Company Registration No. 04532104 (England and Wales)
FERNDOWN COMMERCIALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
BH23 1EF
FERNDOWN COMMERCIALS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
FERNDOWN COMMERCIALS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. I Flay
Mrs. L Flay
Ms. D Langford
Mrs. C Bond
Secretary
Mrs. L Flay
Company number
04532104
Registered office
18-20 Haviland Road
Ferndown Industrial Estate
Wimborne
Dorset
United Kingdom
BH21 7RG
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
FERNDOWN COMMERCIALS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,097,352
2,827,491
Current assets
Stocks
3,806,239
1,699,739
Debtors
5
1,223,585
1,305,550
Cash at bank and in hand
303,501
284,101
5,333,325
3,289,390
Creditors: amounts falling due within one year
6
(5,220,433)
(2,964,084)
Net current assets
112,892
325,306
Total assets less current liabilities
3,210,244
3,152,797
Creditors: amounts falling due after more than one year
7
(1,263,616)
(1,474,488)
Provisions for liabilities
(582,035)
(490,197)
Net assets
1,364,593
1,188,112
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
1,314,593
1,138,112
Total equity
1,364,593
1,188,112
FERNDOWN COMMERCIALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr. I Flay
Director
Company Registration No. 04532104
The notes on pages 4 to 8 form part of these financial statements
FERNDOWN COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Ferndown Commercials Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18-20 Haviland Road, Ferndown Industrial Estate, Wimborne, Dorset, United Kingdom, BH21 7RG.

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 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

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

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
5-10% straight line
Plant and machinery
20-33% on reducing balance
Fixtures and fittings
10-25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FERNDOWN COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reserved at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FERNDOWN COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under hire purchase contracts and finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
41
43
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
30,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
30,000
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
FERNDOWN COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
4
Tangible fixed assets
Improvements                     to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
21,495
424,408
275,096
3,879,028
4,600,027
Additions
7,124
35,620
57,982
894,609
995,335
Disposals
-
0
-
0
-
0
(447,595)
(447,595)
At 31 May 2024
28,619
460,028
333,078
4,326,042
5,147,767
Depreciation and impairment
At 1 June 2023
15,721
286,452
211,486
1,258,877
1,772,536
Depreciation charged in the year
1,802
18,423
21,940
486,194
528,359
Eliminated in respect of disposals
-
0
-
0
-
0
(250,480)
(250,480)
At 31 May 2024
17,523
304,875
233,426
1,494,591
2,050,415
Carrying amount
At 31 May 2024
11,096
155,153
99,652
2,831,451
3,097,352
At 31 May 2023
5,774
137,956
63,610
2,620,151
2,827,491
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,121,318
1,215,074
Other debtors
48,083
45,073
Prepayments and accrued income
54,184
45,403
1,223,585
1,305,550

Included within other debtors is a total amount due from the directors at the year end of £48,083 (2023 - £45,073 )due to the directors). Interest has been charged on these balances.

FERNDOWN COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
310,349
165,096
Obligations under hire purchase agreements
863,247
784,160
Trade creditors
3,718,843
1,692,316
Other taxation and social security
73,787
143,169
Other creditors
65,050
63,252
Accruals and deferred income
189,157
116,091
5,220,433
2,964,084

The aggregate amount of creditors for which security has been given amounted to £863,247 (2023 - £784,160).

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under hire purchase agreements
1,226,539
1,368,673
Other creditors
37,077
105,815
1,263,616
1,474,488

The aggregate amount of creditors for which security has been given amounted to £1,226,539 (2023 - £1,368,673 ).

8
Operating lease commitments
Lessee

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

2024
2023
£
£
9,072
63,502
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