4 4 Forgan Trading Limited SC520797 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is The principal activity of the company during the year was that of bed sales. Although the company was incorporated on 20/11/15 it did not trade until 01/12/15. Digita Accounts Production Advanced 6.30.9574.0 true SC520797 2023-12-01 2024-11-30 SC520797 2024-11-30 SC520797 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC520797 core:ShareCapital 2024-11-30 SC520797 core:CurrentFinancialInstruments 2024-11-30 SC520797 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 SC520797 core:Non-currentFinancialInstruments 2024-11-30 SC520797 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 SC520797 core:Goodwill 2024-11-30 SC520797 core:FurnitureFittingsToolsEquipment 2024-11-30 SC520797 core:MotorVehicles 2024-11-30 SC520797 bus:SmallEntities 2023-12-01 2024-11-30 SC520797 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 SC520797 bus:FilletedAccounts 2023-12-01 2024-11-30 SC520797 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 SC520797 bus:RegisteredOffice 2023-12-01 2024-11-30 SC520797 bus:Director1 2023-12-01 2024-11-30 SC520797 bus:Director2 2023-12-01 2024-11-30 SC520797 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC520797 core:Goodwill 2023-12-01 2024-11-30 SC520797 core:ComputerEquipment 2023-12-01 2024-11-30 SC520797 core:FurnitureFittings 2023-12-01 2024-11-30 SC520797 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 SC520797 core:MotorVehicles 2023-12-01 2024-11-30 SC520797 countries:Scotland 2023-12-01 2024-11-30 SC520797 2023-11-30 SC520797 core:Goodwill 2023-11-30 SC520797 core:FurnitureFittingsToolsEquipment 2023-11-30 SC520797 core:MotorVehicles 2023-11-30 SC520797 2022-12-01 2023-11-30 SC520797 2023-11-30 SC520797 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC520797 core:ShareCapital 2023-11-30 SC520797 core:CurrentFinancialInstruments 2023-11-30 SC520797 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 SC520797 core:Non-currentFinancialInstruments 2023-11-30 SC520797 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 SC520797 core:FurnitureFittingsToolsEquipment 2023-11-30 SC520797 core:MotorVehicles 2023-11-30 xbrli:pure iso4217:GBP

Registration number: SC520797

Forgan Trading Limited

Unaudited Financial Statements

for the Year Ended 30 November 2024




 

 

Forgan Trading Limited

Contents

Directors' Report

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Forgan Trading Limited

Directors' Report for the Year Ended 30 November 2024

The Directors present their report and the financial statements for the year ended 30 November 2024.

Directors of the Company

The Directors who held office during the year were as follows:

Mr S W Young

Mrs S L Young

Principal activity
The principal activity of the company during the year was that of bed sales.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 1 April 2025 and signed on its behalf by:
 

.........................................
Mr S W Young
Director

 

Forgan Trading Limited

(Registration number: SC520797)
Statement of Financial Position as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

25,913

34,447

Current assets

 

Stocks

6

22,051

17,242

Debtors

7

1,882

2,527

Cash at bank and in hand

 

26,445

22,390

 

50,378

42,159

Creditors: Amounts falling due within one year

8

(55,410)

(43,065)

Net current liabilities

 

(5,032)

(906)

Total assets less current liabilities

 

20,881

33,541

Creditors: Amounts falling due after more than one year

8

(12,500)

(22,547)

Provisions for liabilities

(4,924)

(6,545)

Net assets

 

3,457

4,449

Capital and reserves

 

Called up share capital

5

5

Retained earnings

3,452

4,444

Shareholders' funds

 

3,457

4,449

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement and Directors' Report.

 

Forgan Trading Limited

(Registration number: SC520797)
Statement of Financial Position as at 30 November 2024

Approved and authorised by the Board on 1 April 2025 and signed on its behalf by:
 

.........................................
Mr S W Young
Director

 

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
147 Rumblingwell
Dunfermline
Fife
KY12 9AR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

 

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

 

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2023 - 4).

 

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

10,000

10,000

At 30 November 2024

10,000

10,000

Amortisation

At 1 December 2023

10,000

10,000

At 30 November 2024

10,000

10,000

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

3,104

50,689

53,793

At 30 November 2024

3,104

50,689

53,793

Depreciation

At 1 December 2023

2,156

17,190

19,346

Charge for the year

159

8,375

8,534

At 30 November 2024

2,315

25,565

27,880

Carrying amount

At 30 November 2024

789

25,124

25,913

At 30 November 2023

948

33,499

34,447

6

Stocks

2024
£

2023
£

Other inventories

22,051

17,242

 

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,882

2,527

 

1,882

2,527

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,999

10,000

Taxation and social security

 

24,148

14,473

Accruals and deferred income

 

2,915

2,495

Other creditors

 

18,348

16,097

 

55,410

43,065

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,500

22,547

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,500

22,547

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,999

10,000