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REGISTERED NUMBER: 08088542 (England and Wales)



GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

R&S FORREST HOLDINGS LTD

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


R&S FORREST HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: R G Forrest
Mrs S N Forrest





REGISTERED OFFICE: Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: 08088542 (England and Wales)





AUDITORS: Xeinadin Audit Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

REVIEW OF BUSINESS
The directors to pleased to report on the financial statements for the year ended 30 June 2023.

The group operates five children's nurseries, all located within Essex. It has been a challenging few years for the group starting with the onset of the COVID19 pandemic shortly after the opening of a new nursery, a period of forced closures and ongoing challenges with the recruitment of staff.

As shown in the consolidated income statement, turnover for the year was £3m. This reflects the fact that some of the nurseries were closed for a period of time during the year. During this period the opportunity was taken to enhance the nursery facilities with various professionals being engaged to assist with this. As a result the group has reported a loss for the year after tax of £346,631.

The average gross profit margin reported by the group for the year was 26.3%, which is lower than historical levels due to the factors noted above.

Some additional administrative costs have been incurred during the period. These relate to the costs of engaging a consultant to assist with improvements to systems and processes used within the business.

All of the properties owned by the group have been the subject of professional revaluations recently and despite the loss reported for the year shareholders funds at the balance sheet date were still a very healthy £6.3m.

The directors are also delighted to report that following the latest Ofsted inspections, all of the group's nurseries have received a good rating.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the principle risks and uncertainties of the group to be as follows:

1. Political risk in respect of change in government policies such as minimum wage and pre-school care and education.
2. Continued compliance with Ofsted inspections and the related regulations.

KEY PERFORMANCE INDICATORS
The board utilises a number of key performance indicators to enable a consistent method of analysing performance, in addition to allowing the directors to benchmark performance against similar business. The key performance indicators utilised by the board are as follows:

Gross profit margin
Gross profit margin measures the profit achieved on sales after taking account of the direct costs incurred. This is calculated by dividing the gross profit by group turnover.

Sales per staff member
Sales per staff member is an indication of the efficiency of the nurseries use of staff and is measured by dividing sales by the number of staff. As the single largest cost to the business the Board review this margin on a regular basis.

The company achieved annualised sales per staff member (excluding directors) of £30,999 (2022: £31,686). These figures are distorted slightly by the effects of the pandemic and any periods of enforced closure.

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023


POST BALANCE SHEET EVENTS
Since the balance sheet date the group has sold one of the properties it owned. For any children in attendance at the time, alternative placements were made available at another nearby nursery operated by the group.

Funds from the sale of the property were mainly used to repay bank borrowings.

ON BEHALF OF THE BOARD:





Mrs S N Forrest - Director


3 April 2024

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of children's nursery.

DIVIDENDS
Interim dividends per share were paid as follows:
17.47p - 31 July 2022
34.94p - 30 June 2023
52.41p

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2023 will be £ 150,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

R G Forrest
Mrs S N Forrest

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs S N Forrest - Director


3 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R&S FORREST HOLDINGS LTD

Opinion
We have audited the financial statements of R&S Forrest Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R&S FORREST HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, the control environment and business performance;
- the results of enquiries of management about their own identification and assessment of the risks of irregularities;
- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R&S FORREST HOLDINGS LTD


We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in respect of payroll and the recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias;
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- reviewing Ofsted reports.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Medcalf ACA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

3 April 2024

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
Notes £    £   

TURNOVER 3,006,870 5,846,073

Cost of sales 2,216,159 3,437,642
GROSS PROFIT 790,711 2,408,431

Administrative expenses 952,468 1,223,886
(161,757 ) 1,184,545

Other operating income 4 29 106,093
OPERATING (LOSS)/PROFIT 6 (161,728 ) 1,290,638

Amounts written off investments 7 - 350,029
(161,728 ) 940,609

Interest payable and similar expenses 8 248,332 358,016
(LOSS)/PROFIT BEFORE TAXATION (410,060 ) 582,593

Tax on (loss)/profit 9 (63,429 ) 302,910
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(346,631

)

279,683
(Loss)/profit attributable to:
Owners of the parent (346,631 ) 279,683

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (346,631 ) 279,683


OTHER COMPREHENSIVE INCOME
Freehold property revaluation 570,496 -
Income tax relating to other
comprehensive income

(127,499

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

442,997

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

96,366

279,683
Note
Prior year adjustment 12 (350,029 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(253,663

)

Total comprehensive income attributable to:
Owners of the parent (253,663 ) 279,683

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

CONSOLIDATED BALANCE SHEET
30 JUNE 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 12,744,714 12,204,870
Investments 15 - 200,000
Investment property 16 - -
12,744,714 12,404,870

CURRENT ASSETS
Debtors 17 248,079 6,154
Cash at bank and in hand 691,972 1,521,649
940,051 1,527,803
CREDITORS
Amounts falling due within one year 18 3,200,861 1,269,102
NET CURRENT (LIABILITIES)/ASSETS (2,260,810 ) 258,701
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,483,904

12,663,571

CREDITORS
Amounts falling due after more than one
year

19

(2,922,515

)

(5,176,047

)

PROVISIONS FOR LIABILITIES 22 (1,250,429 ) (1,122,930 )
NET ASSETS 6,310,960 6,364,594

CAPITAL AND RESERVES
Called up share capital 23 286,200 286,200
Revaluation reserve 5,166,960 4,723,963
Retained earnings 857,800 1,354,431
SHAREHOLDERS' FUNDS 6,310,960 6,364,594

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





Mrs S N Forrest - Director


R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

COMPANY BALANCE SHEET
30 JUNE 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 215,295 275,857
Investments 15 286,400 486,400
Investment property 16 12,500,000 11,929,013
13,001,695 12,691,270

CURRENT ASSETS
Debtors 17 135,271 3,379
Cash at bank 308,984 512,820
444,255 516,199
CREDITORS
Amounts falling due within one year 18 2,788,235 871,520
NET CURRENT LIABILITIES (2,343,980 ) (355,321 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,657,715

12,335,949

CREDITORS
Amounts falling due after more than one
year

19

(2,882,504

)

(5,116,047

)

PROVISIONS FOR LIABILITIES 22 (1,250,429 ) (1,122,930 )
NET ASSETS 6,524,782 6,096,972

CAPITAL AND RESERVES
Called up share capital 23 286,200 286,200
Retained earnings 6,238,582 5,810,772
SHAREHOLDERS' FUNDS 6,524,782 6,096,972

Company's profit for the financial year 577,810 566,590

The financial statements have been prepared 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 3 April 2024 and were signed on its behalf by:





Mrs S N Forrest - Director


R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2021 286,200 1,189,748 4,723,963 6,199,911

Changes in equity
Profit for the period - 629,712 - 629,712
Total comprehensive income - 629,712 - 629,712
Dividends - (115,000 ) - (115,000 )
Balance at 30 June 2022 286,200 1,704,460 4,723,963 6,714,623
Prior year adjustment - (350,029 ) - (350,029 )
As restated 286,200 1,354,431 4,723,963 6,364,594

Changes in equity
Deficit for the year - (346,631 ) - (346,631 )
Other comprehensive income - - 442,997 442,997
Total comprehensive income - (346,631 ) 442,997 96,366
Dividends - (150,000 ) - (150,000 )
Balance at 30 June 2023 286,200 857,800 5,166,960 6,310,960

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2021 286,200 5,359,182 5,645,382

Changes in equity
Profit for the period - 916,619 916,619
Total comprehensive income - 916,619 916,619
Dividends - (115,000 ) (115,000 )
Balance at 30 June 2022 286,200 6,160,801 6,447,001
Prior year adjustment - (350,029 ) (350,029 )
As restated 286,200 5,810,772 6,096,972

Changes in equity
Profit for the year - 577,810 577,810
Total comprehensive income - 577,810 577,810
Dividends - (150,000 ) (150,000 )
Balance at 30 June 2023 286,200 6,238,582 6,524,782

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (138,799 ) 1,336,769
Interest paid (248,332 ) (358,016 )
Tax paid 13,728 (208,681 )
Net cash from operating activities (373,403 ) 770,072

Cash flows from investing activities
Purchase of tangible fixed assets (35,717 ) (160,890 )
Purchase of fixed asset investments - (550,029 )
Sale of fixed asset investments 200,000 -
Net cash from investing activities 164,283 (710,919 )

Cash flows from financing activities
New loans in year - 550,000
Loan repayments in year (110,569 ) (455,584 )
Other loan repaid in year (250,000 ) -
Amount withdrawn by directors (109,988 ) (388,310 )
Equity dividends paid (150,000 ) (115,000 )
Net cash from financing activities (620,557 ) (408,894 )

Decrease in cash and cash equivalents (829,677 ) (349,741 )
Cash and cash equivalents at
beginning of year

2

1,521,649

1,871,390

Cash and cash equivalents at end of
year

2

691,972

1,521,649

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
(Loss)/profit before taxation (410,060 ) 582,593
Depreciation charges 66,369 95,319
Amounts written off investments - 350,029
Finance costs 248,332 358,016
(95,359 ) 1,385,957
Increase in trade and other debtors (133,004 ) (5,503 )
Increase/(decrease) in trade and other creditors 89,564 (43,685 )
Cash generated from operations (138,799 ) 1,336,769

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 691,972 1,521,649
Period ended 30 June 2022
30/6/22 1/1/21
as restated
£    £   
Cash and cash equivalents 1,521,649 1,871,390


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/22 Cash flow At 30/6/23
£    £    £   
Net cash
Cash at bank and in hand 1,521,649 (829,677 ) 691,972
1,521,649 (829,677 ) 691,972
Debt
Debts falling due within 1 year (707,406 ) (1,892,963 ) (2,600,369 )
Debts falling due after 1 year (5,176,047 ) 2,253,532 (2,922,515 )
(5,883,453 ) 360,569 (5,522,884 )
Total (4,361,804 ) (469,108 ) (4,830,912 )

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

R&S Forrest Holdings Ltd 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Amounts are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements incorporate the results of R&S Forrest Holdings Limited and its historical subsidiary undertakings as at 30 June 2022. Those being Forrest Nurseries Ltd, Clever Tots Ltd, Beaulieu Park Day Nursery Ltd and Holly Trees Montessori Ltd.

During the period the group acquired the entire issued share capital of Power Grade Ltd. This was sold shortly after the balance sheet date and has been excluded from consolidation. Accordingly the investment in Power Grade Ltd is included within the consolidated balance sheet as cost less any provision for impairment.

Significant judgements and estimates
-Uncertainties exist in relation to the interpretation of complex tax legislation and changes in tax laws. At the balance sheet date, tax liabilities and assets are based on management's judgements around the application of the tax regulations. A provision is made for the best estimate of any additional liability only when it is assessed to be probable that an economic outflow will arise.

-Properties held by the group are revalued and included in the balance sheet at open market value. The valuations are assessed by the Directors and are based on professional valuations that have previously been obtained and values paid for more recent property acquisitions, adjusted for the Directors assessment of subsequent changes in market values.

Turnover
Turnover represents fees received from customers for nursery care and is recognised at the point the company performs the service.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance and 25% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Computer equipment - 33% on cost and Straight line over 3 years

Freehold properties used by the group for the purposes of its trade are revalued each year to fair value. Revaluations are performed by the directors with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period.

Any increase or decrease in the carrying amount is recognised in other comprehensive income.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares.

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

Current tax is recognised at the amount of tax expected to be payable or receivable on the taxable profit or loss for the current year using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Where appropriate this amount is then amended for any adjustments in respect of prior periods.

Current or deferred taxation assets and liabilities are not discounted.

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.

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

Investment property
Investment properties held by the company and let to subsidiary undertakings are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

Going concern
The consolidated balance sheet as at 30 June 2023 shows the group had net current liabilities. This was due to some bank borrowings that were approaching the end of their term within the next 12 months.

As explained in note 20 to the financial statements, the bank borrowings were renewed during January 2024 for a further two years.

Accordingly, these financial statements have been prepared on a going concern basis which the directors consider to be appropriate. In making their assessment the directors have considered expected trading conditions and cashflow requirements, for a period of twelve months from the date of approval of these financial statements, and are satisfied that sufficient financial resources will continue to be available for at least that period of time.

4. OTHER OPERATING INCOME
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Sundry receipts 29 106,093

Included within other income are Government Grants of £nil (2022: £19,080) in relation to the Coronavirus Job Retention Scheme.

5. EMPLOYEES AND DIRECTORS
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Wages and salaries 1,848,806 2,816,523
Social security costs 116,448 141,518
Other pension costs 23,727 31,343
1,988,981 2,989,384

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated

Directors 2 2
Staff 97 123
99 125

PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Directors' remuneration 23,516 26,628

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Depreciation - owned assets 66,369 95,319
Auditors' remuneration 28,000 26,275

7. AMOUNTS WRITTEN OFF INVESTMENTS
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Amounts written off fixed asset
investments

-

350,029

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Bank loan interest 235,038 357,915
Other interest 13,294 -
Corporation tax interest - 101
248,332 358,016

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Current tax:
UK corporation tax 2,946 228,183
Prior period tax adjustments (66,375 ) -
Total current tax (63,429 ) 228,183

Deferred tax:
Origination and reversal of timing differences - 74,727
Tax on (loss)/profit (63,429 ) 302,910

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

9. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
(Loss)/profit before tax (410,060 ) 582,593
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 19 % (2022 - 19 %)

(77,911

)

110,693

Effects of:
Expenses not deductible for tax purposes 3,950 133,830
Change in rate of tax - 58,387
Other deferred tax adjustments 10,532 -
Total tax (credit)/charge (63,429 ) 302,910

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Freehold property revaluation 570,496 (127,499 ) 442,997

1/1/21 TO 30/6/22
Gross Tax Net
£    £    £   
Freehold property revaluation

10. PROFIT OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
PERIOD
1/1/21
YEAR ENDED TO
30/6/23 30/6/22
as restated
£    £   
Ordinary shares of £1 each
Interim 150,000 115,000

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

12. PRIOR YEAR ADJUSTMENT

Since the approval of the prior period financial statements, additional costs and liabilities amounting to £550,000 have been identified regarding the acquisition of the share capital of Power Grade Limited by the company.

As a result the cost of the company's investment in Power Grade Limited as at 30 June 2022 has been increased by £550,000, with a corresponding liability for the same amount also being recognised within creditors.

In addition to recognising the additional cost of the investment, an associated impairment charge of £350,029 has also been recognised in the prior period.

The effect of these adjustments is that shareholders funds as previously stated on 30 June 2022 have reduced by £350,029.

13. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 403,547
AMORTISATION
At 1 July 2022
and 30 June 2023 403,547
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Company
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 117,700
AMORTISATION
At 1 July 2022
and 30 June 2023 117,700
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

14. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 July 2022 11,929,013 131,441 426,156
Additions 491 - 32,524
Revaluations 570,496 - -
At 30 June 2023 12,500,000 131,441 458,680
DEPRECIATION
At 1 July 2022 - 93,480 203,156
Charge for year - 9,489 50,248
At 30 June 2023 - 102,969 253,404
NET BOOK VALUE
At 30 June 2023 12,500,000 28,472 205,276
At 30 June 2022 11,929,013 37,961 223,000

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 6,623 27,591 12,520,824
Additions - 2,702 35,717
Revaluations - - 570,496
At 30 June 2023 6,623 30,293 13,127,037
DEPRECIATION
At 1 July 2022 4,846 14,472 315,954
Charge for year 444 6,188 66,369
At 30 June 2023 5,290 20,660 382,323
NET BOOK VALUE
At 30 June 2023 1,333 9,633 12,744,714
At 30 June 2022 1,777 13,119 12,204,870

The Group's freehold properties are all let to subsidiary undertakings.

Valuations of the freehold properties were carried out by Copping Joyce Chartered Surveyors between March 2023 and August 2023. The valuations were prepared on an open market basis and except for one property, which has been sold since the balance sheet date, the Directors have adopted these valuations for the purposes of preparing the financial statements. The property that has been sold since the balance sheet date is included in the financial statements at the value of the sale proceeds received.

If the properties had not been revalued they would have been included at historical cost of £6,651,491 (2022: £6,651,000).

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

14. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022
and 30 June 2023 131,441 426,156 6,623 27,591 591,811
DEPRECIATION
At 1 July 2022 93,480 203,156 4,846 14,472 315,954
Charge for year 9,489 45,341 444 5,288 60,562
At 30 June 2023 102,969 248,497 5,290 19,760 376,516
NET BOOK VALUE
At 30 June 2023 28,472 177,659 1,333 7,831 215,295
At 30 June 2022 37,961 223,000 1,777 13,119 275,857

15. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertaking
£   
COST
At 1 July 2022 200,000
Disposals (200,000 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 200,000
Company
Shares in
group
undertaking
£   
COST
At 1 July 2022 486,400
Disposals (200,000 )
At 30 June 2023 286,400
NET BOOK VALUE
At 30 June 2023 286,400
At 30 June 2022 486,400

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

15. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Forrest Nurseries Ltd
Registered office: United Kingdom
Nature of business: Children's Nursery
%
Class of shares: holding
Ordinary A-D 100.00
2023 2022
£    £   
Aggregate capital and reserves 70,386 206,450
(Loss)/profit for the year/period (136,064 ) 144,395

Clever Tots Ltd
Registered office: United Kingdom
Nature of business: Children's Nursery
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 46,561 99,398
Profit for the year/period 172,118 399,909

Beaulieu Park Day Nursery Limited
Registered office: United Kingdom
Nature of business: Children's Nursery
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (49,564 ) 115,039
(Loss)/profit for the year/period (164,603 ) 308,709

Holly Trees Montessori Limited
Registered office: United Kingdom
Nature of business: Children's Nursery
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 5,140 133,035
(Loss)/profit for the year/period (37,895 ) 398,536


R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

15. FIXED ASSET INVESTMENTS - continued


Power Grade Limited
Power Grade Limited is a company registered in Ireland and was previously a wholly owned subsidiary of the group. This company was not consolidated into the group financial statements as it was acquired during the prior period and sold shortly thereafter. The consolidated balance sheet at 30 June 2022, therefore includes within fixed asset investments, the cost of the investment in the share capital of Power Grade Limited less any provision for diminution in value.

16. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 July 2022 11,929,013
Additions 491
Revaluations 570,496
At 30 June 2023 12,500,000
NET BOOK VALUE
At 30 June 2023 12,500,000
At 30 June 2022 11,929,013

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2015 1,132,595
Valuation in 2016 616,462
Valuation in 2017 110,000
Valuation in 2018 454,143
Valuation in 2020 2,964,813
Valuation in 2023 570,496
Cost 6,651,491
12,500,000

Valuations of the freehold properties were carried out by Copping Joyce Chartered Surveyors between March 2023 and August 2023. The valuations were prepared on an open market basis and except for one property, which has been sold since the balance sheet date, the Directors have adopted these valuations for the purposes of preparing the financial statements. The property that has been sold since the balance sheet date is included in the financial statements at the value of the sale proceeds received.

If the investment properties had not been revalued they would have been included at historical cost of £6,651,491 (2022: £6,651,000).

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Trade debtors 106,772 - - -
Amounts owed by group undertakings - - 6,800 -
Other debtors 5,239 3,479 5,139 3,379
Directors' current accounts 109,472 - 109,472 -
Tax - 551 - -
Prepayments and accrued income 26,596 2,124 13,860 -
248,079 6,154 135,271 3,379

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Bank loans and overdrafts (see note 20) 2,300,369 157,406 2,280,369 137,406
Other loans (see note 20) 300,000 550,000 300,000 550,000
Trade creditors 18,105 - - -
Amounts owed to group undertakings - - 204,966 136,805
Tax 177,931 228,183 - -
Social security and other taxes 29,200 24,945 - -
Other creditors 346,941 257,654 - -
Directors' current accounts - 516 - 616
Accruals and deferred income 28,315 50,398 2,900 46,693
3,200,861 1,269,102 2,788,235 871,520

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Bank loans (see note 20) 2,922,515 5,176,047 2,882,504 5,116,047

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 2,300,369 157,406 2,280,369 137,406
Other loans 300,000 550,000 300,000 550,000
2,600,369 707,406 2,580,369 687,406
Amounts falling due between one and two years:
Bank loans - 1-2 years 159,131 2,339,618 139,131 2,319,618
Amounts falling due between two and five years:
Bank loans - 2-5 years 482,187 502,176 462,176 462,176
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,281,197 2,334,253 2,281,197 2,334,253

At 30 June 2023 the company had various outstanding bank loans, the majority of which were subject to fixed rates of interest.

A proportion of the loans matured in early 2024 and in January, following the sale of a property, all of the company's bank loans were reviewed and renewed. The company's bank loans were consolidated into a new loan with a 20 year repayment profile. The new loan carries a fixed rate of interest and is for an initial 2 year term.

Bank borrowings of subsidiary companies within the group amount to £60,012 (2022: £80,000). This borrowing is subject to a variable rate of interest and matures in June 2026.

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Bank loans 5,222,884 5,333,453 5,162,873 5,253,453

Bank borrowings are secured by way of charges over the freehold properties owned by the group and a cross guarantee and debenture between the various group companies.

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

22. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
as
restated
as
restated
£    £    £    £   
Deferred tax
Accelerated capital allowances 53,755 68,880 53,755 68,880
Revaluation of freehold &
investment property 1,196,674 1,054,050 1,196,674 1,054,050
1,250,429 1,122,930 1,250,429 1,122,930

Group
Deferred
tax
£   
Balance at 1 July 2022 1,122,930
Provided during year 127,499
Balance at 30 June 2023 1,250,429

Company
Deferred
tax
£   
Balance at 1 July 2022 1,122,930
Provided during year 127,499
Balance at 30 June 2023 1,250,429

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
286,200 Ordinary £1 286,200 286,200

Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends and each share is entitled to participate in a distribution arising from a wind up of the company.

R&S FORREST HOLDINGS LTD (REGISTERED NUMBER: 08088542)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

24. PENSION COMMITMENTS

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. The pension cost charge represents contributions payable by the company to the fund. Contributions payable to the fund at the year end by the company and included in other creditors are £4,964 (2022: £3,971).

2023 2022
£ £

Contributions payable by the company for the year 23,727 31,343

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company and group was owed £109,472 by its directors.

26. 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 with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. However, as explained elsewhere in the financial statements Power Grade Limited, which was a wholly owned subsidiary for part of the year, has been excluded from consolidation.

During the period to 30 June 2022 the group advanced loans to Power Grade Limited amounting to £345,046. These loans were fully provided for in the prior period.

Other related parties
2023 2022
as restated
£    £   
Amount due from related party 5,139 3,379

The amounts shown above concern transactions with other companies in which Mr R Forrest and Mrs S Forrest are directors with a controlling interest.

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs S N Forrest.