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Registration number: 10407197

Foreman Cars Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Foreman Cars Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Foreman Cars Limited

Company Information

Directors

Mr S Griffiths

Mrs C Griffiths

Registered office

The Hay Loft
Laws Lane
Mersham
Ashford
Kent
TN25 7HG

 

Foreman Cars Limited

(Registration number: 10407197)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,351

51,790

Current assets

 

Stocks

6

8,550

5,050

Debtors

7

30,125

192

Cash at bank and in hand

 

13,598

2,033

 

52,273

7,275

Creditors: Amounts falling due within one year

8

(39,890)

(120)

Net current assets

 

12,383

7,155

Total assets less current liabilities

 

28,734

58,945

Creditors: Amounts falling due after more than one year

8

-

(363,733)

Provisions for liabilities

(3,107)

(9,840)

Net assets/(liabilities)

 

25,627

(314,628)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

25,626

(314,629)

Shareholders' funds/(deficit)

 

25,627

(314,628)

 

Foreman Cars Limited

(Registration number: 10407197)
Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mr S Griffiths
Director

   
     
 

Foreman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Hay Loft
Laws Lane
Mersham
Ashford
Kent
TN25 7HG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Foreman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5 years straight line

Office equipment

5 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

 

Foreman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Foreman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2023

125

125

At 31 October 2024

125

125

Amortisation

At 1 November 2023

125

125

At 31 October 2024

125

125

Carrying amount

At 31 October 2024

-

-

 

Foreman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

111,977

474

-

112,451

Additions

474

-

14,350

14,824

Disposals

(59,000)

-

-

(59,000)

At 31 October 2024

53,451

474

14,350

68,275

Depreciation

At 1 November 2023

60,345

316

-

60,661

Charge for the year

2,669

95

299

3,063

Eliminated on disposal

(11,800)

-

-

(11,800)

At 31 October 2024

51,214

411

299

51,924

Carrying amount

At 31 October 2024

2,237

63

14,051

16,351

At 31 October 2023

51,632

158

-

51,790

6

Stocks

2024
£

2023
£

Raw materials and consumables

8,550

5,050

7

Debtors

Current

2024
£

2023
£

Trade debtors

27,964

-

Other debtors

2,161

192

 

30,125

192

 

Foreman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

39,890

120

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

-

363,733

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

39,890

120

10

Related party transactions

Loans from related parties

2024

Parent
£

Key management
£

Total
£

At start of period

363,733

120

363,853

Advanced

-

39,770

39,770

Impairment

(363,733)

-

(363,733)

At end of period

-

39,890

39,890

2023

Parent
£

Key management
£

Total
£

At start of period

357,733

-

357,733

Advanced

6,000

120

6,120

At end of period

363,733

120

363,853

Terms of loans from related parties

 

Foreman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

10

Related party transactions (continued)

The loan from the parent company has been written off as the parent company has ceased to trade and will be liquidated.

 There are no terms of repayment or interest charged on the loan owed to key management