Company registration number 03666945 (England and Wales)
FOREGREEN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FOREGREEN LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FOREGREEN LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
14,095
16,585
Investment properties
6
1,472,882
1,472,882
1,486,977
1,489,467
Current assets
Debtors
7
59,915
32,329
Cash at bank and in hand
1,117,503
1,409,511
1,177,418
1,441,840
Creditors: amounts falling due within one year
8
(46,225)
(283,623)
Net current assets
1,131,193
1,158,217
Total assets less current liabilities
2,618,170
2,647,684
Creditors: amounts falling due after more than one year
Loans and overdrafts
26,250
31,431
(26,250)
(31,431)
Provisions for liabilities
(96,537)
(96,993)
Net assets
2,495,383
2,519,260
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,495,283
2,519,160
Total equity
2,495,383
2,519,260
FOREGREEN LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 July 2024 and are signed on its behalf by:
Mr Kevan Dobney
Mr Jayson Dobney-Bailey
Director
Director
Company Registration No. 03666945
FOREGREEN LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Foregreen Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Courtyard, Goldsmith Way, Eliot Park, Nuneaton, Warwickshire, CV10 7RJ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the investment properties at fair value. The principal accounting policies adopted are set out below.
FOREGREEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 4 -
2.2
Going concern
At the date of approving these financial statements the Company, like truemany other businesses, is facing the uncertainty of what the final impact of the COVID-19 virus will be on the general global economy as well as specifically on the Company’s businesses and employees.
The Directors have considered how the businesses could be affected by the current restrictions imposed by the UK Government and have taken steps to assess the ability of the business to continue on this restricted basis over the next few months, including its ability to access funding and other financial support. They have also considered whether the recoverable value of any assets held at the balance sheet date may have been materially impaired due to the current situation. Based on the current levels of available financial facilities and the provision of Government backed financial support announced at the date of approving these financial statements they have concluded that the Company has adequate financial resources to continue in operational existence for the foreseeable future and therefore the going concern basis of accounting is considered to be appropriate despite the potential impact of the Covid-19 pandemic on business activity.
2.3
Turnover
Turnover represents amounts receivable from rental income and insurance recharges due for the period, as well as income due in respect of brewery discounts stated net of VAT.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
15% reducing balance
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.
2.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
FOREGREEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 5 -
2.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Any impairment loss is recognised immediately in the profit and loss account.
Recoverable amount is the higher of fair value less costs to sell and value in use.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
2.7
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 current liabilities.
2.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
FOREGREEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
2.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FOREGREEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Exceptional costs
2024
2023
£
£
Write off of inter company balances
3,177
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 1
2024
2023
Number
Number
Total
1
1
5
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
27,215
8,018
35,233
Depreciation and impairment
At 1 May 2023
13,723
4,925
18,648
Depreciation charged in the year
2,024
466
2,490
At 30 April 2024
15,747
5,391
21,138
Carrying amount
At 30 April 2024
11,468
2,627
14,095
At 30 April 2023
13,492
3,093
16,585
6
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
1,472,882
FOREGREEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Investment property
(Continued)
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,712
14,930
Other debtors
45,203
17,399
59,915
32,329
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,167
5,167
Trade creditors
6,893
9,075
Taxation and social security
10,117
250,642
Other creditors
24,048
18,739
46,225
283,623
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,250
31,431
10
Profit and loss reserves
Profit and loss reserves of £2,495,283 (2023: £2,519,160) include non-distributable reserves relating to fair value adjustments of £180,600 (2023: £180,600).