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REGISTERED NUMBER: 07422825















REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

FORMATION CONSULTING LIMITED

FORMATION CONSULTING LIMITED (Registered number: 07422825)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2021




Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


FORMATION CONSULTING LIMITED

COMPANY INFORMATION
for the Year Ended 31 OCTOBER 2021







DIRECTOR: A. Ademuyiwa



SECRETARY: Miss C. Goodwin



REGISTERED OFFICE: 22, Falkland Park Avenue,
South Norwood,
London
SE25 6SH



REGISTERED NUMBER: 07422825



ACCOUNTANTS: Bennett & Co
The Annexe
Minerva House
Bordyke
Tonbridge
Kent
TN9 1NR



BANKERS: HSBC Bank PLC

FORMATION CONSULTING LIMITED (Registered number: 07422825)

REPORT OF THE DIRECTOR
for the Year Ended 31 OCTOBER 2021

The director presents his report with the financial statements of the company for the year ended 31 October 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Management and Computer Consultancy.

DIVIDENDS
An interim dividend of £200 per share was paid on 7 April 2021. The director recommends a final dividend of £100 per share, making a total of £300 per share for the year ended 31 October 2021.

The total distribution of dividends for the year ended 31 October 2021 will be £ 30,000 .

DIRECTOR
A. Ademuyiwa held office during the whole of the period from 1 November 2020 to the date of this report.

ON BEHALF OF THE BOARD:





Miss C. Goodwin - Secretary


25 July 2022

FORMATION CONSULTING LIMITED (Registered number: 07422825)

INCOME STATEMENT
for the Year Ended 31 OCTOBER 2021

31.10.21 31.10.20
Notes £    £   

TURNOVER 125,557 74,508

Cost of sales 7,716 4,590
GROSS PROFIT 117,841 69,918

Administrative expenses 57,671 46,640
OPERATING PROFIT 4 60,170 23,278

Interest receivable and similar income 1 1
60,171 23,279

Interest payable and similar expenses 8,820 6,420
PROFIT BEFORE TAXATION 51,351 16,859

Tax on profit 5 9,539 3,239
PROFIT FOR THE FINANCIAL YEAR 41,812 13,620

FORMATION CONSULTING LIMITED (Registered number: 07422825)

BALANCE SHEET
31 OCTOBER 2021

31.10.21 31.10.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 5,000 4,000

CURRENT ASSETS
Cash at bank and in hand 56,053 49,519

CREDITORS
Amounts falling due within one year 8 43,922 48,200
NET CURRENT ASSETS 12,131 1,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,131

5,319

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 17,031 5,219
SHAREHOLDERS' FUNDS 17,131 5,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 25 July 2022 and were signed by:





A. Ademuyiwa - Director


FORMATION CONSULTING LIMITED (Registered number: 07422825)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 OCTOBER 2021

1. STATUTORY INFORMATION

FORMATION CONSULTING LIMITED is a private company, limited by shares , registered in Not specified/Other. 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.
Office & Computer Equipment - 25% on reducing balance

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.

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
31.10.21 31.10.20
£    £   
Wages and salaries 30,000 26,700
Other pension costs 1,125 1,119
31,125 27,819

FORMATION CONSULTING LIMITED (Registered number: 07422825)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2021

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.10.21 31.10.20

Management 2 2

31.10.21 31.10.20
£    £   
Director's remuneration 22,500 22,500

4. OPERATING PROFIT

The operating profit is stated after charging:

31.10.21 31.10.20
£    £   
Depreciation - owned assets 1,563 1,000

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.21 31.10.20
£    £   
Current tax:
UK corporation tax 9,550 3,250
Adjustment in respect of
previous year (11 ) (11 )

Tax on profit 9,539 3,239

UK corporation tax has been charged at 19% (2020 - 19%).

6. DIVIDENDS
31.10.21 31.10.20
£    £   
Ordinary Shares shares of £1 each
Final - Ordinary 10,000 20,000
Interim 20,000 7,000
30,000 27,000

FORMATION CONSULTING LIMITED (Registered number: 07422825)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 OCTOBER 2021

7. TANGIBLE FIXED ASSETS
Office &
Computer
Equipment
£   
COST
At 1 November 2020 14,871
Additions 2,563
At 31 October 2021 17,434
DEPRECIATION
At 1 November 2020 10,871
Charge for year 1,563
At 31 October 2021 12,434
NET BOOK VALUE
At 31 October 2021 5,000
At 31 October 2020 4,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.21 31.10.20
£    £   
Corporation Tax 9,550 3,250
PAYE and Social Security 1,326 878
Value Added Tax 7,144 7,318
Directors Loan Accounts 21,502 33,919
Accrued Expenses 4,400 2,835
43,922 48,200

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.10.21 31.10.20
value: £    £   
100 Ordinary Shares £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 November 2020 5,219
Profit for the year 41,812
Dividends (30,000 )
At 31 October 2021 17,031