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Filleted

Registration number: 05253076

Fforest Camps Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Fforest Camps Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

Fforest Camps Limited

Company Information

Director

Mr J Lynch

Company secretary

Ms S Tucker

Registered office

Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

 

Fforest Camps Limited

(Registration number: 05253076)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

705,734

431,128

Current assets

 

Stocks

6

7,130

3,584

Debtors

7

854,762

1,022,837

Cash at bank and in hand

 

(135,653)

137,068

 

726,239

1,163,489

Creditors: Amounts falling due within one year

8

(1,049,720)

(1,149,266)

Net current (liabilities)/assets

 

(323,481)

14,223

Total assets less current liabilities

 

382,253

445,351

Creditors: Amounts falling due after more than one year

8

(106,234)

(153,481)

Net assets

 

276,019

291,870

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

276,018

291,869

Total equity

 

276,019

291,870

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.

 

Fforest Camps Limited

(Registration number: 05253076)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 31 July 2024
 

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

   
     
 

Fforest Camps Limited

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 Camps Limited

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

Freehold property

5% Straight line basis

Plant and machinery

20% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Fixtures and fittings

10% Straight line 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 Camps Limited

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 56 (2022 - 37).

 

Fforest Camps Limited

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

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

90,883

84,463

 

Fforest Camps Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

175,129

5,550

942,777

23,107

1,146,563

Additions

342,485

1,860

21,145

-

365,490

At 31 October 2023

517,614

7,410

963,922

23,107

1,512,053

Depreciation

At 1 November 2022

48,079

1,070

647,342

18,944

715,435

Charge for the year

25,786

741

63,316

1,041

90,884

At 31 October 2023

73,865

1,811

710,658

19,985

806,319

Carrying amount

At 31 October 2023

443,749

5,599

253,264

3,122

705,734

At 31 October 2022

127,050

4,480

295,435

4,163

431,128

Included within the net book value of land and buildings above is £443,749 (2022 - £127,051) in respect of freehold land and buildings.
 

 

Fforest Camps Limited

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

6

Stocks

2023
£

2022
£

Other inventories

7,130

3,584

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

(9,590)

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

11

835,448

1,011,672

Prepayments

 

16,152

20,755

Other debtors

 

3,162

-

 

854,762

1,022,837

 

Fforest Camps Limited

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

45,432

43,809

Trade creditors

 

68,162

67,513

Taxation and social security

 

63,204

91,088

Other related parties

 

548,925

689,331

Outstanding defined contribution pension costs

 

1,636

957

Corporation tax liability

 

11,908

17,788

Other creditors

 

310,453

238,780

 

1,049,720

1,149,266

Due after one year

 

Loans and borrowings

10

106,234

153,481

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

106,234

153,481

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Fforest Camps Limited

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

105,471

149,641

HP and finance lease liabilities

763

3,840

106,234

153,481

2023
£

2022
£

Current loans and borrowings

Bank borrowings

42,320

40,470

HP and finance lease liabilities

3,112

3,339

45,432

43,809

11

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr J Lynch

Interest free loan repayable on demand

(94,572)

23

(94,549)

       
     

 

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

(83,423)

(11,150)

(94,572)

       
     

 

Summary of transactions with other related parties

 

Fforest Camps Limited

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

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

 The total amount owed by Fforest Camps Ltd to the above companies is £457,517 (2022 : £599,509).
The total amount owed to Fforest Camps Ltd from the above companies is £838,589 (2022 : £1,016,422).

During the year ended 31st October 2023 Fforest Camps Ltd provided management services in respect of the operational activities of Manorafon Ltd amounting to £17,899 (2022 : £17,020). These transactions were made in the ordinary course of business.
During the year ended 31st October 2023 Fforest Camps Ltd provided management services in respect of the operational activities of Fforest Events Ltd amounting to £12,000 (2022 : £Nil). These transactions were made in the ordinary course of business.
During the year ended 31st October 2023 Fforest Camps Ltd paid venue hire charges of £77,040 (2022 : £137,186) to Cardigan Quays Ltd. These transactions were made in the ordinary course of business.
During the year ended 31st October 2023 Fforest Camps Ltd purchased repair services of £Nil (2022 : £35,444) from BigFt Construction Ltd. These transactions were made in the ordinary course of business.
During the year ended 31st October 2023 Fforest Camps Ltd received management services of £Nil (2022 : £26,000) from Cardigan Quays Ltd. These transactions were made in the ordinary course of business.