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Filleted

Registration number: 07631148

Fforest Events Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Fforest Events Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Fforest Events Ltd

Company Information

Director

Mr J Lynch

Company secretary

Ms S Tucker

Registered office

Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

 

Fforest Events Ltd

(Registration number: 07631148)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

37,492

40,255

Current assets

 

Stocks

6

2,250

2,250

Debtors

7

413,646

534,180

Cash at bank and in hand

 

31,510

9,964

 

447,406

546,394

Creditors: Amounts falling due within one year

8

(139,994)

(235,103)

Net current assets

 

307,412

311,291

Total assets less current liabilities

 

344,904

351,546

Creditors: Amounts falling due after more than one year

8

(44,618)

(94,165)

Net assets

 

300,286

257,381

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

300,186

257,281

Total equity

 

300,286

257,381

 

Fforest Events Ltd

(Registration number: 07631148)
Balance Sheet as at 31 October 2023

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr J Lynch
Director

   
     
 

Fforest Events Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

These financial statements were authorised for issue by the director on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Fforest Events Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance basis

Fixtures and Fittings

25% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Fforest Events Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 10).

 

Fforest Events Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

9,541

10,105

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

880

62,125

-

63,005

Additions

1,295

4,584

900

6,779

At 31 October 2023

2,175

66,709

900

69,784

Depreciation

At 1 November 2022

385

22,365

-

22,750

Charge for the year

448

8,869

225

9,542

At 31 October 2023

833

31,234

225

32,292

Carrying amount

At 31 October 2023

1,342

35,475

675

37,492

At 31 October 2022

495

39,760

-

40,255

6

Stocks

2023
£

2022
£

Other inventories

2,250

2,250

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

23,556

(22,174)

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

372,848

550,800

Prepayments

 

5,946

1,954

Other debtors

 

11,296

3,600

 

413,646

534,180

 

Fforest Events Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

42,009

36,971

Trade creditors

 

6,669

1,534

Taxation and social security

 

5,228

9,037

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

1,906

-

Other related parties

 

85,238

135,875

Outstanding defined contribution pension costs

 

-

550

Corporation tax liability

 

4,208

-

Other creditors

 

(5,264)

51,136

 

139,994

235,103

Due after one year

 

Loans and borrowings

10

44,618

94,165

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

44,618

94,165

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Fforest Events Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

44,618

94,165

2023
£

2022
£

Current loans and borrowings

Bank borrowings

42,009

34,471

HP and finance lease liabilities

-

2,500

42,009

36,971

11

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Other payments made to company by director
£

At 31 October 2023
£

Mr J Lynch

Interest free loan repayable on demand

(9,934)

(4,698)

(14,632)

       
     

 

2022

At 1 November 2021
£

Other payments made to company by director
£

At 31 October 2022
£

Mr J Lynch

Interest free loan repayable on demand

(2,139)

(7,795)

(9,934)

       
     

 

Fforest Events Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

 

Summary of transactions with other related parties

Fforest Events Ltd is related to the following companies by virtue of same shareholder and director:-
Cardigan Quays Ltd
Fforest Camps Ltd
Ffores General Stores Ltd
Fforest Catering Ltd
Fforest Canoes Ltd
Pizza Tipi Ltd
Fforest Land Ltd
BigFt Construction Ltd
Bigger Boz Ltd
Beachbay Ltd
Boy Ashore Ltd

 Total amount owed by Fforest Events Ltd to the above companies is £77,469 (2022 : £125,940).
Total amount owed to Fforest Events Ltd from the above companies is £377,805 (2022 : £550,800).

During the year ended 31st October 2023, Fforest Events Ltd paid venue hire charges of £20,684 (2022 : £23,517) to Cardigan Quays Ltd.
During the year ended 31st October 2023, Fforest Events Ltd provided computer and software services to Beachbay Ltd. It charged the related party £2,651 (2022 : £2,812) for these services.
During the year ended 31st Ocotber 2023, Fforest Camps Ltd provided management services of £12,000 (2022 : £6,000) to Fforest Events Ltd. These transactions occurred in the normal course of business activity.
During the year ended 31st October 2023, Cardigan Quays Ltd provided management services of £22,500 (2022 : £Nil) to Fforest Events Ltd. These transactions occurred in the normal course of business activity.