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REGISTERED NUMBER: 01583916 (England and Wales)












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: Mr A Parkinson
Mr T J Scott
Mr J C Scott



Registered office: Union Road
LIVERSEDGE
WF15 7JS



Registered number: 01583916 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: Bank of Scotland
PO Box 17235
EDINBURGH
EH11 1YH



Accountants: Xeinadin
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:





Mr J C Scott - Director


28 March 2025

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.

Mr A Parkinson
Mr T J Scott
Mr J C Scott

Other changes in directors holding office are as follows:

Mr N P Scott - resigned 5 April 2024
Mr M Standring - resigned 25 June 2024
Mrs S J Scott - resigned 5 April 2024

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:





Mr J C Scott - Director


28 March 2025

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.




Stuart Hinnigan FCA CTA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

7 April 2025

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

Turnover 3 15,708,414 17,118,572

Cost of sales 11,736,943 13,580,832
Gross profit 3,971,471 3,537,740

Administrative expenses 1,278,159 1,254,837
2,693,312 2,282,903

Other operating income 4 - 783
Operating profit 6 2,693,312 2,283,686

Interest receivable and similar income 8 165,118 176,773
2,858,430 2,460,459

Interest payable and similar expenses 9 - 6,800
Profit before taxation 2,858,430 2,453,659

Tax on profit 10 715,540 540,306
Profit for the financial year 2,142,890 1,913,353

Retained earnings at beginning of year 6,000,876 11,450,950

Dividends 11 (2,226,550 ) (7,363,427 )

Retained earnings at end of year 5,917,216 6,000,876

FOREGALE LIMITED (REGISTERED NUMBER: 01583916)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 12 2,300 2,300
Tangible assets 13 770,694 779,074
772,994 781,374

Current assets
Stocks 14 2,096,679 2,272,436
Debtors 15 1,931,844 1,741,169
Cash at bank and in hand 3,906,894 3,835,766
7,935,417 7,849,371
Creditors
Amounts falling due within one year 16 2,608,235 2,453,365
Net current assets 5,327,182 5,396,006
Total assets less current liabilities 6,100,176 6,177,380

Provisions for liabilities 17 177,850 171,394
Net assets 5,922,326 6,005,986

Capital and reserves
Called up share capital 18 5,110 5,110
Retained earnings 19 5,917,216 6,000,876
Shareholders' funds 5,922,326 6,005,986

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





Mr J C Scott - Director


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 3,098,375 5,268,684
Interest paid - (6,800 )
Tax paid (589,918 ) (1,582,310 )
Net cash from operating activities 2,508,457 3,679,574

Cash flows from investing activities
Purchase of tangible fixed assets (167,062 ) (133,900 )
Sale of tangible fixed assets 28,660 500
Interest received 165,118 176,773
Net cash from investing activities 26,716 43,373

Cash flows from financing activities
Amount introduced by directors 542,003 780,108
Amount withdrawn by directors (779,498 ) (621,658 )
Equity dividends paid (2,226,550 ) (7,363,427 )
Net cash from financing activities (2,464,045 ) (7,204,977 )

Increase/(decrease) in cash and cash equivalents 71,128 (3,482,030 )
Cash and cash equivalents at beginning of
year

2

3,835,766

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 2,858,430 2,453,659
Depreciation charges 152,904 158,517
(Profit)/loss on disposal of fixed assets (6,124 ) 3,247
Finance costs - 6,800
Finance income (165,118 ) (176,773 )
2,840,092 2,445,450
Decrease in stocks 175,757 2,619,651
(Increase)/decrease in trade and other debtors (190,675 ) 831,670
Increase/(decrease) in trade and other creditors 273,201 (628,087 )
Cash generated from operations 3,098,375 5,268,684

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 71,128 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Straight line over 10 years
Plant and machinery - 15% Reducing balance
Fixtures and fittings - 15% Reducing balance
Motor vehicles - 25% Reducing balance
Computer equipment - Straight line over 4 years

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 1,473,434 1,448,322
Social security costs 132,529 131,849
Other pension costs 145,762 125,950
1,751,725 1,706,121

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
43 44

2024 2023
£    £   
Directors' remuneration 78,778 72,285

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 4

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 434 -
Other operating leases 84,000 84,000
Depreciation - owned assets 152,906 158,517
(Profit)/loss on disposal of fixed assets (6,124 ) 3,247
Foreign exchange differences 655 (1,054 )

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 161,159 175,118
Other interest receivable 3,959 1,655
165,118 176,773

9. Interest payable and similar expenses
2024 2023
£    £   
Other interest payable - 6,800

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 708,680 544,514
Over/under provision of tax in p/yr (167 ) -
Total current tax 708,513 544,514

Deferred tax 7,027 (4,208 )
Tax on profit 715,540 540,306

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 2,858,430 2,453,659
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

714,608

613,415

Effects of:
Expenses not deductible for tax purposes 1,100 1,179
Adjustments to tax charge in respect of previous periods (168 ) -
Super deduction - (268 )
tax used for deferred tax and
tax for different rates used
Time apportioned change in Corporation tax charge - (74,020 )
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 2,300
Net book value
At 30 September 2024 2,300
At 30 September 2023 2,300

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 262,369 1,495,402 85,001
Additions - 156,182 9,775
Disposals - - -
At 30 September 2024 262,369 1,651,584 94,776
Depreciation
At 1 October 2023 209,957 913,384 52,231
Charge for year 6,724 110,731 8,512
Eliminated on disposal - - -
At 30 September 2024 216,681 1,024,115 60,743
Net book value
At 30 September 2024 45,688 627,469 34,033
At 30 September 2023 52,412 582,018 32,770

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 October 2023 246,020 82,038 2,170,830
Additions - 1,105 167,062
Disposals (53,420 ) (5,662 ) (59,082 )
At 30 September 2024 192,600 77,481 2,278,810
Depreciation
At 1 October 2023 153,828 62,356 1,391,756
Charge for year 17,415 9,524 152,906
Eliminated on disposal (30,884 ) (5,662 ) (36,546 )
At 30 September 2024 140,359 66,218 1,508,116
Net book value
At 30 September 2024 52,241 11,263 770,694
At 30 September 2023 92,192 19,682 779,074

14. Stocks
2024 2023
£    £   
Stocks 2,096,679 2,272,436

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 1,868,677 1,734,899
Other debtors 55,492 963
Prepayments 7,675 5,307
1,931,844 1,741,169

16. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 1,743,962 1,507,067
Tax 333,680 214,514
Social security and other taxes 34,770 30,164
VAT 316,913 322,469
Directors' current accounts 5,364 242,861
Accruals 173,546 136,290
2,608,235 2,453,365

17. Provisions for liabilities
2024 2023
£    £   
Deferred tax 177,850 171,394

Deferred
tax
£   
Balance at 1 October 2023 171,394
Provided during year 6,456
Balance at 30 September 2024 177,850

18. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,056 Ordinary A £1 5,056 5,056
34 Ordinary B £1 34 34
20 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 6,000,876
Profit for the year 2,142,890
Dividends (2,226,550 )
At 30 September 2024 5,917,216

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:
20242023
££
Directors40,705160,770
Key management personnel51,29599,647
92,000260,417

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 JTS Capital Ventures Limited.

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