Company Registration No. 03729254 (England and Wales)
Forays Homes (Southern) Ltd
Unaudited accounts
for the year ended 31 August 2024
Forays Homes (Southern) Ltd
Unaudited accounts
Contents
Forays Homes (Southern) Ltd
Company Information
for the year ended 31 August 2024
Directors
Arran Kiern Atkinson
Beatrice Florence Atkinson
Derek Tony Atkinson
Roger Neil Atkinson
Company Number
03729254 (England and Wales)
Registered Office
6 Cedar Business Park
Cedar Lane
Frimley
Surrey
GU16 7AZ
Surrey
Forays Homes (Southern) Ltd
Statement of financial position
as at 31 August 2024
Tangible assets
155,154
218,888
Inventories
7,238,082
3,160,627
Debtors
2,145,434
1,787,192
Cash at bank and in hand
107,323
66,539
Creditors: amounts falling due within one year
(8,827,755)
(4,389,439)
Net current assets
663,084
624,919
Total assets less current liabilities
818,238
843,807
Creditors: amounts falling due after more than one year
(154,162)
(181,677)
Provisions for liabilities
Deferred tax
(6,238)
(6,238)
Net assets
657,838
655,892
Called up share capital
350,120
350,120
Profit and loss account
307,718
305,772
Shareholders' funds
657,838
655,892
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by
Arran Kiern Atkinson
Director
Company Registration No. 03729254
Forays Homes (Southern) Ltd
Notes to the Accounts
for the year ended 31 August 2024
Forays Homes (Southern) Ltd is a private company, limited by shares, registered in England and Wales, registration number 03729254. The registered office is 6 Cedar Business Park, Cedar Lane, Frimley, Surrey, GU16 7AZ, Surrey.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future.
For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Forays Homes (Southern) Ltd
Notes to the Accounts
for the year ended 31 August 2024
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's inventories and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Forays Homes (Southern) Ltd
Notes to the Accounts
for the year ended 31 August 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2023
8,266
268,138
246
276,650
Additions
2,163
-
585
2,748
At 31 August 2024
10,429
268,138
831
279,398
At 1 September 2023
6,334
51,182
246
57,762
Charge for the year
811
65,659
12
66,482
At 31 August 2024
7,145
116,841
258
124,244
At 31 August 2024
3,284
151,297
573
155,154
At 31 August 2023
1,932
216,956
-
218,888
Amounts falling due within one year
Amounts due from group undertakings etc.
1,515,632
1,553,970
Accrued income and prepayments
7,495
191,535
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
2,897,819
28,112
Obligations under finance leases and hire purchase contracts
28,645
28,645
Trade creditors
587,944
177,650
Amounts owed to group undertakings and other participating interests
85,335
29,353
Taxes and social security
92,275
8,294
Other creditors
4,802,000
3,455,221
Loans from directors
-
420,452
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
154,162
181,677
The loans are secured on the related assets of the entity.
Forays Homes (Southern) Ltd
Notes to the Accounts
for the year ended 31 August 2024
8
Average number of employees
During the year the average number of employees was 10 (2023: 10).