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REGISTERED NUMBER: 07214939 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Foreoax Limited

Foreoax Limited (Registered number: 07214939)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Foreoax Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: B A Forester
L D Oakes





REGISTERED OFFICE: 113 Front Street
Blyth
Northumberland
NE24 4HN





REGISTERED NUMBER: 07214939 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Foreoax Limited (Registered number: 07214939)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 158,983 92,492

CURRENT ASSETS
Stocks 5 1,399,969 1,200,772
Debtors 6 134,170 139,104
Cash at bank and in hand 131,466 272,931
1,665,605 1,612,807
CREDITORS
Amounts falling due within one year 7 722,137 436,016
NET CURRENT ASSETS 943,468 1,176,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,102,451

1,269,283

CREDITORS
Amounts falling due after more than one
year

8

(742,185

)

(968,441

)

PROVISIONS FOR LIABILITIES 11 (33,546 ) (19,404 )
NET ASSETS 326,720 281,438

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 22,963 27,015
Retained earnings 303,657 254,323
326,720 281,438

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Foreoax Limited (Registered number: 07214939)

Balance Sheet - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2023 and were signed on its behalf by:





B A Forester - Director


Foreoax Limited (Registered number: 07214939)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Foreoax Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income Recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on the delivery of the goods or parts.

Government Grants
Revenue based grants are credited to the profit and loss account on receipt.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Foreoax Limited (Registered number: 07214939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 May 2022 8,454 139,375 47,871 23,100 218,800
Additions 9,315 2,750 4,724 68,692 85,481
At 30 April 2023 17,769 142,125 52,595 91,792 304,281
DEPRECIATION
At 1 May 2022 724 86,687 25,528 13,369 126,308
Charge for year 863 3,920 3,429 6,726 14,938
Revaluation adjustments - 4,052 - - 4,052
At 30 April 2023 1,587 94,659 28,957 20,095 145,298
NET BOOK VALUE
At 30 April 2023 16,182 47,466 23,638 71,697 158,983
At 30 April 2022 7,730 52,688 22,343 9,731 92,492

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Foreoax Limited (Registered number: 07214939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 April 2023 is represented by:

Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2018 - 43,988 - - 43,988
Cost 17,769 98,137 52,595 91,792 260,293
17,769 142,125 52,595 91,792 304,281

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
Additions 68,692
At 30 April 2023 68,692
DEPRECIATION
Charge for year 4,293
At 30 April 2023 4,293
NET BOOK VALUE
At 30 April 2023 64,399

5. STOCKS
2023 2022
£    £   
Stocks 1,367,076 1,176,115
Work-in-progress 32,893 24,657
1,399,969 1,200,772

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 116,199 108,689
Other debtors 11,508 29,476
Prepayments and accrued income 6,463 939
134,170 139,104

Foreoax Limited (Registered number: 07214939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 171,112 153,756
Hire purchase contracts (see note 9) 8,562 -
Trade creditors 108,784 56,026
Taxation and social security 66,314 94,606
Other creditors 360,699 116,032
Accruals and deferred income 6,666 15,596
722,137 436,016

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 190,500 171,112
Bank loans - 2-5 years 313,993 475,196
Bank loans more 5 yr by
instalments - 29,275
Hire purchase contracts (see note 9) 51,834 -
Directors' loan accounts 185,858 292,858
742,185 968,441

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by
instalments - 29,275
- 29,275

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 8,562 -
Between one and five years 51,834 -
60,396 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 60,396 -

Hire purchase liabilities are secured over the assets to which they relate.

Foreoax Limited (Registered number: 07214939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 33,546 19,404

Deferred
tax
£   
Balance at 1 May 2022 19,404
Accelerated capital allowances 14,142
Balance at 30 April 2023 33,546

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal value: 2023 2022
£ £
100 Ordinary £1 - 100
25 Ordinary A £1 25 -
25 Ordinary B £1 25 -
25 Ordinary C £1 25 -
25 Ordinary D £1 25 -
100 100

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions which were conducted at market rate.

There were no related party transactions not concluded under normal market conditions, except for the following:

2023 2022
£    £   
Amounts owed to directors 185,858 292,858

No interest was charged.