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REGISTERED NUMBER: 01591882 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Forbes Group Limited

Forbes Group Limited (Registered number: 01591882)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Forbes Group Limited

Company Information
for the year ended 31 December 2023







Directors: C N F Graville
Ms L M Castle





Registered office: Forbes Building
Glendower Road
Leominster
Herefordshire
HR6 0RL





Registered number: 01591882 (England and Wales)





Accountants: Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

Forbes Group Limited (Registered number: 01591882)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 214,433 233,194
Investments 6 202 202
214,635 233,396

CURRENT ASSETS
Stocks 181,698 231,607
Debtors 265,345 340,698
Cash at bank and in hand 332,117 364,463
779,160 936,768
CREDITORS
Amounts falling due within one year (467,760 ) (673,399 )
NET CURRENT ASSETS 311,400 263,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

526,035

496,765

CREDITORS
Amounts falling due after more than one
year

-

(25,000

)
NET ASSETS 526,035 471,765

CAPITAL AND RESERVES
Called up share capital 9 7,140 7,140
Share premium 244,201 244,201
Capital redemption reserve 3,060 3,060
Retained earnings 271,634 217,364
SHAREHOLDERS' FUNDS 526,035 471,765

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Forbes Group Limited (Registered number: 01591882)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





C N F Graville - Director


Forbes Group Limited (Registered number: 01591882)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Forbes Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - Over the period of the lease
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Forbes Group Limited (Registered number: 01591882)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
Cost
At 1 January 2023
and 31 December 2023 632,411
Depreciation
At 1 January 2023 399,217
Charge for year 18,761
At 31 December 2023 417,978
Net book value
At 31 December 2023 214,433
At 31 December 2022 233,194

Forbes Group Limited (Registered number: 01591882)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
Cost
At 1 January 2023
and 31 December 2023 202
Net book value
At 31 December 2023 202
At 31 December 2022 202

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 14,132 18,078
Between one and five years 50,030 39,200
In more than five years 534,100 543,900
598,262 601,178

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 27,384 281,634
Bank loans - 55,000
27,384 336,634

C N F Graville has provided a personal guarantee of £30,000 over the bank borrowings.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
7,140 Ordinary shares £1 7,140 7,140