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Registration number: 01690573

W.E. Foers & Son Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2024

 

W.E. Foers & Son Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

W.E. Foers & Son Limited

(Registration number: 01690573)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,736,670

1,847,501

Investment property

456,738

450,655

 

2,193,408

2,298,156

Current assets

 

Stocks

254,283

653,476

Debtors

5

942,577

1,106,583

Cash at bank and in hand

 

766,341

52,047

 

1,963,201

1,812,106

Creditors: Amounts falling due within one year

(137,403)

(179,066)

Net current assets

 

1,825,798

1,633,040

Total assets less current liabilities

 

4,019,206

3,931,196

Provisions for liabilities

(34,041)

(118,683)

Net assets

 

3,985,165

3,812,513

Capital and reserves

 

Called up share capital

3,626

3,626

Share premium reserve

60,095

60,095

Capital redemption reserve

374

374

Profit and loss account

3,921,070

3,748,418

Total equity

 

3,985,165

3,812,513

For the financial year ending 31 July 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 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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 6 February 2025 and signed on its behalf by:
 

Mr W E Foers
Director

Mrs V Foers
Director

 
     
 

W.E. Foers & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 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:
Grange Farm
Carr Lane
Wadworth
Doncaster
South Yorkshire
DN11 9DY

These financial statements were authorised for issue by the Board on 6 February 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.


 

W.E. Foers & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land & buildings

Straight line over 25 years and 8 years

Plant & machinery

Straight line over 8 years

Fixtures & fittings

Straight line over 8 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

W.E. Foers & Son Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Total
£

Cost or valuation

At 1 August 2023

2,892,777

Additions

1,040

Disposals

(103,620)

At 31 July 2024

2,790,197

Depreciation

At 1 August 2023

1,045,275

Charge for the year

111,872

Eliminated on disposal

(103,620)

At 31 July 2024

1,053,527

Carrying amount

At 31 July 2024

1,736,670

At 31 July 2023

1,847,501

Investment properties

2024
£

At 1 August

450,655

Additions

6,083

At 31 July

456,738

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £551,318 (2023 - £505,501) due after more than one year.

6

Related party transactions

Advances to directors

Mr W E Foers

During the period Mr W E Foers went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £252,577 (2023 - £252,407). At the year end the amount outstanding from Mr F E Foers was £164,213 (2023 - £252,407). Interest has been charged at the commercial rate.

Mrs V Foers

During the period Mrs V Foers went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £252,577 (2023 - £252,407). At the year end the amount outstanding from Mrs V Foers was £164,214 (2023 - £252,407). Interest has been charged at the commercial rate.