Forgeway Holdings Ltd - Period Ending 2017-12-31

Forgeway Holdings Ltd

Annual Report and Unaudited Financial Statements
Period from 11 June 2017 to 31 December 2017

Registration number: 10812782

Forgeway Holdings Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

Forgeway Holdings Ltd

Company Information

Directors

Mr L Buckley Mr R Buckley Mr G Buckley

Registered office

Collett Way Newton Abbot TQ12 4PH

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Page 1

Forgeway Holdings Ltd

Balance Sheet

31 December 2017

	Note	2017 £
Fixed assets
Investments	3	4,012,185
Current assets
Cash at bank and in hand		94
Creditors: Amounts falling due within one year	4	(659,337)
Net current liabilities		(659,243)
Total assets less current liabilities		3,352,942
Creditors: Amounts falling due after more than one year	4	(2,453,550)
Net assets		899,392
Capital and reserves
Called up share capital		1,000
Share premium reserve		899,898
Profit and loss account		(1,506)
Total equity		899,392

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 2

Forgeway Holdings Ltd

Balance Sheet

31 December 2017

For the financial period ending 31 December 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 period 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 4 May 2018 and signed on its behalf by:
 

......................................... Mr L Buckley Director

......................................... Mr R Buckley Director

Company Registration Number: 10812782

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Forgeway Holdings Ltd

Statement of Changes in Equity

Period from 11 June 2017 to 31 December 2017

	Share capital £	Share premium £	Profit and loss account £	Total £
Loss for the period	-	-	(1,506)	(1,506)
Total comprehensive income	-	-	(1,506)	(1,506)
New share capital subscribed	1,000	899,898	-	900,898
At 31 December 2017	1,000	899,898	(1,506)	899,392

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Forgeway Holdings Ltd

Notes to the Financial Statements

Period from 11 June 2017 to 31 December 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:
Collett Way
Newton Abbot
TQ12 4PH

These financial statements were authorised for issue by the Board on 4 May 2018.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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.

Group accounts not prepared

The company and its subsidiary undertaking comprise a small group. The company has not exercised the option to prepare group accounts by Section 398 of the Companies Act 2006..

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 not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Page 5

Forgeway Holdings Ltd

Notes to the Financial Statements

Period from 11 June 2017 to 31 December 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term debtors and creditors;
• Short term inter group balances;
• Cash and bank balances; and
• Redeemable preference share.

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 preference shares, 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.

Preference shares are initially measured at transaction price. Dividends payable are included as interest payable and other similar charges in the profit and loss account.

 

3	Investments

	2017 £
Investments in subsidiaries	4,012,185

Subsidiaries	£
Cost or valuation
Additions	4,012,185
Carrying amount
At 31 December 2017	4,012,185

Page 6

Forgeway Holdings Ltd

Notes to the Financial Statements

Period from 11 June 2017 to 31 December 2017

4

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2017  £
Due within one year
Loans and borrowings	5	12,000
Amounts due to group undertakings	7	83,114
Other creditors	7	562,723
Accrued expenses		1,500
		659,337

Creditors: amounts falling due after more than one year

	Note	2017 £
Due after one year
Loans and borrowings	5	2,453,550

	2017 £
Due after more than five years
After more than five years not by instalments	1,772,750

Page 7

Forgeway Holdings Ltd

Notes to the Financial Statements

Period from 11 June 2017 to 31 December 2017

5	Loans and borrowings

	2017 £
Current loans and borrowings
Redeemable preference shares	12,000

	2017 £
Loans and borrowings due after one year
Redeemable preference shares	2,453,550

6	Share capital

Allotted, called up and fully paid shares

	2017
	No.	£
Ordinary shares of £1 each	998	998
A Ordinary shares of £1 each	2	2
Preference shares of £1 each	449,950	449,950
A Preference shares of £1 each	2,015,600	2,015,600
	2,466,550	2,466,550

Rights, preference and restrictions

Ordinary shares entitle the holder to voting rights and dividends. The shares are not redeemable.

A Ordinary shares entitle the holder to dividends but have no voting rights. The shares are not redeemable.

Preference shares entitle the holder to a preferred dividend at a fixed annual rate of 0.25% but have no voting rights. The shares are redeemable at the discretion of the company.

A preference shares entitle the holder to a preferred dividend at a fixed annual rate of 0.25% but have no voting rights. The shares are redeemable at the discretion of the company.

Page 8

Forgeway Holdings Ltd

Notes to the Financial Statements

Period from 11 June 2017 to 31 December 2017

7	Related party transactions

Summary of transactions with subsidiaries

Forgeway Ltd
 
During the period Forgeway Ltd transferred the amounts due to its directors to the company creating an intercompany balance. It was subsequently decided that Forgeway Holdings Ltd would make an investment of this intercompany balance and has been treated as a capital contribution. During the year Forgeway Ltd made payments on behalf of the company to the directors in respect of amounts due to the directors in Forgeway Holdings Ltd.The amount due to the subsidiary company at the date of the financial statements was £83,114. No interest is paid on this balance and it is repayable on demand.
 

Summary of transactions with other related parties

Directors of the company
 
As set out above, during the period a loan account existed between the company and the directors. Interest is charged at the discretion of the directors and the loans are repayable on demand. The amount due to the directors at the date of the financial statements was £562,723.
 

Page 9