IRIS Accounts Production v24.2.0.383 SC085331 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0853312023-01-31SC0853312024-01-31SC0853312023-02-012024-01-31SC0853312022-01-31SC0853312022-02-012023-01-31SC0853312023-01-31SC085331ns15:Scotland2023-02-012024-01-31SC085331ns14:PoundSterling2023-02-012024-01-31SC085331ns10:Director12023-02-012024-01-31SC085331ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31SC085331ns10:SmallEntities2023-02-012024-01-31SC085331ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-31SC085331ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31SC085331ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC085331ns10:FullAccounts2023-02-012024-01-31SC085331ns10:Director22023-02-012024-01-31SC085331ns10:Director32023-02-012024-01-31SC085331ns10:CompanySecretary12023-02-012024-01-31SC085331ns10:RegisteredOffice2023-02-012024-01-31SC085331ns5:CurrentFinancialInstruments2024-01-31SC085331ns5:CurrentFinancialInstruments2023-01-31SC085331ns5:Non-currentFinancialInstruments2024-01-31SC085331ns5:Non-currentFinancialInstruments2023-01-31SC085331ns5:ShareCapital2024-01-31SC085331ns5:ShareCapital2023-01-31SC085331ns5:RetainedEarningsAccumulatedLosses2024-01-31SC085331ns5:RetainedEarningsAccumulatedLosses2023-01-31SC085331ns5:LandBuildings2023-02-012024-01-31SC085331ns5:PlantMachinery2023-02-012024-01-31SC085331ns5:LandBuildings2023-01-31SC085331ns5:PlantMachinery2023-01-31SC085331ns5:LandBuildings2024-01-31SC085331ns5:PlantMachinery2024-01-31SC085331ns5:LandBuildings2023-01-31SC085331ns5:PlantMachinery2023-01-31SC085331ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-31SC085331ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012024-01-31SC085331ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-31SC085331ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-31SC085331ns5:CostValuation2023-01-31SC085331ns5:DisposalsRepaymentsInvestments2024-01-31SC085331ns5:CostValuation2024-01-31SC085331ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31SC085331ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31SC085331ns5:HirePurchaseContractsns5:WithinOneYear2024-01-31SC085331ns5:HirePurchaseContractsns5:WithinOneYear2023-01-31SC085331ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-01-31SC085331ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-31SC085331ns5:HirePurchaseContracts2024-01-31SC085331ns5:HirePurchaseContracts2023-01-31SC085331ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31SC085331ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31SC085331ns5:WithinOneYear2024-01-31SC085331ns5:WithinOneYear2023-01-31SC085331ns5:BetweenOneFiveYears2024-01-31SC085331ns5:BetweenOneFiveYears2023-01-31SC085331ns5:AllPeriods2024-01-31SC085331ns5:AllPeriods2023-01-31
REGISTERED NUMBER: SC085331 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Forrest Precision Engineering Company
Limited

Forrest Precision Engineering Company
Limited (Registered number: SC085331)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Forrest Precision Engineering Company
Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: S B Forrest
Mrs C M Forrest
Mrs S M Donnelly





SECRETARY: Mrs C M Forrest





REGISTERED OFFICE: c/o Gillespie & Anderson
147 Bath Street
Glasgow
G2 4SN





REGISTERED NUMBER: SC085331 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 303,360 337,642
Investments 5 2,300 252,300
305,660 589,942

CURRENT ASSETS
Stocks 4,100 4,100
Debtors 6 288,889 393,176
Cash at bank and in hand 2,241,720 1,020,129
2,534,709 1,417,405
CREDITORS
Amounts falling due within one year 7 950,316 392,249
NET CURRENT ASSETS 1,584,393 1,025,156
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,890,053

1,615,098

CREDITORS
Amounts falling due after more than one
year

8

(1,250

)

(16,250

)

PROVISIONS FOR LIABILITIES (69,492 ) (59,204 )
NET ASSETS 1,819,311 1,539,644

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 1,809,311 1,529,644
1,819,311 1,539,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Balance Sheet - continued
31 January 2024


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 Profit & Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





S B Forrest - Director


Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Forrest Precision Engineering Company Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accountancy appropriate in preparing the annual financial statements.

Significant judgements and estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover
Turnover represents net sales of goods and services, excluding value added tax and discounts offered. Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - in accordance with the property
Plant and machinery etc - 33% on cost, 25% on reducing balance and in accordance with the property

If any impairment exists, the carrying amount of the asset shall be reduced to its estimated recoverable amount.

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.

Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss, 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.

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.

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.

Employee benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 45,468 881,132 926,600
Additions - 2,918 2,918
At 31 January 2024 45,468 884,050 929,518
DEPRECIATION
At 1 February 2023 22,610 566,348 588,958
Charge for year 457 36,743 37,200
At 31 January 2024 23,067 603,091 626,158
NET BOOK VALUE
At 31 January 2024 22,401 280,959 303,360
At 31 January 2023 22,858 314,784 337,642

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 121,406
DEPRECIATION
At 1 February 2023 38,671
Charge for year 9,928
At 31 January 2024 48,599
NET BOOK VALUE
At 31 January 2024 72,807
At 31 January 2023 82,735

Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 February 2023 300 252,000 252,300
Disposals - (250,000 ) (250,000 )
At 31 January 2024 300 2,000 2,300
NET BOOK VALUE
At 31 January 2024 300 2,000 2,300
At 31 January 2023 300 252,000 252,300

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 179,478 173,119
Amounts owed by group undertakings 83,774 210,613
Other debtors 25,637 9,444
288,889 393,176

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 15,000 15,000
Trade creditors 24,123 16,416
Amounts owed to group undertakings 572,668 -
Taxation and social security 156,259 114,229
Other creditors 182,266 246,604
950,316 392,249

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 1,250 16,250

Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 16,496 16,496
Between one and five years 1,375 17,870
17,871 34,366

Finance charges repayable:
Within one year 1,496 1,496
Between one and five years 125 1,620
1,621 3,116

Net obligations repayable:
Within one year 15,000 15,000
Between one and five years 1,250 16,250
16,250 31,250

Non-cancellable operating leases
2024 2023
£    £   
Within one year 7,000 13,001
Between one and five years 84 335
7,084 13,336

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 16,250 31,250

Hire purchase and finance lease creditors are secured over the assets to which the finance relates.

11. RELATED PARTY DISCLOSURES

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.

Forrest Precision Engineering Company
Limited (Registered number: SC085331)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

12. SECURITY

A debenture floating charge in favour of National Westminster Bank PLC was created on 2 December 1983 over the undertaking and all property and assets present and future of the company including uncalled share capital.

A standard security in favour of National Westminster Bank PLC was created on 17 August 1989 over 538 Edgefauld Road, Glasgow.

A charge in favour of Lombard North Central Public Limited Company was created on 27 September 1990 over 64 shares in motor vessel ' lillabelle'.