Forest Road Wall Coverings Limited 06109955 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of retail of paints and wallcoverings Digita Accounts Production Advanced 6.30.9574.0 true 06109955 2022-04-01 2023-03-31 06109955 2023-03-31 06109955 bus:Revised 2023-03-31 06109955 core:CurrentFinancialInstruments 2023-03-31 06109955 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06109955 core:Non-currentFinancialInstruments 2023-03-31 06109955 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06109955 core:Goodwill 2023-03-31 06109955 core:OfficeEquipment 2023-03-31 06109955 bus:SmallEntities 2022-04-01 2023-03-31 06109955 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06109955 bus:FullAccounts 2022-04-01 2023-03-31 06109955 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06109955 bus:RegisteredOffice 2022-04-01 2023-03-31 06109955 bus:Director2 2022-04-01 2023-03-31 06109955 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06109955 core:Goodwill 2022-04-01 2023-03-31 06109955 core:NetGoodwill 2022-04-01 2023-03-31 06109955 core:CommercialMotorVehicles 2022-04-01 2023-03-31 06109955 core:FurnitureFittings 2022-04-01 2023-03-31 06109955 core:OfficeEquipment 2022-04-01 2023-03-31 06109955 countries:England 2022-04-01 2023-03-31 06109955 2022-03-31 06109955 core:Goodwill 2022-03-31 06109955 core:OfficeEquipment 2022-03-31 06109955 2021-04-01 2022-03-31 06109955 2022-03-31 06109955 core:CurrentFinancialInstruments 2022-03-31 06109955 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06109955 core:Non-currentFinancialInstruments 2022-03-31 06109955 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 06109955 core:Goodwill 2022-03-31 06109955 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 06109955

Forest Road Wall Coverings Limited
Annual Report and Unaudited Filleted Financial Statements
for the Year Ended 31 March 2023

Forest Road Wall Coverings Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 8

Forest Road Wall Coverings Limited

Company Information

Director | Mr J M Haslam

Registered office | 25-27 Forest Road Southport PR8 6JD

Accountants | GMR Accountants Ltd 1st Floor 8-12 London Street Southport Merseyside PR9 0UE

Forest Road Wall Coverings Limited

(Registration number: 06109955)
Balance Sheet as at 31 March 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Intangible assets | 4 | 6,000 | 7,500
Tangible assets | 5 | 1,353 | 1,611
|  | 7,353 | 9,111
Current assets |  |  |
Stocks | 6 | 9,500 | 9,500
Debtors | 7 | 12,318 | 21,038
Cash at bank and in hand |  | 134,915 | 148,735
|  | 156,733 | 179,273
Creditors: Amounts falling due within one year | 8 | (93,740) | (88,681)
Net current assets |  | 62,993 | 90,592
Total assets less current liabilities |  | 70,346 | 99,703
Creditors: Amounts falling due after more than one year | 8 | (24,189) | (34,984)
Net assets |  | 46,157 | 64,719
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 46,057 | 64,619
Shareholders' funds |  | 46,157 | 64,719

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | 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 director on 28 September 2023

Forest Road Wall Coverings Limited

(Registration number: 06109955)
Balance Sheet as at 31 March 2023

......................................... Mr J M Haslam Director

Forest Road Wall Coverings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1 | General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
25-27 Forest Road
Southport
PR8 6JD

These financial statements were authorised for issue by the director on 28 September 2023.

2 | 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Forest Road Wall Coverings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Commercial motor vehicles | 25% per annum straight line basis
Office equipment | 25% per annum straight line basis
Furniture and fittings | 25% per annum straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 5% per annum straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Forest Road Wall Coverings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

Forest Road Wall Coverings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 April 2022 | 30,000 | 30,000
At 31 March 2023 | 30,000 | 30,000
Amortisation
At 1 April 2022 | 22,500 | 22,500
Amortisation charge | 1,500 | 1,500
At 31 March 2023 | 24,000 | 24,000
Carrying amount
At 31 March 2023 | 6,000 | 6,000
At 31 March 2022 | 7,500 | 7,500

5 | Tangible assets

| Office equipment £ | Total £
Cost or valuation
At 1 April 2022 | 6,463 | 6,463
Additions | 158 | 158
At 31 March 2023 | 6,621 | 6,621
Depreciation
At 1 April 2022 | 4,852 | 4,852
Charge for the year | 416 | 416
At 31 March 2023 | 5,268 | 5,268
Carrying amount
At 31 March 2023 | 1,353 | 1,353
At 31 March 2022 | 1,611 | 1,611

6 | Stocks

| 2023 £ | 2022 £
Other inventories | 9,500 | 9,500

Forest Road Wall Coverings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7 | Debtors

Current | 2023 £ | 2022 £
Prepayments | 96 | -
Other debtors | 12,222 | 21,038

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2023 £ | 2022 £
Due within one year |  |  |
Loans and overdrafts | 9 | 12,604 | 11,790
Trade creditors |  | 31,755 | 31,261
Taxation and social security |  | 2,211 | 4,694
Accruals and deferred income |  | 1,039 | 904
Other creditors |  | 46,131 | 40,032
|  | 93,740 | 88,681

Creditors: amounts falling due after more than one year

| Note | 2023 £ | 2022 £
Due after one year |  |  |
Loans and borrowings | 9 | 24,189 | 34,984

9 | Loans and borrowings

| 2023 £ | 2022 £
Non-current loans and borrowings
Bank borrowings | 24,189 | 34,984

| 2023 £ | 2022 £
Current loans and borrowings
Bank borrowings | 12,095 | 11,790
Other borrowings | 509 | -
| 12,604 | 11,790