Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true22022-04-01falseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 4492903 2022-04-01 2023-03-31 4492903 2021-04-01 2022-03-31 4492903 2023-03-31 4492903 2022-03-31 4492903 c:Director1 2022-04-01 2023-03-31 4492903 d:OfficeEquipment 2022-04-01 2023-03-31 4492903 d:OfficeEquipment 2023-03-31 4492903 d:OfficeEquipment 2022-03-31 4492903 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 4492903 d:CurrentFinancialInstruments 2023-03-31 4492903 d:CurrentFinancialInstruments 2022-03-31 4492903 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 4492903 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 4492903 d:ShareCapital 2023-03-31 4492903 d:ShareCapital 2022-03-31 4492903 d:RetainedEarningsAccumulatedLosses 2023-03-31 4492903 d:RetainedEarningsAccumulatedLosses 2022-03-31 4492903 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 4492903 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 4492903 c:OrdinaryShareClass1 2022-04-01 2023-03-31 4492903 c:OrdinaryShareClass1 2023-03-31 4492903 c:OrdinaryShareClass1 2022-03-31 4492903 c:OrdinaryShareClass2 2022-04-01 2023-03-31 4492903 c:OrdinaryShareClass2 2023-03-31 4492903 c:OrdinaryShareClass2 2022-03-31 4492903 c:FRS102 2022-04-01 2023-03-31 4492903 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 4492903 c:FullAccounts 2022-04-01 2023-03-31 4492903 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 4492903 2 2022-04-01 2023-03-31 4492903 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 4492903 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 4492903










FORMOLOGY CORPORATION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023



 
FORMOLOGY CORPORATION LIMITED
REGISTERED NUMBER: 4492903

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,775
2,422

Current assets
  

Debtors: amounts falling due within one year
 5 
3,750
11,360

Cash at bank and in hand
 6 
149,560
199,473

  
153,310
210,833

Creditors: amounts falling due within one year
 7 
(152,333)
(210,670)

Net current assets
  
 
 
977
 
 
163

Total assets less current liabilities
  
2,752
2,585

Provisions for liabilities
  

Deferred tax
 9 
(366)
(460)

  
 
 
(366)
 
 
(460)

Net assets
  
2,386
2,125


Capital and reserves
  

Called up share capital 
 10 
2,000
2,000

Profit and loss account
  
386
125

  
2,386
2,125


Page 1

 
FORMOLOGY CORPORATION LIMITED
REGISTERED NUMBER: 4492903

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Hart
Director

Date: 17 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FORMOLOGY CORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
FORMOLOGY CORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Page 4

 
FORMOLOGY CORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.Accounting policies (continued)

 
1.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

Formology Corporation Limited is a limited company incorporated in England and Wales. The Company’s registered office is The Stables, Little Coldharbour Farm, Tong Lane, Lamberhurst, Tunbridge Wells, Kent, TN3 8AD.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
FORMOLOGY CORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
5,003


Disposals
(1,244)



At 31 March 2023

3,759



Depreciation


At 1 April 2022
2,581


Charge for the year on owned assets
591


Disposals
(1,188)



At 31 March 2023

1,984



Net book value



At 31 March 2023
1,775



At 31 March 2022
2,422


5.


Debtors

2023
2022
£
£


Trade debtors
3,750
3,599

Other debtors
-
7,761

3,750
11,360



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
149,561
199,473


Page 6

 
FORMOLOGY CORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Taxation and social security
20,634
20,514

Directors' loan account
130,374
188,831

Other creditors
1,325
1,325

152,333
210,670



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
149,561
199,473




Financial assets measured at fair value through profit or loss comprise cash held.


9.


Deferred taxation




2023


£






At beginning of year
(460)


Charged to profit or loss
94



At end of year
(366)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(366)
(460)

Page 7

 
FORMOLOGY CORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000
1,000 (2022 - 1,000) Ordinary A shares of £1.00 each
1,000
1,000

2,000

2,000



Page 8