Company No: 12096577 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.07.2024		30.07.2023
		£		£
Fixed assets
Tangible assets	4	39,779		329,869
		39,779		329,869
Current assets
Stocks	5	4,786		12,509
Debtors	6	3,715		11,464
Cash at bank and in hand		2,860		2,571
		11,361		26,544
Creditors: amounts falling due within one year	7	( 228,353)		( 281,620)
Net current liabilities		(216,992)		(255,076)
Total assets less current liabilities		(177,213)		74,793
Creditors: amounts falling due after more than one year	8	( 10,098)		( 161,579)
Provision for liabilities		0		( 6,464)
Net liabilities		( 187,311)		( 93,250)
Capital and reserves
Called-up share capital		2		2
Profit and loss account		( 187,313 )		( 93,252 )
Total shareholders' deficit		( 187,311)		( 93,250)

For the financial year ending 30 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of FTGW Limited (registered number: 12096577) were approved and authorised for issue by the Board of Directors on 10 September 2025. They were signed on its behalf by:

S L Summers Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

FTGW Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Bank Deli & Greengrocers, 23 Fore Street, Williton, TA4 4PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has net current liabilities and has suffered losses. In light of this, the directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have supported the company by making further directors' loans and expect to continue to do so. Based on this, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sales of produce 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	6 years straight line
Plant and machinery	5 years straight line
Fixtures and fittings	5 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Year ended 30.07.2024		Period from 01.08.2022 to 30.07.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		13

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 31 July 2023	30,000		30,000
At 30 July 2024	30,000		30,000
Accumulated amortisation
At 31 July 2023	30,000		30,000
At 30 July 2024	30,000		30,000
Net book value
At 30 July 2024	0		0
At 30 July 2023	0		0

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 31 July 2023	339,601		20,988		3,250		106,841		3,687		474,367
Additions	0		0		19,452		17,010		0		36,462
Disposals	( 339,601)		( 12,489)		( 2,460)		( 89,587)		( 3,687)		( 447,824)
At 30 July 2024	0		8,499		20,242		34,264		0		63,005
Accumulated depreciation
At 31 July 2023	39,601		16,975		2,113		82,191		3,618		144,498
Charge for the financial year	0		1,417		1,779		22,426		69		25,691
Disposals	( 39,601)		( 12,489)		( 1,599)		( 89,587)		( 3,687)		( 146,963)
At 30 July 2024	0		5,903		2,293		15,030		0		23,226
Net book value
At 30 July 2024	0		2,596		17,949		19,234		0		39,779
At 30 July 2023	300,000		4,013		1,137		24,650		69		329,869

5. Stocks

	30.07.2024		30.07.2023
	£		£
Stocks	4,786		12,509

6. Debtors

	30.07.2024		30.07.2023
	£		£
Trade debtors	0		208
Other debtors	3,715		11,256
	3,715		11,464

7. Creditors: amounts falling due within one year

	30.07.2024		30.07.2023
	£		£
Bank loans and overdrafts	18,213		32,901
Trade creditors	11,768		13,490
Taxation and social security	14,717		15,076
Obligations under finance leases and hire purchase contracts (secured)	2,263		0
Other creditors	181,392		220,153
	228,353		281,620

8. Creditors: amounts falling due after more than one year

	30.07.2024		30.07.2023
	£		£
Bank loans	8,778		161,579
Obligations under finance leases and hire purchase contracts (secured)	1,320		0
	10,098		161,579

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	30.07.2024		30.07.2023
	£		£
within one year	12,667		0
between one and five years	73,667		0
after five years	87,083		0
	173,417		0