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Company No: 11111363 (England and Wales)

FORTS JOINERY LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

FORTS JOINERY LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FORTS JOINERY LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
FORTS JOINERY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 46,588 46,649
46,588 46,649
Current assets
Stocks 4 0 10,000
Debtors 5 44,271 46,444
Cash at bank and in hand 28,607 3,915
72,878 60,359
Creditors: amounts falling due within one year 6 ( 178,271) ( 216,493)
Net current liabilities (105,393) (156,134)
Total assets less current liabilities (58,805) (109,485)
Net liabilities ( 58,805) ( 109,485)
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account ( 59,805 ) ( 110,485 )
Total shareholder's deficit ( 58,805) ( 109,485)

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

Directors' responsibilities:

The financial statements of Forts Joinery Ltd (registered number: 11111363) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Osmani
Director

28 April 2025

FORTS JOINERY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FORTS JOINERY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Forts Joinery Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Unit 19 The Io Centre, Hearle Way, Hatfield, AL10 9EW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if 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 method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 3

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 July 2023 58,051 10,400 68,451
Additions 9,525 0 9,525
At 30 June 2024 67,576 10,400 77,976
Accumulated depreciation
At 01 July 2023 21,109 693 21,802
Charge for the financial year 7,505 2,081 9,586
At 30 June 2024 28,614 2,774 31,388
Net book value
At 30 June 2024 38,962 7,626 46,588
At 30 June 2023 36,942 9,707 46,649

4. Stocks

2024 2023
£ £
Work in progress 0 10,000

5. Debtors

2024 2023
£ £
Trade debtors 30,715 29,975
Amounts owed by directors 12,199 0
Prepayments and accrued income 1,357 16,469
44,271 46,444

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 14,809 12,965
Amounts owed to group undertakings 111,205 120,177
Other taxation and social security 14,236 28,053
Other creditors 38,021 55,298
178,271 216,493

Included in other creditors, is a security which contains a fixed charge that covers all the property or undertaking of the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

8. Related party transactions

Transactions with owners holding a participating interest in the entity

Where possible the company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with wholly-owned group undertakings.

9. Ultimate controlling party

The company is the wholly owned subsidiary of Forts Group Ltd, a company incorporated in England and Wales and its registered office address is Unit 19 The Io Centre, Hearle Way, Hatfield, Herts, United Kingdom, AL10 9EW