Forest Custom And Classics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10155356 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30th April 2021

for

Forest Custom And Classics Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

S J Wilkinson

G B England

SECRETARY:

REGISTERED OFFICE:

Shepherds Corner

Chapel Hill

Aylburton

Lydney

Gloucestershire

GL15 6DF

REGISTERED NUMBER:

10155356 (England and Wales)

ACCOUNTANTS:

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

FIXED ASSETS

Tangible assets

4

20,980

16,843

CURRENT ASSETS

Stocks

5

64,107

55,543

Debtors

6

5,122

4,479

Cash at bank and in hand

13,846

27,912

83,075

87,934

CREDITORS

Amounts falling due within one year

7

36,139

49,371

NET CURRENT ASSETS

46,936

38,563

TOTAL ASSETS LESS CURRENT LIABILITIES

67,916

55,406

PROVISIONS FOR LIABILITIES

8

3,986

-

NET ASSETS

63,930

55,406

CAPITAL AND RESERVES

Called up share capital

9

4

2

Retained earnings

10

63,926

55,404

SHAREHOLDERS' FUNDS

63,930

55,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2021 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 and authorised for issue by the Board of Directors and authorised for issue on 27th May 2021 and were signed on its behalf by:

S J Wilkinson - Director

G B England - Director

1.	STATUTORY INFORMATION

Forest Custom And Classics Ltd 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.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st May 2020

16,301

5,692

5,500

963

28,456

Additions

5,601

2,310

-

627

8,538

At 30th April 2021

21,902

8,002

5,500

1,590

36,994

DEPRECIATION

At 1st May 2020

6,393

3,627

1,420

173

11,613

Charge for year

2,523

498

1,020

360

4,401

At 30th April 2021

8,916

4,125

2,440

533

16,014

NET BOOK VALUE

At 30th April 2021

12,986

3,877

3,060

1,057

20,980

At 30th April 2020

9,908

2,065

4,080

790

16,843

5.

STOCKS

30.4.21

30.4.20

£

£

Stocks

55,842

47,298

Work-in-progress

8,265

8,245

64,107

55,543

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade debtors

-

1,033

Other debtors

3,765

3,446

VAT

1,357

-

5,122

4,479

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade creditors

10,942

4,998

Tax

889

8,125

VAT

-

3,263

Directors' current accounts

20,054

32,985

Accrued expenses

4,254

-

36,139

49,371

8.	PROVISIONS FOR LIABILITIES

30.4.21

30.4.20

£

£

Deferred tax

3,986

-

Deferred

tax

£

Charge to Income Statement during year

3,986

Balance at 30th April 2021

3,986

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.21

30.4.20

value:

£

£

2

Ordinary

£1

2

2

1

A Ordinary

£1

1

-

1

B Ordinary

£1

1

-

4

2

The following shares were allotted and fully paid for cash at par during the year:

1 A Ordinary shares of £1 each

1 B Ordinary shares of £1 each

10.

RESERVES

Retained

earnings

£

At 1st May 2020

55,404

Profit for the year

23,872

Dividends

(15,350

)

At 30th April 2021

63,926

11.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forest Custom And Classics Ltd for the year ended 30th April 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Forest Custom And Classics Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Forest Custom And Classics Ltd and state those matters that we have agreed to state to the Board of Directors of Forest Custom And Classics Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Forest Custom And Classics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Forest Custom And Classics Ltd. You consider that Forest Custom And Classics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Forest Custom And Classics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

Date: 27th May 2021