Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3190114false2023-01-01No description of principal activity14truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07512662 2023-01-01 2023-12-31 07512662 2022-01-01 2022-12-31 07512662 2023-12-31 07512662 2022-12-31 07512662 c:Director1 2023-01-01 2023-12-31 07512662 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 07512662 d:Buildings d:LongLeaseholdAssets 2023-12-31 07512662 d:Buildings d:LongLeaseholdAssets 2022-12-31 07512662 d:PlantMachinery 2023-01-01 2023-12-31 07512662 d:PlantMachinery 2023-12-31 07512662 d:PlantMachinery 2022-12-31 07512662 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07512662 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07512662 d:MotorVehicles 2023-01-01 2023-12-31 07512662 d:MotorVehicles 2023-12-31 07512662 d:MotorVehicles 2022-12-31 07512662 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07512662 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07512662 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07512662 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07512662 d:CurrentFinancialInstruments 2023-12-31 07512662 d:CurrentFinancialInstruments 2022-12-31 07512662 d:Non-currentFinancialInstruments 2023-12-31 07512662 d:Non-currentFinancialInstruments 2022-12-31 07512662 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07512662 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07512662 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07512662 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07512662 d:ShareCapital 2023-12-31 07512662 d:ShareCapital 2022-12-31 07512662 d:RetainedEarningsAccumulatedLosses 2023-12-31 07512662 d:RetainedEarningsAccumulatedLosses 2022-12-31 07512662 c:FRS102 2023-01-01 2023-12-31 07512662 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07512662 c:FullAccounts 2023-01-01 2023-12-31 07512662 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07512662 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07512662










FORREST FARMS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FORREST FARMS LTD
REGISTERED NUMBER:07512662

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,903,425
1,692,930

  
1,903,425
1,692,930

Current assets
  

Debtors: amounts falling due within one year
 5 
305,479
429,029

Cash at bank and in hand
  
32,028
83,766

  
337,507
512,795

Creditors: amounts falling due within one year
 6 
(339,952)
(332,527)

Net current (liabilities)/assets
  
 
 
(2,445)
 
 
180,268

Total assets less current liabilities
  
1,900,980
1,873,198

Creditors: amounts falling due after more than one year
 7 
(764,837)
(786,541)

Provisions for liabilities
  

Deferred tax
  
(159,072)
(196,267)

  
 
 
(159,072)
 
 
(196,267)

Net assets
  
977,071
890,390


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
976,071
889,390

  
977,071
890,390


Page 1

 
FORREST FARMS LTD
REGISTERED NUMBER:07512662
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J W Forrest
Director

Date: 3 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FORREST FARMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Forrest Farms Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
FORREST FARMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold Property improvements
-
25% Reducing Balance
Plant & machinery
-
15% Reducing balance
Motor vehicles
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
FORREST FARMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
FORREST FARMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 14).


4.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
7,375
3,154,512
22,886
3,184,773


Additions
-
661,816
-
661,816


Disposals
-
(271,355)
-
(271,355)



At 31 December 2023

7,375
3,544,973
22,886
3,575,234



Depreciation


At 1 January 2023
4,854
1,464,795
22,194
1,491,843


Charge for the year on owned assets
901
79,564
173
80,638


Charge for the year on financed assets
-
255,960
-
255,960


Disposals
-
(156,632)
-
(156,632)



At 31 December 2023

5,755
1,643,687
22,367
1,671,809



Net book value



At 31 December 2023
1,620
1,901,286
519
1,903,425



At 31 December 2022
2,521
1,689,717
692
1,692,930

The net book value of assets held under finance leases or hire purchase contracts, included above, totals £1,450,440 (2022 £1,155,592).

Page 6

 
FORREST FARMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
52,966
175,909

Other debtors
51,390
-

Prepayments and accrued income
201,123
253,120

305,479
429,029



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
3,785
41,014

Other taxation and social security
-
33,526

Obligations under finance lease and hire purchase contracts
299,327
223,087

Other creditors
12,660
10,490

Accruals and deferred income
14,180
14,410

339,952
332,527


Page 7

 
FORREST FARMS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,833
25,833

Other loans
338,028
290,873

Net obligations under finance leases and hire purchase contracts
410,976
469,835

764,837
786,541


The following liabilities were secured:

2023
2022
£
£



Obligations under finance leases and hire purchase contracts
710,304
692,922

710,304
692,922

Details of security provided:

Obligations under finance leases and hire purchase contracts are secured on the assets acquired.


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £14,041 (2022 - £15,018). Contributions totalling £1,452 (2022 - £1,282) were payable to the fund at the reporting date and are included in creditors.

 
Page 8