REGISTERED NUMBER: 01173634 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 December 2024

for

FOREMOST FURNITURE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Collinson

H Creer

A Creer

M Conboy

J J Dawson

REGISTERED OFFICE:

The Flip, No 1 Carrs Industrial Estate

Bentwood Road

Haslingden

Rossendale

Lancashire

BB4 5HH

REGISTERED NUMBER:

01173634 (England and Wales)

ACCOUNTANTS:

Fact3

3 Hardman Square

Spinningfields

Manchester

M3 3EB

FIXED ASSETS

Tangible assets

4

97,048

127,897

CURRENT ASSETS

Stocks

5

420,076

463,985

Debtors

6

3,710,884

3,386,491

Cash at bank

115,583

195,255

4,246,543

4,045,731

CREDITORS

Amounts falling due within one year

7

1,827,082

1,765,193

NET CURRENT ASSETS

2,419,461

2,280,538

TOTAL ASSETS LESS CURRENT LIABILITIES

2,516,509

2,408,435

CREDITORS

Amounts falling due after more than one year

8

(15,032

)

(39,299

)

PROVISIONS FOR LIABILITIES

(18,569

)

(24,070

)

NET ASSETS

2,482,908

2,345,066

CAPITAL AND RESERVES

Called up share capital

2,640

2,640

Retained earnings

2,480,268

2,342,426

SHAREHOLDERS' FUNDS

2,482,908

2,345,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

.................................................................

M Conboy - Director

1.	STATUTORY INFORMATION

FOREMOST FURNITURE LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of accounting

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The recovery from the global pandemic continues to impact on the wider UK economy, but the company has continued to strengthen its balance sheet and has taken various steps to maximize opportunities from the positive recovery seen in the sector in which it trades. The company continues to recruit and train new employees and invest for its future. After careful consideration of all the information available, including cash flow projections, the directors are confident of the company's future and longevity and have continued to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Over the life of the lease

Plant, machinery & computer equipment

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase agreements

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2023 - 62 ) .

4.	TANGIBLE FIXED ASSETS

Plant,

Improvements

machinery

Fixtures

to

& computer

and

Motor

property

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

67,672

479,864

37,400

80,000

664,936

Additions

-

8,138

500

-

8,638

At 31 December 2024

67,672

488,002

37,900

80,000

673,574

DEPRECIATION

At 1 January 2024

66,456

429,034

29,882

11,667

537,039

Charge for year

1,216

16,774

1,497

20,000

39,487

At 31 December 2024

67,672

445,808

31,379

31,667

576,526

NET BOOK VALUE

At 31 December 2024

-

42,194

6,521

48,333

97,048

At 31 December 2023

1,216

50,830

7,518

68,333

127,897

5.

STOCKS

2024

2023

£

£

Stocks and Work-in-progress

420,076

463,985

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

934,960

913,548

Amounts owed by group undertakings

2,648,462

2,332,481

Other debtors

127,462

140,462

3,710,884

3,386,491

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

843,537

723,799

Hire purchase contracts (see note 9)

32,061

34,424

Trade creditors

485,445

467,722

Tax

140,508

182,750

Social security and other taxes

195,794

213,573

Other creditors

129,737

142,925

1,827,082

1,765,193

The factoring creditor balance is secured by way of a fixed and floating debenture over the assets of the company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

9,600

10,000

Bank loans - 2-5 years

5,432

5,000

Hire purchase contracts (see note 9)

-

24,299

15,032

39,299

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2024

2023

£

£

Net obligations repayable:

Within one year

32,061

34,424

Between one and five years

-

24,299

32,061

58,723

Non-cancellable operating

leases

2024

2023

£

£

Within one year

211,184

176,514

Between one and five years

378,498

357,167

589,682

533,681

10.	RELATED PARTY DISCLOSURES

During the period the company paid management charges of £65,121 (2023: £67,267) to FF Concept Group Ltd the parent company of FFUK Holdings Limited. The balance due from FF Concept Group Ltd was £1,491,179 (2023: £1,531,006). FF Concept Group Ltd owns 100% of the shares in FFUK Holdings Limited.

During the period the company paid management charges of £98 (2023: £nil) to FFUK Holdings Limited. The balance due from FFUK Holdings Limited was £1,157,283 (2023: £801,475). FFUK Holdings Limited owns 100% of the shares in the company.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is FF Concept Group Limited.