Registered number
11725484
For-Families Ltd
Filleted Accounts
31 December 2024
For-Families Ltd
Registered number: 11725484
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,028,611 949,271
Current assets
Debtors 4 56,416 115,502
Cash at bank and in hand 185,179 104,184
241,595 219,686
Creditors: amounts falling due within one year 5 (243,961) (151,623)
Net current (liabilities)/assets (2,366) 68,063
Total assets less current liabilities 1,026,245 1,017,334
Creditors: amounts falling due after more than one year 6 (323,280) (340,654)
Provisions for liabilities (6,372) (9,900)
Net assets 696,593 666,780
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 125,000 100,000
Profit and loss account 571,591 566,778
Shareholders' funds 696,593 666,780
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs. R. Richardson
Director
Approved by the board on 22 April 2025
For-Families Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and property, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property improvements over 10 years
Fixtures and fittings over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 33 28
3 Tangible fixed assets
Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 1 January 2024 705,000 290,899 995,899
Additions 79,825 6,134 85,959
Surplus on revaluation 25,000 - 25,000
At 31 December 2024 809,825 297,033 1,106,858
Depreciation
At 1 January 2024 - 46,628 46,628
Charge for the year - 31,619 31,619
At 31 December 2024 - 78,247 78,247
Net book value
At 31 December 2024 809,825 218,786 1,028,611
At 31 December 2023 705,000 244,271 949,271
Freehold land and buildings: 2024 2023
£ £
Historical cost 605,000 605,000
Cumulative depreciation based on historical cost - -
605,000 605,000
Freehold property has been revalused annually on the basis of the increase in residential property values during this time. Property valuation website Zoopla was used for this purpose, whereby a median value was selected for this property on the basis this was a conservative estimate of the increase in value.
4 Debtors 2024 2023
£ £
Trade debtors 50,226 88,401
Accrued income 6,190 27,101
56,416 115,502
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 54,685 18,790
Trade creditors 13,882 3,486
Taxation and social security costs 83,129 32,830
Corporation tax due 35,556 27,566
Pension provider 2,611 1,947
DLA - R. Richardson 350 264
DLA - C. Ross 44,264 57,646
Accruals 1,110 1,270
Barclays commercial mortgage <1 year 8,374 7,825
Creditors less than 1yr - Other creditors - (1)
243,961 151,623
6 Creditors: amounts falling due after one year 2024 2023
£ £
Secured bank loans 323,280 330,498
Bounceback loan - 10,156
323,280 340,654
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 334,406 352,459
The two Barclays loans are secured against the properties 15 and 17 Longford Road Bognor Regis PO21 1AA. The third loan, a Bounceback Loan, is unsecured.
8 Revaluation reserve 2024 2023
£ £
At 1 January 2024 100,000 70,000
Gain on revaluation of land and buildings 25,000 30,000
At 31 December 2024 125,000 100,000
9 Events after the reporting date
No events of a material nature.
10 Pension commitments
A total of £2,610.74 was due to Nest Pensions at 31st December 2024.
11 Contingent liabilities
There are no contingent liabilities.
12 Controlling party
The ultimate controlling parties are Ms. R. Richardson and Ms. C. Ross.
13 Other information
For-Families Ltd is a private company limited by shares and incorporated in England. Its registered office is:
17 Longford Road
Bognor Regis
West Sussex
PO21 1AA
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