Company Registration No. 06714203 (England and Wales)
J R FOSTER AND SON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
J R FOSTER AND SON LTD
COMPANY INFORMATION
Director
Mr J H Foster
Secretary
Ms L C Foster
Company number
06714203
Registered office
The Oldbarnyard
Birmingham Rd
Hopwood
Birmingham
Worcestershire
B48 7AQ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
770/772 Bristol Road South
Northfield
Birmingham
B31 2NN
J R FOSTER AND SON LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
J R FOSTER AND SON LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF J R FOSTER AND SON LTD FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J R Foster and Son Ltd for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of J R Foster and Son Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J R Foster and Son Ltd and state those matters that we have agreed to state to the Board of Directors of J R Foster and Son Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J R Foster and Son Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that J R Foster and Son Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J R Foster and Son Ltd. You consider that J R Foster and Son Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J R Foster and Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
29 February 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
J R FOSTER AND SON LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
77,552
76,076
Current assets
Stocks
74,344
86,030
Debtors
4
28,152
11,189
Cash at bank and in hand
49,131
47,618
151,627
144,837
Creditors: amounts falling due within one year
5
(109,715)
(83,169)
Net current assets
41,912
61,668
Total assets less current liabilities
119,464
137,744
Creditors: amounts falling due after more than one year
6
(22,424)
(31,667)
Provisions for liabilities
8
(14,735)
(14,454)
Net assets
82,305
91,623
Capital and reserves
Called up share capital
9
600
600
Profit and loss reserves
81,705
91,023
Total equity
82,305
91,623

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

J R FOSTER AND SON LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024.
Mr J H Foster
Director
Company Registration No. 06714203
J R FOSTER AND SON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

J R Foster and Son Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Oldbarnyard, Birmingham Rd, Hopwood, Birmingham, Worcestershire, B48 7AQ.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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:

Plant and machinery
15% on reducing balance
Computer equipment
33% on cost
Motor vehicles
20% on reducing balance

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 credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

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

J R FOSTER AND SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
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 company’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 when the company has 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.

1.6
Employee benefits

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
2,931
864
125,970
129,765
Additions
-
0
-
0
20,793
20,793
At 31 October 2023
2,931
864
146,763
150,558
Depreciation and impairment
At 1 November 2022
1,792
864
51,033
53,689
Depreciation charged in the year
172
-
0
19,145
19,317
At 31 October 2023
1,964
864
70,178
73,006
Carrying amount
At 31 October 2023
967
-
0
76,585
77,552
At 31 October 2022
1,139
-
0
74,937
76,076
J R FOSTER AND SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,523
8,602
Other debtors
629
2,587
28,152
11,189
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,963
10,000
Trade creditors
6,872
1,654
Taxation and social security
12,520
4,478
Other creditors
80,360
67,037
109,715
83,169
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,424
31,667
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
32,387
41,667
Bank loans are secured by way of a government-backed guarantee.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
14,735
14,454
J R FOSTER AND SON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
600 Ordinary of £1 each
600
600
600
600
10
Ultimate controlling party

The ultimate controlling party is Mr J H Foster.

2023-10-312022-11-01false29 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr J H FosterMs L C Fosterfalse067142032022-11-012023-10-3106714203bus:Director12022-11-012023-10-3106714203bus:CompanySecretary12022-11-012023-10-3106714203bus:RegisteredOffice2022-11-012023-10-3106714203bus:Agent12022-11-012023-10-31067142032023-10-31067142032022-10-3106714203core:PlantMachinery2023-10-3106714203core:ComputerEquipment2023-10-3106714203core:MotorVehicles2023-10-3106714203core:PlantMachinery2022-10-3106714203core:ComputerEquipment2022-10-3106714203core:MotorVehicles2022-10-3106714203core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3106714203core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3106714203core:CurrentFinancialInstruments2023-10-3106714203core:CurrentFinancialInstruments2022-10-3106714203core:Non-currentFinancialInstruments2023-10-3106714203core:Non-currentFinancialInstruments2022-10-3106714203core:ShareCapital2023-10-3106714203core:ShareCapital2022-10-3106714203core:RetainedEarningsAccumulatedLosses2023-10-3106714203core:RetainedEarningsAccumulatedLosses2022-10-3106714203core:ShareCapitalOrdinaryShares2023-10-3106714203core:ShareCapitalOrdinaryShares2022-10-3106714203core:PlantMachinery2022-11-012023-10-3106714203core:ComputerEquipment2022-11-012023-10-3106714203core:MotorVehicles2022-11-012023-10-3106714203core:PlantMachinery2022-10-3106714203core:ComputerEquipment2022-10-3106714203core:MotorVehicles2022-10-31067142032022-10-3106714203bus:OrdinaryShareClass12022-11-012023-10-3106714203bus:OrdinaryShareClass12023-10-3106714203bus:PrivateLimitedCompanyLtd2022-11-012023-10-3106714203bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3106714203bus:FRS1022022-11-012023-10-3106714203bus:AuditExemptWithAccountantsReport2022-11-012023-10-3106714203bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP