Company registration number 10656175 (England and Wales)
FORTH HOLD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
FORTH HOLD LIMITED
COMPANY INFORMATION
Directors
Mr M Cripps
(Appointed 30 July 2024)
Mr S J Stephens
Mr D J Carr
Mr J Davis
Company number
10656175
Registered office
Unit 3 - 4 Sleepy Hollow Business Park
Ampfield
Romsey
Hampshire
England
SO51 9AW
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
FORTH HOLD LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
FORTH HOLD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal risks and uncertainties

The company manages a portfolio of risks that reflect both internal and external challenges to its core activities. Risks are proactively identified and managed by senior management in various forums and through the continuous review of key processes and procedures. The principal risks and uncertainties are:

Contract retention risk

The group is very proud of its client retention rates and strives to maintain contractual relationships through delivery of a premium service and competitive pricing. The gestation period of securing new contracts can be significant and therefore the group mitigates the potential financial impact of contractual losses through highly skilled dedicated account management teams.

 

Price risk

The business has continued to enjoy fair margins, supported by the longevity of relationships with key clients. Profitability is protected against the impact of low margin work, through a strategic decision to primarily deliver installation works for maintenance clients only, and in so doing protect the business from aggressive competitor pricing in open tender environments. Investment in a CRM system, along with an industry specific asset management system enables the Account Management team to focus on quality of service, rather than price alone.

 

Liquidity and credit risk

The group seeks to manage liquidity risk by maintaining a healthy cash reserve, supported by an overdraft facility, albeit not used in the year, to service trading commitments. The Board review monthly key financial measures, including debtor and creditor days, to maintain a healthy relationship with the supply chain, to aid deliver of a premium service to clients, whilst ensuring a healthy working capital cycle.

 

Staff recruitment and retention risk

The group strives to deliver a premium service through a self-delivery model where possible. This creates risk around the attraction and retention of staff and so the company has developed an end-to-end recruitment model to improve the success rate on talent identification and onboarding. This is further supported by investment in an HR platform to ensure staff performance and development is proactively managed and reported to Board each month.

 

Health & Safety risk

The group has recruited a QHSE Director to develop and continuously improve a robust management system to mitigate Health & Safety risks associated with all business activity. We have invested heavily in staff training across all levels, including the IOSH Safety for Executives and Directors for all company Directors. The group also successfully achieved ISO45001 Health and Safety Accreditation, achieved a five-star grading from the British Safety Council Occupational Health and Safety Audit and were one of only 72 companies globally to be awarded the British Safety Council Sword of Honour 2024.

 

Cash Flow risk

Maintenance income is contracted and is billed over agreed periods, providing a reasonable level of positive cash flow on a consistent basis. Installation works are less predictable but delivered through in-house Contract Managers, supported by sub-contractors, which ensures cash out-flows are aligned to cash receipts, ensuring a positive working capital cycle. The business does not trade or procure in any foreign currency, and therefore not exposed to any exchange rate fluctuations. The Board review a 12-month Cash Flow forecast each month and receive a bi-weekly bank reconciliation report, detailing all income and expenditure. The business has an overdraft facility in place but has never had to use this to date.

Development and performance

Turnover increased by 20% year on year, driven by a significant maintenance contract win in FORTH® Building Services and two significant installation projects in FORTH® Technical services, including one delivered in Gibraltar, our first install project delivered outside of the UK. This along with retention of all significant clients across the group has seen our market share increase aligned to our strategic targets, which has positioned the business well for future growth opportunities, supported by the appointment of key hires in delivery and operational roles. The business continues to invest in growing sales through its existing customer base and targeted new clients, who invest in their assets, to ensure alignment to our service offering. The business has further supported this strategic aim with investment in a CRM system, along with an industry specific asset management system to ensure clients receive a premium service in all engagements.

FORTH HOLD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

Turnover

£18,566,454

Gross Profit

£5,712,902

Operating Profit

£1,957,568

Equity Shareholder funds

£3,501,753

Average number of employees

105

 

The Directors consider performance against these KPIs to be satisfactory.

On behalf of the board

Mr S J Stephens
Director
20 June 2025
FORTH HOLD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group continued to be the provisions of design, maintenance and installation of combustion, air conditioning, mechanical and electrical systems in commercial environments, including Office, Education, Heritage, Healthcare, Defence and Manufacturing.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £416,999. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Cripps
(Appointed 30 July 2024)
Mr S J Stephens
Mr D J Carr
Mr J Davis
Future developments

The business will look to expand its relationship with existing key clients, whilst actively developing relationships with potential new clients through the Account Management teams, underpinned by the introduction of a CRM system to improve all interactions. The group of companies now allows the account management team to offer clients a wider range of services and geographical coverage to further develop the group’s market share and strategic growth aspirations.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FORTH HOLD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S J Stephens
Director
20 June 2025
FORTH HOLD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FORTH HOLD LIMITED
- 5 -
Opinion

We have audited the financial statements of Forth Hold Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

The year ended 30 September 2024 is the first year for which an audit has been required for the group. As a result, the comparative figures have not been audited.

FORTH HOLD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FORTH HOLD LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

FORTH HOLD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FORTH HOLD LIMITED
- 7 -

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Buse FCA
Senior Statutory Auditor
For and on behalf of
20 June 2025
Fiander Tovell Limited
Chartered Accountants
Statutory Auditor
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
FORTH HOLD LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
18,566,454
15,460,866
Cost of sales
(12,853,553)
(9,673,462)
Gross profit
5,712,901
5,787,404
Administrative expenses
(4,182,450)
(3,251,227)
Other operating income
427,117
-
Operating profit
4
1,957,568
2,536,177
Share of results of associates
78,239
(3,300)
Interest receivable and similar income
7
107
-
0
Interest payable and similar expenses
8
(47,284)
(75,880)
Fair value gains and losses on investment properties
13
-
0
(82,896)
Profit before taxation
1,988,630
2,374,101
Tax on profit
9
(519,640)
(570,154)
Profit for the financial year
1,468,990
1,803,947
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FORTH HOLD LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
72,700
85,163
Tangible assets
12
2,041,460
1,566,321
Investment property
13
-
0
870,000
Investments
14
78,239
-
0
2,192,399
2,521,484
Current assets
Debtors
17
5,190,934
4,611,327
Cash at bank and in hand
1,432,988
893,342
6,623,922
5,504,669
Creditors: amounts falling due within one year
18
(4,319,840)
(4,066,753)
Net current assets
2,304,082
1,437,916
Total assets less current liabilities
4,496,481
3,959,400
Creditors: amounts falling due after more than one year
19
(980,007)
(847,150)
Provisions for liabilities
Deferred tax liability
22
25,683
268
(25,683)
(268)
Net assets
3,490,791
3,111,982
Capital and reserves
Called up share capital
24
740
840
Capital redemption reserve
260
160
Profit and loss reserves
3,489,791
3,110,982
Total equity
3,490,791
3,111,982

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
20 June 2025
Mr S J Stephens
Director
Company registration number 10656175 (England and Wales)
FORTH HOLD LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,910,646
1,363,764
Investment property
13
-
0
870,000
Investments
14
168,735
168,735
2,079,381
2,402,499
Current assets
Debtors
17
116,335
82,295
Cash at bank and in hand
3,599
8,436
119,934
90,731
Creditors: amounts falling due within one year
18
(79,789)
(670,717)
Net current assets/(liabilities)
40,145
(579,986)
Total assets less current liabilities
2,119,526
1,822,513
Creditors: amounts falling due after more than one year
19
(980,007)
(768,751)
Provisions for liabilities
Deferred tax liability
22
2,458
-
0
(2,458)
-
Net assets
1,137,061
1,053,762
Capital and reserves
Called up share capital
24
740
840
Capital redemption reserve
260
160
Profit and loss reserves
1,136,061
1,052,762
Total equity
1,137,061
1,053,762

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,173,480 (2023 - £1,150,328 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
20 June 2025
Mr S J Stephens
Director
Company registration number 10656175 (England and Wales)
FORTH HOLD LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
940
60
2,121,975
2,122,975
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,803,947
1,803,947
Dividends
10
-
-
(346,055)
(346,055)
Own shares acquired
-
-
(468,885)
(468,885)
Redemption of shares
24
-
100
-
100
Reduction of shares
24
(100)
-
-
(100)
Balance at 30 September 2023
840
160
3,110,982
3,111,982
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,468,990
1,468,990
Dividends
10
-
-
(416,999)
(416,999)
Own shares acquired
-
-
(673,182)
(673,182)
Redemption of shares
24
-
100
-
100
Reduction of shares
24
(100)
-
-
(100)
Balance at 30 September 2024
740
260
3,489,791
3,490,791
FORTH HOLD LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
940
60
717,374
718,374
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
1,150,328
1,150,328
Dividends
10
-
-
(346,055)
(346,055)
Own shares acquired
-
-
(468,885)
(468,885)
Redemption of shares
24
-
100
-
100
Reduction of shares
24
(100)
-
-
(100)
Balance at 30 September 2023
840
160
1,052,762
1,053,762
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,173,480
1,173,480
Dividends
10
-
-
(416,999)
(416,999)
Own shares acquired
-
-
(673,182)
(673,182)
Redemption of shares
24
-
100
-
100
Reduction of shares
24
(100)
-
-
(100)
Balance at 30 September 2024
740
260
1,136,061
1,137,061
FORTH HOLD LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,960,815
1,654,399
Interest paid
(47,284)
(75,880)
Income taxes paid
(406,710)
(361,698)
Net cash inflow from operating activities
1,506,821
1,216,821
Investing activities
Purchase of tangible fixed assets
(583,760)
(112,999)
Proceeds from disposal of tangible fixed assets
68,000
-
Purchase of investment property
-
(6,983)
Proceeds from disposal of investment property
870,000
-
Purchase of associates
-
(3,300)
Interest received
107
-
0
Net cash generated from/(used in) investing activities
354,347
(123,282)
Financing activities
Purchase of treasury shares
(673,182)
(468,885)
Repayment of borrowings
(374,794)
-
Proceeds from new bank loans
277,500
-
Repayment of bank loans
(45,069)
(74,398)
Payment of finance leases obligations
(88,978)
(10,999)
Dividends paid to equity shareholders
(416,999)
(346,055)
Net cash used in financing activities
(1,321,522)
(900,337)
Net increase in cash and cash equivalents
539,646
193,202
Cash and cash equivalents at beginning of year
893,342
700,140
Cash and cash equivalents at end of year
1,432,988
893,342
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information

Forth Hold Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 3 - 4 Sleepy Hollow Business Park, Ampfield, Romsey, Hampshire, England, SO51 9AW.

 

The group consists of Forth Hold Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Forth Hold Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Leasehold land and buildings
15% reducing balance
Plant and machinery
25% straight line
Fixtures, fittings and equipment
25% straight line or 15% reducing balance
Computer equipment
33.3% straight line
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.

 

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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 current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Freehold property valuation

Freehold properties included within the financial statements are carried at fair value. The directors have made key assumptions in estimating the fair value of these properties, based on reasonable and supportable estimates of the asset's market value.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Maintenance
7,404,141
5,379,876
Installations
11,159,201
10,049,339
Property rental
3,112
31,651
18,566,454
15,460,866
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,984,028
15,460,866
Gibraltar
582,426
-
18,566,454
15,460,866
2024
2023
£
£
Other revenue
Interest income
107
-
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
4,000
-
Depreciation of owned tangible fixed assets
19,246
22,530
Depreciation of tangible fixed assets held under finance leases
11,172
29,792
Loss on disposal of tangible fixed assets
10,203
-
Amortisation of intangible assets
12,463
12,463
Operating lease charges
161,976
194,903
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Engineers
36
25
-
-
Management and administration
59
51
3
3
Total
95
76
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,580,491
3,510,644
-
0
-
0
Social security costs
421,645
312,728
-
-
Pension costs
286,010
101,964
-
0
-
0
5,288,146
3,925,336
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
225,406
12,792
Company pension contributions to defined contribution schemes
173,190
20,000
398,596
32,792
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
6,396
-
Company pension contributions to defined contribution schemes
172,706
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
107
-
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
31,820
28,311
Other interest on financial liabilities
7,061
37,500
Interest on finance leases and hire purchase contracts
8,390
7,463
Other interest
13
2,606
Total finance costs
47,284
75,880
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
494,134
570,154
Adjustments in respect of prior periods
91
-
0
Total current tax
494,225
570,154
Deferred tax
Origination and reversal of timing differences
(1,107)
-
0
Adjustment in respect of prior periods
26,522
-
0
Total deferred tax
25,415
-
0
Total tax charge
519,640
570,154
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,988,630
2,374,101
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
497,158
522,302
Tax effect of expenses that are not deductible in determining taxable profit
25,964
54,153
Tax effect of utilisation of tax losses not previously recognised
-
0
(1,727)
Adjustments in respect of prior years
91
-
0
Permanent capital allowances in excess of depreciation
-
0
(7,969)
Amortisation on assets not qualifying for tax allowances
3,116
2,742
Other permanent differences
(13,651)
(73)
Deferred tax adjustments in respect of prior years
26,522
-
0
Share of associates profits/losses not taxable
(19,560)
726
Taxation charge
519,640
570,154
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
416,999
346,055
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
124,629
Amortisation and impairment
At 1 October 2023
39,466
Amortisation charged for the year
12,463
At 30 September 2024
51,929
Carrying amount
At 30 September 2024
72,700
At 30 September 2023
85,163
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 October 2023
1,363,764
12,676
8,627
156,103
7,251
141,918
1,690,339
Additions
537,051
-
0
-
0
45,278
1,431
-
0
583,760
Disposals
-
0
-
0
-
0
-
0
-
0
(130,000)
(130,000)
At 30 September 2024
1,900,815
12,676
8,627
201,381
8,682
11,918
2,144,099
Depreciation and impairment
At 1 October 2023
-
0
5,704
7,399
55,562
5,417
49,936
124,018
Depreciation charged in the year
-
0
1,046
564
16,485
499
11,824
30,418
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(51,797)
(51,797)
At 30 September 2024
-
0
6,750
7,963
72,047
5,916
9,963
102,639
Carrying amount
At 30 September 2024
1,900,815
5,926
664
129,334
2,766
1,955
2,041,460
At 30 September 2023
1,363,764
6,972
1,228
100,541
1,834
91,982
1,566,321
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
Company
Freehold land and buildings
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 October 2023
1,363,764
-
0
-
0
1,363,764
Additions
537,051
8,400
1,431
546,882
At 30 September 2024
1,900,815
8,400
1,431
1,910,646
Depreciation and impairment
At 1 October 2023 and 30 September 2024
-
0
-
0
-
0
-
0
Carrying amount
At 30 September 2024
1,900,815
8,400
1,431
1,910,646
At 30 September 2023
1,363,764
-
0
-
0
1,363,764

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Long leasehold
5,926
6,972
-
0
-
0

Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within company tangible fixed assets is £1,807,450 (2023: £1,270,400). The carrying value of these investment properties included within group tangible fixed assets is £1,807,450 (2023: £1,270,400).

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
-
0
89,375
-
0
-
0
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023
870,000
870,000
Disposals
(870,000)
(870,000)
At 30 September 2024
-
-
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Investment property
(Continued)
- 27 -

The property was held purely for investment and was revalued by the directors at 30 September 2023 to agree to the consideration received on the sale of the same property which completed in November 2023. The sales proceeds were £870,000.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
165,435
165,435
Investments in associates
16
78,239
-
0
3,300
3,300
78,239
-
0
168,735
168,735
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 October 2023
-
Share of results of associates
78,239
At 30 September 2024
78,239
Carrying amount
At 30 September 2024
78,239
At 30 September 2023
-
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 October 2023 and 30 September 2024
168,735
Carrying amount
At 30 September 2024
168,735
At 30 September 2023
168,735
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Forth Technical Services Ltd (formerly Accolade Building Care Limited)
1
Ordinary shares
100.00
Forth Building Services Ltd
1
Ordinary shares
100.00
Forth Group Services Limited (formerly Forth Invest Ltd)
1
Ordinary shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 3 - 4 Sleepy Hollow Business Park, Ampfield, Romsey, Hampshire, United Kingdom, SO51 9AW
16
Associates

Details of associates at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Forth Fire Limited
Unit 3 - 4 Sleepy Hollow Business Park, Ampfield, Romsey, Hampshire, United Kingdom, SO51 9AW
Ordinary shares
38

The associate investment has been accounted for in accordance with the equity method. Forth Hold's share of the profit or loss of the associate has been disclosed separately in the statement of comprehensive income.

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,725,657
4,013,324
3,379
14,554
Amounts owed by group undertakings
-
-
45,000
-
Amounts owed by undertakings in which the company has a participating interest
58,970
58,970
58,970
58,970
Other debtors
119,133
98,839
8,986
3,779
Prepayments and accrued income
287,174
440,194
-
0
4,992
5,190,934
4,611,327
116,335
82,295
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
55,209
34,034
55,209
34,034
Obligations under finance leases
21
-
0
10,579
-
0
-
0
Other borrowings
20
-
0
374,794
-
0
374,794
Trade creditors
1,403,142
1,359,923
865
-
0
Amounts owed to group undertakings
-
0
-
0
19,415
253,302
Corporation tax payable
495,003
407,488
920
5,462
Other taxation and social security
766,363
688,952
-
-
Other creditors
71,921
50,271
-
0
-
0
Accruals and deferred income
1,528,202
1,140,712
3,380
3,125
4,319,840
4,066,753
79,789
670,717
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
980,007
768,751
980,007
768,751
Obligations under finance leases
21
-
0
78,399
-
0
-
0
980,007
847,150
980,007
768,751
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,035,216
802,785
1,035,216
802,785
Other loans
-
0
374,794
-
0
374,794
1,035,216
1,177,579
1,035,216
1,177,579
Payable within one year
55,209
408,828
55,209
408,828
Payable after one year
980,007
768,751
980,007
768,751

 

There are two bank loans at the reporting date. One attracts interest at 3.3% per annum and the other at 3.43% over the base rate. The loans are secured against the freehold property of the group.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
10,579
-
0
-
0
In two to five years
-
0
78,399
-
0
-
0
-
88,978
-
-

Finance lease payments represent rentals payable by the company or group for a motor vehicle. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
31,183
268
Retirement benefit obligations
(2,429)
-
Other short term timing differences
(3,071)
-
25,683
268
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
2,458
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
268
-
Charge to profit or loss
25,415
2,458
Liability at 30 September 2024
25,683
2,458

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
286,010
101,964

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £37,830 (2023: £30,064) were payable at the year end and are included in creditors.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
-
1,000
-
100
Ordinary B shares of 10p each
1,450
1,450
145
145
Ordinary C shares of 10p each
3,550
3,550
355
355
Ordinary D shares of 10p each
900
900
90
90
Ordinary F shares of 10p each
1,500
1,500
150
150
7,400
8,400
740
840

On 31 October 2023 - 620 shares were repurchased from a shareholder for the sum of £419,832. The shares were subsequently cancelled. On 29 January 2024 - a further 380 shares were repurchased from the same shareholder for the sum of £250,000. The shares were subsequently cancelled.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
304,624
372,290
-
-
Between two and five years
335,517
482,080
-
-
640,141
854,370
-
-
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
25
Operating lease commitments
(Continued)
- 32 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
-
-
90,000
90,000
Between two and five years
-
-
-
90,000
-
-
90,000
180,000
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
8,146
-
8,146
-
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,468,990
1,803,947
Adjustments for:
Share of results of associates and joint ventures
(78,239)
3,300
Taxation charged
519,640
570,154
Finance costs
47,284
75,880
Investment income
(107)
-
0
Loss on disposal of tangible fixed assets
10,203
-
Fair value (gain)/loss on investment properties
-
0
82,896
Amortisation and impairment of intangible assets
12,463
12,463
Depreciation and impairment of tangible fixed assets
30,418
52,322
Movements in working capital:
Increase in debtors
(579,607)
(1,897,575)
Increase in creditors
529,770
951,012
Cash generated from operations
1,960,815
1,654,399
FORTH HOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
29
Analysis of changes in net funds/(debt) - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
893,342
539,646
1,432,988
Borrowings excluding overdrafts
(1,177,579)
142,363
(1,035,216)
Obligations under finance leases
(88,978)
88,978
-
(373,215)
770,987
397,772
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