Registered number
09870591
Fortis Insolvency Limited
Filleted Accounts
27 February 2023
Fortis Insolvency Limited
Registered number: 09870591
Balance Sheet
as at 27 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,785 11,807
Current assets
Stocks 402,495 471,819
Debtors 4 100,414 70,095
Cash at bank and in hand 82,186 112,977
585,095 654,891
Creditors: amounts falling due within one year 5 (372,888) (432,073)
Net current assets 212,207 222,818
Total assets less current liabilities 229,992 234,625
Creditors: amounts falling due after more than one year 6 (170,930) (187,720)
Net assets 59,062 46,905
Capital and reserves
Called up share capital 100 100
Profit and loss account 58,962 46,805
Shareholders' funds 59,062 46,905
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Christopher Parry
Director
Approved by the board on 9 September 2023
Fortis Insolvency Limited
Notes to the Accounts
for the year ended 27 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 33% reducing balance
Fixtures and fittings 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 30 30
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 February 2022 23,930
Additions 11,599
At 27 February 2023 35,529
Depreciation
At 28 February 2022 12,123
Charge for the year 5,621
At 27 February 2023 17,744
Net book value
At 27 February 2023 17,785
At 27 February 2022 11,807
4 Debtors 2023 2022
£ £
Other debtors 100,414 70,095
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 99,697 87,408
Trade creditors 43,392 106,819
Taxation and social security costs 217,157 203,436
Other creditors 12,642 34,410
372,888 432,073
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 160,672 177,462
Other creditors 10,258 10,258
170,930 187,720
7 Other information
Fortis Insolvency Limited is a private company limited by shares and incorporated in England. Its registered office is:
Second Floor
683 - 693 Wilmslow Road
Didsbury
Manchester
M20 6RE
Fortis Insolvency Limited 09870591 false 2022-02-28 2023-02-27 2023-02-27 VT Final Accounts October 2023 release 2 Mr Christopher Parry No description of principal activity 09870591 2021-02-28 2022-02-27 09870591 core:WithinOneYear 2022-02-27 09870591 core:AfterOneYear 2022-02-27 09870591 core:ShareCapital 2022-02-27 09870591 core:RetainedEarningsAccumulatedLosses 2022-02-27 09870591 2022-02-28 2023-02-27 09870591 bus:PrivateLimitedCompanyLtd 2022-02-28 2023-02-27 09870591 bus:AuditExemptWithAccountantsReport 2022-02-28 2023-02-27 09870591 bus:Director40 2022-02-28 2023-02-27 09870591 1 2022-02-28 2023-02-27 09870591 2 2022-02-28 2023-02-27 09870591 core:PlantMachinery 2022-02-28 2023-02-27 09870591 countries:England 2022-02-28 2023-02-27 09870591 bus:FRS102 2022-02-28 2023-02-27 09870591 bus:FullAccounts 2022-02-28 2023-02-27 09870591 2023-02-27 09870591 core:WithinOneYear 2023-02-27 09870591 core:AfterOneYear 2023-02-27 09870591 core:ShareCapital 2023-02-27 09870591 core:RetainedEarningsAccumulatedLosses 2023-02-27 09870591 core:PlantMachinery 2023-02-27 09870591 2022-02-27 09870591 core:PlantMachinery 2022-02-27 iso4217:GBP xbrli:pure