Company registration number 13835155 (England and Wales)
FORGE CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
FORGE CARE LIMITED
COMPANY INFORMATION
Directors
Mr G Miller
Mrs J Miller
Mr M J Miller
Mr R Miller
Company number
13835155
Registered office
The Forge
Waggestaff Drive
Nuneaton
Warwickshire
CV10 9SL
Auditor
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
FORGE CARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
FORGE CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The directors present the strategic report for the year ended 31 August 2023.

Review of the business

The results of the group for the year, as set out on pages 9 to 11, show a loss after taxation of £1,185,689 (2022: loss after taxation of £779,695). The group also had net assets of £1,840,039 (2022: £220,815). The increased loss was due to 2022 including negative goodwill amortisation income, offset by increased home occupancy.

 

The group provide high quality residential children's homes and provide therapeutic support for young people to enable them to achieve their full potential, regardless of the challenges they face. We can support 20 children and young people in our 4 purpose built homes, registered with Ofsted. Each home is carefully designed to provide a therapeutic approach to care at the highest quality of service.

 

We believe that each young person is unique and should be enabled to feel confident about their future, no matter what they have been through in life.

 

Our colleagues are key to this, and they work tirelessly to offer the best services and support for those children and young people within our care. From our clinical staff to our managers, from team leaders to residential care workers, even to our administrative functions – we believe that diversity is a strength, and we celebrate the differences amongst our children and colleagues and the wide breadth of personal experience and skills that they bring. They uphold our mission - "Fiercely believing in children, so they can believe in themselves...”.

 

During this period we have delivered on a significant build project including 4 new 6 bedroomed homes, including recruitment and training of new teams and the registration of these new homes. Within this period we have begun to infill and move towards break even occupancy figures, as we look forward to the financial year ahead we feel confident that the group is on a sure footing and is well positioned to continue to deliver on its strategic objectives.

Principal risks and uncertainties

 

Risk management policy Regulatory and Legislative Risks

The residential care operation is registered with Ofsted as providers of social care. Inspections and reviews are carried out regularly by Ofsted on all registered establishments.

 

The group regularly updates its policies and procedures in order to ensure compliance with required standards.

 

Reputational Risk

The group's activities give rise to certain reputational risks. These are managed through robust policies and procedures which are checked and monitored by our Responsible Individual.

 

Financial risk management policy

The group’s principal financial instruments comprise cash, trade debtors and creditors, loans and borrowings and certain other debtors and accruals. The main risks associated with these financial assets and liabilities are set out below.

 

Credit risk

The group’s customers are Local Authorities and have a good payment history. The directors believe the Group's exposure to bad debts is not significant.

 

Liquidity risk

The group is funded by way of loans from the parent Company, operational cash generation, mortgages on its properties and unsecured loans.

 

Interest rate risk

The group’s interest rate risk is managed by utilising fixed rate mortgages and loans.

 

Market price risk

Due to the nature of the principal activity, the directors do not believe the group is exposed to significant movements in market prices of its services.

FORGE CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Key performance indicators

As part of the monthly financial review, the SLT report on Key Performance Indicators to the Board and Key Funders and Stakeholders.

 

The group regularly tracks 'KPls' to assist in the understanding of the progress, performance and status of the business. The KPls used by the group to measure its own performance include Ofsted ratings, Quality outcomes, Incidents, % occupancy, revenue and EBITDA %.

 

By having a blend of both quality and financial performance indicators we are able to spot trends and provide deeper analysis for business leaders and stakeholders

Future outlook

The underlying growth opportunities for the business remains strong with the forecast market demand growing significantly year on year and is currently fragmented across a high number of small predominantly private and private equity backed providers.

 

Our commitment to quality, alongside investment in personnel, systems and technology position it well for future growth.

 

We have seen referrals for children increase alongside increasing complexity of children’s needs and behaviors. Spending by local authorities in England on independent sector children’s homes and fostering increased by a further 5% to £2.39 billion in 2021/22 compared to a year earlier. Over the last 6 years this spending has grown by 50% in real terms.

 

Children’s homes services spending has experienced the biggest growth, more than doubling since 2015/16, whilst spending with independent fostering agencies has increased at a much lower rate and is reported to have declined in 2021/22.

 

The market conditions will allow us to reach maximum occupancy in the current financial year and create the opportunity for further growth.

On behalf of the board

Mr G Miller
Director
6 March 2024
FORGE CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2023.

Principal activities

The principal activity of the company and group continued to be the provision of residential care for children.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D J Hughes
(Resigned 14 December 2023)
Mr G Miller
Mrs J Miller
Mr M J Miller
Mr R Miller
Financial instruments

The group finances its operations through retained profits, operational bank accounts and bank loans, the interest on which are at market rate.

 

The directors' objectives are to retain sufficient liquid funds to enable the group to meet its day to day obligations as they fall due and to maximise returns on funds.

 

The group's funds are held primarily in current accounts which the directors believe give the group flexibility to release cash resources at short notice and allows the group to take advantage of changing economic and industry conditions as they arise.

 

In addition, various financial instruments such as trade debtors and trade creditors arise directly from the group's operations.

Post reporting date events

On 30 November 2023 the company issued 41,528 B Ordinary shares for a total consideration of £250,000.

 

On the 14 December 2023 the company re-purchased 50,000 A Ordinary shares for a total consideration of £5. These shares were subsequently cancelled.

Auditor

Edwards were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

FORGE CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.

 

In assessing the going concern basis, the directors have considered the group’s business activities and its financial position. As at 31 August 2023 the group had cash reserves of £339,840, net current assets of £52,664 and net assets of £1,840,039. The directors continue to closely monitor the group's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.

 

The directors therefore consider that the group will be able to generate sufficient income and generate sufficient cash to fund its operations for the foreseeable future and to meet its liabilities as they fall due. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G Miller
Director
6 March 2024
FORGE CARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FORGE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FORGE CARE LIMITED
- 6 -
Opinion

We have audited the financial statements of Forge Care Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

FORGE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FORGE CARE LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

The prior period financial statements have not been subject to audit. As such, our opinion does not extend to the corresponding amounts included within these financial statements.

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the OFSTED regulations, Companies Act 2006, employment law and health & safety compliance.

FORGE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FORGE CARE LIMITED
- 8 -
Auditor's responsibilities for the audit of the financial statements (continued)

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty, specifically surrounding the valuation of freehold land and buildings and intangible fixed assets. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Robert Kempson ACA (Senior Statutory Auditor)
For and on behalf of Edwards
6 March 2024
Chartered Accountants
Statutory Auditor
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
FORGE CARE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
Year
Period
ended
ended
31 August
31 August
2023
2022
Notes
£
£
Turnover
3
3,220,547
147,597
Cost of sales
(1,630,331)
(212,520)
Gross profit/(loss)
1,590,216
(64,923)
Administrative expenses
(2,028,336)
(180,079)
Other operating income
20,150
335,217
Operating (loss)/profit
4
(417,970)
90,215
Interest payable and similar expenses
8
(767,719)
(869,910)
Loss before taxation
(1,185,689)
(779,695)
Tax on loss
9
-
0
-
0
Loss for the financial year
(1,185,689)
(779,695)
FORGE CARE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
Year
Period
ended
ended
31 August
31 August
2023
2022
£
£
Loss for the year
(1,185,689)
(779,695)
Other comprehensive income
Revaluation of tangible fixed assets
3,766,551
-
0
Tax relating to other comprehensive income
(941,638)
-
0
Other comprehensive income for the year
2,824,913
-
0
Total comprehensive income for the year
1,639,224
(779,695)
Total comprehensive income for the year is all attributable to the owners of the parent company.
FORGE CARE LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
12,015,820
8,491,075
12,015,820
8,491,075
Current assets
Debtors
14
259,187
167,499
Cash at bank and in hand
339,840
443,265
599,027
610,764
Creditors: amounts falling due within one year
15
(546,363)
(8,148,023)
Net current assets/(liabilities)
52,664
(7,537,259)
Total assets less current liabilities
12,068,484
953,816
Creditors: amounts falling due after more than one year
16
(8,916,284)
(362,478)
Provisions for liabilities
Deferred tax liability
18
1,312,161
370,523
(1,312,161)
(370,523)
Net assets
1,840,039
220,815
Capital and reserves
Called up share capital
20
116
117
Share premium account
1,000,393
1,000,393
Revaluation reserve
2,731,787
-
0
Capital redemption reserve
1
-
0
Profit and loss reserves
(1,892,258)
(779,695)
Total equity
1,840,039
220,815

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
06 March 2024
Mr G Miller
Director
Company registration number 13835155 (England and Wales)
FORGE CARE LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
12
14,785
14,785
Current assets
Debtors
14
973,580
575,339
Cash at bank and in hand
12,169
410,410
985,749
985,749
Creditors: amounts falling due within one year
15
(24)
(24)
Net current assets
985,725
985,725
Net assets
1,000,510
1,000,510
Capital and reserves
Called up share capital
20
116
117
Share premium account
1,000,393
1,000,393
Capital redemption reserve
20
1
-
0
Total equity
1,000,510
1,000,510

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £20,000 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
06 March 2024
Mr G Miller
Director
Company registration number 13835155 (England and Wales)
FORGE CARE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
Share capital
Share premium account
Revaluation reserve
Equity reserve
Hedging reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
Balance at 7 January 2022
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
Year ended 31 August 2022:
Loss and total comprehensive income
-
-
-
-
-
-
(779,695)
(779,695)
Issue of share capital
20
117
1,000,393
-
-
-
-
-
1,000,510
Balance at 31 August 2022
117
1,000,393
-
0
-
0
-
0
-
0
(779,695)
220,815
Year ended 31 August 2023:
Loss for the year
-
-
-
-
-
-
(1,185,689)
(1,185,689)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
3,766,551
-
-
-
-
3,766,551
Tax relating to other comprehensive income
-
-
(941,638)
-
-
0
-
-
0
(941,638)
Total comprehensive income
-
-
2,824,913
-
-
-
(1,185,689)
1,639,224
Own shares acquired
(1)
-
-
-
-
1
(20,000)
(20,000)
Transfers
-
-
(93,126)
-
-
-
93,126
-
Balance at 31 August 2023
116
1,000,393
2,731,787
-
0
-
0
1
(1,892,258)
1,840,039
FORGE CARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 14 -
Share capital
Share premium account
Revaluation reserve
Equity reserve
Hedging reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
Balance at 7 January 2022
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
Period ended 31 August 2022
Profit and total comprehensive income for the year
-
-
-
-
-
-
-
-
0
Issue of share capital
20
117
1,000,393
-
-
-
-
-
1,000,510
Balance at 31 August 2022
117
1,000,393
-
0
-
0
-
0
-
0
-
0
1,000,510
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
-
-
-
-
20,000
20,000
Own shares acquired
(1)
-
-
-
-
1
(20,000)
(20,000)
Balance at 31 August 2023
116
1,000,393
-
0
-
0
-
0
1
-
0
1,000,510
FORGE CARE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(191,875)
(208,127)
Interest paid
(767,719)
(869,910)
Net cash outflow from operating activities
(959,594)
(1,078,037)
Investing activities
Purchase of business
-
8,864
Purchase of tangible fixed assets
(101,794)
(1,722,714)
Proceeds from disposal of tangible fixed assets
20,000
-
Net cash used in investing activities
(81,794)
(1,713,850)
Financing activities
Proceeds from issue of shares
-
1,000,410
Repurchase of own shares
(20,000)
-
0
Movement in bank loans
957,963
2,234,742
Net cash generated from financing activities
937,963
3,235,152
Net (decrease)/increase in cash and cash equivalents
(103,425)
443,265
Cash and cash equivalents at beginning of year
443,265
-
0
Cash and cash equivalents at end of year
339,840
443,265
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 16 -
1
Accounting policies
Company information

Forge Care Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Forge, Waggestaff Drive, Nuneaton, Warwickshire, CV10 9SL.

 

The group consists of Forge Care Limited and all of its subsidiaries.

1.1
Reporting period

The company has previously changed its financial year end from 31 January to 31 August to align with group reporting periods. The comparatives within these financial statements are therefore for the 8 month period ended 31 August 2022. The change in accounting period means that the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 17 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Forge Care Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future.

 

In assessing the going concern basis, the directors have considered the group’s business activities and its financial position. As at 31 August 2023 the group had cash reserves of £339,840, net current assets of £52,664 and net assets of £1,840,039. The directors continue to closely monitor the group's liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.

 

The directors therefore consider that the group will be able to generate sufficient income and generate sufficient cash to fund its operations for the foreseeable future and to meet its liabilities as they fall due. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown inclusive of VAT as the group is exempt from such taxes.

1.7
Intangible fixed assets - goodwill

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition of a business. It is initially recognised as a liability at cost and is subsequently measured at cost less accumulated amortisation. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 18 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2.5% straight line
Plant and equipment
25% straight line
Fixtures and fittings
33.33% straight line
Computers
33.33% straight line
Motor vehicles
20% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

In the parent company financial statements, interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 19 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

The group operates a defined contribution pension scheme for certain employees and contributions to the scheme are charged to the profit and loss account as they are incurred.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 21 -
1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19

Corresponding amounts

The directors have re-analysed certain corresponding amounts to correctly present investments in subsidiaries that were previously included within debtors and creditors.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Negative goodwill valuation

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition of a business. It is initially recognised as a liability at cost and is subsequently measured at cost less accumulated amortisation. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Valuation of freehold land and buildings

Freehold land and buildings are initially measured at cost and subsequently measured at valuation, net of depreciation and any impairment losses. The group’s freehold land and buildings were valued on a market value basis as at 31 May 2022 by Cushman & Wakefield.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Provision of childcare services
3,220,547
147,597
2023
2022
£
£
Other revenue
Grants received
-
334,428
Sundry income
20,150
789
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Government grants
-
(334,428)
Depreciation of tangible fixed assets
332,365
98,325
Profit on disposal of tangible fixed assets
(8,765)
-
Amortisation of intangible assets
-
(535,573)
Operating lease charges
47,673
25,787
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,000
-
9,000
-
For other services
Preparation of the financial statements of the group and company
2,000
-
Taxation compliance services
750
-
2,750
-
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Admin
8
2
-
-
Directors
4
4
-
-
Care and Therapy Staff
49
12
-
-
Total
61
18
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,043,246
490,759
-
0
-
0
Social security costs
179,185
50,377
-
-
Pension costs
28,990
8,373
-
0
-
0
2,251,421
549,509
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
338,944
131,205
Company pension contributions to defined contribution schemes
6,380
2,530
345,324
133,735

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
91,115
42,417
Company pension contributions to defined contribution schemes
1,321
660
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
767,488
869,910
Other interest
231
-
Total finance costs
767,719
869,910
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
-
0
Deferred tax
Origination and reversal of timing differences
-
0
-
0
Total tax charge
-
-

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(1,185,689)
(779,695)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(296,422)
(148,142)
Tax effect of expenses that are not deductible in determining taxable profit
47,868
3,288
Amortisation on negative goodwill
-
0
(101,759)
Unutilised tax losses carried forward
247,208
543,625
Depreciation on assets not qualifying for tax allowances
4,660
883
Other non-reversing timing differences
-
0
(57,347)
Tax effect of enhanced capital allowances
(3,314)
(23,998)
Tax effect of change in tax rates
-
0
(216,550)
Taxation charge
-
-

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
941,638
-
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 25 -
10
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 September 2022 and 31 August 2023
(535,573)
Amortisation and impairment
At 1 September 2022 and 31 August 2023
(535,573)
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
The company had no intangible fixed assets at 31 August 2023 or 31 August 2022.
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 September 2022
8,414,980
17,814
146,703
10,126
70,193
8,659,816
Additions
-
0
1,540
62,363
35,396
2,495
101,794
Disposals
-
0
-
0
-
0
-
0
(70,193)
(70,193)
Revaluation
3,725,020
-
0
-
0
-
0
-
0
3,725,020
At 31 August 2023
12,140,000
19,354
209,066
45,522
2,495
12,416,437
Depreciation and impairment
At 1 September 2022
41,531
15,496
48,901
3,855
58,958
168,741
Depreciation charged in the year
258,500
1,435
64,813
7,326
291
332,365
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(58,958)
(58,958)
Revaluation
(41,531)
-
0
-
0
-
0
-
0
(41,531)
At 31 August 2023
258,500
16,931
113,714
11,181
291
400,617
Carrying amount
At 31 August 2023
11,881,500
2,423
95,352
34,341
2,204
12,015,820
At 31 August 2022
8,373,449
2,318
97,802
6,271
11,235
8,491,075
The company had no tangible fixed assets at 31 August 2023 or 31 August 2022.
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
11
Tangible fixed assets
(Continued)
- 26 -

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold land
1,800,000
1,800,000
-
0
-
0

Freehold land and buildings with a carrying amount of £12,140,000 were revalued at 31st May 2022 by Cushman & Wakefield, independent valuers not connected with the group, on the basis of market value. This valuation was adopted by the group from 1st September 2022. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

If freehold land and buildings were measured using the cost model, the carrying amounts would have been £6,185,978 (2022 - £6,351,353), being cost £6,392,884 (2022 - £6,392,884) and depreciation to date £206,906 (2022 - £41,531).

12
Fixed asset investments
Group
Company
2023
2022
2023
2022
as restated
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
14,785
14,785
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022 and 31 August 2023
14,785
Carrying amount
At 31 August 2023
14,785
At 31 August 2022
14,785
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Forge (Nuneaton) Limited
The Forge, Waggestaff Drive, Nuneaton, Warwickshire, CV10 9SL
Ordinary shares
100.00
Forge Care 2 Limited
The Forge, Waggestaff Drive, Nuneaton, Warwickshire, CV10 9SL
Ordinary shares
100.00
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 27 -
14
Debtors
Group
Company
2023
2022
2023
2022
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
208,245
147,629
-
0
-
0
Amounts owed by group undertakings
-
-
-
575,339
Other debtors
10,568
14,900
-
0
-
0
Prepayments and accrued income
40,374
4,970
-
0
-
0
259,187
167,499
-
575,339
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
973,580
-
Total debtors
259,187
167,499
973,580
575,339
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
as restated
Notes
£
£
£
£
Bank loans
17
228,580
7,358,289
-
0
-
0
Trade creditors
68,801
71,506
-
0
-
0
Other taxation and social security
116,691
107,142
-
-
Other creditors
12,054
486,480
24
24
Accruals and deferred income
120,237
124,606
-
0
-
0
546,363
8,148,023
24
24
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
17
8,450,150
362,478
-
0
-
0
Other creditors
466,134
-
0
-
0
-
0
8,916,284
362,478
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
7,537,860
-
-
-
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 28 -
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
8,678,730
7,720,767
-
0
-
0
Payable within one year
228,580
7,358,289
-
0
-
0
Payable after one year
8,450,150
362,478
-
0
-
0

Bank loans are secured by way of a fixed and floating charge over the group's assets. Interest is charged at various rates, between 7.90% and 15.61% per annum. The loans are being repaid in equal monthly instalments.

 

During the year, the group refinanced its loans resulting in longer repayment terms.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Revaluations
1,312,161
370,523
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 September 2022
370,523
-
Charge to other comprehensive income
941,638
-
Liability at 31 August 2023
1,312,161
-
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,990
8,373

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 29 -
20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
932,558
1,166,181
93
117
A Ordinary shares of 0.01p each
50,000
-
5
-
B Ordinary shares of 0.01p each
166,181
-
17
-
C Ordinary shares of 0.01p each
11,628
-
1
-
D Ordinary shares of 0.01p each
1,938
-
-
-
1,162,305
1,166,181
116
117

On 14 June 2023 the company reclassified its 1,166,181 Ordinary shares into 932,558 Ordinary shares, 50,000 A Ordinary shares, 166,181 B Ordinary shares, 15,504 C Ordinary shares and 1,938 D Ordinary shares.

 

On the 29 June 2023 the company re-purchased 3,876 C ordinary shares for a total consideration of £20,000. These shares were subsequently cancelled.

 

The rights attached to each class of share can be found in the company's Articles of Association.

21
Acquisition of a business

On 4 March 2022 the group acquired 100 percent of the issued capital of The Forge (Nuneaton) Limited. The fair value of the net assets acquired amounted to £550,358 as detailed below:

Fair Value
Net assets acquired
£
Tangible fixed assets
6,866,686
Trade and other debtors
220,522
Cash and cash equivalents
23,549
Borrowings
(5,486,025)
Trade and other creditors
(703,851)
Deferred tax
(370,523)
Total identifiable net assets
550,358
Goodwill
(535,573)
Total consideration
14,785
The consideration was satisfied by:
£
Cash
14,685
Issue of shares
100
14,785
FORGE CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 30 -
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
62,819
-
-
-
Between two and five years
89,702
-
-
-
152,521
-
-
-
23
Events after the reporting date

On 30 November 2023 the company issued 41,528 B Ordinary shares for a total consideration of £250,000.

 

On the 14 December 2023 the company re-purchased 50,000 A Ordinary shares for a total consideration of £5. These shares were subsequently cancelled.

24
Cash absorbed by group operations
2023
2022
£
£
Loss for the year after tax
(1,185,689)
(779,695)
Adjustments for:
Finance costs
767,719
869,910
Gain on disposal of tangible fixed assets
(8,765)
-
Amortisation and impairment of intangible assets
-
(535,573)
Depreciation and impairment of tangible fixed assets
332,365
98,325
Movements in working capital:
(Increase)/decrease in debtors
(91,688)
53,023
(Decrease)/increase in creditors
(5,817)
85,883
Cash absorbed by operations
(191,875)
(208,127)
25
Analysis of changes in net debt - group
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
443,265
(103,425)
339,840
Borrowings excluding overdrafts
(7,720,767)
(957,963)
(8,678,730)
(7,277,502)
(1,061,388)
(8,338,890)
2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2023.300Mr D J HughesMr G MillerMrs J MillerMr M J MillerMr R 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