REGISTERED NUMBER: |
FOREGALE LIMITED |
STRATEGIC REPORT, DIRECTORS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
REGISTERED NUMBER: |
FOREGALE LIMITED |
STRATEGIC REPORT, DIRECTORS' REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 6 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
FOREGALE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
Bankers: |
PO Box 17235 |
EDINBURGH |
EH11 1YH |
Accountants: |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report for the year ended 30 September 2024. |
Review of business |
The principal activity of the company is the production and distribution of steel reinforcement bar & mesh and roofing & cladding products. |
During 2024 the company focused on further refurbishment and investment to both sites at Liversedge and Hull in order to remain efficient and effective with service and cost for the years ahead, which in turn helps the company to be even more competitive and reactive in the market place. Whilst the refurbishment was aimed at bringing some tired site areas back to life, the investment was strong which included extra stock storage areas at Hull as well as a brand new higher capacity de-coiler for the main "Foreclad ®" line also at Hull. Liversedge saw even greater investment with the beginning of works to install two brand new and higher capacity over head crane systems which included all new supporting steel work. |
Whilst the company overall enjoyed another very positive year, the steel industry faced fluctuating demand throughout 2024, remaining robust in some key sectors, while others faced challenges. The growth in certain areas offset weaknesses in others. Whilst production costs continue to rise due to many different factors, market pressures are intensifying which makes for an interesting year ahead as to which will prevail. |
The financial statements show that the company's turnover has decreased from £17,118,572 to £15,708,414, however due to improved margins, the company shows an increased gross profit of £3,971,471 compared to £3,537,740 |
The directors monitor the progress of the business based on the following key performance indicator's: |
2024 | 2023 |
Turnover | 15,708,414 | 17,118,572 |
Operating profit | 2,693,312 | 2,283,686 |
Principal risks and uncertainties |
The directors consider the following to be the principal risks faced by the company: |
- The economic uncertainty due to the cost of living crisis |
- The impact of rising inflation rates |
- Credit risk |
- Ongoing war in Ukraine |
- Shipping routes affected by the Red Sea |
The company continues to invest in the business in order to safeguard its future and leave it well placed to take advantage of new business opportunities in the future. |
Credit checks are carried out for new customers, all debtor balances are reviewed regularly and debtors insurance taken out in order to keep credit risk to a minimum. Historically bad debts written off have been low. |
The directors are continually monitoring the risks faced by the company and do everything that they can to minimise |
their potential impact on the company. |
The company has no borrowings and a strong cash position and therefore the directors have determined that there is no material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Future developments |
As the company continues to look to expand it's offering within key products, recognising the success of the "Thermoclad ®" panel there are plans to add another colour option to help appeal to a wider audience whilst remaining competitive in the market place. |
The "Foreclad ®" profile sheeting range is still at the heart of the company and keeping the machines that produce these products in peak condition is extremely important to the business, therefore further line improvements will be made over at the Hull site to ensure that it is always ready to react to market demands! |
The internal computer hardware systems continue with upgrades including further additions to bespoke software for our sales and operations teams in order to improve efficiencies and product control. |
Extensive electrical work is also planned in order to modernise aging underground power cables, add extra data links between buildings and add extra lighting in key areas, all to assist with the priority of maintaining a safe, modern working environment. |
The company has also recruited new and targeted personnel to help assist and drive the company forward in it's continued plans for growth. |
On behalf of the board: |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
Dividends |
The total distribution of dividends paid in the year ended 30 September 2024 was £2,266,550 |
Future developments |
Incorporated within Principal Risks and Uncertainties in the Strategic Report. |
Directors |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
Directors' responsibilities statement |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
DIRECTORS' REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Auditors |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
FOREGALE LIMITED |
Opinion |
We have audited the financial statements of Foregale Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
FOREGALE LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
FOREGALE LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims. |
- audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
- analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years and expectations to ensure the reasonableness of the figures therein. |
- third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held. |
- detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company. |
- financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations. |
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
FOREGALE LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales |
Gross profit |
Administrative expenses |
2,693,312 | 2,282,903 |
Other operating income | 4 |
Operating profit | 6 |
Interest receivable and similar income | 8 |
2,858,430 | 2,460,459 |
Interest payable and similar expenses | 9 |
Profit before taxation |
Tax on profit | 10 |
Profit for the financial year |
Retained earnings at beginning of year |
Dividends | 11 | ( |
) | ( |
) |
Retained earnings at end of year |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 12 |
Tangible assets | 13 |
Current assets |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 16 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 17 |
Net assets |
Capital and reserves |
Called up share capital | 18 |
Retained earnings | 19 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Amount introduced by directors | 542,003 | 780,108 |
Amount withdrawn by directors | (779,498 | ) | (621,658 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
7,317,796 |
Cash and cash equivalents at end of year | 2 | 3,906,894 | 3,835,766 |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | Reconciliation of profit before taxation to cash generated from operations |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | - | 6,800 |
Finance income | (165,118 | ) | (176,773 | ) |
2,840,092 | 2,445,450 |
Decrease in stocks |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30/9/24 | 1/10/23 |
£ | £ |
Cash and cash equivalents | 3,906,894 | 3,835,766 |
Year ended 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 3,835,766 | 7,317,796 |
3. | Analysis of changes in net funds |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,835,766 | 71,128 | 3,906,894 |
3,835,766 | 3,906,894 |
Total | 3,835,766 | 71,128 | 3,906,894 |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | Statutory information |
Foregale Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
When preparing the financial statements, the directors are required to make judgements, estimates and |
assumptions about the carrying value of assets, liabilities, income and expenses.The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The Company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
No judgements have been made in applying the Company's accounting policies in the preparation of the financial statements, other than those involving estimation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | Accounting policies - continued |
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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | Accounting policies - continued |
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. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
4. | Other operating income |
2024 | 2023 |
£ | £ |
Other income | - | 783 |
5. | Employees and directors |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 4 | 4 |
Administration | 4 | 3 |
Sales | 2 | 2 |
Production | 33 | 35 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
6. | Operating profit |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Foreign exchange differences | ( |
) |
7. | Auditors' remuneration |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
9,540 |
9,260 |
8. | Interest receivable and similar income |
2024 | 2023 |
£ | £ |
Bank interest receivable |
Other interest receivable |
9. | Interest payable and similar expenses |
2024 | 2023 |
£ | £ |
Other interest payable |
10. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Over/under provision of tax in p/yr | (167 | ) | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax was charged at 25%) in 2023. |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Super deduction | ( |
) |
tax used for deferred tax and |
tax for different rates used |
Time apportioned change in Corporation tax charge | ( |
) |
Total tax charge | 715,540 | 540,306 |
11. | Dividends |
Aggregate current year interim dividends paid, excluding preference shares, during the year was £2,226,550 (2023 - £7,363,427). |
12. | Intangible fixed assets |
Patents |
and |
licences |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | Tangible fixed assets |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
Cost |
At 1 October 2023 |
Additions |
Disposals |
At 30 September 2024 |
Depreciation |
At 1 October 2023 |
Charge for year |
Eliminated on disposal |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
Depreciation |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
14. | Stocks |
2024 | 2023 |
£ | £ |
Stocks |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
15. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
16. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 316,913 | 322,469 |
Directors' current accounts | 5,364 | 242,861 |
Accruals |
17. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 177,850 | 171,394 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Balance at 30 September 2024 |
18. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 5,056 | 5,056 |
Ordinary B | £1 | 34 | 34 |
Ordinary C | £1 | 20 | 20 |
5,110 | 5,110 |
Ordinary A shares have the following rights, preferences and restrictions: |
Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company. |
Ordinary B and Ordinary C shares have rights to dividends. |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
19. | Reserves |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
20. | Pension commitments |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £26,328 (2023 - £25,805). |
The company pays an annual pension annuity to former directors in the sum of £90,000 (2023 - £30,000). |
21. | Related party disclosures |
In common with many owner managed businesses, the directors maintain loan accounts to cover drawings from the company. |
The aggregate amount of directors loan accounts is £5,364 (2023 - £242,861). The loans are shown under directors loan accounts and other creditors in the notes to the accounts. |
The aggregate amounts owed by retired directors is £39,646 (2023: Nil). This loan was repaid within 9 months, with interest charged at 2.25%. The loans are shown under Other debtors in the notes to the accounts. |
The following dividends were paid to directors and key management personnel: |
2024 | 2023 |
£ | £ |
Directors | 40,705 | 160,770 |
Key management personnel | 51,295 | 99,647 |
92,000 | 260,417 |
The premises from which the company operates is held on trust, of which family members are trustees of. The trusts received a rent from the company of £84,000 (2023 - £84,000). |
FOREGALE LIMITED (REGISTERED NUMBER: 01583916) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
22. | Ultimate controlling party |
The ultimate controlling party is |
The company's immediate parent is JTS Capital Ventures Limited, incorporated in England and Wales. |
The most senior parent entity producing publicly available financial statements is JTS Capital Ventures Limited. These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. |
Relationship between entity and parents |
The parent of the largest group in which these financial statements are consolidated is JTS Capital Ventures Limited. |
The parent of the smallest group in which these financial statements are consolidated is JTS Capital Ventures Limited. |
The address of JTS Capital Ventures Limited is: |
Dalton House |
9 Dalton Square |
Lancaster |
LA1 1WD |