Registered number
12621870
FOREST ENTERPRISE LIMITED
Filleted Accounts
31 May 2024
JR HEUNG & CO
Chartered Certified Accountants
38 GREENWAY
TOTTERIDGE
LONDON
N20 8ED
1192-24
FOREST ENTERPRISE LIMITED
Registered number: 12621870
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 30,991 34,991
Current assets
Stocks 4,885 4,080
Debtors 4 2,500 10,000
Cash at bank and in hand 70,771 103,389
78,156 117,469
Creditors: amounts falling due within one year 5 (96,699) (133,561)
Net current liabilities (18,543) (16,092)
Total assets less current liabilities 12,448 18,899
Provisions for liabilities (1,351) (1,450)
Net assets 11,097 17,449
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,997 17,349
Shareholder's funds 11,097 17,449
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. C C Leong
Director
Approved by the board on 18 September 2024
FOREST ENTERPRISE LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvement over 10 years
Fixtures, fittings and equipment 25% p.a on straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Improvement Fixtures, Fittings & Equipment Total
£ £ £
Cost
At 1 June 2023 35,500 14,635 50,135
Additions - 2,488 2,488
At 31 May 2024 35,500 17,123 52,623
Depreciation
At 1 June 2023 7,100 8,044 15,144
Charge for the year 3,550 2,938 6,488
At 31 May 2024 10,650 10,982 21,632
Net book value
At 31 May 2024 24,850 6,141 30,991
At 31 May 2023 28,400 6,591 34,991
4 Debtors 2024 2023
£ £
Other debtors 2,500 10,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 51,075 44,700
Other creditors 45,624 88,861
96,699 133,561
6 Controlling party
The company is controlled by C C Leong and C L Chin by virtue of having ownership of 100% of the issued share capital in the company.
7 Other information
FOREST ENTERPRISE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
37 Richmond Road
Kingston Upon Thames
KT2 5BW
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