Registered number
01113078
Forde & McHugh Ltd
Filleted Accounts
30 November 2023
Forde & McHugh Ltd
Registered number: 01113078
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 270,226 294,598
Current assets
Stocks 250,000 350,000
Debtors 4 116,879 188,490
Investments held as current assets 5 760,644 760,471
Cash at bank and in hand 1,410,929 1,349,000
2,538,452 2,647,961
Creditors: amounts falling due within one year 6 (316,689) (423,626)
Net current assets 2,221,763 2,224,335
Net assets 2,491,989 2,518,933
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 2,490,989 2,517,933
Shareholders' funds 2,491,989 2,518,933
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W A McHugh
Director
Approved by the board on 14 February 2024
Forde & McHugh Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% on reducing balances
Motor vehicles 20% on reducing balances
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 140,565 586,053 726,618
Additions - 44,300 44,300
Disposals - (36,316) (36,316)
At 30 November 2023 140,565 594,037 734,602
Depreciation
At 1 December 2022 99,436 332,584 432,020
Charge for the year 8,226 59,205 67,431
On disposals - (35,075) (35,075)
At 30 November 2023 107,662 356,714 464,376
Net book value
At 30 November 2023 32,903 237,323 270,226
At 30 November 2022 41,129 253,469 294,598
4 Debtors 2023 2022
£ £
Trade debtors 64,388 86,179
Other debtors 52,491 102,311
116,879 188,490
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 760,644 760,471
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (19,935) (60,479)
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 161,930 333,537
Directors loan account 821 840
Taxation and social security costs 113,014 77,183
Other creditors 40,924 12,066
316,689 423,626
7 Other information
Forde & McHugh Ltd is a private company limited by shares and incorporated in England. Its registered office is:
17 Reson Way
Boxmoor
Hemel Hempstead
Herts
HP1 1NU
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