Registration number: SC520797

Forgan Trading Limited

Contents

Directors' Report	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Forgan Trading Limited

Directors' Report for the Year Ended 30 November 2025

The Directors present their report and the financial statements for the year ended 30 November 2025.

Directors of the Company

The Directors who held office during the year were as follows:

Mr S W Young

Mrs S L Young

Principal activity
The principal activity of the company during the year was that of bed sales.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 August 2026 and signed on its behalf by:
 

......................................... Mr S W Young Director

Forgan Trading Limited

(Registration number: SC520797)
Statement of Financial Position as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	41,221	25,913
Current assets
Stocks	6	20,050	22,051
Debtors	7	5,151	1,882
Cash at bank and in hand		6,053	26,445
		31,254	50,378
Creditors: Amounts falling due within one year	8	(54,155)	(55,410)
Net current liabilities		(22,901)	(5,032)
Total assets less current liabilities		18,320	20,881
Creditors: Amounts falling due after more than one year	8	(14,338)	(12,500)
Provisions for liabilities		(7,832)	(4,924)
Net (liabilities)/assets		(3,850)	3,457
Capital and reserves
Called up share capital		5	5
Retained earnings		(3,855)	3,452
Shareholders' (deficit)/funds		(3,850)	3,457

For the financial year ending 30 November 2025 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 accounts for the year in question in accordance with section 476; and
•	The Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Income Statement and Directors' Report.

Forgan Trading Limited

(Registration number: SC520797)
Statement of Financial Position as at 30 November 2025

Approved and authorised by the Board on 28 August 2026 and signed on its behalf by:
 

......................................... Mr S W Young Director

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

1	General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
147 Rumblingwell
Dunfermline
Fife
KY12 9AR

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 and deferred 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.

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Equipment	20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years straight line

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

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.

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 income statement 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.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2024 - 4).

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 December 2024	10,000	10,000
At 30 November 2025	10,000	10,000
Amortisation
At 1 December 2024	10,000	10,000
At 30 November 2025	10,000	10,000
Carrying amount
At 30 November 2025	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2024	3,104	50,689	53,793
Additions	-	28,645	28,645
Disposals	-	(22,944)	(22,944)
At 30 November 2025	3,104	56,390	59,494
Depreciation
At 1 December 2024	2,315	25,565	27,880
Charge for the year	132	7,534	7,666
Eliminated on disposal	-	(17,273)	(17,273)
At 30 November 2025	2,447	15,826	18,273
Carrying amount
At 30 November 2025	657	40,564	41,221
At 30 November 2024	789	25,124	25,913

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

6

Stocks

	2025 £	2024 £
Other inventories	20,050	22,051

7

Debtors

Current	2025 £	2024 £
Trade debtors	5,151	1,882
	5,151	1,882

Forgan Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	16,765	9,999
Taxation and social security		17,376	24,148
Accruals and deferred income		2,575	2,915
Other creditors		17,439	18,348
		54,155	55,410

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	14,338	12,500

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	2,500	12,500
Hire purchase contracts	11,838	-
	14,338	12,500

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,000	9,999
Hire purchase contracts	6,765	-
	16,765	9,999