Registered number
11725484
For-Families Ltd
Filleted Accounts
31 December 2023
For-Families Ltd
Registered number: 11725484
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 949,271 368,433
Current assets
Debtors 4 115,502 168,913
Cash at bank and in hand 104,184 344,882
219,686 513,795
Creditors: amounts falling due within one year 5 (151,623) (58,801)
Net current assets 68,063 454,994
Total assets less current liabilities 1,017,334 823,427
Creditors: amounts falling due after more than one year 6 (340,654) (125,591)
Provisions for liabilities (9,900) (4,452)
Net assets 666,780 693,384
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 100,000 70,000
Profit and loss account 566,778 623,382
Shareholders' funds 666,780 693,384
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms. C. Ross
Director
Approved by the board on 29 August 2024
For-Families Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and property, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property improvements over 10 years
Fixtures and fittings over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 28 26
3 Tangible fixed assets
Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 1 January 2023 345,000 37,842 382,842
Additions 330,000 253,057 583,057
Surplus on revaluation 30,000 - 30,000
At 31 December 2023 705,000 290,899 995,899
Depreciation
At 1 January 2023 - 14,409 14,409
Charge for the year - 32,219 32,219
At 31 December 2023 - 46,628 46,628
Net book value
At 31 December 2023 705,000 244,271 949,271
At 31 December 2022 345,000 23,433 368,433
Freehold land and buildings: 2023 2022
£ £
Historical cost 605,000 275,000
Cumulative depreciation based on historical cost - -
605,000 275,000
Freehold property was revalued in 2021, 2022 and 2023 on the basis of the increase in residential property values during this time. Property valuation website Zoopla was used for this purpose, whereby a median value was selected for this property on the basis this was a conservative estimate of the increase in value.
4 Debtors 2023 2022
£ £
Trade debtors 88,401 83,384
Accrued income 27,101 85,529
115,502 168,913
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 18,790 10,017
Trade creditors 3,486 8,520
Taxation and social security costs 32,830 50,252
Corporation tax due 27,566 57,824
Pension provider 1,947 1,463
DLA - R. Richardson 264 307
DLA - C. Ross 57,646 7,231
Accruals 1,270 860
Barclays commercial mortgage <1 year 7,825 8,158
Creditors less than 1yr - Other creditors (1) (85,831)
151,623 58,801
6 Creditors: amounts falling due after one year 2023 2022
£ £
Secured bank loans 330,498 105,236
Bounceback loan 10,156 20,355
340,654 125,591
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 352,459 113,394
The two Barclays loans are secured against the properties 15 and 17 Longford Road Bognor Regis PO21 1AA. The third loan, a Bounceback Loan, is unsecured.
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 70,000 45,000
Gain on revaluation of land and buildings 30,000 25,000
At 31 December 2023 100,000 70,000
9 Events after the reporting date
It is anticipated that the renovation work on 15 Longford Road will continue into, and be completed, in 2024 at which point it will be available for tenants.
10 Pension commitments
A total of £1,947.10 was due to Nest Pensions at 31st December 2023.
11 Contingent liabilities
There are no contingent liabilities.
12 Controlling party
The ultimate controlling parties are Ms. R. Richardson and Ms. C. Ross.
13 Other information
For-Families Ltd is a private company limited by shares and incorporated in England. Its registered office is:
17 Longford Road
Bognor Regis
West Sussex
PO21 1AA
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