Company Registration No. 04995829 (England and Wales)
FORESTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
FORESTRE LIMITED
COMPANY INFORMATION
Directors
H M L Cottle
P L Cottle
Secretary
Mr M Cottle
Company number
04995829
Registered office
Suite 27
1 Wheelhouse Burrells Wharf Square,
London
England
E14 3TA
Accountants
Morris & Co
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
FORESTRE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 4
FORESTRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
-
19,000
Cash at bank and in hand
30
537
30
19,537
Creditors: amounts falling due within one year
3
(11,509)
(10,949)
Net current (liabilities)/assets
(11,479)
8,588
Capital and reserves
Called up share capital
4
1,406,190
1,406,190
Profit and loss reserves
(1,417,669)
(1,397,602)
Total equity
(11,479)
8,588
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 1 March 2018 and are signed on its behalf by:
H M L Cottle
Director
Company Registration No. 04995829
FORESTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2016
1,406,190
(1,388,314)
17,876
Year ended 31 December 2016:
Loss and total comprehensive income for the year
-
(9,288)
(9,288)
Balance at 31 December 2016
1,406,190
(1,397,602)
8,588
Year ended 31 December 2017:
Loss and total comprehensive income for the year
-
(20,067)
(20,067)
Balance at 31 December 2017
1,406,190
(1,417,669)
(11,479)
FORESTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Forestre Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Suite 27, 1 Wheelhouse Burrells Wharf Square,, London, England, E14 3TA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Going concern
As previously reported
an arrangement was entered into on 1 October 2014 with Pardus Underwriting Limited which has resulted in Forestre Limited effectively selling its insurance brokerage business to this entity for them to pursue an expansion programme. The company continues to operate a consultancy business and
may
therefore have income from this source in the future. Whilst this does severely reduce its operations it does allow Forestre Limited to continue at this reduced level of operations for the foreseeable future.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
. As all financial assets are classified within one year they are not amortised but carried at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
FORESTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt
,
are
initially recognised at transaction price
. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and
continue to be measured at face value.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
-
19,000
3
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
11,509
10,949
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,406,190 Ordinary of £1 each
1,406,190
1,406,190
1,406,190
1,406,190
5
Related party transactions
H M L Cottle
The amount due to the above related party at the balance sheet date was £11,158 (2016 : £10,000).