Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01No description of principal activity2truetruefalse SC365116 2023-01-01 2023-12-31 SC365116 2022-01-01 2022-12-31 SC365116 2023-12-31 SC365116 2022-12-31 SC365116 c:CompanySecretary1 2023-01-01 2023-12-31 SC365116 c:Director1 2023-01-01 2023-12-31 SC365116 c:RegisteredOffice 2023-01-01 2023-12-31 SC365116 d:PlantMachinery 2023-01-01 2023-12-31 SC365116 d:PlantMachinery 2023-12-31 SC365116 d:PlantMachinery 2022-12-31 SC365116 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC365116 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC365116 d:OtherPropertyPlantEquipment 2023-12-31 SC365116 d:OtherPropertyPlantEquipment 2022-12-31 SC365116 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC365116 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC365116 d:CurrentFinancialInstruments 2023-12-31 SC365116 d:CurrentFinancialInstruments 2022-12-31 SC365116 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC365116 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC365116 d:ShareCapital 2023-12-31 SC365116 d:ShareCapital 2022-12-31 SC365116 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC365116 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC365116 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC365116 c:OrdinaryShareClass1 2023-12-31 SC365116 c:FRS102 2023-01-01 2023-12-31 SC365116 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC365116 c:FullAccounts 2023-01-01 2023-12-31 SC365116 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC365116 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC365116










FORSTER INDUSTRIAL SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
 

COMPANY INFORMATION


Director
Mr J A G Forster 




Company secretary
Mrs K A Adams



Registered number
SC365116



Registered office
22 Commerce Street

Brechin

Angus

DD9 7BD




Accountants
EQ Accountants Limited
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
REGISTERED NUMBER: SC365116

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
29,742
28,656

  
29,742
28,656

Current assets
  

Stocks
  
102,214
128,795

Debtors: amounts falling due within one year
 5 
115,659
50,443

Cash at bank and in hand
  
521
2,102

  
218,394
181,340

Creditors: amounts falling due within one year
 6 
(47,126)
(47,333)

Net current assets
  
 
 
171,268
 
 
134,007

Total assets less current liabilities
  
201,010
162,663

Provisions for liabilities
  

Deferred tax
  
(7,436)
(5,445)

  
 
 
(7,436)
 
 
(5,445)

Net assets
  
193,574
157,218


Capital and reserves
  

Called up share capital 
 7 
40,000
40,000

Profit and loss account
  
153,574
117,218

  
193,574
157,218


Page 1

 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
REGISTERED NUMBER: SC365116

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 on 26 August 2024.




Mr J A G Forster
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Forster Industrial Solutions Limited is a private company, limited by shares, domiciled in Scotland with registration number SC365116.  The registered office and principal trading address is 22 Commerce Street, Brechin, Angus, DD9 7BD.

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 (£).

The following principal accounting policies have been applied:

 
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.

Page 3

 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

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:

Plant & machinery
-
13%
Computer Software
-
25%

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.

Page 4

 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 5

 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Plant & machinery
Computer Software
Total

£
£
£



Cost or valuation


At 1 January 2023
1,656
27,000
28,656


Additions
-
11,000
11,000



At 31 December 2023

1,656
38,000
39,656



Depreciation


Charge for the year on owned assets
414
9,500
9,914



At 31 December 2023

414
9,500
9,914



Net book value



At 31 December 2023
1,242
28,500
29,742



At 31 December 2022
1,656
27,000
28,656

Page 6

 
FORSTER INDUSTRIAL SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
115,659
47,416

Other debtors
-
3,027

115,659
50,443



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
371
10,587

Amounts owed to group undertakings
1,175
-

Other taxation and social security
3,671
-

Accruals and deferred income
41,909
36,746

47,126
47,333



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



40,000 Ordinary shares of £1.00 each
40,000
40,000



Page 7