Acorah Software Products - Accounts Production 14.6.300 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 05379827 Mr J R Wootton Ms C L Brutnall Mr S C Bhasin Mr J R Wootton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05379827 2022-11-30 05379827 2023-11-30 05379827 2022-12-01 2023-11-30 05379827 frs-core:CurrentFinancialInstruments 2023-11-30 05379827 frs-core:Non-currentFinancialInstruments 2023-11-30 05379827 frs-core:ComputerEquipment 2023-11-30 05379827 frs-core:ComputerEquipment 2022-12-01 2023-11-30 05379827 frs-core:ComputerEquipment 2022-11-30 05379827 frs-core:FurnitureFittings 2023-11-30 05379827 frs-core:FurnitureFittings 2022-12-01 2023-11-30 05379827 frs-core:FurnitureFittings 2022-11-30 05379827 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-11-30 05379827 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 05379827 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-11-30 05379827 frs-core:MotorVehicles 2023-11-30 05379827 frs-core:MotorVehicles 2022-12-01 2023-11-30 05379827 frs-core:MotorVehicles 2022-11-30 05379827 frs-core:PlantMachinery 2023-11-30 05379827 frs-core:PlantMachinery 2022-12-01 2023-11-30 05379827 frs-core:PlantMachinery 2022-11-30 05379827 frs-core:ShareCapital 2023-11-30 05379827 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 05379827 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05379827 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 05379827 frs-bus:SmallEntities 2022-12-01 2023-11-30 05379827 frs-bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05379827 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05379827 frs-bus:Director1 2022-12-01 2023-11-30 05379827 frs-bus:Director2 2022-12-01 2023-11-30 05379827 frs-bus:Director3 2022-12-01 2023-11-30 05379827 frs-bus:CompanySecretary1 2022-12-01 2023-11-30 05379827 frs-countries:EnglandWales 2022-12-01 2023-11-30 05379827 2021-11-30 05379827 2022-11-30 05379827 2021-12-01 2022-11-30 05379827 frs-core:CurrentFinancialInstruments 2022-11-30 05379827 frs-core:Non-currentFinancialInstruments 2022-11-30 05379827 frs-core:ShareCapital 2022-11-30 05379827 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 05379827
Foras Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Foras Limited for the year ended 30 November 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Foras Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Foras Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Foras Limited and state those matters that we have agreed to state to the directors of Foras Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foras Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Foras Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Foras Limited . You consider that Foras Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Foras Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Steve Pye & Co
29 February 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
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Balance Sheet
Registered number: 05379827
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 212,862 228,193
212,862 228,193
CURRENT ASSETS
Stocks 474,709 631,856
Debtors 4 32,360 28,987
Cash at bank and in hand 133,410 217,522
640,479 878,365
Creditors: Amounts Falling Due Within One Year 5 (377,881 ) (587,656 )
NET CURRENT ASSETS (LIABILITIES) 262,598 290,709
TOTAL ASSETS LESS CURRENT LIABILITIES 475,460 518,902
Creditors: Amounts Falling Due After More Than One Year 6 (133,795 ) (176,474 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,856 ) (14,365 )
NET ASSETS 325,809 328,063
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 325,709 327,963
SHAREHOLDERS' FUNDS 325,809 328,063
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J R Wootton
Director
29 February 2024
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% on cost
Plant & Machinery 20% on cost
Motor Vehicles 15% on reducing balance
Fixtures & Fittings 15% on cost
Computer Equipment 10% on cost
1.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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1.7. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) 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.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
1.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
1.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 10 (2022: 12)
10 12
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3. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 December 2022 205,660 56,226 22,708 109,107
Additions 7,510 7,910 - 1,389
Disposals - (311 ) - -
As at 30 November 2023 213,170 63,825 22,708 110,496
Depreciation
As at 1 December 2022 53,072 37,733 3,406 84,960
Provided during the period 10,659 6,641 2,895 10,691
Disposals - (187 ) - -
As at 30 November 2023 63,731 44,187 6,301 95,651
Net Book Value
As at 30 November 2023 149,439 19,638 16,407 14,845
As at 1 December 2022 152,588 18,493 19,302 24,147
Computer Equipment Total
£ £
Cost
As at 1 December 2022 26,863 420,564
Additions 1,207 18,016
Disposals - (311 )
As at 30 November 2023 28,070 438,269
Depreciation
As at 1 December 2022 13,200 192,371
Provided during the period 2,337 33,223
Disposals - (187 )
As at 30 November 2023 15,537 225,407
Net Book Value
As at 30 November 2023 12,533 212,862
As at 1 December 2022 13,663 228,193
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 30,231 26,676
Other debtors 2,129 2,311
32,360 28,987
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5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 16,027 14,927
Trade creditors 179,657 290,410
Bank loans and overdrafts 26,176 24,642
Amounts owed to group undertakings 11,384 -
Other creditors 51,607 191,399
Taxation and social security 93,030 66,278
377,881 587,656
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 53,860 70,359
Bank loans 79,935 106,115
133,795 176,474
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Long Term Liabilites
On 27th September 2006 a debenture charge was created securing all money and liabilities owed to the bank on
the company's freehold or leasehold property, and fixtures, fittings, and fixed plant and machinery.
9. General Information
Foras Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05379827 . The registered office is Unit 3, Bergen Way, North Lynn Industrial Estate, King's Lynn, Norfolk, PE30 2JG.  The presentation currency of the financial statements is the Pound Sterling (£).
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