IRIS Accounts Production v23.4.0.336 01583916 Board of Directors 1.10.22 30.9.23 30.9.23 steel, mesh and cladding fabrication true false true true false false false true false Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinary D 1.00000 Ordinary E 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure015839162022-09-30015839162023-09-30015839162022-10-012023-09-30015839162021-09-30015839162021-10-012022-09-30015839162022-09-3001583916ns16:EnglandWales2022-10-012023-09-3001583916ns15:PoundSterling2022-10-012023-09-3001583916ns11:Director12022-10-012023-09-3001583916ns11:PrivateLimitedCompanyLtd2022-10-012023-09-3001583916ns11:FRS1022022-10-012023-09-3001583916ns11:Audited2022-10-012023-09-3001583916ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-10-012023-09-3001583916ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-10-012023-09-3001583916ns11:FullAccounts2022-10-012023-09-300158391612022-10-012023-09-3001583916ns11:OrdinaryShareClass12022-10-012023-09-3001583916ns11:OrdinaryShareClass22022-10-012023-09-3001583916ns11:OrdinaryShareClass32022-10-012023-09-3001583916ns11:OrdinaryShareClass42022-10-012023-09-3001583916ns11:OrdinaryShareClass52022-10-012023-09-3001583916ns11:Director22022-10-012023-09-3001583916ns11:Director32022-10-012023-09-3001583916ns11:Director42022-10-012023-09-3001583916ns11:Director52022-10-012023-09-3001583916ns11:Director62022-10-012023-09-3001583916ns11:CompanySecretary12022-10-012023-09-3001583916ns11:RegisteredOffice2022-10-012023-09-3001583916ns6:CurrentFinancialInstruments2023-09-3001583916ns6:CurrentFinancialInstruments2022-09-3001583916ns6:ShareCapital2023-09-3001583916ns6:ShareCapital2022-09-3001583916ns6:RetainedEarningsAccumulatedLosses2023-09-3001583916ns6:RetainedEarningsAccumulatedLosses2022-09-3001583916ns6:ShareCapital2021-09-3001583916ns6:RetainedEarningsAccumulatedLosses2021-09-3001583916ns6:RetainedEarningsAccumulatedLosses2021-10-012022-09-3001583916ns6:RetainedEarningsAccumulatedLosses2022-10-012023-09-3001583916ns6:IntangibleAssetsOtherThanGoodwill2022-10-012023-09-3001583916ns6:ShortLeaseholdAssetsns6:LandBuildings2022-10-012023-09-3001583916ns6:PlantMachinery2022-10-012023-09-3001583916ns6:FurnitureFittings2022-10-012023-09-3001583916ns6:MotorVehicles2022-10-012023-09-3001583916ns6:ComputerEquipment2022-10-012023-09-3001583916ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2022-10-012023-09-3001583916ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2021-10-012022-09-3001583916ns6:OwnedAssets2022-10-012023-09-3001583916ns6:OwnedAssets2021-10-012022-09-300158391612022-10-012023-09-300158391612021-10-012022-09-3001583916ns6:PatentsTrademarksLicencesConcessionsSimilar2022-09-3001583916ns6:PatentsTrademarksLicencesConcessionsSimilar2023-09-3001583916ns6:PatentsTrademarksLicencesConcessionsSimilar2022-09-3001583916ns6:ShortLeaseholdAssetsns6:LandBuildings2022-09-3001583916ns6:PlantMachinery2022-09-3001583916ns6:FurnitureFittings2022-09-3001583916ns6:ShortLeaseholdAssetsns6:LandBuildings2023-09-3001583916ns6:PlantMachinery2023-09-3001583916ns6:FurnitureFittings2023-09-3001583916ns6:ShortLeaseholdAssetsns6:LandBuildings2022-09-3001583916ns6:PlantMachinery2022-09-3001583916ns6:FurnitureFittings2022-09-3001583916ns6:MotorVehicles2022-09-3001583916ns6:ComputerEquipment2022-09-3001583916ns6:MotorVehicles2023-09-3001583916ns6:ComputerEquipment2023-09-3001583916ns6:MotorVehicles2022-09-3001583916ns6:ComputerEquipment2022-09-3001583916ns6:WithinOneYearns6:CurrentFinancialInstruments2023-09-3001583916ns6:WithinOneYearns6:CurrentFinancialInstruments2022-09-3001583916ns6:DeferredTaxation2022-09-3001583916ns6:DeferredTaxation2022-10-012023-09-3001583916ns6:DeferredTaxation2023-09-3001583916ns11:OrdinaryShareClass12023-09-3001583916ns11:OrdinaryShareClass22023-09-3001583916ns11:OrdinaryShareClass32023-09-3001583916ns6:RetainedEarningsAccumulatedLosses2022-09-30
REGISTERED NUMBER: 01583916 (England and Wales)












FOREGALE LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


FOREGALE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







Directors: Mr N P Scott
Mr M Standring
Mr A Parkinson
Mr T J Scott
Mr J C Scott
Mrs S J Scott



Secretary: Mr N P Scott



Registered office: Union Road
LIVERSEDGE
WF15 7JS



Registered number: 01583916 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: Bank of Scotland
PO Box 17235
EDINBURGH
EH11 1YH



Accountants: Scott & Wilkinson
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The directors present their strategic report for the year ended 30 September 2023.

Review of business
The principal activity of the company is the production and distribution of steel, mesh and roofing products.

In 2023 the company concentrated further efforts in establishing the "Foreclad ®" brand of profile sheeting into the market place. Though the Foreclad profile sheeting range has been around for a good number of years already, it became an obvious next step to register the trademarks of both the name and the logo in order to offer the company further protection as it becomes more popular and widely recognised throughout the industry. The trademarks are a further signal of intent for the company to build on the strength already achieved in order to continue with the growth plan of appealing to a wider audience of customers.

At the end of 2022 prices in the market reached their peak. Since then, the market has become more competitive with factors also impacting sales levels such as high inflation and a slight weakening in demand partly caused by the high inflationary pressures.

Towards the end of 2023 as supply and demand seemed to be settling somewhat, new challenges were presented, including increased shipping costs due to the problems through the Red Sea and Suez Canal. With the dangers for cargo ships, re-routing was required, causing longer journeys and use of more fuel. The result of this so far has been another upward trend in replacement costs of steel that we expect to see affecting the market in the future as things stand, though demand will impact this too. The end of the year in 2023 presented a delicate balance of pricing, with weakened demand and rising costs impacting selling prices and profitability.

The financial statements show that the company's turnover has decreased from £20,989,934 to £17,118,572 resulting in an decreased gross profit of £3,537,740 compared to £7,641,063.

The directors monitor the progress of the business based on the following key performance indicator's:
2023 2022
Turnover 17,118,572 20,989,394
Operating profit 2,283,686 6,484,773

Principal risks and uncertainties
The directors consider the following to be the principal risks faced by the company:
- The economic uncertainty due to the cost of living crisis
- The impact of rising inflation rates
- Credit risk
- Ongoing war in Ukraine
- Shipping routes affected by the Red Sea

The company continues to invest in the business in order to safeguard its future and leave it well placed to take advantage of new business opportunities in the future.

Credit checks are carried out for new customers, all debtor balances are reviewed regularly and debtors insurance taken out in order to keep credit risk to a minimum. Historically bad debts written off have been low.

The directors are continually monitoring the risks faced by the company and do everything that they can to minimise
their potential impact on the company.

The company has no borrowings and a strong cash position and therefore the directors have determined that there is no material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.


FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Future developments
As the demand grows for the company's "Foreclad ®" range of profiled sheeting and the brand of "Foregale ®" continues to be increasingly recognised both within the roofing & cladding, as well as the steel reinforcement industries, the stage has been set for an even greater market presence in the future.

Further yard improvement plans are in place for both Liversedge and Hull in order to initially repair the wear and tear over the years of use, but also for new areas to be concreted. This will allow more storage capacity for steel coils and completed jobs.

There are also plans in place for a new replacement overhead crane system for the warehouse that will improve reliability, safety and capacity.

The company continues to invest for the future, with further developments being made to the internal computer systems and software which will help increase the efficiencies of the team and allow greater control of customer accounts. This will enable faster access to information and therefore improve customer experience through improved communication.

On behalf of the board:





Mr J C Scott - Director


8 April 2024

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


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

Dividends
The total distribution of dividends paid in the year ended 30 September 2023 was £7,363,427

Future developments
Incorporated within Principal Risks and Uncertainties in the Strategic Report.

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

Mr N P Scott
Mr M Standring
Mr A Parkinson
Mr T J Scott
Mr J C Scott
Mrs S J Scott

Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 company and of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company'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 company's auditors are aware of that information.

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


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

On behalf of the board:





Mr J C Scott - Director


8 April 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
FOREGALE LIMITED


Opinion
We have audited the financial statements of Foregale Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2023 and of its profit 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 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 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 Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
FOREGALE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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 where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Directors' Responsibilities Statement 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 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 company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
FOREGALE LIMITED


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 an Auditors' 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.

- enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.

- audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

- analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years and expectations to ensure the reasonableness of the figures therein.

- third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.

- detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.

- financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
FOREGALE LIMITED


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 Auditors' 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.




Stuart Hinnigan FCA CTA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

16 April 2024

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

Turnover 3 17,118,572 20,989,394

Cost of sales 13,580,832 13,348,331
Gross profit 3,537,740 7,641,063

Administrative expenses 1,254,837 1,156,290
2,282,903 6,484,773

Other operating income 4 783 -
Operating profit 6 2,283,686 6,484,773

Interest receivable and similar income 8 176,773 11,683
2,460,459 6,496,456

Interest payable and similar expenses 9 6,800 -
Profit before taxation 2,453,659 6,496,456

Tax on profit 10 540,306 1,276,309
Profit for the financial year 1,913,353 5,220,147

Other comprehensive income - -
Total comprehensive income for the year 1,913,353 5,220,147

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 12 2,300 2,300
Tangible assets 13 779,074 807,438
781,374 809,738

Current assets
Stocks 14 2,272,436 4,892,087
Debtors 15 1,741,169 2,572,839
Cash at bank and in hand 3,835,766 7,317,796
7,849,371 14,782,722
Creditors
Amounts falling due within one year 16 2,453,365 3,960,798
Net current assets 5,396,006 10,821,924
Total assets less current liabilities 6,177,380 11,631,662

Provisions for liabilities 17 171,394 175,602
Net assets 6,005,986 11,456,060

Capital and reserves
Called up share capital 18 5,110 5,110
Retained earnings 19 6,000,876 11,450,950
Shareholders' funds 6,005,986 11,456,060

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by:





Mr J C Scott - Director


FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 5,110 6,758,803 6,763,913

Changes in equity
Dividends - (528,000 ) (528,000 )
Total comprehensive income - 5,220,147 5,220,147
Balance at 30 September 2022 5,110 11,450,950 11,456,060

Changes in equity
Dividends - (7,363,427 ) (7,363,427 )
Total comprehensive income - 1,913,353 1,913,353
Balance at 30 September 2023 5,110 6,000,876 6,005,986

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,268,684 4,408,302
Interest paid (6,800 ) -
Tax paid (1,582,310 ) (758,869 )
Net cash from operating activities 3,679,574 3,649,433

Cash flows from investing activities
Purchase of tangible fixed assets (133,900 ) (63,334 )
Sale of tangible fixed assets 500 -
Interest received 176,773 11,683
Net cash from investing activities 43,373 (51,651 )

Cash flows from financing activities
Amount introduced by directors 780,108 354,646
Amount withdrawn by directors (621,658 ) (439,793 )
Equity dividends paid (7,363,427 ) (528,000 )
Net cash from financing activities (7,204,977 ) (613,147 )

(Decrease)/increase in cash and cash equivalents (3,482,030 ) 2,984,635
Cash and cash equivalents at beginning of
year

2

7,317,796

4,333,161

Cash and cash equivalents at end of year 2 3,835,766 7,317,796

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£    £   
Profit before taxation 2,453,659 6,496,456
Depreciation charges 158,517 155,719
Loss on disposal of fixed assets 3,247 6,107
Finance costs 6,800 -
Finance income (176,773 ) (11,683 )
2,445,450 6,646,599
Decrease/(increase) in stocks 2,619,651 (3,218,488 )
Decrease in trade and other debtors 831,670 263,762
(Decrease)/increase in trade and other creditors (628,087 ) 716,429
Cash generated from operations 5,268,684 4,408,302

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 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 3,835,766 7,317,796
Year ended 30 September 2022
30/9/22 1/10/21
£    £   
Cash and cash equivalents 7,317,796 4,333,161


3. Analysis of changes in net funds

At 1/10/22 Cash flow At 30/9/23
£    £    £   
Net cash
Cash at bank and in hand 7,317,796 (3,482,030 ) 3,835,766
7,317,796 (3,482,030 ) 3,835,766
Total 7,317,796 (3,482,030 ) 3,835,766

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. Statutory information

Foregale Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
When preparing the financial statements, the directors are required to make judgements, estimates and
assumptions about the carrying value of assets, liabilities, income and expenses.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 Company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

No judgements have been made in applying the Company's accounting policies in the preparation of the financial statements, other than those involving estimation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good to the customer.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Straight line over 10 years
Plant and machinery - 15% Reducing balance
Fixtures and fittings - 15% Reducing balance
Motor vehicles - 25% Reducing balance
Computer equipment - Straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


2. Accounting policies - continued

Financial instruments
The company 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.

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 cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


2. Accounting policies - continued

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

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

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. Other operating income
2023 2022
£    £   
Other income 783 -

5. Employees and directors
2023 2022
£    £   
Wages and salaries 1,448,322 1,442,128
Social security costs 131,849 137,297
Other pension costs 125,950 105,125
1,706,121 1,684,550

The average number of employees during the year was as follows:
2023 2022

Management 4 4
Administration 3 3
Sales 2 2
Production 35 39
44 48

2023 2022
£    £   
Directors' remuneration 72,285 84,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


6. Operating profit

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery - 815
Other operating leases 84,000 89,616
Depreciation - owned assets 158,517 155,718
Loss on disposal of fixed assets 3,247 6,107
Foreign exchange differences (1,054 ) 1,266

7. Auditors' remuneration
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

9,260

6,500

8. Interest receivable and similar income
2023 2022
£    £   
Bank interest receivable 175,118 11,683
Other interest receivable 1,655 -
176,773 11,683

9. Interest payable and similar expenses
2023 2022
£    £   
Other interest payable 6,800 -

10. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 544,514 1,252,310

Deferred tax (4,208 ) 23,999
Tax on profit 540,306 1,276,309

UK corporation tax has been charged at 25% (2022 - 19%).

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


10. Taxation - continued

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

2023 2022
£    £   
Profit before tax 2,453,659 6,496,456
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 25%)

613,415

1,624,114

Effects of:
Expenses not deductible for tax purposes 1,179 1,560
Super deduction (268 ) (1,773 )
Difference between rates of tax used for deferred tax and current tax - (395,466 )
Difference arising on deferred tax for different rates used last year - 47,874
Time apportioned change in Corporation tax charge (74,020 ) -
Total tax charge 540,306 1,276,309

11. Dividends

Aggregate current year interim dividends paid, excluding preference shares, during the year was £7,363,427 (2022 - £528,000).

12. Intangible fixed assets
Patents
and
licences
£   
Cost
At 1 October 2022
and 30 September 2023 2,300
Net book value
At 30 September 2023 2,300
At 30 September 2022 2,300

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


13. Tangible fixed assets
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
Cost
At 1 October 2022 243,859 1,470,747 81,845
Additions 18,510 25,274 3,156
Disposals - (619 ) -
At 30 September 2023 262,369 1,495,402 85,001
Depreciation
At 1 October 2022 203,232 811,050 43,832
Charge for year 6,725 102,755 8,399
Eliminated on disposal - (421 ) -
At 30 September 2023 209,957 913,384 52,231
Net book value
At 30 September 2023 52,412 582,018 32,770
At 30 September 2022 40,627 659,697 38,013

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 October 2022 222,870 71,223 2,090,544
Additions 75,000 11,960 133,900
Disposals (51,850 ) (1,145 ) (53,614 )
At 30 September 2023 246,020 82,038 2,170,830
Depreciation
At 1 October 2022 171,970 53,022 1,283,106
Charge for year 30,732 9,906 158,517
Eliminated on disposal (48,874 ) (572 ) (49,867 )
At 30 September 2023 153,828 62,356 1,391,756
Net book value
At 30 September 2023 92,192 19,682 779,074
At 30 September 2022 50,900 18,201 807,438

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


14. Stocks
2023 2022
£    £   
Stocks 2,272,436 4,892,087

15. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,734,899 2,561,121
Other debtors 963 3,363
Prepayments 5,307 8,355
1,741,169 2,572,839

16. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 1,507,067 1,944,043
Tax 214,514 1,252,310
Social security and other taxes 30,164 31,238
VAT 322,469 544,482
Directors' current accounts 242,861 84,411
Accruals 136,290 104,314
2,453,365 3,960,798

17. Provisions for liabilities
2023 2022
£    £   
Deferred tax 171,394 175,602

Deferred
tax
£   
Balance at 1 October 2022 175,602
Credit to Statement of Comprehensive Income during year (4,208 )
Balance at 30 September 2023 171,394

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


18. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,056 Ordinary A £1 5,056 5,000
34 Ordinary B £1 34 34
20 Ordinary C £1 20 20
NIL Ordinary D £1 - 14
NIL Ordinary E £1 - 14
NIL Ordinary F £1 - 28
5,110 5,110

Ordinary A shares have the following rights, preferences and restrictions:
Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

Ordinary B and Ordinary C shares have rights to dividends.

19. Reserves
Retained
earnings
£   

At 1 October 2022 11,450,950
Profit for the year 1,913,353
Dividends (7,363,427 )
At 30 September 2023 6,000,876

20. Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £25,805 (2022 - £25,863).

The company pays an annual pension annuity to a former director in the sum of £30,000 (2022 - £30,000).

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

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


21. Related party disclosures

In common with many owner managed businesses, the directors maintain loan accounts to cover drawings from the company.

The aggregate amount of directors loan accounts is £242,861 (2022 - £84,411). The loans are shown under directors loan accounts and other creditors in the notes to the accounts.

The following dividends were paid to directors and key management personnel:
2023 2022
£ £
Directors 160,770 429,353
Key management personnel 99,647 98,647
260,417 528,000

The premises from which the company operates is held on trust, of which the directors Mr N P Scott and Mrs S J Scott are trustees of. The trusts received a rent from the company of £84,000 (2022 - £84,000).

22. Ultimate controlling party

The ultimate controlling party is JTS Capital Ventures Limited.

The company's immediate parent is JTS Capital Ventures Limited, incorporated in England and Wales.

The most senior parent entity producing publicly available financial statements is JTS Capital Ventures Limited. These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is JTS Capital Ventures Limited.

The parent of the smallest group in which these financial statements are consolidated is JTS Capital Ventures Limited.

The address of JTS Capital Ventures Limited is:
Dalton House
9 Dalton Square
Lancaster
LA1 1WD