities	494,970	-	186,772	681,742
Provisions for liabilities	-	-	(16,276)	(16,276)
Net assets	494,970	-	170,496	665,466
Capital and reserves
Called up share capital	100	-	-	100
Capital redemption reserve	100	-	-	100
Other reserves	-	580	136,514	137,094
Profit and loss account	494,770	(580)	33,982	528,172
Total equity	494,970	-	170,496	665,466

Page 10