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Filleted
Registration number: 07631114

Fforest General Stores Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Fforest General Stores Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Fforest General Stores Ltd

Company Information

Director

Mr J Lynch

Company secretary

Ms S Tucker

Registered office

Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

Accountants

LHP Accountants Ltd
Chartered Certified AccountantsTŷ Harford,
Sgwâr Harford
Lampeter
SA48 7HD

 

Fforest General Stores Ltd

(Registration number: 07631114)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

12,061

13,999

Debtors

5

48,790

24,837

Cash at bank and in hand

 

(12)

1,513

 

60,839

40,349

Creditors: Amounts falling due within one year

6

(24,643)

(1,012)

Net assets

 

36,196

39,337

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

36,096

39,237

Shareholders' funds

 

36,196

39,337

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2025
 

.........................................
Mr J Lynch
Director

   
     
 

Fforest General Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridge Warehouse
Castle Street
Cardigan
SA43 3AA

These financial statements were authorised for issue by the director on 31 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Fforest General Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Fforest General Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Stocks

2024
£

2023
£

Other inventories

12,061

13,999

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

45,217

22,150

Prepayments

 

643

443

Other debtors

 

2,930

2,244

   

48,790

24,837

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

794

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

22,387

-

Other creditors

 

1,462

436

Corporation tax liability

 

-

576

 

24,643

1,012

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

794

-

 

Fforest General Stores Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Related party transactions

Summary of transactions with other related parties

Fforest General Stores Ltd is related to the following companies by virtue of same shareholder and director:-
Cardigan Quays Ltd
Fforest Camps Ltd
Fforest Events Ltd
Fforest Catering Ltd
Fforest Canoes Ltd
Pizza Tipi Ltd
Fforest Land Ltd
Boy Ashore Ltd
BigFt Ltd
Bigger Box Ltd
Total amount owed by Fforest General Stores Ltd to the above companies is £22,387 (2023 : £22,448).
Total amount owed to Fforest General Stores Ltd by the above companies is £45,217 (2023 : £44,597).

During the year ended 31st October 2024 Fforest General Stores Ltd paid £12,000 to Cardigan Quays Ltd in respect of rent. These transactions were made in the ordinary course of business.

During the year ended 31st October 2024 Fforest General Stores Ltd paid £6,000 to Cardigan Quays Ltd in respect of management fees. These transactions were made in the ordinary course of business.

During the year ended 31st October 2024 Fforest General Stores provided £15,000 (2023 : £Nil) to Fforest Camps in respect of purchases for re-sale.