Company Registration No. 06722514 (England and Wales)
FORSHAW LAND & PROPERTY GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
FORSHAW LAND & PROPERTY GROUP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
FORSHAW LAND & PROPERTY GROUP LTD
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,236
7,260
Investment properties
5
75,000
75,000
Investments
6
1,271,296
1,271,296
1,350,532
1,353,556
Current assets
Stocks
1,151,333
715,001
Debtors
7
3,435,800
2,540,667
Cash at bank and in hand
304,023
153,969
4,891,156
3,409,637
Creditors: amounts falling due within one year
8
(1,692,681)
(1,128,749)
Net current assets
3,198,475
2,280,888
Total assets less current liabilities
4,549,007
3,634,444
Creditors: amounts falling due after more than one year
9
(38,124)
(46,857)
Net assets
4,510,883
3,587,587
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
4,510,783
3,587,487
Total equity
4,510,883
3,587,587
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 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
FORSHAW LAND & PROPERTY GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2021
31 August 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2022 and are signed on its behalf by:
J W Forshaw
Director
Company Registration No. 06722514
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 3 -
1
Accounting policies
Company information
Forshaw Land & Property Group Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
14 Wood Street, Bolton, BL1 1DY.
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.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover represents amounts receivable for management fees and property sales net of VAT.
Turnover in respect of property sales is recognised when there is an unconditional contract to sell and there is a right to consideration in exchange for fulfilling contractual obligations. This is deemed to be on practical completion.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development
33% straight line
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
33% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stock and work in progress is valued at the lower of cost and net realisable value. Cost includes all expenses of acquisition and development incurred at the balance sheet date. Interest cost on finance is excluded. Net realisable value is the estimated selling price less further costs expected to be incurred on completion and disposal.
Work in progress includes properties that are undergoing development which have not achieved practical completion at the balance sheet date or an unconditional contract to sell the property has not been exchanged at the balance sheet date. All work in progress that is capitalised has a high probability that the sale of the development will complete and the sale price will be higher than the costs.
All work in progress in relation to sites where the future economic benefits to the entity are unknown, is written off to the profit and loss account when the cost is incurred.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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 and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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.
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 6 -
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 unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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 subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Where the company incurs costs in respect of finance the costs are recognised in the profit and loss account over the period of the finance.
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 7 -
1.16
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
11
11
3
Intangible fixed assets
Website development
£
Cost
At 1 September 2020 and 31 August 2021
9,350
Amortisation and impairment
At 1 September 2020 and 31 August 2021
9,350
Carrying amount
At 31 August 2021
At 31 August 2020
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2020
8,669
28,082
29,469
66,220
Additions
366
366
At 31 August 2021
8,669
28,082
29,835
66,586
Depreciation and impairment
At 1 September 2020
4,244
28,082
26,634
58,960
Depreciation charged in the year
1,106
2,284
3,390
At 31 August 2021
5,350
28,082
28,918
62,350
Carrying amount
At 31 August 2021
3,319
917
4,236
At 31 August 2020
4,425
2,835
7,260
5
Investment property
2021
£
Fair value
At 1 September 2020 and 31 August 2021
75,000
Investment properties have been annually revalued by the directors on the basis of a desktop appraisal to
reflect the expected open market value of the
property
as at
31st August
202
1
.
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1,271,296
1,271,296
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,310
1,130
Amounts owed by group undertakings
3,117,119
2,276,721
Other debtors
317,371
262,816
3,435,800
2,540,667
FORSHAW LAND & PROPERTY GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 9 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,566
3,143
Trade creditors
251,285
136,655
Amounts owed to group undertakings
1,028,802
500,848
Taxation and social security
6,637
59,298
Other creditors
396,391
428,805
1,692,681
1,128,749
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
38,124
46,857
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Financial commitments, guarantees and contingent liabilities
In the year, the company continued to drawdown on a loan on behalf of its wholly owned subsidiary company, FG Sirius Ltd to fund the property development in that company. The loan was registered in the name of Forshaw Land & Property Group Ltd but was drawn down by FG Sirius Ltd and is secured by a legal charge on the property of FG Sirius Ltd. The loan is therefore recognised in the financial statements of FG Sirius Ltd and not in these financial statements. At the year end the amount outstanding under the loan was £18,000 (2020: £18,000).
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
6,681
14,654
13
Directors' transactions
Dividends totalling £210,000 (2020 - £213,000) were paid in the year in respect of shares held by the company's directors.
2021-08-31
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false
30 May 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
J W Forshaw
L C Forshaw
P J Forshaw
J W Forshaw
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