Foremost Magnets Limited 05711212 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the manufacture and sale of magnets and magnetic products. Digita Accounts Production Advanced 6.30.9574.0 true true false false 05711212 2022-03-01 2023-02-28 05711212 2023-02-28 05711212 bus:OrdinaryShareClass1 2023-02-28 05711212 bus:OrdinaryShareClass2 2023-02-28 05711212 bus:OrdinaryShareClass3 2023-02-28 05711212 bus:OrdinaryShareClass4 2023-02-28 05711212 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 05711212 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 05711212 core:CurrentFinancialInstruments 2023-02-28 05711212 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 05711212 core:Non-currentFinancialInstruments 2023-02-28 05711212 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 05711212 core:WithinOneYear 2023-02-28 05711212 core:FurnitureFittings 2023-02-28 05711212 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 05711212 core:MotorVehicles 2023-02-28 05711212 core:OfficeEquipment 2023-02-28 05711212 core:PlantMachinery 2023-02-28 05711212 bus:SmallEntities 2022-03-01 2023-02-28 05711212 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 05711212 bus:FullAccounts 2022-03-01 2023-02-28 05711212 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 05711212 bus:RegisteredOffice 2022-03-01 2023-02-28 05711212 bus:Director1 2022-03-01 2023-02-28 05711212 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 05711212 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 05711212 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 05711212 bus:OrdinaryShareClass4 2022-03-01 2023-02-28 05711212 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 05711212 core:Buildings 2022-03-01 2023-02-28 05711212 core:FurnitureFittings 2022-03-01 2023-02-28 05711212 core:Land 2022-03-01 2023-02-28 05711212 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 05711212 core:MotorVehicles 2022-03-01 2023-02-28 05711212 core:OfficeEquipment 2022-03-01 2023-02-28 05711212 core:PlantMachinery 2022-03-01 2023-02-28 05711212 core:Subsidiary1 2022-03-01 2023-02-28 05711212 core:Subsidiary1 1 2022-03-01 2023-02-28 05711212 core:Subsidiary1 countries:UnitedKingdom 2022-03-01 2023-02-28 05711212 countries:AllCountries 2022-03-01 2023-02-28 05711212 2022-02-28 05711212 core:CostValuation 2022-02-28 05711212 core:FurnitureFittings 2022-02-28 05711212 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 05711212 core:MotorVehicles 2022-02-28 05711212 core:OfficeEquipment 2022-02-28 05711212 core:PlantMachinery 2022-02-28 05711212 2021-03-01 2022-02-28 05711212 2022-02-28 05711212 bus:OrdinaryShareClass1 2022-02-28 05711212 bus:OrdinaryShareClass2 2022-02-28 05711212 bus:OrdinaryShareClass3 2022-02-28 05711212 bus:OrdinaryShareClass4 2022-02-28 05711212 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 05711212 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-02-28 05711212 core:CurrentFinancialInstruments 2022-02-28 05711212 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 05711212 core:Non-currentFinancialInstruments 2022-02-28 05711212 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 05711212 core:WithinOneYear 2022-02-28 05711212 core:FurnitureFittings 2022-02-28 05711212 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 05711212 core:MotorVehicles 2022-02-28 05711212 core:OfficeEquipment 2022-02-28 05711212 core:PlantMachinery 2022-02-28 05711212 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 05711212 core:Subsidiary1 1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05711212

Foremost Magnets Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Foremost Magnets Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Foremost Magnets Limited

Company Information

Director

L M Woodcock

Registered office

Unit 9A Vantage Business Park
Bloxham Road
Banbury
OX16 9UX

Accountants

Clement Rabjohns Limited
Charted Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Foremost Magnets Limited

(Registration number: 05711212)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

569,177

567,583

Investment property

5

215,199

215,199

Investments

6

75

75

Debtors

8

19,000

80,000

 

803,451

862,857

Current assets

 

Stocks

7

76,485

65,987

Debtors

8

210,265

187,801

Cash at bank and in hand

 

247,097

201,944

 

533,847

455,732

Creditors: Amounts falling due within one year

9

(122,767)

(121,170)

Net current assets

 

411,080

334,562

Total assets less current liabilities

 

1,214,531

1,197,419

Creditors: Amounts falling due after more than one year

9

(134,104)

(156,812)

Provisions for liabilities

(34,296)

(27,106)

Net assets

 

1,046,131

1,013,501

Capital and reserves

 

Called up share capital

10

177

177

Share premium reserve

14,992

14,992

Capital redemption reserve

31

31

Retained earnings

1,030,931

998,301

Shareholders' funds

 

1,046,131

1,013,501

For the financial year ending 28 February 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.

 

Foremost Magnets Limited

(Registration number: 05711212)
Balance Sheet as at 28 February 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 

.........................................
L M Woodcock
Director

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Unit 9A Vantage Business Park
Bloxham Road
Banbury
OX16 9UX
England

These financial statements were authorised for issue by the director on 27 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

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.

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Land

Nil

Buildings

2% straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 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.

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 12).

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

483,053

47,795

338,839

91,186

23,773

984,646

Additions

-

-

975

2,090

54,440

57,505

Disposals

-

-

(29,928)

-

-

(29,928)

At 28 February 2023

483,053

47,795

309,886

93,276

78,213

1,012,223

Depreciation

At 1 March 2022

47,546

40,935

249,331

65,507

13,744

417,063

Charge for the year

6,221

1,715

21,856

6,942

16,117

52,851

Eliminated on disposal

-

-

(26,868)

-

-

(26,868)

At 28 February 2023

53,767

42,650

244,319

72,449

29,861

443,046

Carrying amount

At 28 February 2023

429,286

5,145

65,567

20,827

48,352

569,177

At 28 February 2022

435,507

6,860

89,508

25,679

10,029

567,583

Included within the net book value of land and buildings above is £429,286 (2022 - £435,508) in respect of freehold land and buildings.
 

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Investment properties

2023
£

At 1 March

215,199

At 28 February

215,199

The investment property is measured at fair value, being the price at which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction, without deducting transaction costs.

There has been no valuation of investment property by an independent valuer.

6

Investments

2023
£

2022
£

Investments in subsidiaries

75

75

Subsidiaries

£

Cost or valuation

At 1 March 2022

75

Provision

Carrying amount

At 28 February 2023

75

At 28 February 2022

75

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) 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

     

2023

2022

Subsidiary undertakings

Foremost Print Limited

Unit 9a
Vantage Park
Bloxham Road
Banbury
OX16 9UX

United Kingdom

Ordinary A shares

75%

75%

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Subsidiary undertakings

Foremost Print Limited

The principal activity of Foremost Print Limited is digital print and finishing services. The profit for the financial period of Foremost Print Limited was £46,461 and the aggregate amount of capital and reserves at the end of the period was £53,632.

7

Stocks

2023
£

2022
£

Raw materials and consumables

76,485

65,987

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

94,446

166,527

Amounts owed by related parties

14

111,533

11,702

Prepayments

 

4,286

2,522

Other debtors

 

-

7,050

   

210,265

187,801

Non-current

Note

2023
£

2022
£

Amounts owed by related parties

14

19,000

80,000

Details of non-current trade and other debtors

£19,000 (2022 -£80,000) of loans to related parties is classified as non current. This is a loan advanced to Banbury Car Clinic Limited. Interest is charged at 3% over the bank base rate.

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

22,708

25,326

Trade creditors

 

43,292

32,513

Taxation and social security

 

44,659

52,214

Accruals and deferred income

 

4,713

4,326

Other creditors

 

7,395

6,791

 

122,767

121,170

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £22,708 (2022 - £25,326).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

134,104

156,812

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £134,104 (2022 - £156,812).
The bank loans are secured by way of a charge over the property known as 9A Vantage Business Park and a fixed and floating charge over the assets of the business.
Hire purchase loans are secured over the assets to which the agreement relates.

Creditors include bank loans repayable by instalments of £ 35,485 (2022 - £ 62,162) due after more than five years.

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

887

89

887

89

Ordinary A shares of £0.10 each

448

45

448

45

Ordinary B shares of £0.10 each

375

38

375

38

Ordinary D shares of £0.10 each

63

6

63

6

 

1,773

177

1,773

177

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

134,104

155,567

Hire purchase contracts

-

1,245

134,104

156,812

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,463

20,345

Hire purchase contracts

1,245

4,981

22,708

25,326

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

23,964

-

23,964

The amount of non-cancellable operating lease payments recognised as an expense during the year was £34,717 (2022 - £35,561).

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

13

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £84.55 (2022 - £77.93) per each Ordinary shares

 

75,000

 

69,120

         

14

Related party transactions

Unless otherwise disclosed, all related party transactions have been conducted under normal market conditions, including dividend payments to it's shareholders.

A loan was advanced to Banbury Car Clinic Ltd, a company in which L Woodcock is a shareholder, from Foremost Magnets Ltd. The loan amount outstanding at the period end was £80,000 (2022 £80,000). Interest is chargeable on this loan at 3% over the bank base rate.

 

Foremost Magnets Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,760

11,900

Contributions paid to money purchase schemes

80,000

-

89,760

11,900

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1