Company registration number 10754905 (England and Wales)
FERNFOYS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
FERNFOYS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FERNFOYS LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
3
1,690,126
3,779,620
Debtors
4
12,527
13,770
Cash at bank and in hand
1,726
15,410
1,704,379
3,808,800
Creditors: amounts falling due within one year
5
(1,767,350)
(1,746,026)
Net current (liabilities)/assets
(62,971)
2,062,774
Creditors: amounts falling due after more than one year
6
(2,061,576)
Net (liabilities)/assets
(62,971)
1,198
Capital and reserves
Called up share capital
7
1,300
1,300
Profit and loss reserves
(64,271)
(102)
Total equity
(62,971)
1,198
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
Mr G M Gaiger
Mr J H Gaiger
Director
Director
Company registration number 10754905 (England and Wales)
FERNFOYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Fernfoys Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kennet House, Northgate Street, Devizes, Wiltshire, SN10 1JT.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have not been prepared on the going concern basis. The directors have a reasonable expectation that the company will cease trading when the remaining flats on the development have been sold and will commence winding up procedures.
1.3
Turnover
Revenue 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.
Revenue from developments is recognised at legal completion in respect of the total proceeds of buildings and development.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from developments is recognised at legal completion in respect of the total proceeds of building and development. Revenue is measured at the fair value of consideration received or receivable
and represents the amounts receivable for the property, net of discounts and VAT.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Capitalisation of borrowing costs.
Developments are being financed by specific loan arrangements and developments loan interest and fees are included in the calculation of the work in progress.
FERNFOYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,690,126
3,779,620
FERNFOYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
12,527
13,770
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
475,096
15,000
Trade creditors
3,169
293,718
Other creditors
1,289,085
1,437,308
1,767,350
1,746,026
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,061,576
The total bank loan is secured by way of a legal mortgage over the development property held in stock and fixed and floating charges over all property or undertakings of the company.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,300
1,300
1,300
1,300
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The trade creditors include amount due to a company of which the directors have significant control. The other creditors also include an interest free loan from a director and an interest free loan from a company of which the directors have significant control. The total amount outstanding as at 31 May 2024 amounted to £1,279,154 (2023 - £1,702,426).