Company registration number 10754905 (England and Wales)
FERNFOYS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
FERNFOYS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FERNFOYS LTD
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3
3,779,620
3,779,620
Debtors
4
13,770
11,939
Cash at bank and in hand
15,410
43,193
3,808,800
3,834,752
Creditors: amounts falling due within one year
5
(1,746,026)
(1,567,807)
Net current assets
2,062,774
2,266,945
Creditors: amounts falling due after more than one year
6
(2,061,576)
(2,232,012)
Net assets
1,198
34,933
Capital and reserves
Called up share capital
7
1,300
1,300
Profit and loss reserves
(102)
33,633
Total equity
1,198
34,933

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 30 October 2023 and are signed on its behalf by:
Mr G M Gaiger
Mr J H Gaiger
Director
Director
Company Registration No. 10754905
FERNFOYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

Fernfoys Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kennet House, Northgate Street, Devizes, Wiltshire, SN10 1JT.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. At the time of approving the financial statements, the directors have a reasonable expectation that the company 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. The directors are however mindful that these financial statements have been approved at a time when the coronavirus pandemic is still affecting many businesses, and this could have an effect on the levels of income.

 

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost of work in progress 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.

 

Capitalisation of borrowing costs.

Developments are being financed by specific loan arrangements and developments loan interest and fees are included in the calculation of the work in progress.

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.

1.4
Financial instruments

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

 

Financial assets and liabilities are offset, with 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.

1.5
Taxation

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

FERNFOYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2023
2022
Number
Number
Total
4
4
3
Stocks
2023
2022
£
£
Finished goods and goods for resale
3,779,620
3,779,620

The valuation of the stock includes cumulative bank development loan interest and fees amounting to £189,167.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
13,770
11,939
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
15,000
15,000
Trade creditors
293,718
298,741
Taxation and social security
-
0
4,449
Other creditors
1,437,308
1,249,617
1,746,026
1,567,807
FERNFOYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,061,576
2,232,012

The total bank loan is secured by way of a legal mortgage over the development property held in stock and fixed and floating charges over all property or undertakings of the company.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,300
1,300
1,300
1,300
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Other information

The trade creditors include amount due to a company of which the directors have significant control. The other creditors also include an interest free loan from a director and an interest free loan from a company of which the directors have significant control. The total amount outstanding as at 31 May 2023 amounted to £1,702,426 (2022 - £1,523,426).

 

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