Forrest Fabrications (Accrington) Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03255101 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2022

FOR

FORREST FABRICATIONS (ACCRINGTON)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F Forrest

Mrs E Forrest

Mrs J Blackshaw

SECRETARY:

Mrs J Blackshaw

REGISTERED OFFICE:

York House

York Street

Accrington

Lancashire

BB5 4BT

REGISTERED NUMBER:

03255101 (England and Wales)

ACCOUNTANTS:

Ainsworths Limited

Chartered Accountants

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

63,314

37,712

63,314

37,712

CURRENT ASSETS

Stocks

35,500

38,018

Debtors

6

30,150

90,345

Cash at bank and in hand

78

8,078

65,728

136,441

CREDITORS

Amounts falling due within one year

7

85,796

119,696

NET CURRENT (LIABILITIES)/ASSETS

(20,068

)

16,745

TOTAL ASSETS LESS CURRENT LIABILITIES

43,246

54,457

CREDITORS

Amounts falling due after more than one year

8

(29,281

)

(24,500

)

PROVISIONS FOR LIABILITIES

(1,514

)

(3,379

)

NET ASSETS

12,451

26,578

CAPITAL AND RESERVES

Called up share capital

900

900

Capital redemption reserve

9

9

Retained earnings

11,542

25,669

SHAREHOLDERS' FUNDS

12,451

26,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2022 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 25th October 2022 and were signed on its behalf by:

Mr F Forrest - Director

1.	STATUTORY INFORMATION

Forrest Fabrications (Accrington) 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 preparing the financial statements

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has been fully amortised in previous years and has a carrying value of £nil at the Balance Sheet date.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to leasehold property

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 8 (2021 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st June 2021

and 31st May 2022

87,500

AMORTISATION

At 1st June 2021

and 31st May 2022

87,500

NET BOOK VALUE

At 31st May 2022

-

At 31st May 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

leasehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st June 2021

29,189

2,018

18,837

1,345

51,389

Additions

3,244

30,742

-

-

33,986

At 31st May 2022

32,433

32,760

18,837

1,345

85,375

DEPRECIATION

At 1st June 2021

7,567

252

4,513

1,345

13,677

Charge for year

2,920

1,883

3,581

-

8,384

At 31st May 2022

10,487

2,135

8,094

1,345

22,061

NET BOOK VALUE

At 31st May 2022

21,946

30,625

10,743

-

63,314

At 31st May 2021

21,622

1,766

14,324

-

37,712

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

17,250

At 31st May 2022

17,250

NET BOOK VALUE

At 31st May 2022

17,250

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

29,069

90,221

Other debtors

1,081

124

30,150

90,345

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts

31,980

40,305

Hire purchase contracts

9,994

-

Trade creditors

32,953

52,701

Taxation and social security

5,782

20,597

Other creditors

5,087

6,093

85,796

119,696

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans

18,500

24,500

Hire purchase contracts

10,781

-

29,281

24,500

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.22

31.5.21

£

£

Hire purchase contracts

20,775

-

Hire purchase contracts are secured on the assets to which they relate.