Forever England Limited 4438774 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is retail Digita Accounts Production Advanced 6.30.9574.0 true true true 4438774 2022-09-01 2023-08-31 4438774 2023-08-31 4438774 bus:OrdinaryShareClass2 2023-08-31 4438774 bus:OrdinaryShareClass3 2023-08-31 4438774 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 4438774 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 4438774 core:CurrentFinancialInstruments 2023-08-31 4438774 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 4438774 core:Non-currentFinancialInstruments 2023-08-31 4438774 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 4438774 core:Goodwill 2023-08-31 4438774 core:OtherResidualIntangibleAssets 2023-08-31 4438774 core:FurnitureFittingsToolsEquipment 2023-08-31 4438774 core:LandBuildings 2023-08-31 4438774 core:MotorVehicles 2023-08-31 4438774 core:OtherPropertyPlantEquipment 2023-08-31 4438774 bus:SmallEntities 2022-09-01 2023-08-31 4438774 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 4438774 bus:FilletedAccounts 2022-09-01 2023-08-31 4438774 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 4438774 bus:RegisteredOffice 2022-09-01 2023-08-31 4438774 bus:CompanySecretaryDirector1 2022-09-01 2023-08-31 4438774 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 4438774 bus:OrdinaryShareClass3 2022-09-01 2023-08-31 4438774 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 4438774 core:Goodwill 2022-09-01 2023-08-31 4438774 core:IntangibleAssetsOtherThanGoodwill 2022-09-01 2023-08-31 4438774 core:OtherResidualIntangibleAssets 2022-09-01 2023-08-31 4438774 core:FurnitureFittings 2022-09-01 2023-08-31 4438774 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 4438774 core:LandBuildings 2022-09-01 2023-08-31 4438774 core:LeaseholdImprovements 2022-09-01 2023-08-31 4438774 core:MotorVehicles 2022-09-01 2023-08-31 4438774 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 4438774 core:PlantMachinery 2022-09-01 2023-08-31 4438774 countries:EnglandWales 2022-09-01 2023-08-31 4438774 2022-08-31 4438774 core:Goodwill 2022-08-31 4438774 core:OtherResidualIntangibleAssets 2022-08-31 4438774 core:FurnitureFittingsToolsEquipment 2022-08-31 4438774 core:LandBuildings 2022-08-31 4438774 core:MotorVehicles 2022-08-31 4438774 core:OtherPropertyPlantEquipment 2022-08-31 4438774 2021-09-01 2022-08-31 4438774 2022-08-31 4438774 bus:OrdinaryShareClass2 2022-08-31 4438774 bus:OrdinaryShareClass3 2022-08-31 4438774 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-08-31 4438774 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-08-31 4438774 core:CurrentFinancialInstruments 2022-08-31 4438774 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 4438774 core:Non-currentFinancialInstruments 2022-08-31 4438774 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 4438774 core:Goodwill 2022-08-31 4438774 core:OtherResidualIntangibleAssets 2022-08-31 4438774 core:FurnitureFittingsToolsEquipment 2022-08-31 4438774 core:LandBuildings 2022-08-31 4438774 core:MotorVehicles 2022-08-31 4438774 core:OtherPropertyPlantEquipment 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 4438774

Forever England Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Forever England Limited

(Registration number: 4438774)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

250

Tangible assets

5

428,493

415,577

Investment property

6

730,500

730,500

 

1,158,993

1,146,327

Current assets

 

Stocks

7

481,557

293,306

Debtors

8

129,208

245,411

Cash at bank and in hand

 

18,523

27,016

 

629,288

565,733

Creditors: Amounts falling due within one year

9

(495,482)

(500,926)

Net current assets

 

133,806

64,807

Total assets less current liabilities

 

1,292,799

1,211,134

Creditors: Amounts falling due after more than one year

9

(426,142)

(509,636)

Provisions for liabilities

(138,788)

(134,163)

Net assets

 

727,869

567,335

Capital and reserves

 

Called up share capital

10

1,025

1,025

Revaluation reserve

149,697

152,582

Fair value reserve

173,085

173,085

Retained earnings

404,062

240,643

Shareholders' funds

 

727,869

567,335

 

Forever England Limited

(Registration number: 4438774)
Balance Sheet as at 31 August 2023

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

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................

J A Thomas
Company secretary and director

 

Forever England Limited

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

1

General information

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

The address of its registered office is:
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
England

The principal place of business is:
Units 1 - 3 The Old Sidings
Station Road
Templecombe
Somerset
BA8 0JR

These financial statements were authorised for issue by the Board on 5 March 2024.

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.

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 are recognised when receivable except grants in relation to fixed assets which are credited to the profit and loss account over the useful lives of the related assets.

 

Forever England Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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, excluding freehold property, are stated in the statement of financial position 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.

Freehold property is stated at fair value.

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

Leasehold properties

Straight line over the lease of the life

Fixtures, fittings and equipment

10/33% reducing balance and straight line over 5 years

Motor vehicles

25% reducing balance

Freehold property

Straight line over 50 years

Plant and machinery

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined regularly 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.

 

Forever England Limited

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

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

Straight line over 20 years

Website & branding costs

Straight line over 3 years

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.

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.

 

Forever England Limited

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

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.

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 directors) during the year, was 21 (2022 - 20).

 

Forever England Limited

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

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

5,000

22,766

27,766

At 31 August 2023

5,000

22,766

27,766

Amortisation

At 1 September 2022

4,750

22,766

27,516

Amortisation charge

250

-

250

At 31 August 2023

5,000

22,766

27,766

Carrying amount

At 31 August 2023

-

-

-

At 31 August 2022

250

-

250

 

Forever England Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

475,873

198,972

8,875

8,343

692,063

Additions

-

7,954

28,295

-

36,249

Disposals

-

-

(4,500)

-

(4,500)

At 31 August 2023

475,873

206,926

32,670

8,343

723,812

Depreciation

At 1 September 2022

121,657

143,259

7,342

4,228

276,486

Charge for the year

11,537

7,242

3,290

1,029

23,098

Eliminated on disposal

-

-

(4,265)

-

(4,265)

At 31 August 2023

133,194

150,501

6,367

5,257

295,319

Carrying amount

At 31 August 2023

342,679

56,425

26,303

3,086

428,493

At 31 August 2022

354,216

55,713

1,533

4,115

415,577

Included within the net book value of land and buildings above is £333,704 (2022 - £340,275) in respect of freehold land and buildings and £8,975 (2022 - £13,942) in respect of short leasehold land and buildings.
 

 

Forever England Limited

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

Revaluation

The fair value of the company's freehold property was revalued on 16 August 2018 by an independent valuer.
The directors consider that this valuation is still appropriate at the year end. The name and qualification of the independent valuer are Symonds & Sampson.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £184,296 (2022 - £187,982).

6

Investment properties

2023
£

At 1 September

730,500

At 31 August

730,500


The company's investment property was revalued by the directors on 31 August 2022. The directors consider that this value is still appropriate at the year end.

7

Stocks

2023
£

2022
£

Merchandise

481,557

293,306

8

Debtors

Current

2023
£

2022
£

Trade debtors

29,228

29,960

Prepayments

89,480

204,951

Other debtors

10,500

10,500

 

129,208

245,411

 

Forever England Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

124,670

131,121

Trade creditors

 

164,224

208,431

Taxation and social security

 

135,795

91,949

Accruals and deferred income

 

19,770

16,489

Other creditors

 

51,023

52,936

 

495,482

500,926


 

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £124,670 (2022 - £131,121). £36,973 (2022 - £14,717) of the bank loans is secured by government backed guarantees and £22,800 (2022 - £27,402) is secured against the property.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

327,087

408,165

Deferred income

 

99,055

101,471

 

426,142

509,636

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £327,087 (2022 - £408,165). £nil (2022 - £44,163) of the bank loans is secured by government backed guarantees and £182,496 (2022 - £200,511) is secured against the property.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

1,000

1,000

1,000

1,000

Ordinary B shares of £1 each

25

25

25

25

1,025

1,025

1,025

1,025

 

Forever England Limited

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

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

311,245

408,165

Hire purchase contracts

15,842

-

327,087

408,165

Current loans and borrowings

2023
£

2022
£

Bank borrowings

106,741

108,703

Bank overdrafts

12,585

22,418

Hire purchase contracts

5,344

-

124,670

131,121

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £167,018 (2022 - £196,670).