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Registration number: 07631127

Fforest Canoes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Fforest Canoes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Fforest Canoes Ltd

Company Information

Director

Mr J Lynch

Registered office

Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

 

Fforest Canoes Ltd

(Registration number: 07631127)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

10,008

8,575

Debtors

5

44,546

35,012

Cash at bank and in hand

 

7,384

21,167

 

61,938

64,754

Creditors: Amounts falling due within one year

6

(784)

(2,695)

Net assets

 

61,154

62,059

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

61,054

61,959

Total equity

 

61,154

62,059

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 Canoes 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 Canoes 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

10,008

8,575

 

Fforest Canoes 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

42,750

33,579

Prepayments

 

-

1,433

Other debtors

 

1,796

-

 

44,546

35,012

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Corporation tax liability

 

-

1,831

Other creditors

 

784

864

 

784

2,695

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Fforest Canoes Ltd

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

8

Related party transactions

Transactions with directors

Summary of transactions with other related parties

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

 Total amount owed to Fforest Canoes Ltd by the above companies is £47,250 (2022 : £48,220).
Total amount owed by Fforest Canoes Ltd to the above companies is £4,500(2022 : £14,641)

Within the year ended 31st October 2023, Cardigan Quays Ltd provided management services to Fforest Canoes Ltd amounting to the value of £4,500 (2022 : £Nil). These transactions occurred in the ordinary course of business.