Company registration number SC397060 (Scotland)
FORBES FABRICATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FORBES FABRICATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FORBES FABRICATION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,281
16,634
Current assets
Debtors
4
15,484
10,887
Cash at bank and in hand
1,843
2,429
17,327
13,316
Creditors: amounts falling due within one year
5
(13,528)
(13,038)
Net current assets
3,799
278
Total assets less current liabilities
16,080
16,912
Creditors: amounts falling due after more than one year
6
(10,157)
(15,101)
Provisions for liabilities
(676)
(936)
Net assets
5,247
875
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
5,237
865
Total equity
5,247
875

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FORBES FABRICATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 October 2023
Mr D Forbes
Director
Company registration number SC397060 (Scotland)
FORBES FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Forbes Fabrication Limited is a private company limited by shares incorporated in Scotland. The registered office is 8 Lyall Way, Laurencekirk, AB30 1FU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover and profit on ordinary activities before taxation are attributable to fabrication.

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% on reducing balance
Motor Vehicles Lease
25% on reducing balance
Equipment
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

FORBES FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 yearend 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.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.6
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
FORBES FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Motor vehicles
Motor Vehicles Lease
Equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
1,650
17,258
42,102
61,010
Depreciation and impairment
At 1 April 2022
1,128
5,353
37,895
44,376
Depreciation charged in the year
130
3,186
1,037
4,353
At 31 March 2023
1,258
8,539
38,932
48,729
Carrying amount
At 31 March 2023
392
8,719
3,170
12,281
At 31 March 2022
522
11,905
4,207
16,634
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,664
-
0
Corporation tax recoverable
2,748
2,008
Other debtors
10,072
8,879
15,484
10,887
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,000
2,000
Corporation tax
8,493
6,138
Other creditors
3,035
4,900
13,528
13,038
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,776
7,685
Other creditors
4,381
7,416
10,157
15,101
FORBES FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Directors' transactions

The following advances and credits to a director subsisted during the year ended 31 March 2023:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan to director
-
6,179
10,572
(8,379)
8,372
6,179
10,572
(8,379)
8,372
2023-03-312022-04-01false25 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr D ForbesfalseSC3970602022-04-012023-03-31SC3970602023-03-31SC3970602022-03-31SC397060core:MotorVehicles2023-03-31SC397060core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31SC397060core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-03-31SC397060core:MotorVehicles2022-03-31SC397060core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-31SC397060core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-03-31SC397060core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC397060core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC397060core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-31SC397060core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-31SC397060core:CurrentFinancialInstruments2023-03-31SC397060core:CurrentFinancialInstruments2022-03-31SC397060core:Non-currentFinancialInstruments2023-03-31SC397060core:Non-currentFinancialInstruments2022-03-31SC397060core:ShareCapital2023-03-31SC397060core:ShareCapital2022-03-31SC397060core:RetainedEarningsAccumulatedLosses2023-03-31SC397060core:RetainedEarningsAccumulatedLosses2022-03-31SC397060bus:Director12022-04-012023-03-31SC397060core:MotorVehicles2022-04-012023-03-31SC397060core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-012023-03-31SC397060core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-04-012023-03-31SC3970602021-04-012022-03-31SC397060core:MotorVehicles2022-03-31SC397060core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-31SC397060core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-03-31SC3970602022-03-31SC397060core:WithinOneYear2023-03-31SC397060core:WithinOneYear2022-03-31SC397060bus:PrivateLimitedCompanyLtd2022-04-012023-03-31SC397060bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC397060bus:FRS1022022-04-012023-03-31SC397060bus:AuditExemptWithAccountantsReport2022-04-012023-03-31SC397060bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP