Company registration number 06565824 (England and Wales)
FORUM PRODUCTS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FORUM PRODUCTS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr N J Copp
Mr A J Litchfield
Secretary
N Copp
Company number
06565824
Registered office
Part Second Floor
The Omnibus Building
Lesbourne Road
Reigate
Surrey
RH2 7LD
Auditor
Moore (South) LLP
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
FORUM PRODUCTS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
FORUM PRODUCTS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Principal activities

The principal activity of Forum Products Holdings Limited (The “Company”) continued to be that of a holding company. The Company and its subsidiaries (The “Group), act as a distributor for products and ingredients to the pharmaceutical, personal care, animal nutrition and human nutrition industries as well as the distribution of Department of Health prescription products.

Review of the business

The Company made a profit of £3.3m in the year (2022: £2.2m), driven entirely by dividends from its subsidiaries. As at the balance sheet date the Company had net assets of £2.2m (2022: £2.2m).

 

The directors continue to plan the future development of the Group through building new commercial partnerships.

 

The directors are satisfied with the Company results for the period.

Principal risks and uncertainties

The Directors are aware of their responsibility for managing risks, which are regularly reviewed to ensure that risk management is being implemented and monitored effectively.


The Group's operations expose it to a variety of financial risks that include credit risk and liquidity risk. The Group has put in place policies and procedures that seek to limit the effect of these risks.

 

The Group actively maintains cash in hand at a level that is designed to ensure sufficient available funds for operations.

 

The Group has policies that require appropriate credit checks on potential and existing customers before sales are made.

 

The Group actively maintains a credit insurance policy that is designed to ensure that all of the Group's sales invoices are covered against default, where a customer can no longer meet its payment obligations. Credit limits are reviewed regularly to ensure the correct level of cover is in place to cover the customer's requirements. Where the customer is granted an insufficient limit, the customer’s past trading history is taken into account when determining the level of credit to grant them. The Group aims to operate with just 1% of the value of open sales invoices not being covered by credit insurance, this way the potential risk to the company is minimised.

 

The Group is exposed to changes in the selling prices of its products. Changes in prices may be forced by inflation, stock availability, market demand, Governments or competitive forces such as the development of competitor products and competitor discounting.

Key performance indicators

The directors have deemed the key performance indicators of the Company to be Profit before tax and net assets. The directors have determined these to be key performance indicators of the Company due to its nature as a holding company.

 

Profit before tax was £3.3m (2022: £2.2m), while net assets remained at £2.2m (2022: £2.2m).

Other information and explanations

Future developments

 

The directors expect the activities for Forum Products Holdings Limited will continue in the new financial year.

FORUM PRODUCTS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Statement by Directors in relation to Performance of their Statutory Duties in accordance with Section 172 of the Companies Act 2006

Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision-making. While discharging their duties, Section 172 requires the Directors to consider amongst other matters:

 

  1. The likely consequences of any decision in the long term

  2. The interests of the company’s employees

  3. The need to foster the company’s business relationships with suppliers, customers and others

  4. The impact of the company’s operations on the community and the environment

  5. The desirability of the company maintaining a reputation for high standards of business conduct and the need to act fairly

As a holding company with no employees, and the decisions of which have minimal impact on the community and the environment, the Directors consider points (b) and (d) to be irrelevant to the Company. A statement detailing how the Directors have regard for parts (a), (c) and (e) of Section 172 of the Companies Act 2006 is set out below.

Consequences of any decisions

The Directors of the Company are fully aware of the requirement for them to act in a way that they believe, in good faith, would be most likely to promote the long term success of the Company for the benefit of its stakeholders. In the performance of its duty to promote the success of the Company, the Board has regard to a number of matters, including the likely consequence of any decisions in the long term, compliance with Group policies and listens to the views of the Group’s key stakeholders to build trust and ensure it fully understands the potential impacts of the decisions it makes.

 

Suppliers and customers

 

The Company ensures the Group acts in a fair manner with all suppliers and customers and seeks to maintain strong business relationships with them. This is achieved via regular meetings with all our key suppliers and via clear communication to all our customers. The Company ensures Group suppliers are paid promptly and ensures it acts fairly and in a transparent manner with all customers, and actively engages to resolve any disputes or defaults.

 

Business conduct

 

As Directors our intention is to behave responsibly, ensuring management operate the business with integrity and in accordance with the high standards of conduct and governance expected of a business such as ours. Our intention is to work with other businesses that share our values.

 

The Directors are responsible for ensuring that the activities of the Company and the Group are conducted in compliance with the law and applicable governance and regulatory authorities. The Directors actively promotes a corporate culture that is based on ethical values and behaviours.

 

The Directors ensure that the financial statements give a true and fair view of the state of affairs of the Company.

On behalf of the board

Mr N J Copp
Director
26 September 2024
FORUM PRODUCTS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £3,270,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N J Copp
Mr A J Litchfield
Auditor

In accordance with the company's articles, a resolution proposing that Moore (South) LLP be reappointed as auditor of the company will be put at a General Meeting.

Corporate governance

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of performance and future developments.

Energy and carbon report

The Company is a holding company and as such has no trading activity and consumed less than 40,000kWh of energy during the period and hence information on the Company’s carbon emissions and energy consumption during the year as well as energy efficiency activities have not been disclosed.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr N J Copp
Director
26 September 2024
FORUM PRODUCTS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FORUM PRODUCTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF FORUM PRODUCTS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Forum Products Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

FORUM PRODUCTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF FORUM PRODUCTS HOLDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

FORUM PRODUCTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF FORUM PRODUCTS HOLDINGS LIMITED
- 7 -

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

 

 

 

 

In response to the risk of fraud due to management override, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material mis-statements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

FORUM PRODUCTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF FORUM PRODUCTS HOLDINGS LIMITED
- 8 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Christopher Goodwin (Senior Statutory Auditor)
For and on behalf of Moore (South) LLP
26 September 2024
Chartered Accountants
Statutory Auditor
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
FORUM PRODUCTS HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
-
-
Administrative expenses
(1,054)
(1,054)
Operating loss
(1,054)
(1,054)
Interest receivable and similar income
5
3,270,000
2,195,000
Profit before taxation
3,268,946
2,193,946
Tax on profit
6
-
0
-
0
Profit for the financial year
3,268,946
2,193,946

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FORUM PRODUCTS HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
8
2,702,228
2,702,228
Current assets
Cash at bank and in hand
490
543
Creditors: amounts falling due within one year
11
(485,232)
(484,231)
Net current liabilities
(484,742)
(483,688)
Net assets
2,217,486
2,218,540
Capital and reserves
Called up share capital
12
124,000
124,000
Share premium account
81,000
81,000
Profit and loss reserves
2,012,486
2,013,540
Total equity
2,217,486
2,218,540
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr N J Copp
Director
Company registration number 06565824 (England and Wales)
FORUM PRODUCTS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
124,000
81,000
2,014,594
2,219,594
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
2,193,946
2,193,946
Dividends
7
-
-
(2,195,000)
(2,195,000)
Balance at 31 December 2022
124,000
81,000
2,013,540
2,218,540
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,268,946
3,268,946
Dividends
7
-
-
(3,270,000)
(3,270,000)
Balance at 31 December 2023
124,000
81,000
2,012,486
2,217,486
FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Forum Products Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Part Second Floor, The Omnibus Building, Lesbourne Road, Reigate, Surrey, RH2 7LD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Forum Products Holdings Limited is a wholly owned subsidiary of Barentz Holding BV and the results of Forum Products Holdings Limited are included in the consolidated financial statements of Barentz Holding BV which are publicly available. The registered office is Saturnsstraat 15, 2132 HB Hoofdorp, The Netherlands.

The principal activity of the Company is that of a holding company.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The company holds both basic and complex financial instruments, which comprise cash and cash equivalents, trade and other receivables derivative financial instruments, and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Basic financial assets

(i) Cash and cash equivalents

 

Cash and cash equivalents include cash in hand and deposits held with banks.

 

(ii) Trade and other receivables

 

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

 

At the end of each reporting period, the Company assesses whether there is objective evidence that any receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Statement of Profit and Loss.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

(iii) Trade and other payables and loans and borrowings

 

Trade and other payables are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and 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

Current tax is recognised at the amount of the tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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 the 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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction based on published rates or on the average at which forward contracts are placed with financial institutions. Exchange differences are taken into account in arriving at the operating result.

1.10

Dividend income and distribution

Dividend income and distribution are recognised as income and expenditure in the year in which they are approved.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There have been no indicators of impairments identified during the current financial year.

FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,000
5,000
For other services
Taxation compliance services
750
750
All other non-audit services
1,500
1,500
2,250
2,250

The costs relating to audit and other services were borne by another company in the group.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
2
2
5
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
3,270,000
2,195,000
6
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
3,268,946
2,193,946
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
817,237
416,850
Tax effect of income not taxable in determining taxable profit
(817,501)
(417,050)
Group relief
264
200
Taxation charge for the year
-
-
FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
7
Dividends
2023
2022
2023
2022
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
26.37
17.70
3,270,000
2,195,000
8
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
9
2,702,228
2,702,228
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Barentz UK Limited
As above
Distributor
Ordinary
100.00
-
Forum Health Products Limited
As above
Distributor
Ordinary
100.00
-
Barentz Ireland Limited
Block S, Grants View, Greenogue Business Park, Rathcoole, County Dublin, Ireland
Distributor
Ordinary
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Barentz UK Limited
17,869,901
4,864,560
Forum Health Products Limited
1,669,177
935,791
Barentz Ireland Limited
3,401,299
1,525,721

Quantum Generics Limited, Forum Products (Ireland) Limited and Forum Bioscience Holdings Limited have been dissolved during the financial year.

10
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
490
543
Carrying amount of financial liabilities
Measured at amortised cost
485,232
484,231
FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
11
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
485,232
484,231
12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
124,000
124,000
124,000
124,000
13
Financial commitments, guarantees and contingent liabilities

A standard multilateral bank guarantee was held by NatWest Bank PLC with Barentz UK Limited, Forum Products Holdings Limited, and Forum Health Products Limited.

 

A charge is held by Wilmington Trust (London) Limited, who hold a charge over the shares of a subsidiary company.

14
Operating lease commitments

Whilst the cost of the building that Forum leases is paid for by Barentz UK Limited, the lease was signed in 2014 by Forum Products Holdings Limited and hence the commitment for the building lease is shown within these accounts.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
30,655
91,964
Between two and five years
-
0
30,655
30,655
122,619
FORUM PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
15
Related party transactions
Transactions with related parties

The Group has taken advantage of the exemptions under Section 33 " Related Party Disclosures" not to disclose related party transactions and balances with subsidiaries as they are wholly owned subsidiaries and included within the consolidated financial statements.true

16
Ultimate controlling party

The company's immediate parent undertaking is is Barentz Finco UK Limited. The results of Forum Products Holdings Limited are included in the consolidated financial statements of Barentz Holding BV, a company registered in the Netherlands.

 

The group's ultimate parent undertaking is Rivage Jersey Holding Limited, a company based in Jersey.

The ultimate controlling party is the Sixth Cinven Fund.

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