BrightAccountsProduction v1.0.0 v1.0.0 2022-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the fabrication of components for the timber frame construction industry. 26 March 2024 39 49 NI044888 2023-06-30 NI044888 2022-06-30 NI044888 2021-06-30 NI044888 2022-07-01 2023-06-30 NI044888 2021-07-01 2022-06-30 NI044888 uk-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI044888 uk-curr:PoundSterling 2022-07-01 2023-06-30 NI044888 uk-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI044888 uk-bus:AbridgedAccounts 2022-07-01 2023-06-30 NI044888 uk-core:ShareCapital 2023-06-30 NI044888 uk-core:ShareCapital 2022-06-30 NI044888 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI044888 uk-core:RetainedEarningsAccumulatedLosses 2022-06-30 NI044888 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 NI044888 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-06-30 NI044888 uk-bus:FRS102 2022-07-01 2023-06-30 NI044888 uk-core:ComputerEquipment 2022-07-01 2023-06-30 NI044888 uk-core:AdditionsToInvestments 2022-06-30 NI044888 uk-core:CostValuation 2023-06-30 NI044888 2022-07-01 2023-06-30 NI044888 uk-bus:CompanySecretaryDirector1 2022-07-01 2023-06-30 NI044888 uk-bus:Director2 2022-07-01 2023-06-30 NI044888 uk-bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Forever Warm Homes Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 30 June 2023



Forever Warm Homes Ltd
Company Registration Number: NI044888
ABRIDGED BALANCE SHEET
as at 30 June 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 1,321,004 1,174,596
Investments 5 201,680 -
───────── ─────────
1,522,684 1,174,596
───────── ─────────
 
Current Assets
Stocks 392,293 597,396
Debtors 2,551,504 2,776,052
Cash at bank and in hand 225,695 307,358
───────── ─────────
3,169,492 3,680,806
───────── ─────────
Creditors: amounts falling due within one year (2,391,815) (2,919,118)
───────── ─────────
Net Current Assets 777,677 761,688
───────── ─────────
Total Assets less Current Liabilities 2,300,361 1,936,284
 
Creditors:
amounts falling due after more than one year (80,593) (188,661)
 
Provisions for liabilities (222,886) (145,797)
───────── ─────────
Net Assets 1,996,882 1,601,826
═════════ ═════════
 
Capital and Reserves
Called up share capital 4 4
Retained earnings 1,996,878 1,601,822
───────── ─────────
Shareholders' Funds 1,996,882 1,601,826
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 26 March 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Mr. Andrew Woods     Mr. Desmond Frazer
Director     Director
           



Forever Warm Homes Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 30 June 2023

   
1. General Information
 
Forever Warm Homes Ltd is a private company limited by shares and incorporated in Northern Ireland. 3A Ballymoyer Road, Newtownhamilton, Newry, Co. Down, BT35 0AH, Northern Ireland is the registered office address, and is also the principal place of business of the company.  The company registration number is NI044888.

The financial statements have been presented in Pound Sterling (£) which is the functional currency of the company.

The financial statements cover the individual entity of Forever Warm Homes Ltd for the year ended 30 June 2023.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 June 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.  Turnover from the provision of goods is recognised when the risks and rewards of ownership of goods have been transferred to the customer.  The risks and rewards of ownership of goods are deemed to have been transferred when the goods are shipped, or the goods are collected by the customer.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Long leasehold property - 2% Straight line
  Plant and machinery - 15% Reducing Balance
  Fixtures, fittings and equipment - 12.5% straight line
  Motor vehicles - 25% Reducing Balance
  Computer equipment - 33% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Profit and Loss Account.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Investments
Investments held as fixed assets include assets held for the purpose of earning income by way of capital appreciation.

Investments held as fixed assets are initially measured at cost and are subsequently valued at fair value at each reporting date. The difference between the fair value of an investment at the reporting date and its carrying value prior to the valuation is recognised in the Abridged Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Abridged Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value on a first-in, first-out basis.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash at bank and in hand
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Employees 39 49
  ═════════ ═════════

                 
4. Tangible assets
  Investment Long Plant and Fixtures, Motor Computer Total
  properties leasehold machinery fittings and vehicles equipment  
    property   equipment      
  £ £ £ £ £ £ £
Cost
At 1 July 2022 445,513 89,039 1,034,877 109,449 124,976 34,496 1,838,350
Additions - - 231,011 - 65,578 - 296,589
Disposals - - - - (35,895) - (35,895)
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
At 30 June 2023 445,513 89,039 1,265,888 109,449 154,659 34,496 2,099,044
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 July 2022 - 27,311 475,767 101,745 47,293 11,638 663,754
Charge for the financial year - 1,781 101,045 3,282 22,082 7,619 135,809
On disposals - - - - (21,523) - (21,523)
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
At 30 June 2023 - 29,092 576,812 105,027 47,852 19,257 778,040
  ───────── ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 June 2023 445,513 59,947 689,076 4,422 106,807 15,239 1,321,004
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 30 June 2022 445,513 61,728 559,110 7,704 77,683 22,858 1,174,596
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
 
In the opinion of the directors, and based on the value of similar properties in the area, the value of investment properties, as reflected in the balance sheet at the 30 June 2023, reflect the fair value of the properties at this date, and as such no revaluation adjustment has been recognised in the current financial year.

In the opinion of the directors, the value of investments shown below are representative of the market value of the investments as at the balance sheet date.

     
5. Investments
  Other
  investments
   
Investments £
Cost
Additions 201,680
  ─────────
At 30 June 2023 201,680
  ─────────
Net book value
At 30 June 2023 201,680
  ═════════
       
6. Details of creditors
 
Security given in respect of creditors
The total amount of secured liabilities at the period end amounted to £173,330 (2022: £278,619).  The company has given security to its bankers for company borrowings in the form of a specific equitable charge over freehold and leasehold assets of the company.
       
7. Employee benefits
 
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.  Pension costs amounted to £21,639 (30 June 2022 - £29,698).

At the balance sheet date unpaid contributions of £8,474 were due to be paid to the fund (2022: £6,590).
       
8. Financial commitments
 
Total future lease payments under non-cancellable operating leases amounts to £11,196 (2022: £20,792).  This is split between amounts due within one year of £9,596 (2022: £9,596) and amount due between one and five years of £1,600 (2022: £11,196).

Lease commitments are in respect of a long term lease for motor vehicles.