Registration number:
for the Year Ended
Forbes BP Pty Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Forbes BP Pty Ltd
Company Information
Director |
PCAB Duriez |
Registered office |
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Accountants |
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Forbes BP Pty Ltd
(Registration number: SC468397)
Balance Sheet as at 30 June 2021
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2020 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
Approved and authorised by the
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PCAB Duriez
Director
Forbes BP Pty Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
These financial statements were authorised for issue by the
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.
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.
Turnover from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the buyer. Revenue is stated after sales discounts and other sales taxes, and is net of VAT.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Forbes BP Pty Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference.
Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Investment property
Subsequent to initial recognition
i. investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and
ii. no depreciation is provided in respect of investment properties applying the fair value model.
If a reliable measure is not available without undue cost or effort for an item of investment property, this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair value becomes available.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Trade debtors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.
Trade creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are 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.
Forbes BP Pty Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
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At 1 July |
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At 30 June |
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The property was last valued on 3 July 2017 by Graham & Sibbald, Chartered Surveyors. This valuation was carried out in accordance with the Practice Statements published by the Royal Institution of Chartered Surveyors. It was arrived at by reference to market evidence and assumed a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties are acting knowledgeably, prudently and without compulsion. The director believes that this valuation continues to be appropriate.
Debtors |
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2020 |
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Amounts owed by group undertakings |
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Creditors |
Creditors: amounts falling due within one year
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2021 |
2020 |
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Due within one year |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Forbes BP Pty Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Related party transactions |
Summary of transactions with parent
As at 30 June 2021 the company was due £1,609,164 (2020: £1,566,236) to Little Voices Nurseries Ltd, the immediate parent company. The loan has no fixed repayment date and interest of £42,958 (2020: £42,927) was charged during the year.
Summary of transactions with other related parties
As at 30 June 2021 the company was due £621,182 (2020: £544,774) from Forbes BP Ltd, a 100% owned subsidiary of Little Voices Nurseries Ltd. During the year the company received rental income of £85,000 (2020: £85,000) from Forbes BP Ltd, a 100% owned subsidiary of Little Voices Nurseries Ltd.