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REGISTERED NUMBER: 11810502 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Forward Design Ltd

Forward Design Ltd (Registered number: 11810502)

Contents of the Financial Statements
for the year ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Forward Design Ltd

Company Information
for the year ended 28 February 2023







DIRECTORS: O A Lees
Mrs L G Shorter
P Thompson





REGISTERED OFFICE: 4 Queens Close
Shipston-on-Stour
Warwickshire
CV36 4DF





REGISTERED NUMBER: 11810502 (England and Wales)





ACCOUNTANTS: Tayabali Tomlin
Chartered Accountants
Kenton House
Oxford Street
Moreton-in-Marsh
Gloucestershire
GL56 0LA

Forward Design Ltd (Registered number: 11810502)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,900 5,600
Tangible assets 5 4,798 5,966
9,698 11,566

CURRENT ASSETS
Debtors 6 312,174 153,819
Cash at bank and in hand 9,695 2,664
321,869 156,483
CREDITORS
Amounts falling due within one year 7 590,195 379,625
NET CURRENT LIABILITIES (268,326 ) (223,142 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(258,628

)

(211,576

)

CREDITORS
Amounts falling due after more than one
year

8

(37,005

)

(46,479

)

PROVISIONS FOR LIABILITIES - (1,134 )
NET LIABILITIES (295,633 ) (259,189 )

Forward Design Ltd (Registered number: 11810502)

Balance Sheet - continued
28 February 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (295,635 ) (259,191 )
(295,633 ) (259,189 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





O A Lees - Director


Forward Design Ltd (Registered number: 11810502)

Notes to the Financial Statements
for the year ended 28 February 2023


1. STATUTORY INFORMATION

Forward Design Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors consider that in preparing the financial statements they have taken into account all information available, and on this basis the financial statements are prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
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.

Forward Design Ltd (Registered number: 11810502)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


2. ACCOUNTING POLICIES - continued

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 year end 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 7,000
AMORTISATION
At 1 March 2022 1,400
Charge for year 700
At 28 February 2023 2,100
NET BOOK VALUE
At 28 February 2023 4,900
At 28 February 2022 5,600

Forward Design Ltd (Registered number: 11810502)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022 2,154 332 7,328 9,814
Additions 191 - 240 431
At 28 February 2023 2,345 332 7,568 10,245
DEPRECIATION
At 1 March 2022 1,136 112 2,600 3,848
Charge for year 302 55 1,242 1,599
At 28 February 2023 1,438 167 3,842 5,447
NET BOOK VALUE
At 28 February 2023 907 165 3,726 4,798
At 28 February 2022 1,018 220 4,728 5,966

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,451 74,711
Other debtors 226,723 79,108
312,174 153,819

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,876 3,990
Trade creditors 26,723 27,348
Taxation and social security 45,979 32,041
Other creditors 507,617 316,246
590,195 379,625

Forward Design Ltd (Registered number: 11810502)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 37,005 46,479

9. RELATED PARTY DISCLOSURES

Included within creditors are directors' current accounts in the sum of £46,911 (2022: £56,351). The accounts are unsecured, interest free and carry no fixed date of repayment.

Included within debtors is an amount due from Forging Ahead (1989) Limited, a company in which the Directors have an interest, in the sum of £13,512 (2022: £13,512). The account is unsecured, interest free and carries no fixed date of repayment.

During the year the company was charged fees totalling £27,162 (2022: £23,667) by a company controlled by one of the Directors. At the balance sheet date the amount outstanding was £nil (2022: £nil). In the Directors' opinion these transactions were carried out on an arm's length basis.