FOREST MIDCO 1 LIMITED CONSOLIDATED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Company registration number 14076280 (England and Wales)
FOREST MIDCO 1 LIMITED CONSOLIDATED
COMPANY INFORMATION
Directors
Mr M Hall
(Appointed 10 January 2023)
Mr N Price
(Appointed 28 April 2022)
Company number
14076280
Registered office
Unit 4 & Unit 5
Revie Road Industrial Estate
Leeds
LS11 8JG
Auditor
Azets Audit Services
Carlton House
Grammar School Street
Bradford
BD1 4NS
FOREST MIDCO 1 LIMITED CONSOLIDATED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
FOREST MIDCO 1 LIMITED CONSOLIDATED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the period ended 31 December 2022.

Review of the business

The company acts as the parent of the companies listed in note 13 of these financial statements and the consolidated group accounts include the results and assets of these companies. The group was established in May 2022.

The company’s income comprises interest and dividends earned. The principal activities of the group are those of manufacturing and sales of electric garage doors via a franchisee network of installation engineers. The group accounts reflect pre-tax losses of £5.2m and balance sheet reserves of £(5.2)m.

Principal risks and uncertainties

The home improvement category in which the company operates is increasingly challenging and will continue for some time.

In order to make the business more resilient in this market, the directors have embarked on new product development and have invested significantly in new talent to help drive the business forward.

Additionally, the company’s reputation as the UK’s number 1 recommended installer of electric roller garage doors, and the scale of the wider home improvement category, means that despite the challenges, the business will be well placed to capitalise on opportunities and continue to grow market share.

Development and performance

We aim to present a fair review of the development and performance of our business during the period and its position at the year end. Our review is consistent with the size and nature of our business, and is written in the context of the risks and uncertainties we face.

In spite of challenging market conditions, trading in the underlying group has been robust and market share improved.

The reported losses reflect costs incurred in the acquisition of Garolla Holdings and other group companies associated financing costs.

Significant investment has been made in the business post acquisition notably to strengthen the management team and position the group for growth.

Key performance indicators

The directors consider new business leads, sales, gross margin and marketing acquisition cost per lead as the key performance indicators of the business.

 

Although 2022 was the first year for the new group, the underlying trading businesses experienced growth in new business leads and improved conversion led to strong revenue growth (+15%). However gross margins fell reflecting inflationary pressures.

 

Turnover achieved by the group in the period since acquisition in the acquisitions in May 2022 was £14.4m and overall loss before tax was £5.2m. The directors are satisfied with the company's performance during the period.

On behalf of the board

Mr M Hall
Director
28 September 2023
FOREST MIDCO 1 LIMITED CONSOLIDATED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -

The directors present their annual report and financial statements for the period ended 31 December 2022.

Principal activities

The principal activity of the group is that of manufacturing and sales of electric garage doors via a franchisee network of installation engineers.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr M Hall
(Appointed 10 January 2023)
Mr M McAvoy
(Appointed 17 May 2022 and resigned 9 January 2023)
Mr N Price
(Appointed 28 April 2022)
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M Hall
Director
28 September 2023
FOREST MIDCO 1 LIMITED CONSOLIDATED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FOREST MIDCO 1 LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOREST MIDCO 1 LIMITED CONSOLIDATED
- 4 -
Opinion

We have audited the financial statements of Forest Midco 1 Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FOREST MIDCO 1 LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOREST MIDCO 1 LIMITED CONSOLIDATED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

FOREST MIDCO 1 LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOREST MIDCO 1 LIMITED CONSOLIDATED
- 6 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK law and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure or increase the capital position of the Company, and management bias in accounting estimates and judgmental areas of the financial statements. Audit procedures performed by the engagement team included:    ·

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing over immaterial liabilities and assets balances.    ·

There are inherent limitations in the audit procedures described above and the further removed non-·compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Wainwright (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
28 September 2023
Chartered Accountants
Statutory Auditor
Carlton House
Grammar School Street
Bradford
BD1 4NS
FOREST MIDCO 1 LIMITED CONSOLIDATED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
Period
ended
31 December
2022
Notes
£
Turnover
3
14,383,902
Cost of sales
(7,796,020)
Gross profit
6,587,882
Administrative expenses
(8,949,357)
Operating loss
4
(2,361,475)
Interest payable and similar expenses
7
(2,930,404)
Loss before taxation
(5,291,879)
Tax on loss
8
112,438
Loss for the financial period
(5,179,441)
(Loss)/profit for the financial period is all attributable to the owner of the parent company.
FOREST MIDCO 1 LIMITED CONSOLIDATED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
Period
ended
31 December
2022
£
Loss for the period
(5,179,441)
Other comprehensive income
-
Total comprehensive income for the period
(5,179,441)
Total comprehensive income for the period is all attributable to the owners of the parent company.
FOREST MIDCO 1 LIMITED CONSOLIDATED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 9 -
2022
Notes
£
£
Fixed assets
Goodwill
10
29,562,519
Tangible assets
11
379,752
29,942,271
Current assets
Stocks
14
1,246,637
Debtors
15
1,001,763
Cash at bank and in hand
2,441,794
4,690,194
Creditors: amounts falling due within one year
16
(2,916,737)
Net current assets
1,773,457
Total assets less current liabilities
31,715,728
Creditors: amounts falling due after more than one year
17
(36,855,085)
Provisions for liabilities
Deferred tax liability
20
40,083
(40,083)
Net liabilities
(5,179,440)
Capital and reserves
Called up share capital
22
1
Profit and loss reserves
(5,179,441)
Total equity
(5,179,440)
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
28 September 2023
Mr M Hall
Director
Company registration number 14076280 (England and Wales)
FOREST MIDCO 1 LIMITED CONSOLIDATED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 10 -
2022
Notes
£
£
Fixed assets
Investments
12
1
Current assets
Debtors
15
37,002,559
Creditors: amounts falling due within one year
16
(533,438)
Net current assets
36,469,121
Total assets less current liabilities
36,469,122
Creditors: amounts falling due after more than one year
17
(36,812,961)
Net liabilities
(343,839)
Capital and reserves
Called up share capital
22
1
Profit and loss reserves
(343,840)
Total equity
(343,839)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £343,840.

These financial statements have been prepared 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 28 September 2023 and are signed on its behalf by:
28 September 2023
Mr M Hall
Director
Company registration number 14076280 (England and Wales)
FOREST MIDCO 1 LIMITED CONSOLIDATED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 April 2022
-
-
-
Period ended 31 December 2022:
Loss and total comprehensive income
-
(5,179,441)
(5,179,441)
Issue of share capital
22
1
-
1
Balance at 31 December 2022
1
(5,179,441)
(5,179,440)
FOREST MIDCO 1 LIMITED CONSOLIDATED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 April 2022
-
-
-
Period ended 31 December 2022:
Profit and total comprehensive income
-
(343,840)
(343,840)
Issue of share capital
22
1
-
1
Balance at 31 December 2022
1
(343,840)
(343,839)
FOREST MIDCO 1 LIMITED CONSOLIDATED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 13 -
2022
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
1,192,012
Interest paid
(2,930,404)
Income taxes paid
(1,197,947)
Net cash outflow from operating activities
(2,936,339)
Investing activities
Purchase of tangible fixed assets
(130,533)
Proceeds from disposal of tangible fixed assets
10,433
Purchase of subsidiaries, net of cash acquired
(35,324,410)
Net cash used in investing activities
(35,444,510)
Financing activities
Proceeds from borrowings
36,766,060
Repayment of borrowings
46,901
Repayment of bank loans
(94,554)
Payment of finance leases obligations
(129,829)
Net cash generated from/(used in) financing activities
36,588,578
Net (decrease)/increase in cash and cash equivalents
(1,792,271)
Cash and cash equivalents at beginning of period
4,234,065
Cash and cash equivalents at end of period
2,441,794
FOREST MIDCO 1 LIMITED CONSOLIDATED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 14 -
2022
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(36,484,854)
Interest paid
(2,908,365)
Net cash outflow from operating activities
(39,393,219)
Investing activities
Purchase of subsidiaries
(1)
Interest received
2,580,258
Net cash generated from/(used in) investing activities
2,580,257
Financing activities
Proceeds from issue of shares
1
Proceeds from borrowings
36,766,060
Repayment of borrowings
46,901
Net cash generated from/(used in) financing activities
36,812,962
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
-
0
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 15 -
1
Accounting policies
Company information

Forest Midco 1 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Forest Midco 1 Limited and all of its subsidiaries.

1.1
Reporting period

The company was incorporated on 28 April 2022 and the year end was shortened to 31 December 2022 to coincide with the group.

1.2
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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Forest Midco 1 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
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.

FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -

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:

Patents & licences
10 years straight line
1.9
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.

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
5 years straight line
Fixtures and fittings
5 years straight line
Computers
3 years straight line
Motor vehicles
33% reducing balance

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 recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
1.11
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

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.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.13
Cash and cash equivalents

Cash and cash equivalents 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.

FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
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 payments 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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
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.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 22 -
3
Turnover
2022
£
Turnover analysed by class of business
Garage door sales
14,284,266
Franchise sign up fees
99,636
14,383,902
2022
£
Turnover analysed by geographical market
UK
13,923,649
Europe
460,253
14,383,902
4
Operating loss
2022
£
Operating loss for the period is stated after charging/(crediting):
Exchange gains
(12,528)
Depreciation of owned tangible fixed assets
146,791
Loss on disposal of tangible fixed assets
16,388
Amortisation of intangible assets
3,352,985
Stocks impairment losses recognised or reversed
130,360
Operating lease charges
195,341
5
Auditor's remuneration
2022
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
14,500
Audit of the financial statements of the company's subsidiaries
69,000
83,500
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2022
2022
Number
Number
146
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2022
£
£
Wages and salaries
3,775,269
-
0
Social security costs
344,371
-
0
Pension costs
56,101
-
0
4,175,741
-
0
7
Interest payable and similar expenses
2022
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,412
Interest payable to group undertakings
34,856
Other interest on financial liabilities
2,873,509
2,915,777
Other finance costs:
Interest on finance leases and hire purchase contracts
13,075
Other interest
1,552
Total finance costs
2,930,404
8
Taxation
2022
£
Current tax
UK corporation tax on profits for the current period
15,837
Deferred tax
Origination and reversal of timing differences
(128,275)
Total tax credit
(112,438)
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
8
Taxation
(Continued)
- 24 -

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2022
£
Loss before taxation
(5,291,879)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00%
(1,005,457)
Tax effect of expenses that are not deductible in determining taxable profit
267,717
Tax effect of income not taxable in determining taxable profit
190
Unutilised tax losses carried forward
89,423
Permanent capital allowances in excess of depreciation
26,897
Amortisation on assets not qualifying for tax allowances
637,067
Deferred tax movement
(128,275)
Taxation credit
(112,438)
9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2022
Notes
£
In respect of:
Stocks
14
130,360
Recognised in:
Cost of sales
130,360
10
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 28 April 2022
5,891,620
3,035
5,894,655
Additions
27,610,248
-
0
27,610,248
At 31 December 2022
33,501,868
3,035
33,504,903
Amortisation and impairment
At 28 April 2022
589,162
237
589,399
Amortisation charged for the period
3,350,187
2,798
3,352,985
At 31 December 2022
3,939,349
3,035
3,942,384
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
10
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 December 2022
29,562,519
-
0
29,562,519
The company had no intangible fixed assets at 31 December 2022.
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 28 April 2022
31,917
130,463
82,444
470,373
715,197
Additions
4,502
10,580
13,795
101,656
130,533
Disposals
-
0
-
0
-
0
(89,734)
(89,734)
At 31 December 2022
36,419
141,043
96,239
482,295
755,996
Depreciation and impairment
At 28 April 2022
11,638
69,683
48,093
162,952
292,366
Depreciation charged in the period
4,954
18,734
19,426
103,677
146,791
Eliminated in respect of disposals
-
0
-
0
-
0
(62,913)
(62,913)
At 31 December 2022
16,592
88,417
67,519
203,716
376,244
Carrying amount
At 31 December 2022
19,827
52,626
28,720
278,579
379,752
The company had no tangible fixed assets at 31 December 2022.
12
Fixed asset investments
Group
Company
2022
2022
Notes
£
£
Investments in subsidiaries
13
-
0
1
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 28 April 2022
-
Additions
1
At 31 December 2022
1
Carrying amount
At 31 December 2022
1
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Forest Midco 2 Limited
Unit 4 & Unit 5 Revie Road Industrial Estate, Leeds, West Yorkshire, United Kingdom, LS11 8JG
Ordinary Shares
100.00
Forest Bidco Limited
Unit 4 & Unit 5 Revie Road Industrial Estate, Leeds, West Yorkshire, United Kingdom, LS11 8JG
Ordinary Shares
100.00
Garolla Limited
Unit 4 & Unit 5 Revie Road Industrial Estate, Leeds, West Yorkshire, United Kingdom, LS11 8JG
Ordinary Shares
100.00
Garolla Holdings Limited
Unit 4 & Unit 5 Revie Road Industrial Estate, Leeds, West Yorkshire, United Kingdom, LS11 8JG
Ordinary Shares
100.00
Lee Import Limited
Unit 4 & Unit 5 Revie Road Industrial Estate, Leeds, West Yorkshire, United Kingdom, LS11 8JG
Ordinary Shares
100.00

The subsidiaries Forest Midco 2 Limited (registration number 14076521) and Forest Bidco Limited (registration number 14075661), both registered in the United Kingdom and included in these financial statements, are exempt from and audit under section 479A of the Companies Act 2006.

14
Stocks
Group
Company
2022
2022
£
£
Work in progress
30,694
-
Finished goods and goods for resale
1,215,943
-
0
1,246,637
-
0
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 27 -
15
Debtors
Group
Company
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
349,845
-
0
Amounts owed by group undertakings
17,853
37,002,559
Other debtors
202,240
-
0
Prepayments and accrued income
308,373
-
0
878,311
37,002,559
Amounts falling due after more than one year:
Deferred tax asset (note 20)
123,452
-
0
Total debtors
1,001,763
37,002,559
16
Creditors: amounts falling due within one year
Group
Company
2022
2022
Notes
£
£
Obligations under finance leases
19
59,939
-
0
Trade creditors
258,769
-
0
Amounts owed to group undertakings
499,855
518,938
Corporation tax payable
292,194
-
0
Other taxation and social security
513,867
-
Other creditors
894,228
-
0
Accruals and deferred income
397,885
14,500
2,916,737
533,438
17
Creditors: amounts falling due after more than one year
Group
Company
2022
2022
Notes
£
£
Obligations under finance leases
19
42,124
-
0
Other borrowings
18
36,812,961
36,812,961
36,855,085
36,812,961
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
36,812,961
36,812,961
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 28 -
18
Loans and overdrafts
Group
Company
2022
2022
£
£
Loans from related parties
36,812,961
36,812,961
Payable after one year
36,812,961
36,812,961

The investor loan has an interest rate of 12% and is repayable in full on 16 May 2032.

19
Finance lease obligations
Group
Company
2022
2022
£
£
Future minimum lease payments due under finance leases:
Within one year
59,939
-
0
In two to five years
42,124
-
0
102,063
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Assets
2022
2022
Group
£
£
Accelerated capital allowances
40,083
-
Tax losses
-
123,452
40,083
123,452
The company has no deferred tax assets or liabilities.
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2022
2022
Movements in the period:
£
£
Asset at 28 April 2022
-
-
Credit to profit or loss
(128,275)
-
Acquired with subsidiary
44,906
-
Asset at 31 December 2022
(83,369)
-
21
Retirement benefit schemes
2022
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
56,101

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2022
£
£
Within one year
165,900
-
Between two and five years
183,536
-
349,436
-
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 30 -
24
Cash generated from/(absorbed by) group operations
2022
£
Loss for the period after tax
(5,179,441)
Adjustments for:
Taxation charged
592,039
Finance costs
2,930,404
Loss on disposal of tangible fixed assets
16,388
Amortisation and impairment of intangible assets
3,352,985
Depreciation and impairment of tangible fixed assets
146,791
Movements in working capital:
Increase in stocks
(71,936)
Decrease in debtors
472,603
Increase in creditors
730,003
Cash generated from/(absorbed by) operations
2,989,836
25
Cash absorbed by operations - company
2022
£
Loss for the period after tax
(343,840)
Adjustments for:
Finance costs
2,908,365
Investment income
(2,580,258)
Movements in working capital:
Increase in debtors
(37,002,559)
Increase in creditors
533,438
Cash absorbed by operations
(36,484,854)
26
Analysis of changes in net debt - group
28 April 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
-
2,441,794
2,441,794
Borrowings excluding overdrafts
-
(36,812,961)
(36,812,961)
Obligations under finance leases
-
(102,063)
(102,063)
-
(34,473,230)
(34,473,230)
FOREST MIDCO 1 LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 31 -
27
Analysis of changes in net debt - company
28 April 2022
Cash flows
31 December 2022
£
£
£
Borrowings excluding overdrafts
-
(36,812,961)
(36,812,961)
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