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REGISTERED NUMBER: 04546496 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Frank B Forman & Sons Limited

Frank B Forman & Sons Limited (Registered number: 04546496)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Frank B Forman & Sons Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G A Forman
J W Forman
Mrs S A Forman
M E Forman





SECRETARY: G A Forman





REGISTERED OFFICE: The Mill
Rotten Row
Theddlethorpe
Mablethorpe
Lincolnshire
LN12 1NX





REGISTERED NUMBER: 04546496 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

Frank B Forman & Sons Limited (Registered number: 04546496)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,597,384 1,254,540
Investment property 5 97,459 97,459
1,694,843 1,351,999

CURRENT ASSETS
Stocks 895,468 479,501
Debtors 6 1,871,790 1,984,863
Cash at bank and in hand 18,046 862,515
2,785,304 3,326,879
CREDITORS
Amounts falling due within one year 7 1,896,835 1,934,155
NET CURRENT ASSETS 888,469 1,392,724
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,583,312

2,744,723

CREDITORS
Amounts falling due after more than one
year

8

(635,067

)

(627,764

)

PROVISIONS FOR LIABILITIES (193,512 ) (152,903 )
NET ASSETS 1,754,733 1,964,056

CAPITAL AND RESERVES
Called up share capital 11 1 1
Capital redemption reserve 1 1
Retained earnings 1,754,731 1,964,054
SHAREHOLDERS' FUNDS 1,754,733 1,964,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Frank B Forman & Sons Limited (Registered number: 04546496)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by:





G A Forman - Director


Frank B Forman & Sons Limited (Registered number: 04546496)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Frank B Forman & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Land is not depreciated.

Investment property
The investment properties are shown at the most recent valuation. Any aggregate surplus or deficit arsing from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Stock has been valued on a first in, first out basis.

Livestock has been valued by the director at the lower of deemed cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Frank B Forman & Sons Limited (Registered number: 04546496)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Land and to Plant and
Buildings property machinery
£    £    £   
COST
At 1 July 2023 206,480 791,589 735,492
Additions - 194,074 60,126
Disposals - - -
At 30 June 2024 206,480 985,663 795,618
DEPRECIATION
At 1 July 2023 - 542,712 390,814
Charge for year - 66,657 60,720
Eliminated on disposal - - -
At 30 June 2024 - 609,369 451,534
NET BOOK VALUE
At 30 June 2024 206,480 376,294 344,084
At 30 June 2023 206,480 248,877 344,678

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 5,650 1,370,255 32,837 3,142,303
Additions - 386,854 342 641,396
Disposals - (50,337 ) - (50,337 )
At 30 June 2024 5,650 1,706,772 33,179 3,733,362
DEPRECIATION
At 1 July 2023 4,069 919,521 30,647 1,887,763
Charge for year 237 138,558 1,687 267,859
Eliminated on disposal - (19,644 ) - (19,644 )
At 30 June 2024 4,306 1,038,435 32,334 2,135,978
NET BOOK VALUE
At 30 June 2024 1,344 668,337 845 1,597,384
At 30 June 2023 1,581 450,734 2,190 1,254,540

The net book value of tangible fixed assets includes £368,596 (2023 - £172,664) in respect of assets held under hire purchase contracts.

Frank B Forman & Sons Limited (Registered number: 04546496)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 97,459
NET BOOK VALUE
At 30 June 2024 97,459
At 30 June 2023 97,459

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,766,026 1,782,647
Amounts owed by group undertakings - 74,071
Other debtors 105,764 128,145
1,871,790 1,984,863

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 131,064 279,881
Hire purchase contracts (see note 9) 98,309 63,881
Trade creditors 1,480,928 1,419,423
Amounts owed to group undertakings 137,885 -
Taxation and social security 14,492 142,793
Other creditors 34,157 28,177
1,896,835 1,934,155

Included within other creditors is an amount of £6,281 (2023 - (£11,017)) owed to Forman Land and Property Services Limited, where G A Forman is also a director.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 500,529 595,441
Hire purchase contracts (see note 9) 134,538 32,323
635,067 627,764

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 136,638 429,249

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 98,309 63,881
Between one and five years 134,538 32,323
232,847 96,204

Frank B Forman & Sons Limited (Registered number: 04546496)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 591,502 875,322

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1p 1 1