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Registration number: 07631114

Fforest General Stores Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Fforest General Stores Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Fforest General Stores Ltd

Company Information

Director

Mr J Lynch

Company secretary

Ms S Tucker

Registered office

Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

 

Fforest General Stores Ltd

(Registration number: 07631114)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

13,999

8,463

Debtors

5

24,837

19,913

Cash at bank and in hand

 

1,513

6,694

 

40,349

35,070

Creditors: Amounts falling due within one year

6

(1,012)

(1,636)

Net assets

 

39,337

33,434

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

39,237

33,334

Total equity

 

39,337

33,434

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 General Stores 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 General Stores Ltd

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

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.

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.

3

Staff numbers

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

4

Stocks

2023
£

2022
£

Other inventories

13,999

8,463

 

Fforest General Stores Ltd

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

5

Debtors

Note

2023
£

2022
£

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

8

22,150

19,913

Prepayments

 

443

-

Other debtors

 

2,244

-

 

24,837

19,913

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Corporation tax liability

 

576

411

Other creditors

 

436

1,225

 

1,012

1,636

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Fforest General Stores Ltd

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

8

Related party transactions

Summary of transactions with other related parties

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

 Total amount owed by Fforest General Stores Ltd to the above companies is £22,448 (2022 : £93,903).
Total amount owed to Fforest General Stores Ltd by the above companies is £44,597.64(2022 : £113,816).
During the year ended 31st October 2023 Fforest General Stores Ltd paid £12,000 to Cardigan Quays Ltd in respect of rent. These transactions were made in the ordinary course of business.
During the year ended 31st October 2023 Fforest General Stores Ltd paid £6,000 to Cardigan Quays Ltd in respect of management fees. These transactions were made in the ordinary course of business.