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REGISTERED NUMBER: 01015850 (England and Wales)











Financial Statements

for the Year Ended 31 December 2023

for

Fosters Commercials Limited

Fosters Commercials Limited (Registered number: 01015850)






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 3


Fosters Commercials Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: P A Harwood
K F Kay



REGISTERED OFFICE: Steam Mill Fylde Road
Ashton-On-Ribble
Preston
Lancashire
PR2 2NJ



REGISTERED NUMBER: 01015850 (England and Wales)



SENIOR STATUTORY AUDITOR: Craig Peter Fishwick FCCA



AUDITORS: Mayes Business Partnership Ltd
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

Fosters Commercials Limited (Registered number: 01015850)

Abridged Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 352,759 375,864

CURRENT ASSETS
Stocks 78,914 72,095
Debtors 1,459,672 1,184,200
Cash at bank and in hand 852,962 812,906
2,391,548 2,069,201
CREDITORS
Amounts falling due within one year 764,758 414,310
NET CURRENT ASSETS 1,626,790 1,654,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,979,549

2,030,755

PROVISIONS FOR LIABILITIES - 669
NET ASSETS 1,979,549 2,030,086

CAPITAL AND RESERVES
Called up share capital 22,000 22,000
Revaluation reserve 6 106,438 113,840
Retained earnings 6 1,851,111 1,894,246
1,979,549 2,030,086

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




K F Kay - Director



P A Harwood - Director


Fosters Commercials Limited (Registered number: 01015850)

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

1. STATUTORY INFORMATION

Fosters Commercials 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction, can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Straight line over 40 years
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on 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
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.


Fosters Commercials Limited (Registered number: 01015850)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 payable under operating leases, including any lease incentives received, are charged to the profit and loss on a straight line basis over the term of the relevant lease except where another more systemic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Going concern
As with most businesses, at the date of approval of the financial statements, the company has been affected by the impact of the COVID-19 pandemic which has impacted upon normal operations. However, management took steps to manage the operational risks posed by the pandemic, such that the company was able to trade profitably through 2020 and 2021. The board are continuing to monitor developments and all emerging risks regarding the longer term impact of the pandemic, but are anticipating that business should not be significantly impacted by the pandemic in the twelve month period following the approval of the accounts, based on management's experience to date.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Fosters Commercials Limited (Registered number: 01015850)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 953,626
DEPRECIATION
At 1 January 2023 577,762
Charge for year 23,105
At 31 December 2023 600,867
NET BOOK VALUE
At 31 December 2023 352,759
At 31 December 2022 375,864

Cost or valuation at 31 December 2023 is represented by:

Totals
£   
Valuation in 2015 286,590
Cost 667,036
953,626

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31/12/23 31/12/22
£    £   
Cost 487,321 487,321
Aggregate depreciation 228,818 228,818

Value of land in freehold land and buildings 195,000 195,000

Freehold land and buildings were valued on an open market basis on 1 March 2015 by the directors .

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/23 31/12/22
£    £   
Within one year 10,856 10,856
Between one and five years 25,196 30,951
In more than five years 346,800 351,900
382,852 393,707

Fosters Commercials Limited (Registered number: 01015850)

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

6. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 1,894,246 113,840 2,008,086
Profit for the year 149,463 149,463
Dividends (200,000 ) (200,000 )
Transfer to/from revaluation
reserve 7,402 (7,402 ) -
At 31 December 2023 1,851,111 106,438 1,957,549

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Peter Fishwick FCCA (Senior Statutory Auditor)
for and on behalf of Mayes Business Partnership Ltd

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is H B Panelcraft Limited.

75% of the company's issued share capital is owned by H B Panelcraft Limited, a company registered in England and Wales, who's registered off is: 87-89 Wellfield Road, Preston. PR1 8SP.

The consolidated financial statements can be obtained from Companies House, Cardiff or from its registered office.