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REGISTERED NUMBER: 08711807 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Foremost Pro Ltd

Foremost Pro Ltd (Registered number: 08711807)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Foremost Pro Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C R Penson
H S Penson
L J Penson
D J Penson





REGISTERED OFFICE: Unit 3-4
Oldlands Way
Southern Cross Trading Estate
Bognor Regis
West Sussex
PO22 9SE





REGISTERED NUMBER: 08711807 (England and Wales)





ACCOUNTANTS: Pace Accountants
Noble House
Eaton Road
Hemel Hempstead
Hertfordshire
HP2 7UB

Foremost Pro Ltd (Registered number: 08711807)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 623,731 557,011
623,731 557,011

CURRENT ASSETS
Stocks 608,465 501,130
Debtors 6 930,286 874,837
Cash at bank and in hand 417,758 303,332
1,956,509 1,679,299
CREDITORS
Amounts falling due within one year 7 1,464,982 1,148,522
NET CURRENT ASSETS 491,527 530,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,115,258

1,087,788

CREDITORS
Amounts falling due after more than one
year

8

(53,678

)

(64,736

)

PROVISIONS FOR LIABILITIES (124,469 ) (118,412 )
NET ASSETS 937,111 904,640

CAPITAL AND RESERVES
Called up share capital 900 900
Retained earnings 936,211 903,740
SHAREHOLDERS' FUNDS 937,111 904,640

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.

Foremost Pro Ltd (Registered number: 08711807)

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.

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 29 August 2024 and were signed on its behalf by:





H S Penson - Director


Foremost Pro Ltd (Registered number: 08711807)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Foremost Pro Ltd 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. 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, has been amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold improvements - Over 115 months on cost
Plant and machinery - 20% on reducing balance and Over 115 months on cost
Fixtures and fittings - 20% on reducing balance and Over 115 months on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% 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.

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.

Foremost Pro Ltd (Registered number: 08711807)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 240,100
AMORTISATION
At 1 January 2023
and 31 December 2023 240,100
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Short Fixtures
leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 January 2023 43,526 259,402 82,961
Additions 30,022 39,010 74,818
Disposals - (35,261 ) (7,699 )
At 31 December 2023 73,548 263,151 150,080
DEPRECIATION
At 1 January 2023 - 44,052 7,881
Charge for year 7,035 26,542 15,769
Eliminated on disposal - (27,558 ) (6,054 )
At 31 December 2023 7,035 43,036 17,596
NET BOOK VALUE
At 31 December 2023 66,513 220,115 132,484
At 31 December 2022 43,526 215,350 75,080

Foremost Pro Ltd (Registered number: 08711807)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 327,953 65,529 779,371
Additions 47,774 7,629 199,253
Disposals (5,995 ) (1,533 ) (50,488 )
At 31 December 2023 369,732 71,625 928,136
DEPRECIATION
At 1 January 2023 123,923 46,504 222,360
Charge for year 57,003 11,977 118,326
Eliminated on disposal (2,158 ) (511 ) (36,281 )
At 31 December 2023 178,768 57,970 304,405
NET BOOK VALUE
At 31 December 2023 190,964 13,655 623,731
At 31 December 2022 204,030 19,025 557,011

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 19,000 162,814 181,814
Additions - 47,774 47,774
Transfer to ownership - (27,241 ) (27,241 )
At 31 December 2023 19,000 183,347 202,347
DEPRECIATION
At 1 January 2023 3,800 44,516 48,316
Charge for year 3,040 37,138 40,178
Transfer to ownership - (9,807 ) (9,807 )
At 31 December 2023 6,840 71,847 78,687
NET BOOK VALUE
At 31 December 2023 12,160 111,500 123,660
At 31 December 2022 15,200 118,298 133,498

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 848,493 828,119
Other debtors 2,135 13,049
Directors' current accounts - 3,114
Prepayments 79,658 30,555
930,286 874,837

Foremost Pro Ltd (Registered number: 08711807)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans 390,338 290,661
Hire purchase contracts (see note 9) 45,037 43,835
Trade creditors 405,044 518,890
Amounts owed to group undertakings 295,918 -
Tax 148,167 75,805
Social security and other taxes 22,047 29,364
VAT 137,365 57,483
Other creditors 5,006 124,988
Accrued expenses 16,060 7,496
1,464,982 1,148,522

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 53,678 64,736

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 46,610 45,864
Between one and five years 55,855 68,486
102,465 114,350

Finance charges repayable:
Within one year 1,573 2,029
Between one and five years 2,177 3,750
3,750 5,779

Net obligations repayable:
Within one year 45,037 43,835
Between one and five years 53,678 64,736
98,715 108,571

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 181,899 140,708
Between one and five years 515,967 631,120
697,866 771,828

Foremost Pro Ltd (Registered number: 08711807)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
D J Penson
Balance outstanding at start of year 3,114 2,094
Amounts advanced - 82,817
Amounts repaid (3,114 ) (81,797 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,114

11. RELATED PARTY DISCLOSURES

The aggregate balances outstanding at the year end amounted to:
Loans from directors £188,271 (2022 £138,030)
Loans from shareholders and other related parties £202,067 (2022 £152,630)
Loans from group undertakings £295,918 (2022 £2,500)

Rents paid to related parties amounted to £5,200 (2022 £31,200)

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Foremost Pro Holdings Ltd.