Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-314225true272022-09-01falseprinting28trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01114482 2022-09-01 2023-08-31 01114482 2021-09-01 2022-08-31 01114482 2023-08-31 01114482 2022-08-31 01114482 2021-09-01 01114482 c:Director3 2022-09-01 2023-08-31 01114482 d:Buildings d:ShortLeaseholdAssets 2022-09-01 2023-08-31 01114482 d:Buildings d:ShortLeaseholdAssets 2023-08-31 01114482 d:Buildings d:ShortLeaseholdAssets 2022-08-31 01114482 d:PlantMachinery 2022-09-01 2023-08-31 01114482 d:PlantMachinery 2023-08-31 01114482 d:PlantMachinery 2022-08-31 01114482 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 01114482 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 01114482 d:FurnitureFittings 2022-09-01 2023-08-31 01114482 d:FurnitureFittings 2023-08-31 01114482 d:FurnitureFittings 2022-08-31 01114482 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 01114482 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 01114482 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 01114482 d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 01114482 d:CurrentFinancialInstruments 2023-08-31 01114482 d:CurrentFinancialInstruments 2022-08-31 01114482 d:Non-currentFinancialInstruments 2023-08-31 01114482 d:Non-currentFinancialInstruments 2022-08-31 01114482 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 01114482 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 01114482 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 01114482 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 01114482 d:ShareCapital 2023-08-31 01114482 d:ShareCapital 2022-08-31 01114482 d:RetainedEarningsAccumulatedLosses 2023-08-31 01114482 d:RetainedEarningsAccumulatedLosses 2022-08-31 01114482 c:FRS102 2022-09-01 2023-08-31 01114482 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 01114482 c:FullAccounts 2022-09-01 2023-08-31 01114482 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 01114482 2 2022-09-01 2023-08-31 01114482 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 01114482 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 iso4217:GBP xbrli:pure
Registered number: 01114482






FORMARA LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










img22b1.png

 
FORMARA LIMITED
REGISTERED NUMBER:01114482

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
144,187
192,805

  
144,187
192,805

Current assets
  

Stocks
 5 
18,000
15,000

Debtors: amounts falling due within one year
 6 
1,414,977
451,623

Cash at bank and in hand
 7 
173,566
470,880

  
1,606,543
937,503

Creditors: amounts falling due within one year
 8 
(878,697)
(786,861)

Net current assets
  
 
 
727,846
 
 
150,642

Total assets less current liabilities
  
872,033
343,447

Creditors: amounts falling due after more than one year
 9 
(255,278)
(152,097)

Provisions for liabilities
  

Deferred tax
 10 
(17,707)
(25,653)

  
 
 
(17,707)
 
 
(25,653)

Net assets
  
599,048
165,697


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Profit and loss account
  
597,048
163,697

  
599,048
165,697


Page 1

 
FORMARA LIMITED
REGISTERED NUMBER:01114482
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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: 




A Pond
Director

Date: 20 November 2023

Page 2

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Formara Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 16 The Candlemakers, Temple Farm Business Park, Southend-on-Sea, Essex, SS2 5RX.
The principal activity of the company continued to be that of printing services and consultancy.

2.Accounting policies

 
2.1

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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:

Short-term leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
16.67% reducing balance and 20% straight line
Fixtures and fittings
-
15% 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.

Page 5

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

Page 6

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 27).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 September 2022
116,668
748,241
251,028
1,115,937


Additions
-
-
419
419



At 31 August 2023

116,668
748,241
251,447
1,116,356



Depreciation


At 1 September 2022
70,196
616,990
235,946
923,132


Charge for the year on owned assets
4,225
22,802
2,310
29,337


Charge for the year on financed assets
-
19,700
-
19,700



At 31 August 2023

74,421
659,492
238,256
972,169



Net book value



At 31 August 2023
42,247
88,749
13,191
144,187



At 31 August 2022
46,472
131,251
15,082
192,805

Page 7

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
18,000
15,000

18,000
15,000



6.


Debtors

2023
2022
£
£


Trade debtors
362,961
291,869

Amounts owed by group undertakings
890,037
47,200

Other debtors
1,681
8,066

Prepayments and accrued income
8,378
2,628

Amounts recoverable on long term contracts
151,920
101,860

1,414,977
451,623



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
173,566
470,880

173,566
470,880



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
143,977
60,870

Trade creditors
228,582
402,709

Invoice financing
250,247
-

Taxation and social security
202,344
282,107

Obligations under finance lease and hire purchase contracts
29,287
15,680

Other creditors
4,995
6,515

Accruals and deferred income
19,265
18,980

878,697
786,861


Page 8

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
147,230
63,984

Other loans
33,350
67,238

Net obligations under finance leases and hire purchase contracts
74,698
20,875

255,278
152,097


The bank loans and overdraft are secured by a fixed and floating charge over the assets of the company.
Net obligations under finance leases and hire purchase contracts of £103,986 (2022: £36,555) are secured against the assets to which they relate.

Page 9

 
FORMARA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(25,653)
(31,318)


Charged to profit or loss
7,946
5,665



At end of year
(17,707)
(25,653)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,707)
(25,653)

(17,707)
(25,653)


11.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those in the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £28,330 (2022: £27,624). There were outstanding contributions at the year end of £4,993 (2022: £4,883)

 
Page 10