Company registration number 08557923 (England and Wales)
THE FORGE INSIGHT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
FILLETED ACCOUNTS
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
THE FORGE INSIGHT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE FORGE INSIGHT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,495
23,401
Current assets
Debtors
4
662,707
313,194
Cash at bank and in hand
78,966
623,026
741,673
936,220
Creditors: amounts falling due within one year
5
(650,522)
(696,624)
Net current assets
91,151
239,596
Total assets less current liabilities
125,646
262,997
Provisions for liabilities
(8,624)
(4,446)
Net assets
117,022
258,551
Capital and reserves
Called up share capital
708
670
Share premium account
114,422
98,816
Profit and loss reserves
1,892
159,065
Total equity
117,022
258,551

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Mr S Garnett
Director
Company Registration No. 08557923
THE FORGE INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

The Forge Insight Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rayner Essex LLP, Tavistock House South, Tavistock Square, London, WC1H 9LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE FORGE INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

THE FORGE INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
8
THE FORGE INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
48,288
Additions
17,177
At 31 March 2023
65,465
Depreciation and impairment
At 1 April 2022
24,887
Depreciation charged in the year
6,083
At 31 March 2023
30,970
Carrying amount
At 31 March 2023
34,495
At 31 March 2022
23,401
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
502,721
239,193
Other debtors
159,986
74,001
662,707
313,194
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
67,203
135,388
Corporation tax
243,235
176,083
Other taxation and social security
71,926
6,104
Other creditors
268,158
379,049
650,522
696,624
6
Share-based payment transactions

During the year the company set up a Enterprise Management Incentive Scheme for certain senior personnel. The options are granted with an exercise price equalling £411 per share. Options over 38 shares are exercisable at the date of grant with a further 38 options exercisable between the grant date and 1 April 2032 subject to the exercisable conditions being met.

THE FORGE INSIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Share-based payment transactions
(Continued)
- 6 -
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 April 2022
-
0
-
0
-
0
-
0
Granted
76
-
0
411.00
-
0
Exercised
(38)
-
0
411.00
-
0
Outstanding at 31 March 2023
38
-
0
-
0
-
0
Exercisable at 31 March 2023
-
0
-
0
-
0
-
0

The options outstanding at 31 March 2023 had an exercise price of £411.68 per share and a remaining contractual life of 9 years. At 31 March 2023 no options were exercisable as the conditions had not been met.

Liabilities and expenses

During the year, the company recognised total expenses of £15,644 (2022 - £-) which related to cash settled share based payment transactions.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
66,965
133,540
2023-03-312022-04-01false22 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr S GarnettMr B R GlassockMr S K MelfordMr K D MileyMrs L Manning-CraikMiss K L Yeomans085579232022-04-012023-03-31085579232023-03-31085579232022-03-3108557923core:OtherPropertyPlantEquipment2023-03-3108557923core:OtherPropertyPlantEquipment2022-03-3108557923core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108557923core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3108557923core:CurrentFinancialInstruments2023-03-3108557923core:CurrentFinancialInstruments2022-03-3108557923core:ShareCapital2023-03-3108557923core:ShareCapital2022-03-3108557923core:SharePremium2023-03-3108557923core:SharePremium2022-03-3108557923core:RetainedEarningsAccumulatedLosses2023-03-3108557923core:RetainedEarningsAccumulatedLosses2022-03-3108557923bus:ChiefExecutive2022-04-012023-03-3108557923core:PlantMachinery2022-04-012023-03-31085579232021-04-012022-03-3108557923core:OtherPropertyPlantEquipment2022-03-3108557923core:OtherPropertyPlantEquipment2022-04-012023-03-3108557923core:WithinOneYear2023-03-3108557923core:WithinOneYear2022-03-31085579232022-03-31085579232021-03-3108557923bus:PrivateLimitedCompanyLtd2022-04-012023-03-3108557923bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3108557923bus:FRS1022022-04-012023-03-3108557923bus:AuditExemptWithAccountantsReport2022-04-012023-03-3108557923bus:Director12022-04-012023-03-3108557923bus:Director22022-04-012023-03-3108557923bus:Director32022-04-012023-03-3108557923bus:Director42022-04-012023-03-3108557923bus:Director52022-04-012023-03-3108557923bus:Director62022-04-012023-03-3108557923bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP