Registration number:
for the Year Ended
36 Bruntsfield Place
Edinburgh
EH10 4HJ
Forbes CN Holdings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Forbes CN Holdings Limited
Company Information
Director |
PCAB Duriez |
Registered office |
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Accountants |
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Forbes CN Holdings Limited
(Registration number: SC571487)
Balance Sheet as at 30 June 2019
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2019 |
2018 |
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Fixed assets |
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Investments |
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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 assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2019 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
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Forbes CN Holdings Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
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. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectations that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis, they continue to adopt the going concern basis of accounting in preparing these financial statements.
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 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.
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Forbes CN Holdings Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
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.
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 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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Forbes CN Holdings Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
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Cost or valuation |
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At 1 July 2018 |
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Provision |
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At 30 June 2019 |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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Details of undertakings
Details of the investments 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 |
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2019 |
2018 |
Subsidiary undertakings |
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Ordinary shares |
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Scotland |
The principal activity of Little Voices Nurseries Ltd is |
The profit for the financial period of Little Voices Nurseries Ltd was £33,945 and the aggregate amount of capital and reserves at the end of the period was £399,356. |
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Forbes CN Holdings Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Debtors |
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2019 |
2018 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Due after one year |
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Loans and borrowings |
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Forbes CN Holdings Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The carrying amount of at year end is £
The bank loans and overdraft are secured by a floating charge over assets held by the company. Interest is charged at base rate plus a margin of 1.6% per annum.
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Related party transactions |
Other transactions with directors |
As at 30 June 2019 the company is due £98 (2018: £98) from PCA Duriez, a director.
Summary of transactions with subsidiaries
As at 30 June 2019 the company is due £1,605,987 (2018: £1,605,987) from Little Voices Nurseries Ltd, a 100% owned subsidiary. The loan is interest free and has no fixed term of repayment.
As at 30 June 2019 the company is due £357,950 (2018: £149,000) to Forbes BP Ltd (formally Bruntsfield House Nursery Ltd), a company owned by Little Voices Nurseries Ltd. The Loan is interest free and has no fixed terms of repayment. The company received £20,000 (2018: £Nil) Management Charges from Forbes BP Ltd (formally Bruntsfield House Nursery Ltd).
Summary of transactions with other related parties
As at 30 June 2019 the company is due £350,000 (2018: £200,000) to Forbes CP Ltd, a company in which PCA Duriez is also a director. The loan is interest free and has no fixed terms of repayment.
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