Silverfin false false 29/02/2024 01/03/2023 29/02/2024 P J Dunsford 08/08/2017 R A W Persey 08/08/2017 C Quick 22/06/2006 T M Quick 28/01/2003 03 July 2024 The principal activity of the Company during the financial year was the supply of specialised foods for the catering trade. 04647854 2024-02-29 04647854 bus:Director1 2024-02-29 04647854 bus:Director2 2024-02-29 04647854 bus:Director3 2024-02-29 04647854 bus:Director4 2024-02-29 04647854 2023-02-28 04647854 core:CurrentFinancialInstruments 2024-02-29 04647854 core:CurrentFinancialInstruments 2023-02-28 04647854 core:Non-currentFinancialInstruments 2024-02-29 04647854 core:Non-currentFinancialInstruments 2023-02-28 04647854 core:ShareCapital 2024-02-29 04647854 core:ShareCapital 2023-02-28 04647854 core:RetainedEarningsAccumulatedLosses 2024-02-29 04647854 core:RetainedEarningsAccumulatedLosses 2023-02-28 04647854 core:LeaseholdImprovements 2023-02-28 04647854 core:PlantMachinery 2023-02-28 04647854 core:Vehicles 2023-02-28 04647854 core:OfficeEquipment 2023-02-28 04647854 core:LeaseholdImprovements 2024-02-29 04647854 core:PlantMachinery 2024-02-29 04647854 core:Vehicles 2024-02-29 04647854 core:OfficeEquipment 2024-02-29 04647854 2023-03-01 2024-02-29 04647854 bus:FilletedAccounts 2023-03-01 2024-02-29 04647854 bus:SmallEntities 2023-03-01 2024-02-29 04647854 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04647854 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04647854 bus:Director1 2023-03-01 2024-02-29 04647854 bus:Director2 2023-03-01 2024-02-29 04647854 bus:Director3 2023-03-01 2024-02-29 04647854 bus:Director4 2023-03-01 2024-02-29 04647854 core:LeaseholdImprovements core:TopRangeValue 2023-03-01 2024-02-29 04647854 core:PlantMachinery core:TopRangeValue 2023-03-01 2024-02-29 04647854 core:Vehicles core:TopRangeValue 2023-03-01 2024-02-29 04647854 core:OfficeEquipment core:TopRangeValue 2023-03-01 2024-02-29 04647854 2022-03-01 2023-02-28 04647854 core:LeaseholdImprovements 2023-03-01 2024-02-29 04647854 core:PlantMachinery 2023-03-01 2024-02-29 04647854 core:Vehicles 2023-03-01 2024-02-29 04647854 core:OfficeEquipment 2023-03-01 2024-02-29 04647854 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 04647854 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 04647854 (England and Wales)

FOREST PRODUCE LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

FOREST PRODUCE LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

FOREST PRODUCE LIMITED

BALANCE SHEET

As at 29 February 2024
FOREST PRODUCE LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 328,361 382,418
328,361 382,418
Current assets
Stocks 4 601,353 539,645
Debtors 5 730,186 720,909
Cash at bank and in hand 6 432,479 421,227
1,764,018 1,681,781
Creditors: amounts falling due within one year 7 ( 712,328) ( 908,259)
Net current assets 1,051,690 773,522
Total assets less current liabilities 1,380,051 1,155,940
Creditors: amounts falling due after more than one year 8 ( 59,325) ( 94,535)
Provision for liabilities ( 63,691) ( 74,245)
Net assets 1,257,035 987,160
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,256,935 987,060
Total shareholders' funds 1,257,035 987,160

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Forest Produce Limited (registered number: 04647854) were approved and authorised for issue by the Board of Directors on 03 July 2024. They were signed on its behalf by:

T M Quick
Director
C Quick
Director
R A W Persey
Director
P J Dunsford
Director
FOREST PRODUCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
FOREST PRODUCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Forest Produce Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7b King Place, Hitchcocks Business Park, Uffculme, EX15 3FH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of specialist foods to customers. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 6.67 years straight line
Vehicles 4 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes import charges, required to bring the stock to the client's premises. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 40

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 March 2023 274,880 105,534 301,384 50,598 732,396
Additions 0 4,231 50,495 25,162 79,888
Disposals 0 0 ( 5,195) 0 ( 5,195)
At 29 February 2024 274,880 109,765 346,684 75,760 807,089
Accumulated depreciation
At 01 March 2023 137,440 61,154 108,975 42,409 349,978
Charge for the financial year 27,488 11,016 79,277 11,726 129,507
Disposals 0 0 ( 757) 0 ( 757)
At 29 February 2024 164,928 72,170 187,495 54,135 478,728
Net book value
At 29 February 2024 109,952 37,595 159,189 21,625 328,361
At 28 February 2023 137,440 44,380 192,409 8,189 382,418

4. Stocks

2024 2023
£ £
Finished goods 601,353 539,645

5. Debtors

2024 2023
£ £
Trade debtors 702,549 687,283
Other debtors 27,637 33,626
730,186 720,909

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 432,479 421,227

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 159,250
Trade creditors 426,307 404,229
Taxation and social security 168,411 115,469
Obligations under finance leases and hire purchase contracts 68,677 69,824
Other creditors 48,933 159,487
712,328 908,259

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 59,325 94,535

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

9. Related party transactions

Transactions with the entity's directors

Advances

The Directors' loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 March 2023, the balance due from C L Quick was £nil. During the year, £12,145 was advanced to the director, and £7,374 was repaid by the director. The balance at 29 February 2024 was £4,771.

At 1 March 2022, the balance due from C L Quick was £nil. During the year, £4,832 was advanced to the director, and £4,832 was repaid by the director. The balance at 28 February 2023 was £nil.

At 1 March 2023, the balance due from T M Quick was £nil. During the year, £12,145 was advanced to the director, and £7,374 was repaid by the director. The balance at 29 February 2024 was £4,771.

At 1 March 2022, the balance due from T M Quick was £nil. During the year, £4,831 was advanced to the director, and £4,831 was repaid by the director. The balance at 28 February 2023 was £nil.

Other related party transactions

2024 2023
£ £
Maximus Finance Limited 0 100,000

During the year the company maintained a loan account with Maximus Finance Limited, an investor, on which interest of £5,401 (2023 - £8,676) was accrued in the year. At the balance sheet date the outstanding loan balance was £nil (2023 - £100,000).