Registered number
11786179
Forma-Care (UK) Ltd
Unaudited Filleted Accounts
31 March 2023
Forma-Care (UK) Ltd
Registered number: 11786179
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 450 450
Tangible assets 4 39,890 41,479
40,340 41,929
Current assets
Stocks 197,286 221,360
Debtors 5 594,684 193,458
Cash at bank and in hand 4,219 5,762
796,189 420,580
Creditors: amounts falling due within one year 6 (1,229,022) (721,054)
Net current liabilities (432,833) (300,474)
Total assets less current liabilities (392,493) (258,545)
Creditors: amounts falling due after more than one year 7 (36,112) (41,667)
Net liabilities (428,605) (300,212)
Capital and reserves
Called up share capital 100 100
Profit and loss account (428,705) (300,312)
Shareholders' funds (428,605) (300,212)
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.
Wayne Dobson
Director
Approved by the board on 10 November 2023
Forma-Care (UK) Ltd
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Website and app 25% straight line
Plant and machinery 25% straight line
Computer and office equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Trademarks:
Cost
At 1 April 2022 450
At 31 March 2023 450
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 450
At 31 March 2022 450
4 Tangible fixed assets
Website and app Computer and office equipment Total
£ £ £
Cost
At 1 April 2022 44,710 1,501 46,211
Additions - 301 301
At 31 March 2023 44,710 1,802 46,512
Depreciation
At 1 April 2022 3,779 953 4,732
Charge for the year 1,478 412 1,890
At 31 March 2023 5,257 1,365 6,622
Net book value
At 31 March 2023 39,453 437 39,890
At 31 March 2022 40,931 548 41,479
5 Debtors 2023 2022
£ £
Trade debtors 591,853 189,958
Other debtors 2,831 3,500
594,684 193,458
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,555 5,555
Trade creditors 582,638 341,985
Taxation and social security costs 206,681 94,396
Other creditors 434,148 279,118
1,229,022 721,054
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,112 41,667
8 Related party transactions 2023 2022
£ £
During the period the company had the following related party transactions.
Entities with significant influence over the company
Sales to related party entities 112,257 90,686
Purchases from related party entities 318,001 367,144
Management expenses charged by related party entities 231,217 212,664
Loans received from related party entities - 140,000
Amounts due from related parties entities 113,295 29,047
Amounts due to related parties entities 397,887 330,731
9 Controlling party
In the opinion of the directors there is no ultimate controlling party.
10 Other information
Forma-Care (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1b Kingfisher House
St Johns Road
Meadowfield
Co Durham
DH7 8TZ
11 Prior year adjustment
A prior year adjustment was required following the identification of an error in the calculation of delivered costs associated with stocks held by the company. As a result of the prior year adjustment the 2022 comparative figures have been amended as follows:
Original As restated Movement
£ £ £
Stocks 271,319 221,360 (49,959)
Profit and loss reserve B/F (136,313) (159,256) 22,943
Retained loss for 2022 (114,040) (141,056) 27,016
20,966 (78,952) -
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