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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
12 Conqueror Court |
Sittingbourne |
Kent |
ME10 5BH |
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 |
( |
) |
(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 |
Investments | 15 |
Investment property | 16 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 5,810,772 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 577,810 | 566,590 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Profit for the period | - | 916,619 | 916,619 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 June 2022 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated |
Changes in equity |
Profit for the year | - | 577,810 | 577,810 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
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 |
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 |
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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
AMORTISATION |
At 1 July 2022 |
and 30 June 2023 |
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 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
Disposals | ( |
) |
At 30 June 2023 |
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 |
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 |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year/period | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) |
(Loss)/profit for the year/period | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year/period | ( |
) |
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 |
Additions |
Revaluations | 570,496 |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 | - | - |
Other debtors | 5,239 | 3,479 |
Directors' current accounts | 109,472 | - | 109,472 | - |
Tax | - | 551 |
Prepayments and accrued income | 26,596 | 2,124 |
248,079 | 6,154 |
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 |
Other loans (see note 20) | 300,000 | 550,000 |
Trade creditors | 18,105 | - |
Amounts owed to group undertakings | - | - |
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 |
3,200,861 | 1,269,102 |
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 |
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 |
Other loans | 300,000 | 550,000 |
2,600,369 | 707,406 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 159,131 | 2,339,618 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 482,187 | 502,176 |
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 |
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 |
Provided during year |
Balance at 30 June 2023 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
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. |