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Company registration number: 08844856
Forbes Consultant Services Limited
Unaudited filleted financial statements
31 January 2023
Forbes Consultant Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Forbes Consultant Services Limited
Directors and other information
Director Mr J Forbes
Secretary Mr J Forbes
Company number 08844856
Registered office 4 Eel Catcher Close
Rockland St. Mary
Norwich
NR14 7GH
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Forbes Consultant Services Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Forbes Consultant Services Limited
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forbes Consultant Services Limited for the year ended 31 January 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Forbes Consultant Services Limited, as a body, in accordance with the terms of our engagement letter dated 4 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Forbes Consultant Services Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forbes Consultant Services Limited and its director as a body for our work or for this report.
It is your duty to ensure that Forbes Consultant Services Limited 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 Forbes Consultant Services Limited. You consider that Forbes Consultant Services Limited 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 Forbes Consultant Services Limited. 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
20 October 2023
Forbes Consultant Services Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 8,994 2,306
_______ _______
8,994 2,306
Current assets
Debtors 6 13,692 11,870
Cash at bank and in hand 7,676 19,652
_______ _______
21,368 31,522
Creditors: amounts falling due
within one year 7 ( 27,568) ( 33,095)
_______ _______
Net current liabilities ( 6,200) ( 1,573)
_______ _______
Total assets less current liabilities 2,794 733
Creditors: amounts falling due
after more than one year 8 ( 537) -
Provisions for liabilities ( 2,250) ( 440)
_______ _______
Net assets 7 293
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 6 292
_______ _______
Shareholders funds 7 293
_______ _______
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 October 2023 , and are signed on behalf of the board by:
Mr J Forbes
Director
Company registration number: 08844856
Forbes Consultant Services Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Forbes Consultant Services Limited, 4 Eel Catcher Close, Rockland St. Mary, Norwich, NR14 7GH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - Straight line over three years
Fittings fixtures and equipment - Straight line over three years
Computer equipment - Straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 February 2022 5,666 1,214 1,093 7,973
Additions 12,350 - - 12,350
_______ _______ _______ _______
At 31 January 2023 18,016 1,214 1,093 20,323
_______ _______ _______ _______
Depreciation
At 1 February 2022 3,362 1,213 1,092 5,667
Charge for the year 5,662 - - 5,662
_______ _______ _______ _______
At 31 January 2023 9,024 1,213 1,092 11,329
_______ _______ _______ _______
Carrying amount
At 31 January 2023 8,992 1 1 8,994
_______ _______ _______ _______
At 31 January 2022 2,304 1 1 2,306
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,890 5,900
Other debtors 9,802 5,970
_______ _______
13,692 11,870
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 6,186 500
Corporation tax 1,462 5,008
Social security and other taxes 1,260 392
Other creditors 18,660 27,195
_______ _______
27,568 33,095
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 537 -
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr J Forbes ( 25,072) 8,860 ( 16,212)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr J Forbes ( 18,252) ( 6,820) ( 25,072)
_______ _______ _______