| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FOREST POULTRY LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| FOREST POULTRY LIMITED |
| FOREST POULTRY LIMITED (REGISTERED NUMBER: 08422860) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| FOREST POULTRY LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| FOREST POULTRY LIMITED (REGISTERED NUMBER: 08422860) |
| STATEMENT OF FINANCIAL POSITION |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| FOREST POULTRY LIMITED (REGISTERED NUMBER: 08422860) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Forest Poultry Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company has a net asset position and a healthy bank position and the director is satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements on the basis that as the ultimate controlling party, he can ensure that intercompany loans are extended should the need arise, in order that the company continue to meet its obligations as they fall due. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
| Critical judgements in applying the company's policies |
| The management consider that no significant judgements have had to made in preparing these financial statements. |
| Critical accounting estimates and assumptions |
| The management consider that no estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
| Revenue |
| Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration. |
| Property, plant and equipment |
| Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
| Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life. |
| Plant and machinery | - 15% on reducing balance |
| Motor vehicles | - 20% on reducing balance |
| Computer equipment | - 25% on cost |
| Inventories |
| Biological assets, agricultural produce and other inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. |
| FOREST POULTRY LIMITED (REGISTERED NUMBER: 08422860) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties. |
| Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Hire purchase and leasing commitments |
| Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Operating lease rentals are charged against profits of the period to which they relate. |
| Pension costs and other post-retirement benefits |
| Payments to defined contribution pension schemes are charged as an expense in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| FOREST POULTRY LIMITED (REGISTERED NUMBER: 08422860) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The net book value of property, plant and equipment includes £NIL (2023 - £ 103,241 ) in respect of assets held under hire purchase contracts. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 7) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| FOREST POULTRY LIMITED (REGISTERED NUMBER: 08422860) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 7. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | - | 59,591 |
| Hire purchase liabilities are secured on the underlying assets. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 100 | 100 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £3,646 (2023 - £2,825). Amounts payable to the scheme at the reporting date were £722 (2023 - £637). |
| 12. | CONTINGENT LIABILITIES |
| This company has given a guarantee to its bankers in respect of group borrowings of its parent company. Security given includes a fixed and floating charge over the whole assets of the company. |
| 13. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| FOREST POULTRY LIMITED (REGISTERED NUMBER: 08422860) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 September 2024 |
| 14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The directors operate a loan account with the company which is repayable on demand. The following advances and credits subsisted during the years ended 2024 and 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | 56,310 | 51,615 |
| Amounts advanced | 456,187 | 76,460 |
| Amounts repaid | (512,497 | ) | (71,765 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | 56,310 |
| Interest has been charged at the HMRC beneficial loan rate whilst overdrawn. |
| 15. | RELATED PARTY DISCLOSURES |
| The company is a wholly owned subsidiary of FP Holdings 2019 Ltd. The company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions with members or investees of the group. |
| Included within other debtors are £nil (2023 - £56,310) relating to a directors' loan account, which is repayable on demand. Interest is charged at HMRC beneficial loan rate whilst overdrawn. The total interest receivable in relation to the loan is £1,894 (2023 - £1,257). |
| 16. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| The company is a wholly owned subsidiary of FP Holdings 2019 Ltd. |
| The parent undertaking of the smallest and largest group for which consolidated accounts are prepared is FP Holdings 2019 Ltd of Unit 7-8 Manor Court, Eastfield, Scarborough, YO11 3TU. |